The Venture Codex

Led · Series B · Mar 2023

Invenda Group, founded in 2017 and led by CEO Jon Brezinski, builds a proprietary operating system and cloud suite for automated retail. Its products include InvendaOS, Invenda Cloud and Invenda Wallet, which leverage IoT, cloud technology and AI to optimize vending machines, smart fridges and micro market kiosks. The company frames its offering as enabling the Internet of Retail, connecting software and hardware to drive curated, measurable customer experiences. Invenda plans to use new funding to continue development of its cloud-based solutions and to support commercial and geographic expansion in the United States. It maintains offices and showrooms in London, Berlin, Stockholm, Novi Sad and Hong Kong and intends to open a US office and showroom in 2023. Partners and integrations include Microsoft and Intel, and customers include Mars Wrigley, Coca-Cola, Selecta and Valora. Invenda builds integrated software and hardware solutions for Automated Retail, selling new vending machines with built-in software or retrofit kits for existing machines. The company offers AI promotions, large touch screens, patented A-Z touchless transaction technology, gamification and crypto capabilities. Invenda says its IoT solutions enable customers to increase sales by an average of 50% and counts clients such as Coca‑Cola, Mars Wrigley and Lindt & Sprüngli. It is active in 14 countries and has subsidiaries in Serbia, Hong Kong and Sweden, while maintaining headquarters in Alpnach, Obwalden. Recent product activity included the installation of its first outdoor machines and a move into larger headquarters to showcase products. Partners include Microsoft, Intel and BLOCKv; the company intends to use funding to expand sales and development as it pursues global growth.

Led · Equity · Oct 2021

Trumid operates an electronic credit trading platform that enables more automated and efficient international credit trading. The company emphasizes market expertise, agile technology and product design as differentiators. Trumid has expanded its offering beyond a US corporate bond franchise to add Emerging Market debt. Daily trading volumes on the platform have grown rapidly and are now almost seven times higher than two years ago, with 2021 YTD average daily volume up 71% year‑over‑year. Growth capital from the financing is intended to enhance technology and expand to additional trading protocols, asset classes and geographies. The company recently appointed Bryan Harkins as Chief Revenue Officer to oversee sales and commercial leadership of protocol, product and geographic expansions. Trumid operates Market Center, an electronic trading platform for corporate and fixed income markets that leverages data and network effects to provide transparency, liquidity and efficient trade execution. In 2020 the platform saw 374% year‑over‑year volume growth, its client network expanded to 530 institutions, and the number of users executing a trade each day grew 129%. The company completed 26 technology release cycles during the year and launched Emerging Market debt onto its Market Center in Q4 2020. Trumid announced a strategic relationship with Goldman Sachs to provide connectivity and liquidity via its Attributed Trading protocol and hired Vlad Khandros as Head of Corporate Development to pursue expansion and strategic opportunities. The company completed a $50 million financing whose proceeds will be used to repurchase shares from existing shareholders and which values the company at a premium to its most recent financing. Trumid Financial LLC is a bond trading platform. The company raised $200 million in its latest fundraising round. Funds and accounts managed by T. Rowe Price Associates Inc. and BlackRock Inc. were among the investors in the round. The financing pushed Trumid’s valuation to over $1 billion. The article notes this valuation more than doubled since last May. Trumid operates an electronic trading platform that gives corporate bond market professionals direct access to liquidity and market intelligence. The firm leverages data, technology and innovative products to bring efficiency to credit trading. Founded in 2014 by Mike Sobel, Trumid serves a client network of over 425 buy-side and sell-side institutions. The company plans to use recent funding to expand its US corporate bond business and to broaden protocol and product offerings. Trumid received roughly $60m in a strategic minority investment announced in May 2019. Trumid operates the Trumid Market Center, an electronic trading platform that provides corporate bond market professionals with direct access to liquidity and market intelligence. Founded in 2014 by Mike Sobel and based in New York City, the company brings efficiency to credit trading through data, technology and innovative products. It has a large and diverse user network of about 400 buy-side and sell-side institutions. Trumid intends to use the funds to further scale its US corporate bond business and to support expansion of protocols, products and geographies. The partnership with Singapore Exchange is expected to help the company gain access to the Asian market by leveraging SGX’s regional expertise and presence.

Participated · Equity · Aug 2021

Sightline Payments is a Las Vegas-based FinTech that builds payments technology and mobile apps for the regulated gaming market, including sports betting, lottery, horse racing, and casinos. Its flagship Play+ product provides a secure account for consumers to fund online and in-person gaming, supports cashless wagering, and enables loyalty across channels. Play+ expanded into casino cashless gaming in 2021 with launches at Boyd Gaming and Resorts World Las Vegas, and the product is accepted by more than 80 partners in 40+ states. Sightline reports more than 1.5 million Play+ accounts and 3 million mobile loyalty platform downloads. The company is working with J.P. Morgan Payments to develop an integrated omnichannel solution for resort and online gaming as part of a broader multi-channel payments strategy. Sightline Payments is a Las Vegas-based digital payments provider and mobile app developer serving the U.S. sports betting and casino gaming markets. The company offers tools for consumers to securely fund their online gaming experience and operates a mobile app. It has more than 1.5 million accounts and over 70 partners across sports betting, lottery, racing, and online and brick-and-mortar casino markets. Founded more than a decade ago by Omer Sattar, Tom Sears, and Kirk Sanford and led by CEO Joe Pappano, Sightline has expanded through product development and acquisitions. It recently acquired JOINGO, a mobile engagement and loyalty platform in the casino gaming industry. Sightline completed a $244M funding round valuing it at over $1 billion and intends to use the proceeds to expand operations and broaden its business reach. Earlier in 2021 the company closed a $100M round in April that included an investment from Searchlight Capital Partners. Sightline Payments provides cashless, mobile and omni-channel payment solutions for gaming, lottery, sports betting, entertainment and hospitality ecosystems. Its flagship product, Play+, enables pay-and-play and stored-value functionality and has more than 1.5 million enrolled accounts across over 70 programs in 39 states. The company targets online sports wagering, iGaming and casino-floor cashless integration as operators shift toward digital payments. The article cites market tailwinds: combined online sports betting and online casino revenue projected to grow from $3 billion in 2020 to $22 billion by 2026, and casino-based gaming is described as a $90 billion market serving over 100 million customers annually. Sightline says it is poised to build on its presence as demand for cashless integration accelerates. The company is based in Las Vegas, Nevada. Sightline Payments builds cashless, mobile and omni-channel commerce and payments solutions for gaming, lottery, sports betting, entertainment and hospitality, led by its Play+ digital wallet. Play+ has nearly 1.5 million enrolled accounts and supports in-app, on-floor and retail transactions, ATM withdrawals, and loyalty benefits. The company reports 60+ programs live in 39 states and serves many premier operators, including top-10 sports betting and gaming operators. Sightline estimates a domestic TAM of $265 billion and cites accelerating consumer demand for digital payments and growth in sports betting (legalized in 25 states) as drivers of expansion. In December 2020 Sightline announced a strategic investment from Searchlight Capital Partners that established a post-money valuation of $525 million. Management also co-invested, and the new capital plus Searchlight’s strategic support is intended to accelerate growth and innovation. Founded in 2010 and based in Las Vegas, the company concurrently announced a leadership change with Joe Pappano appointed CEO.