Participated · Series C · Dec 2023

Copia Global is a decade-old Kenyan e-commerce and fintech platform targeting mid- and low-income consumers in rural areas using a network of local agents and logistics. The company operates a network of over 50,000 agents who are small business owners and has served over 2 million consumers, with most orders placed offline via agents, USSD, or phone. Copia has digitized its agent network, increasing agent app usage from 5% to 80% in a year, and plans to further digitize its millions of consumers, including exploring smartphone financing models. The company has experienced roughly 100% annual growth in recent years and expects annual revenue to exceed $60 million by the end of 2023. Facing tighter capital markets, Copia cut at least 700 roles, reduced Kenyan headcount by 25%, and closed its Uganda business as it shifts from expansion to achieving profitability in Kenya. To date it has raised over $120 million, including a $50 million Series C in January, and maintains pan-African expansion plans to enter 14 additional countries after reaching profitability in Kenya. Copia Global operates a B2C e-commerce service built to reach middle- and low-income African consumers using mobile technologies, a network of local agents, and proprietary Copia Logistics. The company recruits and trains small business owners as branded agents who act as local sales points and aggregated delivery locations. That agent network comprises roughly 30,000 agents (77% women) and enables deliveries in 24–48 hours without charging customers a delivery fee. Copia reports about 1.4 million unique customers, roughly doubling year-over-year, and has fulfilled more than 10 million orders to date. The model is designed for profitability in rural and hard-to-reach markets by aggregating orders and streamlining supplier relationships. Copia plans to scale further across East Africa (Kenya, Uganda, and later Rwanda and Tanzania) and is evaluating expansion into additional African markets. Copia is a Nairobi-based e-commerce catalogue and delivery service founded in 2013 by Tracey Turner and Jonathan Lewis. The company uses mobile technology and a network of over 5,000 local agents and shopkeepers to deliver consumer goods and services to underserved rural customers. Copia emphasizes trust via reliable delivery, quality products, low prices and strong customer service as the basis of its model. To date the firm has fulfilled more than three million orders. The company plans to use new funding to expand across Kenya and into other African markets. Recent governance additions include appointments of Isaac Awuondo and Bettry Mwangi to the board. Copia is a consumer-goods catalogue and delivery service that uses technology and a network of over 3,000 local agents to reach underserved rural customers. The firm serves about 40,000 consumers and executes over 80,000 orders a month, with prepaid orders typically delivered in two to three days. Copia says customers save up to $1.50 per order in transport costs and an hour of travel time versus travelling to a major city. The company has invested in logistics infrastructure, including a 4,500 sqm central distribution centre in Nairobi. Management plans to use new capital to expand the company’s geographical footprint within Kenya and eventually into other countries. Crunchbase estimates Copia had raised roughly $4 million prior to this deal.

