Led · Equity · Jan 2022

Payflow has developed a financial-wellbeing application that employers provide to staff as a benefit, enabling workers to access the portion of salary they have already earned free of charge. Companies pay a fixed monthly fee—around €1,500 for a 1,000-person workforce—and typically see staff turnover drop by about 21%, generating an ROI more than 20× the initial cost. Operating in Spain, Portugal, Colombia and Peru, the startup serves over 1,000 corporate clients, including large brands such as Lidl, Mango, Decathlon and Five Guys, and claims leadership in these markets. With just 55 employees, Payflow exceeds €7 million in annual revenue, maintains a gross margin above 80%, and has grown roughly 60% year-over-year while producing a 5% EBITDA margin, pushing its Rule of 40 metric above 65%. The company has secured €26 million in equity capital and over €30 million in debt, including €20 million from BBVA Spark. Founders Benoît Menardo and Avinash Sukhwani aim to keep expanding across Iberia and Latin America while achieving full profitability by 2026. Investors highlight Payflow’s rapid yet efficient customer acquisition, noting payback periods of just four months.

Participated · Series E · Dec 2019

General Fusion develops magnetized-target fusion technology that uses deuterium-tritium fuel, a magnetic field generated by current through the fuel, and a liquid lithium wall compressed by steam-driven pistons. The company recently activated LM26, a half-scale prototype of a commercial-scale reactor, and had aimed for scientific breakeven in 2026 when commissioning the device. After laying off at least 25% of staff in May, the company publicly appealed for funding and said it is still pursuing scientific breakeven, while listing intermediary goals of heating plasmas to 10 million and 100 million degrees Celsius. The firm reported that the new cash will allow more time to run LM26 and work toward key scientific milestones. Prior to this round, General Fusion had raised $440 million in funding and was founded in 2002. Given the limited size of the fresh funding, the company appears likely to prioritize nearer-term scientific milestones to try to secure additional investment. General Fusion develops a practical Magnetized Target Fusion (MTF) approach to commercial fusion energy and is headquartered in Richmond, B.C. The company is advancing its Lawson Machine 26 (LM26) demonstration program to achieve temperatures above 100 million °C (10 keV) and a scientific breakeven equivalent. Management expects the technology to be capable of providing clean fusion energy to the grid by the early to mid-2030s. The company was founded in 2002 and is funded by an international syndicate of energy VCs, industry partners, and technology investors. Recent financing activity includes a CA$20 million investment—CA$10 million each from Canadian Nuclear Laboratories (CNL) and BDC Capital—to accelerate LM26 and commercialization work. The LM26 program has attracted over CA$71 million in public and private investment since its 2023 launch. General Fusion pursues a Magnetized Target Fusion (MTF) approach that uses a proprietary liquid‑metal liner mechanically compressed by high‑powered pistons to create short, high‑temperature fusion pulses without large superconducting magnets or laser arrays. The company is building LM26, a demonstration machine designed to reach key technical milestones and de‑risk commercialization of its technology. LM26 aims to achieve plasma temperatures over 100 million degrees Celsius by 2025 and progress toward a deuterium‑tritium breakeven equivalent by 2026; its plasmas will be approximately 50% scale of a commercial machine. General Fusion says a commercial plant design would produce roughly 230 MW from two 115 MW machines and could power about 150,000 homes. The company reports having built more than 24 plasma prototypes, filed over 170 patents, and conducted more than 200,000 experiments at its Canadian labs. It plans to commercialize zero‑carbon fusion power in the early to mid‑2030s while continuing R&D at its Richmond, B.C. headquarters. General Fusion is developing a Magnetized Target Fusion (MTF) approach centered on its newly announced Lawson Machine 26 (LM26), to be built at its Richmond headquarters. LM26 is designed to achieve fusion conditions of over 100 million degrees Celsius by 2025 and to progress toward scientific breakeven by 2026. The machine will validate the company's ability to symmetrically compress magnetized plasmas at scale by integrating its operational plasma injector (PI3) with a new lithium liner compression system. LM26 is intended as a cost-efficient, fast-moving demonstration to de-risk and accelerate General Fusion’s Demonstration Program and support plans to provide commercial fusion electricity by the early to mid-2030s. Over the next two to three years the company will work closely with the UK Atomic Energy Authority to validate LM26 data and incorporate it into the design of a planned commercial-scale demonstration in the UK. The company is led by CEO Greg Twinney and Founder and Chief Science Officer Dr. Michel Laberge. It recently raised capital and grant support to expand operations and its business reach. General Fusion pursues commercialization of Magnetized Target Fusion (MTF) to deliver practical, carbon-free power. The company is advancing a power-plant scale Fusion Demonstration Plant at the UKAEA’s Culham Centre for Fusion Energy and has expanded technology development at its Vancouver headquarters and a new facility adjacent to Oak Ridge National Laboratory. General Fusion has created a Market Development Advisory Committee composed of nine leading energy companies and clean-energy users to shape commercialization and market adoption. The company reports broad financial support from private investors and from Canadian, U.K., and U.S. government sources to accelerate near-term initiatives and milestones. General Fusion emphasizes customer-focused development and is preparing for a larger financing round in 2022 to support aggressive pursuit of its program.

