Participated · Equity · Sep 2022

Tactic provides accounting software that pulls transactions from multiple wallets, calculates cost-basis, tracks treasury value, and surfaces regulatory-grade views for audits and month-end closes. The product maps complex on-chain data into tools finance teams already use, such as QuickBooks, and recently added support for the Polygon layer-two blockchain. CEO Ann Jaskiw launched the company in 2021 after identifying widespread accounting pain points among crypto founders. The company had signed up “dozens” of customers ahead of its seed round and counts Royal as a customer, which reported saving about 30 hours per month using Tactic. Tactic focuses on supporting larger, U.S.-based C‑corps processing thousands of transactions per month. The startup is building deeper analytics and smarter categorization workflows and plans to cautiously expand its 12-person in-person New York engineering and product team. Tactic is a crypto accounting platform that aggregates on-chain and custodial data to provide businesses a unified treasury view. Led by founder and CEO Ann Jaskiw, the platform automatically categorizes transactions and applies accounting logic, including calculating USD gain/loss and taxable events. Accountants can reconcile a company's crypto sub-ledger to traditional accounting software. Tactic integrates with custody solutions such as Gnosis Safe and with financial software like QuickBooks. Since launching in 2021, the company has signed up dozens of customers ranging from early-stage startups to billion-dollar enterprises across NFTs, protocols, and DeFi. It is designing its platform to handle businesses with hundreds of thousands in transaction volumes per month and recently secured $2.6M in funding.

Participated · Seed · Jun 2022

Constrafor is a vertically integrated supply chain finance and risk management platform for the construction industry. Its platform modernizes how general contractors manage subcontractor relationships with integrated procurement tools, simplified invoicing, a Discovery Network for sourcing subcontractors, Prequal, and an AI-powered Insurance CoPilot for insurance document management and compliance reviews. For subcontractors it offers an Early Pay Program (EPP) that accelerates payments at competitive rates to ease cash flow pressures. The company plans to launch a Subcontractor CFO Suite providing project-based accounting, supplier management, and enhanced financial controls. Constrafor is scaling its AI capabilities and financial products to strengthen subcontractor–GC relationships and streamline payments and financing. Financially, it completed a $264 million Series A comprised of $14 million in equity and a $250 million credit facility to accelerate growth and cement its leadership in construction finance technology. Constrafor operates a SaaS procurement platform that embeds financing via its Early Pay Program, which assumes subcontractor invoice risk and frees up subcontractor cash flow while the general contractor later reimburses Constrafor. The company has added embedded generative AI initiatives to automate manual reviews (for example, insurance) and partnered with Stripe to offer a banking product; over 80 companies now bank through that offering. Constrafor grew from 15,000 to 23,000 customers and reports 25% month-over-month growth this year after tweaking its credit origination following a revenue hiccup. The company says it can lower prices to customers due to favorable financing and plans to get its EarlyPay program rated and open its APIs to general contractor customers and other construction startups. Financially, Constrafor previously raised $106.3 million in equity and debt in 2022 and reports $14 million in equity and $100 million in debt raised since its 2019 founding. Management is targeting to cross $5 million ARR before pursuing a Series A (with $10 million ARR as a preferable milestone). Constrafor is a New York-based SaaS platform that streamlines subcontractor procurement and administration for general contractors, covering contracts, COIs, invoices, payments and diversity procurement in a single system. For subcontractors it offers an Early Pay Program (EPP), a receivables financing service that lets approved invoices be paid within 24 to 48 hours and can improve cash flows by up to 80 days. The platform integrates with contractors' existing accounting programs, ERP systems and project management tools. Led by CEO Anwar Ghauche, the company plans to use new funding to build out additional functionalities and expand its subcontractor invoice finance offering. Financially, Constrafor announced a $100M+ Seed financing and has secured a credit facility from CoVenture.

Participated · Series A · Feb 2022

Karbon Card provides Visa-issued corporate cards and expense-management solutions tailored to startups and SMBs, including WhatsApp-based expense management and access to AWS credits at a discount. The platform offers credit lines up to INR 25 lakh with no personal guarantee to qualifying customers. It combines corporate cards, payments and expense controls to help finance teams track and manage company spending. Karbon currently serves more than 2,000 startups and SMBs, per the company statement. The company plans to use recent financing to expand its customer base and deepen its position as a neo-banking partner for new-age businesses in India. Karbon Card is a fintech focused on corporate cards for small businesses and startups and is Y Combinator-backed. Founded in 2019 by Pei-fu Hsieh, Amit Jangir, Kartik Jain, and Sunil Sinha, the company provides credit and expense-management tools. Its product enables startups to access credit of up to Rs 5 crore with no fixed deposits or personal guarantees, offers rewards such as AWS credits, and supports expense management via WhatsApp alongside corporate-card payments. Karbon reported a gross transaction value of $30 million in 2021 and aims to grow GTV to $200 million per month in 2022. The startup serves roughly 2,000 customers and plans to expand adoption of corporate cards among Indian companies. It will use new funding to enter the corporate neobanking space, ramp up product development, and hire staff. Karbon Card provides corporate cards that offer up to INR 5 crore credit without personal guarantees or fixed deposits, plus expense-management features (including WhatsApp-based workflows) and startup-focused rewards. The firm generates revenue primarily from interchange fees and has integrated with the Visa network following RBI’s Mastercard restrictions. Karbon has grown to more than 1,500 customers since its 2019 launch and reported 30% month-over-month revenue growth, with management projecting ~35% MoM growth over the next 8–12 months. The company plans to use new funding for product development, hiring, and operations and expects to double headcount to about 60 in six months. Karbon was part of Y Combinator’s Summer 2021 batch and positions itself to replace personal cards for company spending among Indian SMBs and startups. Karbon Card is a Bengaluru- and Shanghai-based fintech that issues corporate cards to Indian startups. The company provides corporate card solutions tailored to Indian startup customers. It announced a $2 million seed funding round. The seed was raised from a clutch of Indian and Chinese investors. The funding announcement was made on Monday.

Participated · Seed · Feb 2022

Pluto builds a card and expense-management platform to digitize cash spend for underserved SMBs in the Middle East. Its product issues unlimited virtual and physical cards with spend controls, connects to existing business bank accounts, enforces category restrictions, and automates receipt collection and reconciliation. The company was founded in October 2021 by CEO Mo Aziz (a Y Combinator alum), CPO Mohammed Ridwan and CTO Nayeem Zen. Besides the three co-founders, Pluto has two other employees and operates a fully remote team with its business team primarily in the UAE and engineering in Canada (with some U.S.-based engineers). Pluto is still pre-launch but reports 35 customers in its pipeline with zero marketing to date. The startup plans to use new capital to hire, secure bank partnerships and licenses and to launch in the UAE and Saudi Arabia, with longer-term plans for Egypt, Pakistan and Bangladesh.