Participated · Series B · Nov 2021

Razor Group is a Berlin-based e-commerce aggregator that buys and consolidates retailers selling on marketplaces and emphasizes technology and supply-chain agility. The company has acquired U.S.-based Perch and previously bought smaller aggregators such as Stryze and Factory 14; Perch had acquired Web Deals Direct. Management says it plans to pursue a consumer-to-manufacturing (C2M) approach and maintain a founder-led operational focus. The combined business claims it is on track for $1 billion in revenues within the next four to eight quarters and is bottom-line profitable. The deal creates a combined enterprise value of $1.7 billion and the company carries roughly $400 million of debt, which the company says is not due for at least four years following a restructuring included in the transaction. The move is presented as part of a wider consolidation in the e-commerce aggregator sector following turmoil among peers. Razor is a Berlin-based aggregator of e-commerce consumer goods businesses that acquires profitable Amazon FBA and other online marketplace sellers. Co-founded by Tushar Ahluwalia, Christoph Gamon, Shrestha Chowdhury and Dr. Oliver Dlugosch, the company combines growth capital with e-commerce operational expertise to scale acquired brands. Razor says it has generated close to $400M in pro-forma LTM net revenues over the past 12 months. The company expanded its presence in Latin America through the acquisition of Valoreo, an e-commerce player led by Stefan Florea and Martin Florea. Razor intends to use new funds to execute selected consolidation opportunities, support organic growth initiatives including brand extensions and new product development, and to expand its international presence. Investors in the cited financing include L Catterton, 468 Capital and Presight Capital. Razor Group is a Berlin-based fulfillment-by-Amazon (FBA) aggregator that acquires, operates, and scales Amazon merchant brands. The company has confirmed the acquisition of 25 merchants so far this year and the purchase of Luxembourg-based competitor factory 14. Razor Group secured an additional $400 million in funding by increasing an existing debt facility, which now totals $800 million provided by BlackRock and Victory Park Capital. Since August 2020 the group has seen approximately $960 million in investment across nine rounds. Management said that with competitive pressure for FBA assets relaxing, now is a good time to look for high-quality FBA merchants and signaled potential for further M&A activity. The company indicated it will provide further information in early August. Razor Group operates a tech-driven platform that acquires and integrates third-party merchants selling on marketplaces such as Amazon, aiming to consolidate sourcing, marketing and logistics. The company says its platform has analyzed roughly 1.5 million Amazon merchants and sourced about 80,000 potential targets, and to date Razor has acquired 80 merchants covering 150+ brands. Razor reports group EBITDA profitability and expects to post about $400 million in revenue for the year ending in December, with a trajectory to pass $1 billion in sales in 2022. About 12% of current revenues are already non-Amazon, and the company plans to grow that to over 20% within the next three quarters while diversifying channels. Razor has grown rapidly since launching 14 months ago and now operates with roughly 300 employees across Berlin, Delhi, Austin, London, Bangalore and Shenzhen. Razor Group builds a technology-driven platform to buy promising third-party Amazon sellers and scale them into larger, multichannel businesses. The company uses algorithms and a machine-scale due-diligence system that evaluates about 1 million companies weekly and sources 99% of its acquisitions funnel directly. Razor targets businesses typically generating $1 million to $15 million in annual revenue and says technology runs through both acquisition sourcing and post-acquisition growth. Founded in August 2020, the team has grown to 107 employees across four offices and has amassed 30 brands to date. From those brands Razor is on track to cross $120 million (€100 million) in sales, and the company projects it could reach $480 million (€400 million) in sales within 12–15 months if its new acquisition debt is deployed. Razor positions itself against other FBA roll-up players by emphasizing faster identification and better tooling to grow acquired brands.

Led · Series C · Mar 2021

PlusDental digitises the dental correction process and produces clear aligners in its own Berlin dental laboratory under the supervision of master dental technicians. Its self-developed digital dentistry platform handles appointments, treatment planning, follow-up checks and billing. The company works with around 200 dental practices across Germany, Austria, Switzerland, Great Britain, Spain, France, the Netherlands and Sweden and has treated more than 35,000 patients. By the end of the year the partner network is expected to grow to more than 500 practices. PlusDental says digitisation has reduced treatment costs by up to 60% and aims to make tooth straightening affordable. It already operates in eight European countries and plans to accelerate growth in Spain, France and the UK, launch in Italy, Belgium and Denmark in the next weeks, and expand into China this year. With total investment close to €100 million, the company positions itself among Germany’s most funded medtechs. PlusDental is a Berlin-based telemedicine dental startup that sells sets of transparent splints for teeth straightening. Founded in 2017 and formerly known as Sunshine Smile, it originally relied on home impressions but in 2019 shifted to referring customers to partner dental practices for oral scans. The company conducts follow-up check-ups remotely and uses an app to remind patients to change splints and upload control photos for dentist review. PlusDental works with more than 70 partner practices across Germany, Austria, Switzerland, Great Britain, and Spain, and employs about 200 people. Management says it plans to broaden its range of dental treatments and add artificial dentures that it can manufacture in its dental laboratory. The startup recently raised €32 million to accelerate growth and further international expansion.

