Participated · Series B · Sep 2024

Dinii operates a cloud-based point-of-sale and mobile ordering platform that enables restaurants to accept cashless payments, gather customer data, and run CRM and marketing features. The company monetizes through software subscription fees for its cloud POS and fees on payments processed through its Dinii Payments solution. Dinii reports roughly 3,000 restaurants on its platform and more than 20 million registered users placing orders; its penetration of Japan’s ~900,000 restaurants is about 0.5%. Founded in 2018 by Mao Yamada and Kazuki Otomo while students at the University of Tokyo, the startup has expanded operations to Tokyo and Osaka and grown headcount from 30 in 2022 to about 130. Product roadmaps include expanded financial services (invoice settlement, payroll/daily payouts, loans, insurance, asset management), employee management, reservations and delivery integrations, and proprietary data solutions for restaurants. The company plans further geographic expansion within Japan (Nagoya) and into Southeast Asia (Indonesia, Malaysia, Singapore, Thailand).

Participated · Series B · Nov 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.

Participated · Series D · Aug 2021

DriveWealth provides a cloud-based technology platform that enables fractional equities trading and embedded investing, allowing partners to offer branded investing experiences. Its platform supports embedded investing via mobile to more than 100 partners worldwide, driving customer acquisition, loyalty, retention, and revenue growth. The company intends to use new capital to expand products and services, hire talent, invest in technology innovation, launch self-clearing, and accelerate execution through strategic acquisitions and partnerships. DriveWealth combines consultative support with an industrial-strength platform to help partners integrate market access and investing features. The company strengthened its financial position with a $450M Series D at a $2.85B valuation. DriveWealth is led by founder and CEO Bob Cortright and is based in Chatham, N.J. DriveWealth provides API-based brokerage infrastructure and a developer-first platform that lets partners deliver embedded, real-time dollar-based investing experiences inside their mobile apps. Its technology enables fintechs, digital advisors, and mobile financial services to access the U.S. securities markets and powers partners such as Hatch, Revolut, Stake, and Moneylion across 153 countries. The company reports that its partners opened more accounts in 2Q than E*Trade, Schwab and TD Ameritrade combined, and that 3Q saw a 33% increase over 2Q. In the last 12 months DriveWealth expanded into the HSA space and partnered with Access Softek to serve community banks and credit unions. Leadership says the firm will continue building its technology capabilities to democratize investing and pursue strategic acquisitions. As of the article, DriveWealth has raised $100.8M to date, including a new $56.7M Series C. DriveWealth provides a suite of APIs and cloud-based infrastructure designed to modernize financial services, enabling online brokers, digital advisors and mobile financial services companies to access the U.S. securities market. Its platform supports native investment experiences on partners' mobile applications, including real-time dollar-based investing capabilities. DriveWealth LLC is a FINRA- and SIPC-member licensed carrying and self-clearing broker that delivers digital brokerage solutions to broker-dealers, advisors and online partners worldwide. The company says its cloud infrastructure offers scaling and pricing efficiencies for global partners. DriveWealth's stated mission is to provide low-cost, frictionless access to wealth-building products through modern infrastructure and to reimagine investing for the clients served by its partners. The company announced a $21 million Series B in this round led by Raptor Group, SBI Holdings and Point72 Ventures, reflecting investor support for its growth and product roadmap. DriveWealth Holdings Inc. owns DriveWealth, LLC, a Chatham, NJ–based global online broker-dealer launched in August 2014 by Robert Cortright. The company offers a vertically integrated Brokerage as a Service that lets partners worldwide integrate and offer US stocks, ADRs and ETFs. DriveWealth aims to become a global aggregator of retail investor accounts by providing low-cost access to US equity markets. The business serves foreign brokers, developers and content providers as its primary partners and customers. DriveWealth recently received its first institutional investment and intends to use the funds to expand its global partners and customers as well as its product and service offering. The amount and instrument of the investment were not disclosed in the article.

Participated · Series D · Apr 2021

Loft operates an online one-stop shop for Brazilians to manage home transactions, combining listings, brokerage partnerships and ancillary services such as insurance, renovations and rentals. The company maintains more than 13,000 property listings across roughly 130 regions in São Paulo and Rio de Janeiro and partners with over 30,000 brokers. Loft reported dramatic growth in 2020—listings rose 10–15x, the company said it did more than 6x YoY growth with many thousands of transactions, and it recorded over $150 million in annualized revenues in its first full year. In 2020 Loft entered the mortgage business via acquisition and now ranks among the top-three mortgage originators in Brazil. The company says revenues and GMV increased significantly in 2020 and that it has a "very clear horizon to profitability." Loft plans to use new capital to expand across Brazil, pursue Latin American expansion over time, and explore M&A opportunities. Loft operates a data‑driven residential real‑estate marketplace focused on increasing transparency and liquidity in Brazil by creating open datasets for property valuation and higher‑quality listings. The company monetizes through property sales and ancillary products, including referral and partnership fees with banks and insurance companies. Loft has transacted on roughly 1,000 properties in its core São Paulo market and has raised substantial growth capital to scale. The founders envision a one‑stop shop including renovations, mortgage financing and insurance through banking partners. Loft plans to replicate its model in new cities using an "Uber growth model," with an imminent expansion to Mexico City and the hire of Juan Pablo Ramos to lead that launch. To date the company has raised $275 million in total capital over two years, with the latest $175M Series C enabling accelerated geographic expansion and product rollout.