Participated · Equity · Sep 2023

CMR Surgical is a global medical devices company headquartered in Cambridge, United Kingdom, that develops the Versius Surgical Robotic System, a soft-tissue surgical robot for minimal access procedures. Its core product, Versius, is described as a versatile, adaptable, next-generation digitally driven surgical robot and was recently granted FDA marketing authorization for use in cholecystectomy. The company says it collaborates with surgical teams and hospital partners to make robotic minimal access surgery more accessible and affordable. Founded in 2014, CMR is a private limited company backed by an international shareholder base. Management plans to scale operations and accelerate commercial expansion, with a major focus on launching Versius in the United States. Financially, CMR recently closed a financing round of more than $200 million. CMR Surgical develops the Versius® surgical robotic system and is led by CEO Supratim Bose. The system gained CE approval in 2019 and more than 140 systems have been installed in hospitals worldwide. Versius has been used to perform more than 15,000 procedures across seven surgical specialties and over 130 procedure types. Installations span the UK, Europe, Latin America, the Middle East, Asia and Africa and include major research hospitals. The company intends to use the new funding for continued product innovation, new technological developments, and further commercialisation in key existing and new geographies. CMR Surgical develops Versius, a next-generation, portable and modular surgical robotic system designed for minimally invasive procedures. Versius reproduces natural human arm movement, offers 3D HD vision, fully articulated small instruments and an open surgeon console to improve ergonomics and team communication. The system is designed to fit into existing operating-room workflows and can be configured with only the number of arms required for a given procedure. CMR is building a digital ecosystem around Versius, including Versius Connect, Versius Trainer and a clinical registry to capture data for continuous learning. The company emphasizes affordability and global accessibility and has launched Versius in Europe, Australia, India and the Middle East. CMR was founded in 2014 and is headquartered in Cambridge, United Kingdom. CMR Surgical develops, manufactures and markets Versius, a modular surgical robotic system for minimal access surgery that offers 3D HD vision, instrument control and ergonomic working positions. Versius is designed to biomimic the human arm, providing surgeons with enhanced dexterity and precision. The company received the European CE Mark for the system in March 2019 and now has offices on four continents. CMR Surgical employs around 400 people and is led by CEO Martin Frost. The company intends to use new funding to scale global deliveries of Versius while supporting continued R&D, manufacturing and expansion. The business is actively commercializing its system to hospitals worldwide. CMR Surgical is developing a universal robotic system called Versius for minimal access surgery, intended for use across a range of surgical specialties. Led by CEO Martin Frost, the company is conducting preclinical trials that demonstrate Versius can perform upper gastrointestinal, gynaecological, colorectal and renal surgery. CMR will use the Series B proceeds to prepare the Versius system for planned commercialisation. Planned activities include completion of validation studies to support regulatory approval processes in Europe and the USA. The company also intends to fund international expansion and commercial scale-up. The company is based in Cambridge, UK.

Participated · Series C · Feb 2023

Aspire is a Singapore-based B2B fintech firm. According to filings with the Accounting and Corporate Regulatory Authority (ACRA), Aspire secured a $79.15-million investment. The funding was provided by its US holding company, per the filings. The article does not disclose the instrument type, valuation, use of proceeds, or operating metrics. No additional product details or future plans were reported in the article. Aspire, founded in 2018, provides a finance operating stack for SMEs including working capital loans, bank accounts for cross-border businesses, corporate cards, payables and receivables management, and automated invoice processing. The platform integrates with accounting software such as Xero, QuickBook, NetSuite, Accurate and Jurnal. Co-founder and CEO Andrea Baronchelli says Aspire focuses on new-age businesses across sectors from single-director firms to companies with 500+ employees. Over the past 12 months Aspire tripled its annualized total payment volumes to $12 billion and now serves over 15,000 businesses in Southeast Asia. Most customers use Aspire for payment accounts, multi-currency management, and payables/receivables workflows. The company plans to use its latest funding on product development, regional expansion, and growing its team. Aspire, founded in 2018, offers a multiproduct financial stack for SMEs that includes bank accounts, corporate cards, automated invoice processing and connected financial management software, plus an incorporation service called Aspire Kickstart. It began by providing working capital loans and still offers credit lines and cards typically starting around $50,000 and up to $300,000, scalable as customers grow. More than 10,000 business accounts have been opened on Aspire, and those accounts transact roughly $2 billion annually, a volume that doubled in five months from May. Aspire is building out payroll functionality for multi-country employees and adding invoice-reconciliation features to deepen its product suite. The company aims to replace the typical seven providers SMEs use for banking, FX, invoicing, payroll and accounting by becoming a one-stop financial operating system. Aspire operates a neo-banking-like platform centered on AspireAccount, which provides merchants and startups instant credit limits for daily business expenses (up to about $70,000), B2B acceptance and cash-flow management tools. Applications are submitted via a mobile app and reviewed by a proprietary risk-assessment engine before final human approval. The company opens about 1,000 business accounts each month, has seen 30% month-over-month growth since its January 2018 founding, and expects to exceed 100,000 business accounts by next year. Aspire currently operates in Thailand, Indonesia, Singapore and Vietnam and will use new capital to scale across those markets. It is building a marketplace banking infrastructure to integrate third-party financial services and is developing a business credit card linked to each business account, planned for release as early as this year. Co-founder and CEO Andrea Baronchelli, formerly CMO at Lazada, says the product targets SMEs underserved by traditional banks. Aspire is a Southeast Asia-focused online lending platform headquartered in Singapore. The company operates an online lending service across the region. Aspire raised a $9 million seed round, according to the article. Singapore-based Insignia Ventures Partners participated in the round. Insignia was founded by ex-Sequoia Asia partner Yinglan Tan. The article does not disclose other investors, the use of proceeds, operating metrics, or future plans.

