Participated · Seed · Feb 2025

Affinity Africa runs a full-stack digital bank aimed at closing Ghana’s financial inclusion gap by offering free current and savings accounts, instant payments, and algorithmically priced credit lines to individuals and MSMEs. Launched publicly last October, the Accra-based app has already attracted more than 50,000 customers, 65% of whom had never used formal banking before and over 60% of whom are women working in the informal sector. The fintech disburses credit at monthly interest rates of 3–7% and has issued more than $15 million in loans while maintaining a 3% non-performing loan ratio. Loans contribute over 90% of revenue, which has climbed 37% month-over-month during the past six months; deposit inflows, growing 54% month-over-month, are sourced mainly (89%) from mobile-money top-ups. Affinity complements its mobile product with an in-person agent network of about 30 representatives who have onboarded roughly half of its customers, 55% of whom subsequently migrate to the app. The hybrid distribution strategy aims to build trust and accelerate digital adoption among first-time banking users. With a proprietary banking software stack and regulatory approval under a savings-and-loans license, the company plans to deepen its product suite and scale nationwide using newly secured capital.

Participated · Debt Financing · Aug 2023

PosiGen installs and finances solar and energy-efficiency upgrades for homeowners in underserved communities, operating as a certified Public Benefits Corporation. The company has installed nearly 30,000 solar systems and generated over 645,000,000 kWh from solar panels since founding. PosiGen reports it has saved homeowners more than $65.9 million through its solar and energy-efficiency programs. With additional capital from Brookfield, PosiGen plans to scale its business and extend its savings-guarantee model to more households without regard to FICO score or income thresholds. The new funding is positioned as working capital to expand deployment and support continued growth of its Solar for All efforts. PosiGen offers residential solar and energy efficiency through a unique solar leasing model that removes barriers for low- and moderate-income homeowners by operating without restrictive income requirements or credit score minimums. The company pairs solar installations with energy efficiency upgrades and has completed more than 25,000 solar energy systems and 20,000 energy efficiency upgrades for nearly 22,000 families as of March 2023. PosiGen customers have produced nearly 570,000 MWh of electricity and saved an estimated $66 million on their utility bills to date. The company operates in multiple states and Washington D.C., and the PosiGen family includes more than 600 direct employees. With recent financing, PosiGen plans to deploy thousands more systems and upgrades in underserved communities to reduce energy burdens and scale decarbonization. A $12 million bridge loan is intended to boost cash flow immediately, help unlock federal Investment Tax Credit adders, and position the company to attract additional private capital. PosiGen delivers residential solar and energy-efficiency solutions aimed at low- and moderate-income homeowners through lease products and a partner program. The company says it has served more than 25,000 customers across California, Connecticut, Louisiana, Mississippi, New Jersey, New York, Pennsylvania, Maryland, Massachusetts, and Washington, D.C. PosiGen employs more than 600 direct employees and supports over 150 contract workers. Its Partner Program has helped 2,000+ homeowners go solar since launching in 2021. Headquartered in Louisiana and founded in 2011, PosiGen frames its work under a "Solar for All" mission to close the clean energy affordability gap. The company plans to deploy recent financing to expand into additional states and prioritize Energy Communities and Low-Income Communities identified under the Inflation Reduction Act. The new capital commitment is intended to support continued asset growth and broader access to clean energy for households with high energy burdens. PosiGen provides solar PV installations and energy-efficiency upgrades targeted at low-to-moderate-income (LMI) households, often packaged as solar-plus-efficiency offerings. The company says it has served over 19,000 customers to date, about 50% of whom are in communities of color. PosiGen has worked with partners such as the Connecticut Green Bank to offer no‑upfront‑cost solar leases with no credit requirements; a recent case study found higher delinquencies but a reasonable return on investment from that program. The company also deploys rapid‑response solar power stations for disaster relief, installing 12 stations after Hurricane Ida using 30‑panel (11,400 W) systems with batteries providing 27,000 watt‑hours. PosiGen plans to use new financing to grow the business and close the affordability gap for solar, storage, and energy‑efficiency upgrades for LMI customers. Headquartered in New Orleans, Louisiana, the company combines product deployment and financing solutions aimed at increasing access to clean energy among underserved communities. PosiGen provides rooftop solar and energy efficiency solutions to low-to-moderate income (LMI) households. Its core product is low-cost rooftop solar panel leases combined with energy efficiency upgrades, aimed at delivering lower utility bills and environmental benefits. The company has served over 17,000 customers to date, approximately 50% in communities of color, and reports more than 270 direct employees plus over 120 contractor-supported staff across Louisiana, Connecticut, New Jersey, New York and Florida. Customers can see dramatic savings well in excess of 20% of their annual energy spend. PosiGen intends to use proceeds from its Series D to expand into select markets nationwide to scale its model. Marathon Capital is advising on raising tax equity to support the company's accelerated growth plan.

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.

Participated · Seed · Dec 2022

Mad Capital is a specialty finance company based in Boulder, CO, led by Phil Taylor and Brandon Welch, that provides customized, one-stop credit to regenerative organic and transitioning farmers. The company offers operating, equipment, and infrastructure loans, as well as mortgages, working capital, and transitional loans. Mad Capital manages pools of capital that offer farmers flexible and customized financing to help them grow during the organic transition period. Its inaugural Perennial Fund combines debt funds with traditional financing to create capital stacks for farmers accelerating their transition. The company intends to use new funds to ramp up operations, expand its farmer ecosystem, and transition more acres into regenerative organic farmland. The recent $4M seed raise will support those plans and expand lending capacity.

Participated · Seed · Feb 2022

Respira Labs is developing a wearable, non‑invasive lung‑function monitoring device that uses microphones and projected piezo‑electric signals to assess resonant frequency, lung capacity, trapped air volume and signs of COPD. The company has been granted three patents for its technology, including one covering the use of a projected piezo‑electric signal analyzed for body resonance. It is conducting feasibility trials with 30 patients across Florida and California and says the device could aid patients with COVID‑19, COPD, asthma and other respiratory conditions. Respira is working toward FDA clearance over the next couple of years and was selected for the Massachusetts Medical Device Development Center accelerator and biotech incubator. The recent financing will accelerate product development and continued trials.