Participated · Series B · Jul 2019

BioNTech is a German biotech focused on mRNA vaccines and related therapeutics. The company is expanding its mRNA research and manufacturing footprint in Africa by enhancing its facility in Kigali, Rwanda. It will use CEPI funding to boost R&D capacity, support preclinical and clinical research by African researchers and organizations, and pursue vaccine development for HIV, malaria, and tuberculosis. BioNTech has agreed to dedicate up to half of the Rwanda facility's manufacturing capacity for public health emergencies and will seek regulatory authorization for the site. Financially, BioNTech reported Q1 2024 revenue of $202 million, down from nearly $1.38 billion in Q1 2023, and a Q1 net loss of $340 million (or $1.41 per share). The company has also pursued oncology partnerships as it adjusts to a post‑pandemic market. BioNTech develops individualized immunotherapies including mRNA-based product candidates, chimeric antigen receptor T cells, novel checkpoint immunomodulators, targeted antibodies and small molecules. Its pipeline comprises seven product candidates in eight ongoing clinical trials. The company has established a second GMP manufacturing license for production of its individualized neoantigen-specific immunotherapies and recently acquired a Phase I/IIa program from MabVax Therapeutics. BioNTech was founded in 2008 and is based in Mainz, Germany, and has also established a US research and development facility in San Diego. The company plans to use financing proceeds to advance its therapeutics pipeline and expand manufacturing infrastructure. Shareholders and investors include the Struengmann Family Office as majority shareholder and institutional investors such as Fidelity, Redmile, Invus, Janus Henderson and others. BioNTech develops precise and individualized immunotherapies, including individualized mRNA-based candidates, chimeric antigen receptors, T‑cell receptor compounds, checkpoint immunomodulators and small molecules. The company integrates diagnostics, drug development and manufacturing under one roof to accelerate programs. It describes itself as Europe’s largest privately‑held biopharmaceutical company and cites over 60 peer‑reviewed publications, including five in Nature. BioNTech extended its research collaboration with Sanofi, which has invested €80 million (approx. USD 91.5 million) in equity. The collaboration includes co‑development and co‑commercialization of a cancer immunotherapy candidate that is entering clinical testing in multiple solid tumors. The investigational therapy is an intratumorally injected mRNA mixture encoding immunomodulatory cytokines intended to stimulate innate and adaptive anti‑tumor immune responses while potentially reducing systemic toxicities. BioNTech is a biopharmaceutical company advancing individualized cancer immunotherapies. Its technologies include individualized mRNA-based medicines, chimeric antigen receptors, T-cell receptor-based products and novel checkpoint immunomodulators. The company plans to use new capital to advance its clinical pipeline across multiple approaches, including mRNA and CAR-T/T-cell receptor therapies for cancer and other diseases. BioNTech completed a $270M Series A financing to fund these efforts. Founded in 2008 and based in Mainz, Germany, the company has secured top-tier corporate partnerships with Genentech, Genmab, Eli Lilly, Sanofi and Bayer Animal Health. The Struengmann Family Office, an existing investor, participated in the Series A.

Led · Equity · Oct 2018

Eyesight develops edge-based computer vision and AI solutions using proprietary algorithms to deliver applications such as passive sensing (user presence detection) and touch-free gesture control. Its offerings include Driver Monitoring and Occupancy Monitoring Systems that track driver attention and in-cabin behavior to help reduce accidents. The driver-monitoring solution measures gaze direction, pupil dilation, eye openness and head position and can issue alerts for drowsiness or distraction. Its occupancy detection enables real-time optimization of safety systems based on passengers present. The company holds over 23 granted patents for its proprietary technology. Eyesight said it will use the new funds to further expand its Edge Computer Vision and AI footprints.

Led · Equity · Oct 2018

EyeSight has developed an in-car AI vision system that tracks gaze direction, pupil dilation, eye openness and head position and uses proprietary algorithms to determine driver attentiveness. The system can alert drivers with sounds and vibrations or potentially temporarily activate self-driving mode. It also scans the cabin to identify who and what is in the vehicle, including detecting children to help prevent babies being forgotten in locked cars. Regulatory trends are a tailwind: Euro NCAP will require Driver Monitoring Systems by 2020 and child-detection features by 2022. The Israeli company is partnering with two major car manufacturers and says its technology will be in at least four car models by 2020. EyeSight recently secured funding to accelerate deployment of its in-car AI vision technology. eyeSight Technologies develops embedded computer vision and gesture-recognition software that enables touch-free interactions across devices including mobile phones, tablets, PCs, TVs and VR headsets. The company offers an IoT and smart-home product called singlecue and positions its platform for integration in automotive, robotics and other connected-device markets. eyeSight cites partnerships and technology integrations with AMD, ARM and Omnivision and says its technology has been chosen by ZTE, Lenovo, Toshiba, Hisense, Phillips and OPPO. The company emphasizes bringing user-aware, touch-free interactions for safer driving, home control and interactive robotics. Recent activity centers on scaling distribution and development through a strategic partnership with Chinese conglomerate Kuang‑Chi. Financially, eyeSight announced a $20 million investment to support growth and broader market deployment. eyeSight Mobile Technologies develops touch-free interface software that lets users control mobile and portable devices with simple gestures via the built-in camera. Its technology uses advanced real-time image processing and machine-vision algorithms to support gesture recognition and finger tracking. The software can be integrated into devices, chipsets, operating systems and applications to extend traditional interfaces and improve user experience. The company plans to offer its portfolio, including gesture and finger-tracking technologies, as part of the CEVA-MM3000 image signal processing and video platform. Financially, eyeSight completed a $4.2M Series B funding round. The company is led by CEO Gideon Shmuel with founder and CTO Itay Katz involved in technology development.