Participated · Equity · Sep 2025

Kodiak Copper is a Vancouver-headquartered explorer focused on discovering and developing large-scale copper-gold porphyry deposits in North America. Its flagship MPD project in British Columbia is the primary beneficiary of current exploration spending, with a maiden resource estimate slated as the next major milestone. Additional funds are earmarked for follow-up work at projects in Arizona, underscoring the company’s broader continental footprint. Kodiak does not yet produce revenue; its valuation hinges on successful drilling, resource delineation and eventual project development. Management recently strengthened the balance sheet with an US$8 million private placement to support these objectives. The raise used charity flow-through and common equity structures to maximize tax efficiency for Canadian exploration expenditures. CEO Claudia Tornquist notes that the financing provides the runway to accelerate drilling, metallurgical studies and other technical programs while acknowledging the inherent risks of early-stage mineral exploration.

Participated · Series A · Mar 2022

Praxis is an internet-first, network-state startup led by Dryden Brown and co-founder Charlie Callinan that seeks to turn an online community into a physical city. Its core offering is designing and building a purpose-built city prototype (Brown references Elon Musk’s preferred name “Terminus”) by courting governments and negotiating location-specific deals. Brown has spent years traveling and meeting politicians and local actors—most recently visiting Greenland, meeting officials, mining executives and entrepreneurs—to explore sites and terms. Praxis envisions deploying technologies such as Rainmaker cloud-seeding and nuclear power from Valar Atomics in its proposed settlements. The group recently hosted 250 supporters in Punta Cana to present location options and advance planning. Financially, Praxis has secured $525 million in funding that it can draw down as it hits defined city-building milestones. Praxis is a startup aiming to build a new city organized around the computer revolution that enables people to work from wherever they wish. The company says it is engaging with landowners and governments, designing economic and political systems, architecting buildings and infrastructure, and bringing together the people who will inhabit the city. Praxis describes the project as still early in the process and plans to use fresh capital to hire more staff for its real estate, governance and engineering teams. Financially, Praxis raised $15 million in a Series A funding round. Prior to the Series A, the company raised $4.2 million in a seed round late last year. Seed investors included Balaji Srinivasan and Winklevoss Capital.

Participated · Series A · Nov 2019

Founded in mid-2017, San Francisco-based Compound is building an on-chain money market that algorithmically sets interest rates for lending and borrowing cryptocurrency. Users can deposit supported tokens (initially Ether, a stablecoin and several other assets) to earn variable interest, or post collateral equal to 100% of the value they wish to borrow. Rates fluctuate automatically according to real-time supply-and-demand, and lenders may withdraw at any time with roughly 15-second settlement; Compound takes a 10% share of the interest earned. Although the system is centralized today, management plans to transition rate-setting to the community over time and eventually list tokenized real-world assets such as fiat currencies or equities. The seven-person team is led by co-founder and CEO Robert Leshner, a former CPA and economics enthusiast, and CTO Geoff Hayes; it emerged from stealth in January 2018. Leshner positions Compound as an alternative to idle crypto holdings, enabling short-selling and greater liquidity across the ecosystem. Long-term, the company aspires to manage BlackRock-scale assets with a lean workforce.

Participated · Equity · Aug 2018

Progressa offers an enterprise solutions suite built for collection agencies and point-of-sale finance, enabling agencies to offer proactive solutions, drive recoveries and protect brand reputation through NPS and servicing. For point-of-sale finance, Progressa enables platform partners and originators to expand merchant offerings to service non-prime consumers and improve approval rates. The company is led by co-founder and CEO Ali Pourdad and has a team of over 100 members. Progressa expects to near $100 million of loan funding before the end of 2018. The company has raised over $15 million of equity capital since inception and is preparing for an IPO; this round is anticipated to be its last private financing. Proceeds will be used to add new banking partners and to support growth of its lending programs. progressa is a Vancouver, Canada-based platform that helps sub-prime and near-prime consumers improve their financial health through unsecured instalment loans. It uses proprietary credit scoring models and advanced data science to underwrite loans that allow credit-constrained consumers to pay past-due bills or other outstanding debts. The company offers unsecured instalment loans between $1,000 and $15,000, repayable in fixed instalments over 6 to 36 months. progressa serves Canadians in all provinces and territories except Quebec and Nova Scotia. In January 2015 the company raised $11.4m in a Series A round composed of equity and debt. It intends to use the funds to grow its consumer loan portfolio and improve its market position in Canada.