Participated · Series D · May 2017

OptiNose is a commercial-stage ENT/allergy specialty pharmaceutical company whose core technology is a patented closed-palate Breath Powered® platform used to create Exhalation Delivery Systems (EDS) for high and deep intranasal drug deposition. Its lead product candidate, OPN-375 (fluticasone propionate delivered via EDS), is being developed for chronic rhinosinusitis and nasal polyposis, and an NDA for nasal polyposis was submitted to the FDA in November 2016 with a PDUFA goal date in September 2017. The company plans to use new capital to fund commercial readiness for a potential U.S. launch and aims to be prepared for launch in the first half of 2018 if approved. OptiNose previously developed and out-licensed Onzetra Xsail (sumatriptan nasal powder) at the end of Phase 3 development; that product received FDA approval and launched in 2016. The company is also engaged in early development of nose-to-brain EDS applications for neurologic orphan diseases (including OPN-300 and OPN-21) and intends subsequent pipeline products to serve ENT and allergy specialists. OptiNose has corporate offices in the U.S., U.K. and Norway and is based in Yardley, Pa. OptiNose develops drug‑device combination products that use a patented closed‑palate Bi‑Directional Breath Powered Exhaler to deliver medicines deep and high in the nasal cavity. Its lead product, OPN‑375, combines that delivery technology with a topical steroid (fluticasone) and has completed a global late‑phase clinical program (including NAVIGATE I and II) supporting an NDA submission for nasal polyposis with associated nasal congestion. The company reports the Phase III program produced excellent results and plans to submit an NDA after a planned pre‑NDA meeting. OptiNose said recent financing provides up to $30M in additional capital to support global development, follow‑on indications, manufacturing infrastructure and pre‑commercial efforts to enable U.S. commercialization. It is also advancing pipeline assets such as OPN‑300, a nose‑to‑brain oxytocin program in Phase II aimed at serious CNS disorders including autism. OptiNose has corporate offices in the US, Norway and the UK and has previously out‑licensed AVP‑825 for migraine at the end of Phase III. OptiNose, founded in 2000 and led by CEO Peter Miller, is based in Yardley, PA and also has presences in Oslo, Norway and the United Kingdom. The company has developed AVP-825, a product intended for the treatment of migraines, and has out-licensed North American marketing rights for AVP-825 to a partner. OptiNose and its partner jointly submitted a New Drug Application for AVP-825 with the U.S. FDA earlier this year. In parallel, the company is developing OPN-375, a program aimed at treating serious chronic nasal inflammatory diseases. OptiNose completed a Series C-1 round of financing and lists Avista Capital Partners, WFD Ventures LLC and Entrepreneurs Fund LP among its investors. OptiNose develops an innovative nasal drug delivery system that enables administration of drugs deep in the nasal cavity for treatment of both local and systemic disease. The company recently completed Phase II clinical studies with positive results in chronic rhinosinusitis with polyposis, chronic rhinosinusitis without polyposis, and migraine therapies. OptiNose will use the proceeds from a $48.5M equity investment to conduct Phase III trials and to build out its clinical development and commercialization infrastructure. The investment comes from Avista Capital Partners; OptiNose is also backed by WFD Ventures, which will maintain a significant stake and continue to support the company’s development program. Peter Miller, the President and former CEO of Take Care Health Systems, has been named CEO of OptiNose and will serve on its board of directors. The company will reincorporate in the U.S. and move from Oslo, Norway, to Yardley, PA.

