Participated · Series A · Nov 2021

Kilo operates a B2B e-commerce platform and tooling that lets MSMEs browse assortments, build carts, check out with transparent pricing, and manage inventory across channels including Kilo’s app, Facebook and Zalo. The platform aims to digitize Vietnam’s retail value chain by enabling small shops to optimize inventory turnover and run multi-channel sales. Kilo says it has retained thousands of MSMEs across 24 provinces and grown its net merchandise value 320x since launching in October 2020, targeting an approximately $180 billion retail market in Vietnam. The company plans to expand features for customers, including financing, logistics and self-service e-commerce store creation, and to grow its team fourfold in the next 12 months. Kilo was founded in 2020 by CEO Kartick Narayan, a former CMO of Groupon, vice president at Coupang and chief business officer of TIKI Corporation, and is based in Ho Chi Minh City. During COVID, Kilo positioned itself as a contact-free procurement channel that helped offline MSMEs continue operating.

Led · Series D · Jul 2021

Solaris is a Berlin-based provider of an embedded finance and Banking-as-a-Service platform. Founded in 2015 and led by CEO Carsten Höltkemeyer, it offers a proprietary modular B2B tech stack and a scalable licensing system that enables partners from large global non-financial corporations to fintechs to deliver financial services. The company raised €140M in a Series G financing led by SBI Group and Boerse Stuttgart Group, with participation from a diverse group of investors and strategic partners. Solaris said it will use the funds to support its operations and accelerate its ability to seize market opportunities. This round follows a March 2024 Series F that raised €96m in equity and secured financial guarantees of up to €100m. Those prior funds were used to migrate the ADAC credit card program in September 2024 and to further strengthen the platform. Solaris provides white-label banking services as a banking-as-a-service (BaaS) platform. The fintech has faced industry challenges and recently implemented dramatic job cuts. Reports said the company was urgently seeking between €100m and €150m amid concerns it was running out of money. An Extraordinary General Meeting (EGM) was convened to consider urgent financing and, if necessary, a proposal to wind up the business. Solaris announced it has secured fresh funding and described the step as important for a long-term, sustainable financing solution. The company said it will finalise agreements with its investors in the coming days. Solaris is a Banking‑as‑a‑Service pioneer that developed a proprietary modular B2B tech stack and scalable licensing system for partners. Its platform enables large non‑financial companies and fintechs to offer customer‑centric financial products. Solaris is banking‑ and EMI‑licensed and focuses on cards, accounts and lending. The company employs more than 750 people across ten locations in Europe and India and reported net revenues of €130 million in 2022. Solaris plans to enhance partners' product offerings, make regulatory compliance a USP, and invest in platform resilience as it scales. Management frames the strategy around sustainable, profitable growth and extending market leadership. Solaris provides a banking-as-a-service/embedded finance platform used by customers including Samsung, American Express and Coinbase. Its platform exposes roughly 400 APIs across banking and card services, payments, lending, ID verification and digital currencies. The company rebranded from Solarisbank to Solaris in July 2022 and is working to integrate its Contis acquisition to fully exploit its product platform. Solaris reported €130 million in revenue for 2022, a 30% increase, but posted a €56 million loss that year and has been cutting costs to improve efficiency. Leadership changed with Carsten Höltkemeyer becoming CEO in April after Roland Folz stepped down; COO Chloé Mayenobe also left and the role will not be refilled. The company says first-half results show promise of profitability, while it focuses on simplifying operations and concentrating on core products. Solarisbank provides embedded banking via an API-first platform of about 180 APIs that power basic banking, cards, lending, payments and know‑your‑customer services for third parties. Its customers include Trade Republic, American Express, BP, Samsung and Vivid, and it serves roughly 50 partners covering about 2 million customer accounts. The company posted net revenues of €35 million in 2020 and has been growing at 40–60% annually; management says the combined entity will produce "triple‑digit euros" in revenue (hundreds of millions). Solarisbank holds banking licences for Europe and e‑money licences in Lithuania and the U.K., and runs its stack on AWS. Near‑term plans include expanding coverage across Europe, using the Contis acquisition to broaden European reach and making early moves into Asia, with no current plans to enter the U.S. The company says it could be in a position to go public next year if it chooses.

