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The Venture Codex

QBN Capital

33/F Harbour Centre 25 Harbour Road, Wanchai, Hong Kong

Overview

A tech-focused fund. We focus on Fintech and Deeptech in Europe that have the ambition and potential to scale their business in Asia. We offer strong post-investment support to portfolio companies with our prestigious business and investor network in the region. Typical investments are USD$2-5 million for Series A and B, with the flexibility to follow on in later rounds or in an Asian subsidiary.

Total investments
20
Lead investments
11
Investments · 12mo
0
Active investors
1
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Investment portfolio

  • Wrisk

    Participated · Series B · Jul 2025

    Wrisk provides a purpose-built, data-driven platform that enables automotive brands and insurers to deliver embedded and branded insurance experiences across the full ownership lifecycle, from quote and bind to renewal and claims. Its proprietary embedded data framework harmonises inputs from connected car systems, telematics, transactional records and customer interactions to support pricing, claims and customer engagement. Wrisk powers programmes for BMW, MINI, Volvo, Mercedes‑Benz, Jaguar Land Rover and Stellantis, and reported triple-digit revenue growth in 2024 with more than 100,000 policies written last year. The company acts as a partner to insurers and OEMs to launch, scale and operate tailor-made regulated insurance solutions designed for multi-product cross-selling. Going forward, Wrisk is focused on expanding across Europe, investing in data and intelligence, scaling partner programmes and improving platform scalability to support OEM digitisation and changing mobility trends. Wrisk is a digital‑first B2B2C insurtech provider focused on the motor insurance space that offers an embedded, white‑labeled platform for pricing, distributing, and managing insurance products. Its customizable platform enables automotive brands to build frictionless, mobile‑first insurance experiences. The platform can be delivered as a fully managed MGA service to UK clients or licensed directly to insurance companies and enterprise partners globally. Wrisk maintains strong partnerships with global auto OEMs and insurance carriers. Its perpetual insurance platform is described as unique in the UK and enables a true subscription proposition. Flow Capital’s recent investment is intended to help accelerate Wrisk’s commercial activities, continue growth within the UK and European markets, and support further global expansion. Wrisk is a London-based insurtech that provides a customizable mobile-first insurance platform for automotive, retail, telecommunications and other brands. Led by CEO Nimeshh Patel, the company partners with insurance companies to deliver mobile-first insurance at the point of sale. It has partnerships with the BMW Group, the RAC, Allianz and Munich Re. Last month Wrisk launched a flexible monthly subscription car insurance product that allows people to pay for the miles they drive, in partnership with the RAC. The company said it will use the funds to expand operations, broaden its business reach and further scale its platform.

  • iLex

    Led · Series A · Jul 2024

    iLex operates a loan syndication platform designed to streamline syndicated lending workflows. The company emphasizes innovation and user-interface ergonomics in its product. It has attracted positive user feedback, according to its investors. iLex raised $7M in a Series A round, which provides additional capital for growth and product development. Investors view the platform as addressing a clear need to improve access to and efficiency of the global loan market.

  • Globacap

    Participated · Series B · Oct 2023

    Globacap provides a white-label SaaS solution that digitises and automates private capital markets, delivering public-markets-like efficiency for private transactions. Its digital workflows enable financial institutions including securities exchanges, securities firms, private banks, and asset managers to accelerate commercial activity and reduce operating costs. The platform has hosted 70+ private placements, executed $350M+ in secondary liquidity with automated settlement, and administers $14B+ of private securities. The company is led by co-founder and CEO Myles Milston and co-founder and CCO Alex Green. Globacap plans to use new funding to ramp up marketing and sales, expand into new geographies, and invest in product development to grow its customer base. The business is based in London, UK. Globacap is a London-based fintech that digitises private shares and debt instruments and aims to automate private capital markets. Its private placement platform semi-automates the offering process, covering documentation, distribution, AML, tracking, bookbuilding and settlement. The company is authorised and regulated by the FCA. Globacap claims over $3 billion of private shares and debt instruments are digitally administered on its platform for 60 companies and more than 8,000 shareholders and debt investors. It completed a $9 million Series A extension to fund the roll-out of this private placement platform. As part of the raise the Johannesburg Stock Exchange led the financing and has signed a commercial agreement with Globacap to launch two private placement platforms in Africa later this year, targeting infrastructure projects and SME investment. Globacap is a London, UK-based regulated blockchain securities issuance platform. Its automated platform streamlines the capital raising process from start to finish while issuing debt and equity securities as blockchain tokens. The company aims to provide SMEs with a new route to access global capital and to bring the ICO form of capital raising into the regulated mainstream. Globacap closed an $800K seed round and intends to use the funds to finalize and launch the platform. Investors received regular shares that will become equity tokens at its Digital Security Offering (DSO) in July, which the company says will be the first regulatory-supervised equity issuance on blockchain and will serve as a proof of concept. The platform is scheduled for launch in Q4 2018 and is led by CEO & Founder Myles Milston, COO & Co-founder Paul Thistoll, and CCO & Co-founder Alexander Green.

  • Pearl Semiconductor

    Participated · Equity · Oct 2023

    Pearl Semiconductor, founded in 2020 as a spinoff from Si‑Ware Systems, develops timing integrated circuits and reference clocks used in automobiles, 5G networks and cloud computing. The company is headquartered in the Netherlands with R&D centers in Egypt and Malaysia. Its products are manufactured through outsourced partners in Taiwan or Malaysia. Pearl received initial financial backing from Sawari and Si‑Ware. Recently the company raised USD 4.5 million in a funding round from local and regional investors. The new capital was provided by Sawari Ventures, Shorooq Partners, QBN Capital and several angel investors.

  • DEFYCA

    Led · Seed · Nov 2022

    DEFYCA has developed a blockchain protocol that enables digital and crypto investors to invest in traditional debt securities and loan portfolios through tokenized assets. The protocol is designed to remove counter-party risk and includes an independent risk oracle for continuous risk monitoring. It supports instant Delivery versus Payment (DvP) settlement, specially secured MPC custodial wallets, an established crypto custodian, and treasury accounts provided directly at Circle (the stablecoin issuer). The company plans to use its seed funding to launch the protocol and take the product to market. DEFYCA will launch its mainnet in Q1 2023. The company was co-founded by Pat Hourigan and Alex Garmash and is based in Luxembourg.

Team

  • Andy Tung

    Managing Partner