Participated · Equity · Oct 2024

WithLess provides a software management platform for finance teams that uses AI to optimize software costs and structure procurement processes. The platform centralizes oversight of subscriptions to prevent duplicate or unused tools and to restore payment control to CFOs. Customers named in the article include MotorK, Qomodo, SmartPricing, Talent Garden, and UnoBravo, which reported significant savings after adopting the service. WithLess says it helps companies save over 30% on software-related costs and addresses industry waste estimated at 20–35% of software budgets. The team includes co‑founders Gianluca Treu and Thomas Alisi, with advisor Davide Dattoli, and hires from companies such as Adyen and Revolut. With the new funding the company plans to strengthen its sales force, further advance its AI using customer feedback, and expand commercially across European markets.

Participated · Equity · Jan 2024

To Be develops LiFi Zone, a cloud‑based platform combining LED luminaires with a LiFi modulator and a companion app to deliver data and precise indoor navigation via light. The company has deployed more than 200 active LiFi points across museums, hospitals, schools and offices, including installations in Pompeii, ASL Napoli 2 Nord and the Istituto Comprensivo Rosetta Rossi. LiFi Zone provides centimetre‑level indoor positioning and can act as a wireless connectivity layer with strong applicability for accessibility, cybersecurity‑sensitive environments and energy efficiency. To Be plans to use recent funding primarily to hire international talent, accelerate technical development of LiFi Zone, expand revenue‑generating services and add new features with attention to users with disabilities. Commercial plans include scaling sales across direct and indirect channels, building strategic partnerships with telco players, system integrators and design firms, and beginning entry into selected European markets; a larger international scaleup round is planned within 24 months. Financially, the company has completed a Mamacrowd crowdfunding raising of €900k, previously closed a €75k pre‑seed from Magic Spectrum and has received roughly €266k in non‑repayable public grants.

Participated · Convertible Note · Jul 2022

Northvolt is a Swedish manufacturer of battery cells for electric vehicles, operating a flagship gigafactory (Northvolt Ett) in Skellefteå and Northvolt Labs in Västerås. The company has filed for Chapter 11 bankruptcy protection in the US to enable restructuring, reorganisation and additional fundraising while continuing operations. Northvolt says operations will continue as normal during the bankruptcy and expects to complete the restructuring by Q1 2025. Founders include former Tesla executives Peter Carlsson and Paolo Cerruti; Carlsson will step aside as CEO, take a Senior Advisor role, and remain a Board member. The company has previously raised over $13.8 billion but has struggled with falling EV demand, intense Chinese competition, a €2 billion lost BMW contract, and large workforce reductions (1,600 layoffs). Operational metrics show it missed a production goal of 100,000 cells per week, shipping roughly 20,000, and it reports having enough cash for about one week of operations despite securing new financing. Northvolt is a Swedish battery startup building large-scale gigafactories to produce lithium-ion cells and packs for electric vehicles. The company aims to ramp production capacity to about 60 gigawatt hours, which the article equates to enough cells for over 1 million Volkswagen ID.3 vehicles. Northvolt says it has offtake contracts totaling more than $55 billion with automakers including BMW, Volkswagen, Volvo and Scania. It is expanding its manufacturing footprint with additional factories in Germany and Montreal; the Montreal site is intended to attract U.S. production tax credits under the Inflation Reduction Act. Financially, Northvolt secured a $5 billion debt package that includes refinancing an existing $1.6 billion facility from 2020, improving its runway for factory build-out and scale-up. Northvolt develops and manufactures sustainable battery cells and systems, with activities spanning R&D, manufacturing and recycling. It operates Europe’s first homegrown gigafactory, Northvolt Ett in Skellefteå, and runs an R&D and industrialization campus, Northvolt Labs, in Västerås. The company has received $55 billion in orders from major customers including BMW, Volvo Cars, Volkswagen Group, Scania and Fluence, and is supported by over 5,000 employees across Sweden, Germany, Norway, Poland, Portugal, the US and Canada. Northvolt is developing additional projects across Europe and the Northvolt Six fully integrated battery factory in Saint‑Basile‑le‑Grand and McMasterville, Québec, which when built will target up to 60 GWh annual production and on‑site cathode, cell and recycling facilities. Groundwork for Northvolt Six was expected to start by the end of 2023. The company was established in 2016 in Stockholm, Sweden. Northvolt makes lithium-ion batteries and is developing next-generation lithium-metal cell technology, including work on electric aviation at a California facility. The company operates a gigafactory in Skellefteå and is building another in Gothenburg with Volvo, plus plants in Germany and an energy storage factory in Poland. This round is intended to fund expansion into North America and further growth in Europe; sources say Northvolt is close to finalizing plans for a multibillion-dollar factory in Canada. Financially, Northvolt has secured more than $55 billion in customer orders and has raised a total of $9 billion in debt and equity since 2017. The company has previously issued convertible notes, including $1.1 billion last year, and continues to use convertible instruments as it prepares for future milestones. Northvolt is a Stockholm-based maker of sustainable lithium-ion batteries. The company produces cells at a Sweden gigafactory, having produced its first battery cell just before 2022 and making first commercial deliveries in spring of this year. Its core product is sustainable lithium-ion battery cells intended to supply decarbonization efforts. Financially, Northvolt has secured close to $8 billion in equity and debt to support its expansion. The latest financing is a $1.1 billion convertible note, following approximately $2.75 billion in equity funding announced about a year earlier. The company says the capital will support plans to establish a supply of sustainable batteries to enable the decarbonization of society. CEO Peter Carlsson said the company is thankful for investor support and will work to deliver on its promise to build the world’s greenest battery.