The Venture Codex

Participated · Series B · Dec 2025

Founded in 2022 by ex-Revolut executives Alan Chang and Charles Orr, Fuse Energy supplies energy to more than 300,000 UK households and is building a 1 GW generation pipeline. The company says it runs the full energy value chain in-house—generation, trading and retail—which it credits with delivering roughly 17% efficiency gains versus legacy providers. Fuse uses proprietary trading algorithms and a digital twin of each customer property to predict demand and optimise supply at the household level. Management reports the business has been EBITDA-positive every month since December 2025 and that ARR grew 32% in Q1 to over €472 billion ($550 million). Fuse is opening a 32,000 sq ft headquarters in Canary Wharf, plans to hire over 380 people in the next 12 months, and intends to expand into Europe and North America while launching a plug-in solar product for homes.

Participated · Seed · Jun 2024

Cardino operates a digital-first marketplace that helps private sellers list used electric vehicles for free and connects them with dealers across Europe. The platform provides complementary valuations based on real-time market data, screens sellers, inspects vehicle condition and battery reports, and manages logistics, pick-up and payment processing. Private sellers have an 80% likelihood of receiving a binding offer within 72 hours, and vehicles are collected within seven days. Cardino equips dealerships with tools to source high-quality EV supply from multiple markets and enables direct bidding between buyers and sellers. The company reported nearly 50% quarter-over-quarter growth in Q1 2024 and an annualized gross merchandise value (GMV) of €100 million. Planned 2024 initiatives include expanding consumer seller services to France and adding a proprietary online battery range check to enhance the platform. Cardino operates an online marketplace that connects EV sellers to dealerships through auctions, using a C2B model built around battery health analysis, digital inspections, and real-time market data. The platform provides dealers with tools to source and purchase EVs, including an Inventory Browsing feature with detailed EV profiles, technical details, photos, and seller verifications. Dealers can place bids directly on the platform, and Cardino assists in sourcing alternatives when specific models aren’t available. The company was established in December 2022 and is led by CEO Henrik Sachs and COO Lukasz Pajak. Cardino reports a community of over 1,000 EV sellers and more than 100 dealers, and managed nearly €4 million in GMV in August with a monthly growth rate exceeding 50%. It raised €1M in a Pre-Seed round and intends to use the funds to expand operations and broaden its business reach.