Led · Equity · Jan 2016

vasopharm GmbH is a Wurzburg, Germany–based drug development company focused on small molecule therapeutics for treatment of traumatic brain injury (TBI). Its lead candidate, VAS203 (Ronopterin), is in the Phase III NOSTRA trial assessing efficacy and safety in moderately to severely injured closed-head TBI patients. The EMA has granted VAS203 orphan drug designation for moderate to severe brain injury. The company positions VAS203 as avoiding unwanted side effects while delivering strong clinical efficacy versus current acute TBI approaches. vasopharm plans to use the new financing to complete CMC scale-up and stability testing in preparation for commercial-scale production and to support a potential Marketing Authorization Application (MAA) to the EMA, as well as to explore additional indications. Founded in July 1998 as a spin-off from the University of Würzburg Medical School and led by CEO Christian Wandersee, vasopharm has raised about €50m to date through several financing rounds. vasopharm develops small-molecule therapeutics that modulate the NO/cGMP signaling cascade and its functional counterpart NOX. Its lead candidate, VAS203, is an analogue of the natural co-factor biopterin and is believed to selectively downregulate inducible NOS (iNOS) without significantly inhibiting other NOS enzymes. The company is led by CEO Christian Wandersee and is based in Wuerzburg, Germany. vasopharm raised €20m in funding to support a pivotal European Phase III study of VAS203 in moderate to severe traumatic brain injury (TBI). All preparatory groundwork for the clinical trial was completed over the prior 12 months and a "first patient in" was expected in H1 2016. The financing and upcoming Phase III represent the company’s immediate clinical and operational priorities.

Participated · Series C · Oct 2015

Sequana Medical, founded in 2006 and based in Ghent, makes the alfapump, an implantable pump designed to eliminate the need for repeated therapeutic paracentesis in liver disease patients. The alfapump received FDA Breakthrough Device designation and PMA approval in December 2024. The company plans a US commercial launch in mid-Q3 2025, initially targeting 90 liver transplant centres and deploying a small specialised commercial team. Sequana is also continuing development of its Direct Sodium Removal (DSR) therapy for heart failure patients. Management says the new financing extends the company’s cash runway until the end of 2025 and positions the company to demonstrate the market opportunity for the alfapump. Sequana Medical develops implantable devices, notably the alfapump®, for management of refractory and malignant ascites and is advancing a Direct Sodium Removal (DSR) therapy for volume overload in heart failure. The alfapump® is CE‑marked, has been implanted in over 650 patients, and was included in the EASL clinical practice guidelines in April 2018. The company completed the alfapump® MOSAIC North American IDE feasibility study and has presented initial results at AASLD; the alfapump® has not yet received pre‑market approval in the U.S. Sequana is also developing an alfapump® DSR system with preclinical and animal data presented at EuroPCR 2018 and HFSA 2018 supporting safety and efficacy. The company relocated its corporate headquarters to Ghent, Belgium to strengthen commercial ties within the EU and access the Flanders life‑sciences ecosystem. With recent funding, Sequana plans to accelerate commercial growth, drive toward profitability in its European business, begin a North American pivotal study of the alfapump® for recurrent/refractory ascites, and commence first‑in‑human studies for DSR. Sequana Medical develops and commercializes the alfapump, an automated, fully implantable pump system that moves ascites to the bladder to prevent fluid build-up and related complications. The alfapump received CE Mark in 2011 and is currently available in 14 countries across Europe, the Middle East and South America. The system includes DirectLink Technology, which allows clinicians to monitor and manage treated patients. The company plans to use new funding to expand its business into additional indications in heart disease and to pursue U.S. marketing approvals. Sequana was founded in 2006 by Noel L. Johnson, Ph.D., who serves as CEO, and is based in Zurich, Switzerland. The recent financing is structured as a Series C extension to support commercialization and regulatory activities. Sequana Medical develops the alfapump, a fully implantable battery-powered pump system that automatically moves excess abdominal fluid (ascites) to the bladder for natural elimination. The company targets fluid overload in patients with liver disease, certain cancers and congestive heart failure; refractory ascites affects over 100,000 patients per year in Europe and the US. Sequana received CE-Mark for the alfapump in 2011 and is commercially active in several European countries. The company plans to use new funding for global commercial expansion, to initiate US clinical studies and to apply the alfapump technology to new clinical markets. Sequana was founded in 2006 and is led by CEO Noel L. Johnson, Ph.D.; Stephen McGill was newly appointed Vice President of Sales and Marketing. NovaShunt develops the ALFApump System, a proprietary implantable pump that continually removes excess abdominal fluid (ascites). The device is intended for patients suffering from liver cirrhosis, certain cancers and congestive heart failure. The company said it will use the proceeds from its CHF23.7m (about $25m) Series B to embark on European commercialization and to conduct clinical studies in the U.S. The Series B was co-led by BioMedInvest AG, Entrepreneurs Fund and Capricorn Health-tech Fund, with participation from existing investors NeoMed and VI Partners. Following the transaction, NeoMed retains its role as the lead investor and largest shareholder. As part of the financing, Thomas Moller (BioMedInvest), Els Hubloux (Capricorn) and Maciek Drozdz (Entrepreneurs Fund) will join NovaShunt’s Board of Directors.