Participated · Equity · Aug 2024

Fourth Partner Energy (FPEL) is a TPG-backed renewable energy developer focused on distributed generation for commercial and industrial clients in India. Its core offering is a 370 MW rooftop solar portfolio spread across 24 states, supplying marquee corporates such as HUL, Walmart, D-Mart, Ultratech, Hyundai, Colorcon and TCS. Beyond rooftops, the company has commissioned more than 1.2 GW of open-access clean-energy projects and is currently building over 800 MW of wind-solar hybrid capacity, positioning itself as an integrated green power platform. FPEL has also executed battery energy-storage systems exceeding 50 MWh to complement its generation assets. Management has set a goal of expanding its installed base to 9 GW by 2031. Financially, the firm attracted $275 million of equity earlier this year from IFC, ADB and DEG, adding to prior backing from TPG. The recently completed ₹780 crore debt refinance further optimizes its capital structure to support growth.

Participated · Equity · Jan 2024

AVLA is a global insurance group headquartered in Bermuda that provides surety and trade credit solutions, primarily serving small and medium-sized enterprises. The company operates across Latin America with presence in Brazil, Mexico, Chile, and Peru and is ranked as a top-five provider of those solutions in the region. AVLA generated about $150 million of insurance revenue in 2023. Management says the business combines attractive profitability with social impact and an ability to enter new markets. AVLA plans to accelerate international growth and enter the U.S. market, and intends to reach 150,000 clients and $350 million in consolidated revenue in the coming years. Investors in the recent round also highlighted support for the company’s operations and technology as part of the growth plan.

Participated · Series B · Feb 2023

Naked is a digital insurance platform that offers end-to-end, AI-driven car, home, building, and standalone item insurance. The company uses artificial intelligence to automate customer processes and experiences so users can buy and manage policies without speaking to a contact-center agent. Its automation model drives cost savings for businesses, which Naked says it passes on to customers through lower premiums. Founded in 2018, Naked is an authorized financial services provider and aims to make insurance more accessible and straightforward through digital experiences. The company plans to expand its team, enter new markets, and further develop its AI capabilities to grow across Africa. The funding announced in the articles is positioned to support those growth and product-improvement efforts. Naked is a digital insurance platform founded in 2018 that offers online insurance for cars, homes, contents and standalone items. The company uses artificial intelligence to streamline processes and customer experiences. Customers can get a final quote in under 90 seconds and can switch or pause cover online, including pausing car premiums when not driving. Naked built its platform from the ground up to add features tailored to its customer base and to reduce reliance on human intervention. The company aims to expand its team, continue investing in customer-facing technology, serve a growing portion of the South African market, and enter international markets. Naked positions itself to capture more of a market where online automation can significantly lower claims costs and where millennial preferences are shifting toward digital insurance channels. Naked offers an artificial intelligence-driven car insurance product that launched its first offering in April after about 18 months of development. The company uses a model that takes a fixed portion of premiums to run the business and places the balance into a claims pool. At year-end, leftover funds in the claims pool are donated to charities nominated by customers, rather than being counted as company profit. Naked says customer acquisition and retention rates have exceeded expectations during a strong first six months of trading. The startup currently has 14 staff and plans to expand headcount to about 20, hiring additional data science roles and ramping up customer acquisition. It also intends to expand into new short-term insurance product categories. Naked is a South African insurtech startup that says it will remake the insurance business model to give customers a faster, fairer and more flexible insurance experience. The company places absolute customer empowerment and control at the centre of its offering and says it will retain only coverage from the existing insurance model while rebuilding everything else. Naked is led by actuaries Alex Thomson and Sumarié Greybe, who previously served as partners in EY’s insurance advisory business. The startup is set to enter the market in the first quarter of 2018. Hollard appointed outgoing Hollard group CEO Nic Kohler to Naked’s board. Hollard and private investment group Yellowwoods have invested R20‑million in the business.

