Led · Equity · May 2026

Ebury provides cross-border payments and foreign-exchange services for small and medium-sized enterprises. The company operates with regulatory reach across 30 markets and maintains an established technology stack to support multi-currency and cross-border workflows. Ebury plans to use the recent financing to scale operations, develop new products, expand into additional geographies, and strengthen AI capabilities for payment processing and FX optimisation. Santander will remain the majority shareholder with a 55% stake and will continue to account for Ebury as its primary SME cross-border payments platform prior to the contemplated accounting change. The funding transaction includes both primary and secondary components and is being completed in two closings subject to regulatory approvals, expected by Q1 2027. The round also brings Centerbridge Partners into the shareholder base alongside existing investors such as Vitruvian Partners and 83North.

Led · Series D · Sep 2022

Pie Insurance provides digitally distributed workers’ compensation insurance to small businesses, selling directly via its website and through thousands of independent agents. The company uses data and analytics to price and underwrite policies and says it has maintained strong unit economics and sustainable loss ratios. In the first four months of 2022 Pie increased its annualized run rate premium to nearly $300 million and more than doubled its gross written premium in Q1 2022 versus Q1 2021. Since early 2021 through May 2022 the company more than doubled its number of policyholders and insurance agency partners. Pie has raised over $615 million in total capital since its 2017 inception. The company plans to use the new capital to expand into new lines of business and to transition to a full-stack carrier. Pie Insurance is a Washington, D.C.-based startup selling workers' compensation insurance to small businesses through an internet-driven, cloud-based platform. The company leverages proprietary data and analytics to provide faster, more affordable underwriting and sells directly online and through thousands of independent agents. Pie began selling policies in March 2018 and has grown its gross written premium to over $100 million while partnering with over 1,000 agencies nationwide. Revenues have climbed 150% since its $127M Series B extension last May, and headcount rose to 260 from 140 over the past year; the company declined to disclose recent hard revenue figures. Pie plans to use new capital to invest further in technology and automation, grow its core workers' comp business, and lay the groundwork for new business offerings in 2021 and beyond. The company was founded in 2017. Pie Insurance offers workers' compensation insurance directly to small businesses and via partnerships with local, regional, and national insurance agencies. The company operates as a managing general agency for Sirius America Insurance Company and provides A.M. Best A- rated workers' compensation coverage. Pie sells coverage in 34 states and the District of Columbia and is expanding nationwide. Founded in 2017 by CEO John Swigart, the firm is headquartered in Washington, DC and Denver, CO. The company plans to use new capital to grow its offering to small business owners and expand distribution through agents. Pie Insurance, founded in 2017, provides workers' compensation insurance directly to small businesses through an easy-to-use digital experience and operates as a managing general agency for Sirius America Insurance Company. The company began offering policies in 2018 and sold its first policy in March 2018. In the first 11 months since launch it generated more than $10 million in written premium and reports that 80% of small businesses overpay for workers' compensation coverage. Pie is available in 19 states covering more than 60% of the U.S. workers' compensation market and expects to expand nationally by the end of 2019. The company offers A.M. Best A rated workers' compensation insurance and plans to use new funding to expand geographically, add new distribution sources, and further simplify the customer experience. Pie Insurance offers near-instant online workers' compensation policies to small businesses through a frictionless direct distribution platform. The company built a full-stack managing general agent (MGA) operation and secured required regulatory approvals in under 12 months. It began offering policies in 2018 and today sells in eight states. Pie uses advanced analytics and a predictive model that estimates 80% of small businesses overpay for coverage—often by as much as 30%—to more accurately identify risk and simplify purchasing. Insurance offered by Pie holds an A.M. Best A rating. The company intends to use new capital to scale operations and expand geographically.

Participated · Equity · Sep 2022

True Food Kitchen is a restaurant brand built around wellness-driven dining and seasonal menus guided by Dr. Andrew Weil’s anti-inflammatory food pyramid. The menu emphasizes wholesome, simple ingredients and thoughtful preparations to highlight natural health benefits and flavors. The company was founded by Dr. Andrew Weil and is led by CEO Christine Barone. As of the article, True Food Kitchen operates 42 locations across 17 states. Investors and backers include Oprah Winfrey, Lion Capital, Dr. Andrew Weil and Howard Schultz. The company recently raised over $100M in funding.

