Participated · Equity · Sep 2024

Tuio is a Madrid-based managing general agent (MGA) that offers home, life, and pet insurance through an online platform. Launched in 2021, the company presents a tech-driven customer experience often described as having "Lemonade vibes." Tuio has over 45,000 customers and last year acquired Luko’s book of business in Spain. Management says the startup is already very close to profitability and reports an LTV/CAC ratio between seven and nine times. Founders JoseMaría Lucas, Asís Pardo and Juan García said they plan to use part of that advantage to dedicate an equity tranche to structural investments to improve service.

Led · Equity · Dec 2023

Strike Graph provides a TrustOps platform to help companies design, operate and measure security certifications and compliance programs. The platform offers auditing capabilities for frameworks including SOC 2, ISO 27001, ISO 27701, HIPAA, NIST, FedRAMP, PCI DSS, CCPA/CPRA, TISAX and GDPR. The company says many customers achieve compliance 80% faster from start to certification. Customers include Bluefletch, Thankful and Valid8. Strike Graph plans to use new capital to expand market presence, further develop its AI technology, and add product capabilities to support larger customers and CISOs. The company was founded in 2020 by Justin Beals and is based in Seattle, WA. Strike Graph is a compliance SaaS platform that helps companies pass cybersecurity audits by automating compliance scoping, evidence collection and security questionnaires. Launched in 2020 and based in Seattle, the product supports frameworks including SOC 2, ISO 2700x, CCPA, HIPAA and GDPR. The company says 100% of its customers have received a clean audit report and reports 4x growth in customer adoption since its seed round. Strike Graph was the first company to build an AI offering that automates security questionnaires and has been recognized as a High Performer on G2. With new capital it plans to expand framework support to FEDRAMP and NIST, broaden its international presence including Canada, and hire across engineering, product, marketing, customer support and security/compliance roles. The platform is positioned to help customers achieve certifications (SOC 2 Type I/II, HIPAA, ISO 27001) and to monetize security practices to unlock revenue faster. Strike Graph provides compliance automation that prepares companies for security audits and helps them improve security posture through risk assessments and recommended controls. The company does not perform audits itself; customers still hire auditing firms, while Strike Graph focuses on the pre-audit preparation and ongoing maintenance. Co-founders Justin Beals (CEO) and Brian Bero incubated the company at Madrona Venture Labs; Beals previously served as CTO at Koru and was an Entrepreneur in Residence at Madrona. Strike Graph targets mid-size businesses and plans to build integrations that will automate the collection of evidence (for example, encryption settings) required for ongoing certifications. Automated evidence collection is slated to launch in early 2021 once initial integrations are built out. The company announced a $3.9 million seed round to fund product development and go-to-market efforts.

Led · Series B · Jul 2022

Tesorio sells automation solutions that help companies manage accounts receivable by predicting when customers will pay using AI models trained on payment history. Customers connect their ERP and CRM systems to Tesorio; setup averages around five days and model training about 30 days. The company’s models train on an anonymized invoice dataset covering billions in transactional volume and support features such as email reminder templates, self-service payment portals, digital workspaces, and customizable reports. Tesorio reports over 130 customers, including Slack, Box, Twilio, GitLab and Bank of America, and says it has delivered three consecutive years of triple-digit revenue growth, though it is not yet cash-flow positive. Founded in 2015 and originally focused on supply-chain financing, the company pivoted to serving the companies getting paid and has expanded its product and go-to-market efforts. Proceeds from the latest financing are earmarked for go-to-market expansion, product development, and growing headcount from just north of 50 to around 90 employees within the next year. Tesorio aggregates disparate financial and operational data to build cash-flow forecasts and automate levers that affect cash, positioning itself as a Mint-like service for businesses. Its product pulls data from accounting, bank, billing and customer systems and runs AI models to predict payment behavior and overall financial trajectory. Current customers include Veeva Systems, Box and WP Engine, and the company serves firms with roughly 100–3,000 employees, including international customers. The platform has analyzed $56 billion in payments, 10 million invoices and 5 million user activities, and Tesorio says its revenue grew 4x year-over-year in 2018. The company plans to use new funding to expand the product—particularly integrations with other finance systems—and to scale go-to-market efforts.

Participated · Series B · Dec 2021

Jack & Annie’s (The Jackfruit Company) makes jackfruit-based meat analogues and meal-starter ingredients as both finished consumer products and B2B foodservice/industrial ingredients. Products include patties, tenders, nuggets, sausages, meatballs, shredded steak and seasoned ingredients (BBQ, Tex Mex). The brand launched Jack & Annie’s in 2020 while the company was founded by CEO Annie Ryu in 2011 to create a market for jackfruit and develop cleaner-ingredient meat alternatives. Its items are sold in more than 6,000 retail stores across the US and Canada and the jackfruit patty was added to Smashburger’s permanent menu at all 235 locations. The company emphasizes jackfruit’s high fibre profile as a nutritional differentiator and is targeting partnerships to develop dumplings, sandwiches, frozen entrees, and tacos. With recent funding the business plans to expand its sales force and continue investing in product development for retail, foodservice, and industrial ingredient customers. Jack & Annie's makes sustainable animal-meat alternative products using jackfruit, selling a lineup of about 10 easy-to-make frozen and refrigerated items. The brand targets mainstream shoppers with products like crumbles, meatballs and nuggets, retailing from $4.99–$5.99 (frozen) and $6.99–$7.99 (refrigerated). The company sources jackfruit through what it describes as the largest jackfruit supply chain and works with roughly 1,000 farming families who derive 10%–40% of their income from the partnership. In under a year the brand expanded into more than 1,500 retail locations including Whole Foods, Sprouts, Meijer, Wegmans, Target and others, and is the third-largest frozen brand in the plant-based category and the top nugget in the natural channel for the 12 weeks ending Oct. 3, per SPINS. Jack & Annie's says it continues to double revenue year-over-year and operates an R&D center in Boulder to support product innovation and partnerships.

Participated · Equity · Apr 2015

DogBuddy operates a pan-European online marketplace that connects dog owners with vetted sitters, enabling browsing of sitter profiles, reviews, photos, online booking and payment. Services available through the platform include walking, day sitting and full-board home boarding, with bookings covered by insurance and emergency support. The company says it has 500,000 dog owners registered and over 30,000 approved dog sitters on the platform. DogBuddy is headquartered in London and also has offices in Stockholm and Barcelona, and services owners in the U.K., Spain, Italy, France, Germany, Sweden and Norway. Management plans to use the new funding to expand into more European countries and invest further in marketing to raise awareness of home dog boarding, doggy daycare and dog walking. The product emphasizes trust and vetting as core differentiators after its merger with Spanish rival Bibulu. DogBuddy operates a marketplace that lets dog owners browse vetted sitter profiles, view photos, read reviews, and book and pay online for services such as walking, day sitting and full board. The platform offers insurance and emergency support for bookings, positioning itself as a trust-focused service. Following a merger between U.K. myDogBuddy and Spain's Bibulu and a rebrand to DogBuddy.com, the combined service now claims 10,000 registered local dog sitters. The company serves customers in the U.K., Spain, Italy, France and Germany. Management says the new capital will be used to continue growth in current markets and expand into new, unnamed markets, and to improve the product offering. CEO Richard Setterwall and Bibulu founder Enrico led the integration following discussions that began in March 2014 and completed in November of the same year.