Participated · Debt Financing · Nov 2024

Constrafor is a vertically integrated supply chain finance and risk management platform for the construction industry. Its platform modernizes how general contractors manage subcontractor relationships with integrated procurement tools, simplified invoicing, a Discovery Network for sourcing subcontractors, Prequal, and an AI-powered Insurance CoPilot for insurance document management and compliance reviews. For subcontractors it offers an Early Pay Program (EPP) that accelerates payments at competitive rates to ease cash flow pressures. The company plans to launch a Subcontractor CFO Suite providing project-based accounting, supplier management, and enhanced financial controls. Constrafor is scaling its AI capabilities and financial products to strengthen subcontractor–GC relationships and streamline payments and financing. Financially, it completed a $264 million Series A comprised of $14 million in equity and a $250 million credit facility to accelerate growth and cement its leadership in construction finance technology. Constrafor operates a SaaS procurement platform that embeds financing via its Early Pay Program, which assumes subcontractor invoice risk and frees up subcontractor cash flow while the general contractor later reimburses Constrafor. The company has added embedded generative AI initiatives to automate manual reviews (for example, insurance) and partnered with Stripe to offer a banking product; over 80 companies now bank through that offering. Constrafor grew from 15,000 to 23,000 customers and reports 25% month-over-month growth this year after tweaking its credit origination following a revenue hiccup. The company says it can lower prices to customers due to favorable financing and plans to get its EarlyPay program rated and open its APIs to general contractor customers and other construction startups. Financially, Constrafor previously raised $106.3 million in equity and debt in 2022 and reports $14 million in equity and $100 million in debt raised since its 2019 founding. Management is targeting to cross $5 million ARR before pursuing a Series A (with $10 million ARR as a preferable milestone). Constrafor is a New York-based SaaS platform that streamlines subcontractor procurement and administration for general contractors, covering contracts, COIs, invoices, payments and diversity procurement in a single system. For subcontractors it offers an Early Pay Program (EPP), a receivables financing service that lets approved invoices be paid within 24 to 48 hours and can improve cash flows by up to 80 days. The platform integrates with contractors' existing accounting programs, ERP systems and project management tools. Led by CEO Anwar Ghauche, the company plans to use new funding to build out additional functionalities and expand its subcontractor invoice finance offering. Financially, Constrafor announced a $100M+ Seed financing and has secured a credit facility from CoVenture.

Participated · Debt Financing · May 2024

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.

Led · Equity · Feb 2024

Napier AI develops AI-enhanced financial crime and regulatory compliance software, offering AML solutions across banking, payments and wealth & asset management. Its product suite helps customers screen, monitor and identify criminal or suspicious activity and supports regulatory reporting. The company is led by CEO Greg Watson and emphasizes NextGen AI-enhanced solutions combined with trusted technology and delivery. Napier's customers use its tools to reduce overheads from financial crime compliance operations and meet regulatory pressure. The company has stated it will use new funding to accelerate its growth trajectory. The business is headquartered in London, UK.

Led · Equity · Jun 2023

Upperline Health delivers specialty-focused value-based care by wrapping multidisciplinary care teams around specialists to treat complex, high-risk patients. The company operates a program called Upperline Plus, an ACO REACH program aimed at coordinating care for patients who frequently see specialists. Upperline reports serving 350,000 patients annually and has enrolled 30,000 patients in Upperline Plus over the last eight months. It has established 122 clinics across seven states and says it has reduced hospitalization spend by 30% while achieving an 81/100 patient satisfaction score. Upperline was founded in 2017 by David Thorpe and Stephen Nash and emphasizes meeting patients in the settings where they already receive specialty care. The company is actively hiring, with more than 100 open clinician, engineering, and management positions.

Led · Equity · Apr 2023

Gigstreem provides managed, property-wide broadband and private Wi‑Fi that removes the need for residents to coordinate with local ISPs or install routers, delivering fast, reliable connectivity across apartment communities. The company serves apartment buildings, residential communities, businesses and events, and its platform enables smart devices and other property technologies that enhance resident experience and operator value. Since its launch in 2017, Gigstreem has grown its footprint to service 52,000 apartment units across 28 markets and plans to launch operations in roughly 40,000 additional apartments in 2023. The firm has expanded via acquisitions (including netBlazr in August 2022) and market entries into Seattle, San Francisco and Dallas. Gigstreem emphasizes local customer support and engineering as part of its service proposition and has used recent capital to scale those capabilities. Recent fundraising and M&A activity are positioned to accelerate national expansion and deepen market share in Texas, Florida, California, Washington and Georgia. GiGstreem is an in-building gigabit internet service provider launched in 2017 and headquartered in New York. It deploys a Ubiquitous WiFi platform that delivers continuous property-wide WiFi coverage on private networks for multifamily, commercial and multi-tenant properties. The platform enables next-generation wireless and technology-enabled services including IoT, smart devices, in-building mobility (including CBRS), Connectivity-as-a-Service and building management systems. GiGstreem currently operates in multiple U.S. East and West Coast markets serving commercial businesses, residential communities and apartment buildings. The company plans to expand across major U.S. cities; the Crestline investment will fund infrastructure deployments to satisfy a stated backlog of demand and support expansion into 15 new metropolitan areas and hundreds of thousands of units. GiGstreem is a portfolio company of RET Ventures and LNC Partners, and Houlihan Lokey acted as exclusive financial advisor on the transaction. GiGstreem delivers fiber and fiber/microwave hybrid internet service to homes, businesses and multifamily properties. Its hybrid model maintains gigabit speeds competitive with pure fiber while reducing costs, offering bandwidths from 100 Mbps to 10 Gigabit and beyond. The company operates a national network serving hundreds of communities in Maryland, Virginia, DC, New York and Florida and cites customers including Buzzfeed, Microsoft, Nike, Samsung and Yahoo. GiGstreem positions its service as a luxury amenity for property owners, helping increase NOI through high-speed reliable internet and customer service. The company said it will use the recently raised funds to accelerate research and development and to expand into new markets. RET Ventures framed the investment around rising demand for constant connectivity in the multifamily industry amid remote work and the 'hotelification' of resident expectations.