Participated · Equity · May 2026

Founded in 2021, Ruka develops and sells synthetic wigs, weaves, braiding hair and accompanying haircare products and tools. Its Synths 2 product is a next‑generation braiding hair made from collagen protein fibers produced in Japan, positioned as a lower‑cost alternative to human hair; Synths 2 retails for about $31 versus human braiding hair starting at about $170 per bundle. Ruka filed a patent application in 2025 for Synths 3, described as featuring shape‑memory technology and scheduled for release in the first quarter of next year. The company reports geographic customer mix with roughly 48% in the U.K., 47% in the U.S., 4% in the EU and 1% in Africa, and B2B sales comprise about 14% of its business. Ruka has expanded into luxury retail (Selfridges) and is entering an undisclosed U.S. retailer, opened a U.S. East Coast warehouse to support international growth, and projects 101% year‑over‑year growth by April 2027. The company is investing in education and academic research on hair‑extension safety as part of its product and brand strategy.

Led · Debt Financing · Oct 2021

Funding Societies operates a digital platform that uses alternative data to provide faster-turnaround, lower-cost financing to underserved SMEs in Malaysia. The company has disbursed close to MYR 7 billion in financing to more than 10,000 Malaysian businesses. Its platform enables scaled delivery of working capital and other credit products by digitizing credit assessment and execution. Funding Societies has an existing partnership with MDV that began in 2022 and has now been extended via a multi-year facility announced in this deal. The company and MDV say the partnership aims to widen financing access for technology-based and growth-oriented SMEs and to support broader economic impacts such as job creation. Funding Societies will continue exploring further collaborations with MDV to support SME financing needs.

Participated · Equity · Dec 2015

HCT Group is a UK social enterprise providing transport services for marginalized people and communities, funded by revenues from commercial bus contracts. Its operations include London red buses, social services transport, school transport, whole bus networks, community transport, and education and training. The company reinvests profits from commercial work into additional transport services and community projects. HCT currently operates a fleet of 732 vehicles across 13 depots and delivers over 30 million passenger journeys per year. Founded in 1982 and led by CEO Dai Powell, HCT recently secured £17.8m to provide working capital and accelerate rapid expansion. The funds will also be used to acquire commercial bus operators and convert them into social enterprises as part of growth plans. HCT Group operates buses in the UK, delivering transport services with a stated social impact focus. The company intends to use new capital to fund growth, purchase vehicles and depots, and improve infrastructure. HCT is exploring private‑sector acquisitions and plans to deepen partnerships with local authorities to expand services. Historically, a £4m investment in 2010 helped grow turnover from £26m to £46m; that earlier investment was repaid in full and met a 7% financial return target while achieving impact goals. The article describes HCT as one of the few scalable, profitable and sizable impact businesses in the UK. Advisers and supporters on the transaction included ClearlySo, legal adviser Bates Wells Braithwaite, and grant support from the Investment and Contract Readiness Fund (ICRF). HCT Group is a London, UK social enterprise that provides public transport services and related training. The company uses innovative financing structures and has raised capital through instruments linked to social impact. It has secured funding to meet its capital requirements for the next three to five years. HCT recently raised funds via a Social Loan whose returns can vary with the organisation’s turnover. The current fundraising round is structured to include both a Social Loan and a traditional fixed-rate loan. Investors participating in the financing are social-impact and specialist fund managers supportive of HCT’s mission.