Participated · Series B · Feb 2023

Naked was launched in 2018 by actuaries Alex Thomson, Sumarié Greybe, and Ernest North and is headquartered in South Africa. It operates a fully digital platform that leverages AI and automation to let customers obtain final quotes in under 90 seconds, buy cover online, submit claims, or pause accident coverage without any phone calls. The company is the only platform in South Africa selling 100% of its car, home, and single-item insurance policies online without human intervention. Its proprietary technology enhances risk selection and pricing, producing convenience and cost savings for users while supporting profitable unit economics. Naked’s "Naked Difference" business model takes a fixed percentage of premiums and donates any surplus from unclaimed funds to causes chosen by customers, removing conflicts of interest in claims handling. The company plans to deepen investment in automation and AI, expand products and markets, and increase advertising to grow its customer base while meeting regulatory capital requirements tied to rapid growth. Naked Insurance is a South African digital insurance platform that uses artificial intelligence to automate customer processes without contact-center agents. It offers coverage for cars, homes, contents and standalone items and charges a fixed percentage of customers' premiums; surpluses in lower-claim years go to communities and causes chosen by customers. The company says its technology and business model deliver cost savings that can be passed to customers through lower premiums. The pandemic has shifted how South African millennials buy insurance, increasing demand for online interactions, and Naked aims to leverage automation to reduce claims-journey costs by as much as 30%. The company plans to use new funding to improve its AI, grow its team and expand into new markets. Naked Insurance is a South African insurance startup founded in 2016 and launched in 2018 that offers car, home, renters, and single-item insurance. All of Naked's products are underwritten by Hollard and are sold and managed through the Naked app, where customers can purchase coverage and file claims. The company charges a flat fee upfront to cover running costs and profit, with the remainder used for claims; leftover premiums are paid to causes chosen by clients, a practice the company calls the “Naked Difference.” Naked employs around 39 people and operates in the same space as Pineapple and King Price. Financially, Naked raised $11 million in a round led by Naspers Foundry with participation from existing investors Yellowwoods and Hollard, bringing its total funding to $14.5 million. The company’s fee model is noted as similar to Lemonade’s. Naked Insurance is a South African insurtech providing AI-driven car insurance. Founded in October 2016 by Alex Thomson, Sumarié Greybe and Ernest North, the company launched its first product in April after about 18 months of development. Investors committed additional funding after the startup reported a strong first six months of trading and customer acquisition and retention rates that exceeded expectations. The company currently has 14 staff and plans to grow to around 20, adding data-science positions. Management intends to use the funding to expand the customer base and move into new short-term insurance product categories. Yellowwoods’ head of insurance said Naked helps deliver an improved customer experience and greater fairness for policyholders. Naked Insurance is developing a technology-driven insurance business model aimed at making obtaining insurance effortless, fair and transparent. The startup is led by actuaries Alex Thomson and Sumarié Greybe, formerly partners in EY’s insurance advisory business, who spent the past decade advising many of South Africa’s largest insurance groups. The founders say incumbents struggle to transform because of outdated business models and systems, and that the only way to do things differently was to start from scratch and build new business and technology. Naked has raised ZAR20 million (US$1.4 million) to support its plans. Hollard and private investment firm Yellowwoods participated in the round. The company plans to launch into the market early next year.

Participated · Equity · Dec 2022

Massive Bio operates an AI-powered trial matching platform that automatically matches patient data to cancer trial criteria to speed access to treatment options. The company reports onboarding more than 100,000 patients onto its platform. Its technology is positioned to enable broader, more inclusive, population-based recruitment for life sciences companies beyond traditional site-specific methods. Massive Bio is pursuing multi-country expansion to capture the global oncology clinical trial enrollment market. The company has been accelerating product and growth efforts through senior hires to its C-suite and executive team. Financially, Massive Bio closed a $16.5 million funding round in 2022, bringing total capital raised to $23.3 million since inception. Massive Bio provides an AI-powered, data-rich platform and concierge services to identify, pre-screen and enroll cancer patients into clinical trials. The company has launched initiatives such as an Oncology Clinical Trial Command Center (OCTCC) and a 100K Cancer Clinical Trial Singularity Program, and offers web and mobile (iOS/Android) tools. Massive Bio reports reaching 60,000 cancer patients and serving 26 enterprise customers, 88% of which are large pharmaceutical companies and CROs. Over the past 12 months the company expanded into 12 countries and grew to a global workforce of 70 employees. The leadership says the business is cost-efficient and generating consistent revenue and client growth despite the economic downturn. Massive Bio aims to scale its operations globally, expand its product offering in oncology clinical trial enrollment, and invest further in marketing and technology. Massive Bio operates an AI-driven platform that connects cancer patients and community oncologists to biopharmaceutical clinical trials, aiming to improve access and match rates. The company controls the patient enrollment value chain, including patient identification, AI-based virtual pre-screening outside the site, and resolving last-mile enrollment issues. It provides patient recruitment, site selection, and real-world data services and serves close to two dozen pharmaceutical companies and CROs. Founded in 2015 and headquartered in New York City, Massive Bio has historically relied mostly on revenue generated by customer demand to fuel growth. In 2020 the company experienced rapid, exponential demand accelerated by COVID-19 and a rapidly growing roster of clients globally. The recent financing is intended to enable the company to scale to meet demand in the U.S. and overseas and to expand globally.