Led · Equity · Sep 2022

The Predictive Index operates a talent optimization platform combining more than 60 years of proven science, software, and a curriculum of management workshops to align business and people strategy. It helps companies hire objectively, design winning teams, foster engagement, and inspire leaders across the employee lifecycle. PI serves more than 10,000 clients and 480+ partners across 90+ countries, including customers such as Nissan, Citizens Bank, Subway, Blue Cross Blue Shield, and Omni Hotels. The company has been named a leader in Best Pre-Employment Testing Software by G2 for three consecutive years. PI plans to use recent funding to accelerate product performance, expand product capabilities, and support its certified partner network. The article reports a $30 million minority investment from JM Family Enterprises as the disclosed financing event. The Predictive Index builds behavioral and cognitive employee assessments and workplace analytics to help companies design and hire effective teams. Founded in 1955 and headquartered in Boston, the company says it serves roughly 7,000 customers in 142 countries, including Nissan, DocuSign and Blue Cross Blue Shield. CEO Mike Zani and president/chairman Daniel Muzquiz acquired the business in 2014 after having been clients. With new capital, Predictive Index plans to double headcount, produce a playbook on designing and hiring winning teams, and launch a talent optimization industry conference among other initiatives. The company positions its product as a strategic talent-discipline that complements tactical HR tools. Predictive Index declined to disclose a valuation after the round.

Participated · Series C · Oct 2021

ApplePie Capital operates a franchise loan marketplace that enables franchisees to obtain financing to start or expand their businesses and allows investors to earn fixed-income returns tied to franchise loans. The company offers a proprietary Core loan product and has formed partnerships with 60 franchise brands since it began lending in January 2015. ApplePie emphasizes credit quality—borrowers have an average 770 FICO score and a $2M median net worth—and its Core portfolio showed strong credit performance through the COVID-19 pandemic. ApplePie recently surpassed $1.25 billion in loans originated to franchise businesses. Future plans discussed in the articles include expanding distribution through a commercial relationship with Bankers Healthcare Group (BHG), including potential purchase of its Core product and future securitizations. The company is positioned to capture what it estimates is roughly $105 billion in annual debt capital demand within franchising as the sector rebounds. ApplePie Capital operates a franchise loan marketplace that connects franchisees seeking startup or expansion capital with investors seeking fixed-income returns. The firm focuses on channel-first lending by partnering directly with franchise brands and structuring products tailored to franchisees. Since it began lending in January 2015, ApplePie has formed partnerships with 40 franchise brands, funded over $50 million in loans, and returned over $7 million in principal and interest to investors. Borrower profiles cited include 750+ FICO scores and a $2M median net worth, and the company highlights strong credit performance to date. Recent capital and financing arrangements are intended to scale originations and broaden distribution to accelerate growth. The company is headquartered in San Francisco and added a seasoned franchise finance executive as a strategic advisor to support underwriting and risk management. ApplePie Capital operates a marketplace lending platform focused solely on the franchise industry, originating loans to franchise entrepreneurs and offering those loans to investors whole or fractionally. The firm uses a proprietary multi-factor underwriting model that analyzes historical brand performance, borrower experience, credit quality, and financials to curate high-quality investment opportunities. ApplePie streamlines funding for franchisees by pre-qualifying brands in 2 business days, providing firm commitments within 5 business days, and delivering funds in under 30 days through an automated online application. The company has eleven brands on its marketplace and reported more than $40 million in borrower capital demand to date. Financially, ApplePie closed a $6 million Series A and has secured over $28 million in debt capital commitments to fund loans, and has raised nearly $10 million in equity to date. Management says the Series A plus debt commitments will accelerate growth and increase lending capacity as loan demand scales. ApplePie Capital operates a loan marketplace that connects franchise brands and their entrepreneurs with investors seeking fixed-income returns. Founded in 2013 and led by CEO Denise Thomas and COO Steve Pelletier, the company is based in San Francisco. The marketplace is designed to offer loans of $100K to $1M to qualified borrowers. ApplePie planned to launch the marketplace in the first quarter of 2015 and to serve qualified borrowers across all 50 states. The company raised funding to support the planned launch and early operations.

Participated · Series D · Jul 2021

Turnstone Biologics is a clinical-stage biotech pioneering next-generation cancer immunotherapies using two core platforms: a proprietary vaccinia-based oncolytic virus platform and a novel TIL therapy platform. Its lead oncolytic candidate, RIVAL-01/TAK-605, is in the dose-escalation stage of a Phase 1/2a trial conducted in collaboration with Takeda. The vaccinia platform is engineered for enhanced immune stimulation, tumor cell selectivity, large transgene carrying capacity, and both intratumoral and intravenous delivery. The TIL program is designed to enrich for the most relevant tumor-reactive T-cells, preserve broad antigen diversity, and minimize time to treatment, with the lead TIL candidate TIDAL-01 expected to enter the clinic by early 2022. Proceeds from the recently completed financing will be used to advance programs across both platforms. The company states its goal is to extend the benefit of these immunotherapies to a wider range of solid tumor patients underserved by current options. Turnstone Biologics is developing a first‑in‑class oncolytic vaccine platform that functions both as a tumor‑destroying oncolytic agent and as an immune‑stimulating vaccine directed at specific cancer antigens. Its most advanced product is an engineered oncolytic Maraba virus expressing MAGEA3, currently in a Phase I/II monotherapy trial. Completion of that trial is expected in 2017, and Turnstone plans a Phase I/II combination trial with an approved checkpoint inhibitor in NSCLC later this year. Two additional Maraba programs expressing different tumor antigens are expected to enter clinical trials by the end of next year. The company is also advancing neoantigen‑based personalized cancer vaccines and new oncolytic virus development. Turnstone raised a $41.4M Series B to support completion of the ongoing trial and to fund three additional clinical programs. Turnstone Biologics develops novel oncolytic viral immunotherapies aimed at treating advanced and metastatic solid tumours. Its first programs are currently in Phase I/II clinical trials in patients with advanced or metastatic solid tumours. The company is also developing additional oncolytic virus strategies and immunotherapy combination treatments. Turnstone was co-founded by Drs. John Bell, Brian Lichty and David Stojdl. The company is led by CEO Sammy J. Farah, PhD, MBA, and CTO Brian D. Lichty, PhD—appointments enabled by recent investment. Turnstone completed an $11.3M Series A and has follow-on capital committed in excess of $20.0M.