Participated · Series B · Oct 2022

Tienda Pago is a fintech that provides short-term credit to small convenience stores in Mexico and Peru to purchase stock from established consumer goods companies and distributors. It allows stores to receive stock for a week while Tienda Pago pays suppliers directly via bank transfer. The company uses mobile technology and business models to reach financially underserved populations and foster financial inclusion. Led by CEO Dan Cohen, Tienda Pago said it will use the Series B proceeds to accelerate growth and expand operations and its business reach. The company operates across Mexico and Peru. Tienda Pago offers short-term working capital to micro and small enterprises to fund inventory purchases from distributors, paying distributors directly and collecting repayments from shop-owners. The company has built a closed-loop electronic payment mechanism using cell phones to enable distributors to collect payments and reduce inefficiencies and costs. Tienda Pago partners with major FMCG distributors and acquires client stores through those distributor relationships. Shop-owners receive inventory and repay Tienda Pago within 1–2 weeks after sales turnover via an electronic mobile payment platform. The company ran operational pilots lending to over 300 mom-and-pop stores and, following the pilot, expects to serve more than 10,000 clients throughout Latin America by the end of 2016. Tienda Pago currently operates in Peru and Venezuela and counts distributors such as Gloria, Nestle, and SABMiller among its clients. It will use the new funding to expand into Mexico and to find new distributor partners.

Participated · Series B · Jun 2022

WorkMotion provides a Global Talent OS that removes the complexity of global employment, enabling HR teams to hire internationally without third parties and manage remote-first benefits such as work-from-abroad requests. The integrated software helps organizations scale, onboard and manage global talent without investing in additional infrastructure. Future features will enable clients to generate remote work contracts, calculate country-specific salaries and authorise work-from-anywhere requests. The company plans to use the new funding to expand its solution offerings and grow its European client base. Founded in 2020 and led by CEO Carsten Lebtig, WorkMotion is based in Berlin and serves more than 500 customers. Workmotion (formerly PeopleFlow) is a Berlin-based startup founded in 2020 by Carsten Lebtig, Karim Zaghlou and Felix Steffens that helps companies hire and manage international employees. The company provides HR management services for cross-border hires, handling payroll, social benefits and taxes and stating it manages these functions fully compliant. Its offering enables employers to hire staff abroad without establishing a local entity. Workmotion’s model is used alongside international players such as Omnipresent and Deel. Financially, the company recently secured a $24 million investment and had previously raised €2.2 million from Picus Capital and several business angels. Investors and founders describe the new funding as validation of the progress made since the company’s launch.

Participated · Series C · Feb 2022

Alma provides merchants with flexible payment options including two-, three- or four-installment plans, longer 10- and 12-month plans, and 15- or 30-day deferred payments. The startup serves about 6,000 merchants and supports both online and in-store payments, with in-store representing 30% of volume. Alma processes more than €1 billion annually on its current run rate. It charges merchants payment-processing fees rather than late-payment fees, and some merchants pass those fees to customers. The company has launched a consumer mobile app to manage payments and plans to enable virtual cards in the first half of 2022. Alma has expanded beyond France into Spain, Italy, Germany and Belgium and plans further expansion to the Netherlands, Luxembourg, Portugal, Ireland and Austria. Alma is a French fintech that provides installment and deferred-payment solutions for merchants and consumers, including a Pay Later option that lets shoppers pay two weeks to a month after purchase. The company pays merchants upfront and in full. This year Alma plans to design new installment products, establish partnerships with B2B marketplaces, and expand in France and abroad. It intends to triple its workforce and the number of merchants using its services. The company aims to process more than €1 billion in annual payments within two years. Alma was founded in 2017 by Louis Chatriot and Guillaume Desloges. Current outstanding debt is approximately €21 million, financed about 70% by institutional investors and 30% by high-net-worth individuals. Alma provides a buy-now-pay-later checkout option that lets customers split purchases into three or four installments while merchants are paid instantly. The company handles risk and cash advances in-house using verifications, filters and algorithms, with additional checks (including API access to bank statements) for higher-risk profiles. Fees are typically 3.8% for three installments and 4.2% for four, and merchants can choose to absorb or share those processing fees with customers. Alma is compatible with major e-commerce platforms such as Shopify, Magento and Prestashop, and can be offered in retail stores. The startup already serves over 1,000 merchants and processes tens of millions of euros of transactions per year, with customers including Bobbies, Asphalte, Cowboy, Weebot, The Cool Republic and The Socialite Family. With new funding, Alma plans to attract more merchants, launch two new payment options (a pay-later product and a traditional pay-now option) and integrate its payment widget directly into e-commerce sites rather than redirecting to its checkout.

Participated · Series B · Jan 2022

PlanRadar is a platform- and device-independent cloud-based SaaS solution for documentation and communication across construction and real estate projects. Its product supports fault and task management, maintenance, building inspections, construction documentation, handovers and more via a web application and mobile apps for iOS, Android and Windows. Teams can share digital floor plans or BIM models, communicate, and track project information. The company serves more than 14,500 customers in 60+ countries and has a diverse team of 200+ employees across offices in Vienna, London, Amsterdam, Moscow, Paris, Madrid, Milan, Zagreb, Warsaw and Bucharest. PlanRadar raised $69M in a Series B and plans to use the funds to accelerate international expansion with new offices planned in the United States, Australia, the GCC, Southeast Asia and Latin America. It will also boost R&D, create a new tech hub and a dedicated product innovation team, and hire over 200 new staff to nearly double global headcount within 12 months. PlanRadar is a cloud-based SaaS platform for construction documentation and defect management that lets users upload blueprints, pin defects or tasks via smartphone or tablet, and share them with project stakeholders. The platform documents communication and workflows for reporting and revision. Customers report moving from offline data collection and achieving cost and time savings of 60–70%, equalling a collective €500 million across Europe and more than 7 hours saved in admin time per week. The company says the new capital will be used to scale its model worldwide and fuel further global savings. PlanRadar was founded in 2013 and is headquartered in Vienna.

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.