Participated · Equity · Dec 2022

Lilium is an advanced air mobility firm that has entered insolvency/bankruptcy. Ambitious Air Mobility Group (AAMG) says it has secured €250 million and access to a further €500 million to restart the company. AAMG reported in a press statement that it and its partners have “great interest” in continuing Lilium’s aircraft... (article truncated). The article does not provide details on the financing instruments, operating metrics, past rounds, founding year, or location. No additional financial terms or participating partner names beyond AAMG and unspecified partners are disclosed in the article. Lilium builds electric air taxis and is described in the article as a Munich-based Lufttaxi manufacturer. The company was founded in 2015 by Daniel Wiegand, Sebastian Born, Patrick Nathen and Matthias Meiner. Lilium recently asked for state aid and has been raising outside capital to support operations. Most recently the company raised $150 million. The article reports a new financing agreement under which Yorkville Advisors can invest up to $150 million on call. That agreement is structured as a Standby Equity Purchase Agreement (SEPA) available until May 2027. Lilium develops an electric vertical take-off and landing (VTOL) jet intended for air taxi services. The company is focused on continued aircraft development and expects its first manned flight in the second half of 2024. After flight testing, Lilium expects to fund manufacturing with payments from companies that have committed to purchasing the product. Several purchasers have publicly announced intent to buy sizable fleets, including Heli‑Eastern's planned purchase of 100 Lilium Jets for China, Saudia's planned purchase of 100 jets, and GlobeAir's plan to use 12 jets. Lilium went public via a SPAC in September 2021 and was told in April it could face delisting if its stock price did not maintain a $1 minimum after falling below that threshold for two months. Financially, Lilium has raised $292 million this year to date (including $100 million in early May) and previously raised $119 million in late 2022 and $240 million in 2020. Lilium is developing the Lilium Jet, an all-electric vertical take-off and landing (eVTOL) aircraft intended for regional passenger and goods transport. The company aims to decarbonise air travel with a high-capacity, low-noise, zero-operational-emission jet and has announced planned launch networks in Germany, the US, Brazil, and the UK. Lilium intends to achieve a first manned flight of a type-conforming aircraft in the second half of 2024 and says the current capital raise will cover most of the estimated capital required for that milestone. As of March 31 the company held nearly $157.5M in cash, cash equivalents and other financial assets; its share price had fallen about 87% year-over-year and dipped below $1 on March 1, 2023, but surged after the funding announcement. Founded in 2015 by Daniel Wiegand, Sebastian Born, Matthias Meiner and Patrick Nathen, Lilium employs an 800+ team including around 450 aerospace engineers and senior leadership with experience on major aircraft programs. The company also expects substantial pre-delivery payments (PDPs) to contribute to subsequent capital requirements as it continues development. Lilium is developing an all-electric vertical take-off and landing (eVTOL) jet and building an air taxi service. Its core product is a manned electric taxi jet, and the company plans to commence assembly of the type‑conforming aircraft for the final manned flight test campaign. Lilium intends to reach an agreement with EASA on its Means of Compliance and sign customer agreements with pre-delivery payments as part of commercialization. The company said the new funding will be used to continue operations, advance jet development, and strengthen its balance sheet. Lilium previously raised $240 million in 2020 and is publicly listed (NASDAQ: LILM). Commercial interest includes a reported purchase of 100 jets by Saudia and a plan for GlobeAir to use 12 planes in Southern France and Italy. The company recently appointed Klaus Roewe as CEO.

Participated · Series D · Jul 2022

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.