Participated · Series C · Jun 2024

Isar Aerospace develops the Spectrum small-satellite orbital launch vehicle and positions itself as a commercial launch provider. Founded in 2018 in Munich, the company operates a 40,000 square metre production facility in Parsdorf designed to produce up to 40 Spectrum rockets per year, with vehicles three through seven already in production. Its launch manifest is booked through 2028 with customers including ESA, NOSA, ElevationSpace and Astroscale, and it operates from Andøya with a second launch site secured in Canada (Spaceport Nova Scotia). The company has pursued industrial partnerships such as a cooperation agreement with TKMS and received institutional backing including a €65 million NATO Innovation Fund extension in 2024. Spectrum’s qualification flight window opened June 15–21 after an initial March 30, 2025 launch that lasted under 30 seconds and several subsequent aborted attempts; reaching orbit is a milestone that would establish Isar as a commercial provider. With the recent financing, total funding across equity and debt is about €870 million, and capital is being directed at production scale-up, launch infrastructure, and executing its booked manifest.

Participated · Equity · Feb 2023

Minu provides a gamified, rewards-driven employee wellness platform that began as an earned wage access product and has expanded to more than 30 benefits covering financial, physical and mental health. The company now operates a SaaS subscription model—paid for by employers—that generates roughly half of its revenue and makes services free for employees. Minu reports over 300 enterprise customers (including Grupo Modelo, Coppel and Cinemex) and says revenue grew more than fivefold between 2021 and 2022. It has added a credit union-as-a-service enabling employer-offered savings (starting at 8%) and low-cost loans, plus telemedicine, bill payment and virtual fitness offerings. Employees earn rewards for completing financial education and wellness content, which can increase savings rates and insurance benefits. Minu says the new capital gives it a runway of 22 months and it will continue product development and geographic expansion within Mexico. Minu provides employees with instant, 24/7 access to earned wages via a B2B payroll-integrated app, charging a $2 fixed withdrawal fee. The company integrates with employer payroll so funds are advanced and then deducted from upcoming paychecks, reducing friction for HR teams. Minu serves more than 100 large enterprise and public-sector clients, including TotalPlay, Telefonica, Scotiabank, OfficeMax, Rappi, Adecco, Manpower, Cap Gemini and the Electoral Institute of the State of Mexico. Its transaction volume and revenue grew 18x in 2020 from a small base, though the company declined to disclose hard revenue figures. Co-founders Nima Pourshasb, Rafa Niell and Paolo Rizzi lead a team of about 60 employees. Minu plans to use new capital to grow headcount, expand beyond Mexico and launch complementary products such as financial education, savings, smart-spend tools and insurance.