Participated · Series C · May 2021

Wefox operates a digital insurance platform focused on asset-light Managing General Agent (MGA) operations and smart insurance distribution. The company is a leading wholesale broker in Austria, the #1 player in the Dutch term-life market under the TAF brand, and a top-ranked retail insurance distributor in Switzerland. Recent restructuring included the sale of wefox Insurance AG (Liechtenstein) and its Italian entities, actions aimed at streamlining the business. Management says the company is positioned for full-year profitability in 2025. Wefox plans to use new capital to strengthen positions in Austria, the Netherlands, and Switzerland and to expand its MGA and smart distribution businesses globally. The company intends to foster partnerships with insurers and scale local distribution platforms to drive sustainable growth. Founded in 2015 and valued at $4.5bn, wefox runs an end-to-end technology platform that connects insurers, broker partners and customers and has been active as an insurer since 2018. Over the past 18 months the company has been streamlining operations—selling assets, closing hubs and withdrawing from unprofitable markets—to focus on profitable markets of critical size. Technology efforts will concentrate on empowering local distribution platforms; the company is closing technology hubs in Spain and France and sold its Austrian subsidiary wefox Experts Versicherungsmakler GmbH (closing June 18, retroactive to Dec 31, 2023). Wefox plans to further build positions in the Netherlands, Austria and Switzerland while transforming its Italian business to improve profitability and withdrawing from the German market. The insurance carrier wefox Insurance AG will be detached from the core business, had a solvency ratio of 176% on 31 March 2024, and is seeking disposal of non-core portfolios starting with the Polish portfolio. Investors have provided immediate fresh capital of EUR 25 million to support the restructuring and a medium-term repositioning as a technology-enabled insurance distribution company. Wefox is an insurtech company undergoing a rapid transition from a period of hypergrowth to one of profitable growth, a shift its CEO described as complex and requiring difficult choices. In 2022 the company quadrupled its premium income versus the prior year, but losses also increased, including losses from its brokerage business. Management says 2023 will be characterised by a transformation into a profitable company; the firm has hired an experienced CFO and scaled back activities in some insurance segments. Investors have signalled support for that strategic pivot. The company confirmed the fundraising publicly via its CEO’s LinkedIn post, emphasising the need to adapt to market realities. Wefox operates a brokerage and distribution-led insurance platform, selling products through in-house and external insurance brokers rather than a direct-to-consumer model. The company recently launched its own carrier, Wefox Insurance, enabling it to design and sell proprietary products alongside third-party policies. Its distribution business is the primary revenue source and is already profitable; the platform has around 4,000 distribution partners and handles roughly €2 billion in insurance premium volume, €200 million of which was Wefox’s own insurance last year. Wefox has said it doubled revenue and margins in Q1 year-over-year and is streamlining activities to reach profitability across both distribution and insurance. The company plans to expand into new European markets such as France, Spain, and the U.K., likely via acquisitions of distribution businesses. Next year it intends to release a technology stack that will let other insurers create products, manage performance, and handle claims via APIs, positioning itself as an infrastructure provider for insurance. Wefox operates an insurance platform that distributes products through a mix of in-house and third-party brokers rather than direct-to-consumer channels. The company says its indirect distribution model lowers customer acquisition costs and enabled rapid scale through broker networks. Wefox reported revenues doubled to $320 million last year, generated $200 million in the first four months of 2022, and expects roughly $600 million in turnover by year-end; it passed 2 million customers and has around 3,000 independent brokers in Germany. Founded in Berlin in 2015, the firm says the model improves loss ratios and customer lifetime value and puts it on a path to profitability. Management describes the recent raise as prudential "future-proofing" rather than rescue financing. The company plans to enter new European markets in 2022 and aims for U.S. and Asian expansion in 2024.