Participated · Series C · Mar 2025

Laplace Interventional is a Minnesota-based medical device company developing a prosthetic transcatheter tricuspid valve delivered via a minimally invasive procedure to avoid open-heart surgery. The device is intended to improve quality of life for patients with tricuspid regurgitation. The company has completed an Early Feasibility Study (EFS) experience treating three patients (all discharged home within 1–2 days) and has enrolled 22 patients in the U.S. EFS and 25 patients globally. Laplace announced a $22M Series C financing to support completion of its U.S. and OUS feasibility studies and to work toward initiating a pivotal study. The company added Ned Scheetz of Aphelion Capital to its board as part of the financing announcement. The device remains in development and is not approved or cleared by the FDA or any other regulatory body. Laplace Interventional is a Minneapolis, MN–based medical device company developing a transcatheter prosthetic valve system to treat patients with tricuspid regurgitation. The device is designed to be delivered through patient vasculature, avoiding open‑heart surgery and aiming to increase life expectancy and improve quality of life for patients with TR. The technology is in an early stage of development and is not approved or cleared by the FDA or other regulatory bodies. The company intends to use the new capital to pursue first‑in‑human (FIH) and clinical feasibility evaluations of its valve system. Ramji Iyer is founder and CEO, and the company has recently added industry executives to its board, including Jenny Barba and Todd Mortier. Laplace Interventional is a Minnesota-based medical device company developing a transcatheter tricuspid valve technology. Its core product is a prosthetic valve designed for minimally invasive delivery that avoids open-heart surgery to treat tricuspid regurgitation. The company says the device aims to increase life expectancy and improve quality of life for patients with TR. Laplace recently closed a $7.9M Series A to fund progress toward preclinical milestones. Leadership added two directors to the board, including William Dai of ShangBay Capital, a participant in the round. The device remains in early-stage development and is not approved or cleared by the FDA or other regulatory bodies.

Participated · Series A · Aug 2024

Melodi Health raised $10.75M in a Series A financing from HM Venture Partners, Engage Venture Partners, Southeast Minnesota Capital Fund and Three Bridges Private Capital. The company intends to use the funds to further enhance its clinical activities and additional product development activities. Its flagship offering, the Melodi Matrix, is a bioabsorbable mesh that elutes antibiotic agents and is fully absorbed by the body. Melodi announced the launch of the ARIA investigational device exemption (IDE) trial, a multicenter, nationwide, randomized, controlled study evaluating the safety and efficacy of the Melodi Matrix to support an FDA approval for an indication in breast reconstruction. The Melodi Matrix technology was licensed from Medtronic. The company is led by CEO Sarah Worrell and chief medical officer Hunter Moyer, MD, and is based in Minneapolis, MN.

Participated · Equity · Mar 2021

Clutch is a Toronto-based online vehicle marketplace that facilitates vehicle purchases through its platform. The company will integrate iA Financial Group’s insurance and warranty offerings so customers can purchase a vehicle and select coverage in a single transaction. iA said it is using the investment to develop expertise in selling products entirely online and to add online sales as a distribution channel to its dealer services. Founded in 2017, Clutch previously raised a $7 million seed in 2020, a $60 million majority-debt Series A in March 2021, and a $100 million all-equity Series B later that year. In 2022 the startup took on $150 million in debt to expand its fleet, delayed planned hiring and cut about 22% of staff, then cut another 65% in January 2023 after a market pause halted a planned $95 million Series C. The new $10 million strategic investment from iA is intended to integrate insurance products and broaden Clutch’s online distribution and partnerships. Clutch operates an online marketplace for used vehicles, sourcing cars from auctions, private sellers and fleets, then running a 210-point reconditioning process before delivering them to customers. The company was founded in 2016 and is headquartered in Toronto, currently servicing Alberta, British Columbia, Nova Scotia, New Brunswick, Ontario and Prince Edward Island. It has sold thousands of used vehicles and presently has about 1,250 vehicles in stock. About half of Clutch's revenue comes from fintech offerings such as warranty, insurance and financing. Clutch uses past debt financing to support vehicle acquisition and operates a series of warehouses and a logistics network to enable often next-day delivery on flatbeds. The company plans to expand into additional Canadian cities (including Montreal and Winnipeg) and aims to service 90% of Canadians by the end of 2023 while growing its team and scaling inventory and infrastructure. Clutch operates an online used-car marketplace that sources vehicles from auctions and private owners, reconditions them (about $1,000 per vehicle) and lists detailed, inspected cars on its site and marketplaces like Kijiji and AutoTrader. The company offers non-negotiable prices, next-day delivery, a 10-day money-back guarantee, financing and protection plans, and runs refurbishing operations out of low-cost suburban industrial locations with no showrooms or salespeople. It typically buys cars seven years old or newer, with under 100,000 kilometres and light-or-no accident histories, and performs a 210-point inspection before sale. Founded in 2016 and based in Toronto, Clutch launched in Halifax in 2017, expanded into Toronto in January 2020 and has since expanded into Vancouver with plans to enter two more Canadian cities in 2021. The 75-person company is pursuing national expansion to build an Amazon-like car-buying experience across Canada.