Participated · Equity · Oct 2023

Skykraft offers a comprehensive space-enabled Air Traffic Management (ATM) service that provides global VHF communications and surveillance, including coverage for remote and oceanic regions. The company designs and builds its own small satellites through rapid internal build-and-test cycles and launched 10 satellites in 2023. Skykraft plans further satellite launches in 2024 to complete final in-orbit testing and aims to deploy its initial constellation in 2025. Its planned constellation comprises hundreds of satellites in low-earth orbit to enable space-based VHF communications and surveillance. The service is positioned to improve aircraft tracking, reduce unnecessary air miles, lower CO2 emissions and increase safety and efficiency for the aviation sector. The recent investment target will fund deployment of the initial ATM constellation and support service customisation with global Air Navigation Service Providers.

Participated · Equity · Jan 2022

Lineage Logistics operates a global network of temperature-controlled warehouses and provides end-to-end logistics solutions for food and other temperature-sensitive supply chains. It is described as the world's largest temperature-controlled industrial REIT, with over 400 facilities totaling more than 2 billion cubic feet of capacity across 20 countries in North America, Europe, and Asia-Pacific. Lineage emphasizes development and deployment of technology and an unrivaled real estate network to increase distribution efficiency, advance sustainability, and minimize supply-chain waste. The company plans to complete a global pipeline of more than 20 in-flight greenfield and expansion projects totaling over $1.25 billion, including two new fully automated U.S. superhub projects in Southern California and the Northeastern U.S. Those projects represent over 700,000 new pallet positions and a 7% increase in global capacity, and Lineage is also targeting a more than 50% increase in on-site solar installations in the coming year. Financially, the company has raised over $700 million in new equity in this latest round, following a $1.7 billion raise in January 2022 and bringing total equity raised since January 2020 to $6.7 billion. Lineage Logistics is the world’s largest temperature-controlled industrial REIT and logistics solutions provider, offering end-to-end supply chain and cold-storage services. It operates a global network of over 400 strategically located facilities totaling more than 2 billion cubic feet across 19 countries in North America, Europe and Asia-Pacific. Lineage deploys proprietary software and automation to improve distribution efficiency, advance sustainability, and reduce supply chain waste. The company plans to use new capital to strengthen its balance sheet and invest in industry-leading technology, including automation and proprietary software tools, as well as clean energy initiatives. It will also fund growth through greenfield developments and facility expansions to create additional capacity for customers. Financially, Lineage announced $1.7 billion in new equity in this round, following a $1.9 billion raise in March 2021 and bringing total equity raised since January 2020 to $6 billion. Lineage Logistics operates a global network of temperature-controlled warehouses and logistics services, offering end-to-end solutions that promote food safety and reduce supply-chain waste. The company combines a large real estate footprint with technology — it employs data scientists, holds 13 patents, and recently launched Lineage Link, a fully integrated customer experience platform. Lineage serves customers from Fortune 500 firms to small businesses and has grown to more than 340 facilities with over 2.1 billion cubic feet of capacity across 15 countries. A portion of its recent capital will fund algorithmic programming, automation, and other disruptive technologies to build the temperature-controlled warehouse of the future. Lineage also plans greenfield development, facility expansions, and continued acquisitions to expand its global footprint. Lineage Logistics operates a global network of temperature-controlled warehouses and provides end-to-end logistics solutions that combine real estate, technology, and logistics services to promote food safety and reduce supply-chain waste. The company emphasizes technology and automation, including the development of advanced fully automated warehouses designed to reduce environmental intensity and increase capacity. Lineage serves more than 5,000 customers across over 320 facilities and has expanded its cubic feet capacity to 1.9 billion, growing cubic feet by 60% annually since 2008. Since its founding in 2008, the company has pursued rapid expansion through acquisitions and greenfield developments, announcing 16 acquisitions and 15 expansions/greenfield projects in 2020. Lineage highlights sustainability and efficiency as core outcomes of its platform while targeting continued global footprint growth and operational innovation.

Participated · Equity · Aug 2019

Judo Bank is a small business-focused neobank that began as a small business lender and has expanded into other banking services. The bank primarily competes with other lenders rather than consumer neobanks. Judo says it is now profitable and has increased its business lending activity by about 80% since March 2020. The company operates in Australia and has raised multiple capital injections to fund growth, including a prior $230 million cash injection in May last year. Leadership emphasizes long-term relationships with investors, noting many backers join after multi-year conversations and observing performance benchmarks. Management frames continued fundraising success as evidence of confidence in Judo's proposition and in the broader SME banking market. Judo Bank focuses on providing loans and deposit services to Australian SMEs. The bank’s core product is SME lending, and it obtained a licence to take deposits last year. Judo now has more than $1.5 billion in deposits and has written more than $1.5 billion in loans, serving around 10,000 customers across loans and deposits. Management says it intends to rapidly grow its national footprint and expand the products and services offered to thousands of Australian SMEs. The company has raised roughly $500 million in equity to date alongside about $450 million in known debt. The Series C pushed its valuation north of A$1 billion (about $653.7 million USD). Judo Bank offers relationship-focused lending tailored to small and medium-sized enterprises, positioning itself against larger banks’ one-size-fits-all approach. The company has recently launched a deposit business to complement its lending activities. It secured wholesale debt lines from Credit Suisse and Goldman Sachs to bolster its funding capacity. Judo completed a second-round equity raise of $400 million, which will support its mission to transform SME lending in Australia. Management says the financing plus debt lines adds substantial depth to the bank’s ability to fund SMEs and grow its business.