Participated · Series B · May 2022

Aspen Neuroscience is pioneering personalized regenerative medicine by converting a patient’s own skin cells into induced pluripotent stem cells and then into dopaminergic neuronal precursor cells to treat neurodegenerative diseases. Its lead candidate, ANPD001, is the most advanced autologous cell therapy in the U.S. for moderate to advanced Parkinson’s disease and has received FDA Fast Track designation. The company’s proprietary manufacturing platform integrates machine-learning-based genomic testing for rigorous quality control and scalability, and it includes a precision MRI-guided delivery device for minimally invasive transplantation. Recent clinical progress includes initiation of Cohort 3 in a Phase 1/2a trial, with earlier cohorts showing favorable safety and clinician- and patient-reported improvements without the need for immunosuppression. Aspen plans to expand its pipeline to additional neurological indications while scaling manufacturing to meet future commercial demand. Headquartered in San Diego, the private company has raised more than $340 million to date, including an $8 million grant from the California Institute for Regenerative Medicine.

Participated · Series E · Mar 2022

Roofstock is an end-to-end online platform for investing in single-family rental (SFR) homes. Its technology and software enable institutional and retail investors to buy, manage, and sell investment real estate online, providing a customized, transparent digital experience. The company plans to enhance its Roofstock One offering for accredited investors and build out Roofstock Labs, an internal incubator for next-generation products and services. It intends to hire across engineering, product, marketing, analytics and operations and to provide capital for additional strategic M&A. Roofstock has facilitated more than $5 billion in transaction volume, with more than half of that coming in the last year, signaling recent growth in activity. The company serves the $4 trillion single-family rental sector and is led by CEO Gary Beasley and co-founder and Chairman Gregor Watson. Roofstock operates an online marketplace that enables investors to buy, own and sell single-family rental homes across top U.S. markets. The platform provides market and neighborhood data, analytical tools and property-management oversight to simplify investment and lower barriers to entry. Roofstock markets products such as Roofstock One, which offers shares in fully managed investment homes starting at $5,000, and is rolling out Roofstock Platform Services to let institutional investors build tailored portfolios. The company plans to use new capital to invest in data science, product and engineering and to expand its retail supply and distribution network. Financially, Roofstock has facilitated more than $2 billion in transaction volume through its marketplace to date. Founded in 2015 and headquartered in Oakland, the company has raised $133 million of equity in total, including the $50 million Series D. Roofstock is an Oakland, California–based online marketplace for buying, owning and selling single-family rental (SFR) homes. Its platform lists properties in 25 U.S. markets and provides detailed home and tenant information, local vetted property management options, analytics, and market insights to help investors evaluate and purchase properties. The company launched its marketplace in early 2016 and is led by co-founders Gregor Watson (chairman) and Gary Beasley (CEO). Roofstock has surpassed $1 billion in property transactions since launch. The company says it will use the new funding to continue expanding its dynamic marketplace to new audiences. To date Roofstock has raised $75.25M from investors including Khosla Ventures, Bain Capital Ventures, Lightspeed Venture Partners, Canvas Ventures, QED Investors, Nyca Partners, FJ Labs and SVB Capital. Roofstock is a two-year-old, Oakland, California–based marketplace that connects buyers and sellers of single-family homes with tenants in place. The platform enables institutional and retail investors to transact properties without forcing renters to leave and lets buyers acquire income-generating homes without sourcing tenants. Roofstock sources inventory from small retail sellers to mid and large institutions and lists homes across 15 U.S. markets. The company is roughly 65 people and said properties sold on the platform represent hundreds of millions of dollars in value this year. Listings typically go under contract within 30 days and, in Q2, 44 percent of homes sold went under contract within 14 days; some listings sell within minutes. The marketplace charges sellers 2.5 percent and buyers 0.5 percent and is beginning to work with agents to facilitate sales of tenant-occupied homes. Roofstock operates an online marketplace and community for investing in leased single-family rental (SFR) homes, led by co-founder and CEO Gary Beasley. The platform provides research, analytics and insights to evaluate and purchase independently certified properties, including detailed inspection, valuation and title reports. Listings also include information about tenants and local property managers who have been certified by Roofstock. Since its public launch in March 2016 the company has expanded to serve 10 markets and has engaged thousands of registered users. Financially, Roofstock has raised a total of $33.25M since its formation in May 2015. The company plans to use new proceeds to accelerate national expansion, invest in product development, engineering and data science, roll out an asset management platform and broaden its reach to domestic and global investors.

Participated · Series D · Nov 2021

Fundbox is a San Francisco-based fintech that uses AI and transaction data to deliver credit, invoice funding and payments products to B2B small businesses. The company offers lines of credit (up to $150,000), instant funding against invoices and recently launched Flex Pay and membership-style offerings to create subscription revenue. Fundbox integrates with partners such as QuickBooks, FreshBooks and Synchrony and has connected with over 325,000 small businesses, transacting more than $2.5 billion in working capital since launch. It crossed $100 million in annual revenue run rate earlier this year and is now beyond that level, though it is not yet profitable as it prioritizes growth. Fundbox has a roughly 300-person team and has expanded operations (it opened a Dallas office in 2019 that is now its largest U.S. office). Looking ahead, the company plans further product expansion into payments, membership offerings and a product aimed at entrepreneurs running multiple small businesses and new businesses lacking financial history. Fundbox is a B2B payment and credit network that enables sellers of all sizes to increase average order volumes and improve close rates by offering competitive net terms and payment plans to SMB buyers. Led by CEO Eyal Shinar, the company operates from San Francisco, Dallas and Tel Aviv. The company raised $20M in equity funding in an extension to its Series C. The new $20M brings the total capital raised in the Series C round, which began in September 2019, to almost $200M. Fundbox intends to use the funds to continue to expand its business reach. Fundbox offers a revolving line of credit for small businesses that connects to customers' financial data stores (for example, QuickBooks) and can deliver credit decisions in as fast as minutes. Customers draw and repay against a flexible line of credit and pay fees only on what they use. The company emphasizes data-driven underwriting, employs a large share of data scientists, and has developed an "X-Ray" tool to explain its machine-learning underwriting. Its long-term plan is to create a Visa-like payments network and ultimately operate B2B payment rails to remove counter-party risk. Fundbox has 240 employees across San Francisco, Tel Aviv, and a recently launched Dallas office. It plans to use new capital to expand underwriting capacity and scale products. Fundbox issues loans in the exact amount of individual invoices so small businesses don’t have to wait 30–90 days for payment. The company plugs into a customer’s accounting software and assesses each invoice in real time, building a risk profile of the transaction, the business and its market. If accepted, Fundbox underwrites the invoice in about 50 seconds and deposits funds by the next business day; businesses repay over 12 weeks and pay a flat monthly transaction fee. Fundbox reports a very low, single-digits default rate and has doubled its average invoice size from around $5,000 to more than $10,000. It is currently serving more than 20,000 small businesses and has processed 15 million invoices with a cumulative value exceeding $30 billion. Fundbox sees the roughly 34 billion U.S. invoices issued each year as a large runway and aims to scale to clear a significant share of B2B invoices. Fundbox provides a cash-flow optimization platform that evaluates numerous data signals to assess customers and invoices for risk and determine which invoices to clear. The product can be embedded into a business’s workflow via accounting, e-invoicing and payroll software. Led by CEO Eyal Shinar, the company targets small businesses seeking improved working capital management. Fundbox received a new credit facility from Silicon Valley Bank and other institutions alongside its equity financing. The company plans to use the funds to accelerate expansion, drive product innovation and increase marketing to reach more small-business customers.