Participated · Series B · Jul 2022

Nanosys is a supplier of quantum dot (QDEF™, xQDEF™) and microLED/nanoLED technologies for the display industry. The company supplies quantum dot materials used in consumer electronics and operates the world’s largest quantum dot nanomaterials fab in Silicon Valley. As of the first half of 2022, brands have shipped more than 60 million devices in over 850 unique products using Nanosys’ quantum dot technology. Nanosys owns or has exclusive license rights to over 900 issued and pending patents worldwide. The company plans to expand development of its QDEF and xQDEF quantum dot technologies and to commercialize its microLED platform while developing next‑generation nanoLEDs. The recent financing positions Nanosys to accelerate those commercialization and development efforts. Nanosys supplies quantum dots and related materials for displays, with its technology found in more than 400 consumer device models across tablets, laptops, monitors and TVs in sizes from 13" to 98". The company owns or has exclusive license rights to more than 500 issued and pending patents worldwide. It has achieved more than $250M in lifetime revenues and recently reached several product development and customer milestones. Nanosys plans to use the financing to expand into new markets by adding supply chain capabilities and increasing its sales presence globally. The company has announced strategic relationships with Shoei Chemical and Nagase & Co., and has pursued partnerships to explore quantum-dot applications in agriculture. Founded in 2001 and led by President and CEO Jason Hartlove, Nanosys is based in Milpitas, California. Nanosys develops Nano Crystal technology to enable a new generation of energy-efficient displays and partners with leading display makers who create tablets, TVs and smartphones. The company said the new funds will be used to expand production capacity. Nanosys received a follow-on investment from Samsung Venture Investment Corporation; the amount was not disclosed. Founded in 2001 and led by CEO Jason Hartlove, Nanosys works with display manufacturers to integrate its technology into consumer devices. The company is based in Milpitas, California. Nanosys is a Palo Alto, CA-based advanced materials architect led by President and CEO Jason Hartlove. The company develops process-ready systems that integrate inorganic material properties into existing manufacturing for improved lighting, electronic displays and energy storage products. Its flagship product is Quantum Dot Enhancement Film (QDEF), which uses quantum dots to boost color performance and efficiency of LCDs. On November 27, 2012 Nanosys closed a $15M sixth funding round. The backers remained unnamed. The company said it will use the proceeds to expand its manufacturing capabilities. Nanosys is an advanced materials company based in Palo Alto, California, focused on nano-architected materials. The company develops materials for commercial applications in electronics and thin-film solar markets. It announced a strategic alliance and licensing arrangement with Samsung Electronics to accelerate those commercial applications. The partnership targets product development across solar, LED, memory, semiconductor and display markets. Financially, Nanosys raised $25M in venture capital financing to support its development and commercialization efforts. Samsung Venture Investment Corporation and several existing investors participated in the financing.

Participated · Debt Financing · Jun 2022

SumUp is a global fintech that provides payments and business tools to millions of merchants of all sizes. The company has generated positive EBITDA since December 2022 and has delivered over a decade of sustained growth. SumUp says it balances sustainable growth with fiscal responsibility, launching new markets and products while keeping finances under control. Management intends to use new capital to refinance existing debt and to pursue organic and inorganic global growth opportunities. Investor interest was strong and the company reports the round was oversubscribed, which SumUp cites as confirmation of market confidence in its business model. SumUp plans to continue scaling its services and products to provide merchants with tools and best-in-class support experiences. SumUp builds card readers and point-of-sale tools and offers related services such as invoicing, loyalty programs and business accounts to small merchants. The company is planning continued organic expansion of financial services around its hardware and is targeting more geographies beyond the 36 markets where it currently operates. SumUp is also pursuing inorganic growth through M&A, having previously acquired U.S. loyalty startup Fivestars in 2021 to expand services and U.S. presence. The business says it has been "positive on an EBITDA basis since Q4 2022" and reports over 30% year‑over‑year top-line growth. Its customer count is about 4 million, a figure unchanged from two years ago, indicating mixed operational signals. SumUp is a London-based financial technology company led by Marc-Alexander Christ, serving more than 4 million small merchants in over 35 markets. The company offers card terminals and point-of-sale registers, in-person and remote payments, a free business account and card, an online store, and invoicing. Its SumUp Cash Advance product provides merchants with advances of up to £20,000 based on their payment history. Advances are repaid through payment acceptance with SumUp card readers in a flexible, incremental manner. Merchants pay a fixed fee for access to advances and are not charged monthly interest or hidden fees. SumUp says it will use new financing to expand its merchant cash advance product and support UK-based merchants. SumUp started as a maker of card-reader dongles and has expanded into a broader suite of payments and business services used by about 4 million SMBs in 35 markets. The company now employs roughly 3,000 people and offers products including POS payments, online payments, and a business banking product used by about 10% of its customers. SumUp has pursued M&A to build its platform, acquiring companies such as Payleven, Goodtill, Tiller and U.S.-based loyalty startup Fivestars. Management says revenues have grown roughly 60% annually over the last couple of years, while POS payments remain the bulk of revenue. The company is pursuing further product development, hiring and additional acquisitions as it expands into more emerging markets (its most recent launch was Peru) and continues to focus on Europe as its largest geography. SumUp offers physical card readers and a suite of payments services — online payments, invoicing and POS solutions — to merchants, taking a cut of transactions as its primary revenue model. The company operates in 33 countries and serves roughly 3 million businesses. SumUp has grown in part through acquisitions (including Payleven in 2016 and more recent purchases such as Paysolut, Goodtill and Tiller) to expand its product set and geographic footprint. Its stated strategy is to build more services for businesses and scale transaction volume rather than move into consumer-facing financial products or cryptocurrency. The company says it has stable cash flow, which it cited as a reason for choosing debt financing to avoid dilution. SumUp is London-based and was founded in 2012.