Participated · Equity · Aug 2023

ClassWallet’s patented digital wallet technology enables state agencies and school districts to disburse public funds quickly and compliantly while automating the purchasing and reimbursement lifecycle. The platform is used across 32 states and helps clients realize the full potential of over $2.7 billion in public funds. ClassWallet operates an integrated marketplace of retailers and service providers, including Amazon, Best Buy, Home Depot, Michaels, Office Depot, Scholastic, Staples and Varsity Tutors. Founded in 2014 and headquartered in Hollywood, Florida, the company says it reduces the time and cost of existing solutions while ensuring compliance and mitigating potential fraud. ClassWallet has been recognized on the Inc. 5000 and Deloitte Technology Fast 500 lists for its rapid growth. The recent $95 million institutional growth capital investment is intended to support continued expansion and efforts to reshape how state and local government agencies do business. ClassWallet is a Hollywood, Fla.-based fintech led by founder and CEO Jamie Rosenberg that provides school districts with a spend management platform that reconciles and pays for transactions in a cashless, paperless and automated manner. Its software streamlines manual tasks such as collecting receipts, reconciling invoices and statements, making vendor and reimbursement payments, and performing data entry required to meet annual audit requirements. The company is used in over 2,000 schools across 15 states. ClassWallet raised $2.3M in the reported round and has raised over $7M to date. It intends to use the new funds to expand product offerings and add to its business development and support staff. ClassWallet provides an end-to-end digital solution to disburse, track and manage school system funds, combining funds disbursement, e-commerce, a reloadable debit card and tracking in an integrated platform. The company is used in over 850 schools and is working with large districts including Los Angeles Unified and Polk County; it is also gaining traction with university athletic departments and states for education savings account management. ClassWallet says it reduces transaction costs that historically reached about 40% to less than 5% and shortens the fund-spend-track lifecycle from weeks to same day. The company planned a platform release in January 2017 that includes a solution to allow schools to accept cash payments from parents without bringing cash into school buildings or classrooms, and several districts are already working to implement that solution. In partnership with Brentwood Associates, ClassWallet will accelerate its product roadmap and invest in sales and marketing to expand distribution. ClassWallet operates a platform that enables school systems and related organizations to disburse and track funds. The platform is used by groups and districts including Harrington Park School District, Albuquerque Public Schools Education Foundation, Reading is Fundamental and Broward Education Foundation. More than 40 retailers, including Amazon, Office Depot, Best Buy, School Specialty and Scholastic, accept ClassWallet as a form of payment. The company plans to release a new version of its platform this summer that will add a reloadable debit card and an API for vendor integration. ClassWallet has raised a total of $2.53M and intends to use new proceeds to accelerate sales and advance its product roadmap. The company is led by founder and CEO Jamie Rosenberg and is based in Miami.

Participated · Series E · Jun 2022

Omio operates a multimodal travel distribution platform that lets travelers search, compare and book journeys across rail, air, bus and ferry. The company sells more than 100,000 tickets daily, employs over 470 staff from more than 50 countries, and maintains offices including locations in Singapore and Bangalore. Omio’s portfolio includes Omio consumer and B2B offerings, Rome2Rio, and, pending completion, Rail Europe. It is expanding its transport network and partnerships in Japan and Southeast Asia, citing strong demand on routes such as the Golden Route and more remote destinations. Omio plans to grow regional teams, strengthen local operator partnerships (including Kōbe and Willer Express), and leverage its AI-focused technology hub in Singapore. The company aims to be in more than 70 markets worldwide by 2028.

Participated · Series B · Jan 2010

Better Place manufactures electric cars and removable batteries that can be switched out once depleted. The company sets up battery switch stations and charge spots to address inconveniences around long-distance travel. It was founded in 2007 and currently operates in China, Israel, Hawaii, Denmark, the Netherlands, and Australia. According to a filing, Better Place is raising a $100 million round. To date the company has raised $786 million. The business centers on vehicle hardware and the supporting swapping/charging infrastructure. Better Place is a global provider of electric car networks that builds and operates battery switch stations, public and personal charging spots, and supplies swappable batteries. Led by Founder and CEO Shai Agassi, the company runs networks in Denmark and Israel and reports more than 500 Renault Fluence Z.E. electric cars with switchable batteries on the roads across the two countries. Its battery switch station network currently connects Copenhagen to Aarhus and will be soon followed by a second one in Amsterdam. In Israel, more than half of the planned network of Battery Switch Stations is available for customers. The company intends to use a €40m loan from the European Investment Bank primarily to finalize network deployments and fund operations in Denmark (approximately €30m), with the remainder for Israel. Better Place provides a battery switch network, public and personal charge spots, and battery supply to enable switchable-battery electric cars with instant range extension. The company partners with OEMs (notably Renault for the Fluence Z.E.) and infrastructure partners to deploy nationwide electric mobility services. It plans initial commercial service in Israel and Denmark in early 2012 and a Canberra launch in Q2 2012, while advancing projects in Northern California, Southern China, Japan, Ontario and Hawaii. Better Place intends to expand further into Western Europe from its Paris office, leveraging European Commission–approved projects and more than 100 employees in Europe. Reported customer traction includes letters of intent from over 400 corporations (representing a potential 80,000 employee cars), more than 1,000 pre-orders in Denmark, and agreements with 50 of 98 Danish municipalities covering 69% of the population. The company emphasizes using renewable energy where possible to deliver zero-emission driving. Better Place develops a market-based transportation infrastructure for electric vehicles, including charging and replaceable-battery systems, relying on renewable energy sources. The company is building its first electric vehicle network in Israel and plans country-by-country deployments, with initial deployments beginning this year and commercial sales slated for 2012. It partners with automakers—Renault is expected to offer the first car with a replaceable battery—and targets expansion into Europe and Asia where the business economics are optimized. The startup was founded two years ago and has attracted significant capital to fund rollouts. As of April 2009 it had raised $400 million, and it announced a follow-up financing to support infrastructure deployment.