Participated · Equity · Sep 2023

CMR Surgical is a global medical devices company headquartered in Cambridge, United Kingdom, that develops the Versius Surgical Robotic System, a soft-tissue surgical robot for minimal access procedures. Its core product, Versius, is described as a versatile, adaptable, next-generation digitally driven surgical robot and was recently granted FDA marketing authorization for use in cholecystectomy. The company says it collaborates with surgical teams and hospital partners to make robotic minimal access surgery more accessible and affordable. Founded in 2014, CMR is a private limited company backed by an international shareholder base. Management plans to scale operations and accelerate commercial expansion, with a major focus on launching Versius in the United States. Financially, CMR recently closed a financing round of more than $200 million. CMR Surgical develops the Versius® surgical robotic system and is led by CEO Supratim Bose. The system gained CE approval in 2019 and more than 140 systems have been installed in hospitals worldwide. Versius has been used to perform more than 15,000 procedures across seven surgical specialties and over 130 procedure types. Installations span the UK, Europe, Latin America, the Middle East, Asia and Africa and include major research hospitals. The company intends to use the new funding for continued product innovation, new technological developments, and further commercialisation in key existing and new geographies. CMR Surgical develops Versius, a next-generation, portable and modular surgical robotic system designed for minimally invasive procedures. Versius reproduces natural human arm movement, offers 3D HD vision, fully articulated small instruments and an open surgeon console to improve ergonomics and team communication. The system is designed to fit into existing operating-room workflows and can be configured with only the number of arms required for a given procedure. CMR is building a digital ecosystem around Versius, including Versius Connect, Versius Trainer and a clinical registry to capture data for continuous learning. The company emphasizes affordability and global accessibility and has launched Versius in Europe, Australia, India and the Middle East. CMR was founded in 2014 and is headquartered in Cambridge, United Kingdom. CMR Surgical develops, manufactures and markets Versius, a modular surgical robotic system for minimal access surgery that offers 3D HD vision, instrument control and ergonomic working positions. Versius is designed to biomimic the human arm, providing surgeons with enhanced dexterity and precision. The company received the European CE Mark for the system in March 2019 and now has offices on four continents. CMR Surgical employs around 400 people and is led by CEO Martin Frost. The company intends to use new funding to scale global deliveries of Versius while supporting continued R&D, manufacturing and expansion. The business is actively commercializing its system to hospitals worldwide. CMR Surgical is developing a universal robotic system called Versius for minimal access surgery, intended for use across a range of surgical specialties. Led by CEO Martin Frost, the company is conducting preclinical trials that demonstrate Versius can perform upper gastrointestinal, gynaecological, colorectal and renal surgery. CMR will use the Series B proceeds to prepare the Versius system for planned commercialisation. Planned activities include completion of validation studies to support regulatory approval processes in Europe and the USA. The company also intends to fund international expansion and commercial scale-up. The company is based in Cambridge, UK.

Led · Equity · May 2022

TransferMate provides B2B payments infrastructure as a service, offering an API and a global licensing and banking network that supports payments in more than 201 countries and 141 currencies. The company has built one of the largest portfolios of payments licences worldwide, including coverage across 51 US states and territories. TransferMate partners with banks, fintechs and software platforms to embed cross-border payments into core workflows and has created bespoke integrations with banks such as ING and AIB. The business plans to use new capital to expand teams globally, recruit senior financial talent, and continue investing in technology and its product suite. Financially, the company announced a $70M funding round that brings its valuation to $1B and raises its total funding to $130M. TransferMate offers an integrated cross-border payments platform for importers and exporters, built around a cross-border API and a large portfolio of global payment licences. Its licences include authorization in all 50 US states and it provides local ACH in over 145 countries. The company integrates with 20 of the top 20 accounting software systems and partners with banks, fintechs and software providers to deliver an end-to-end payment solution. TransferMate plans to accelerate growth across the USA, Canada, Australia and Europe, supported by recent funding. Financially, it has raised €51m in Series A funding in the past eight months, including recent investments from Allied Irish Banks and ING Group. The company is led by CEO Terry Clune and CFO Sinead Fitzmaurice. TransferMate provides a cross-border B2B payments platform that enables businesses to send and collect funds globally. Founded in 2010 by Terry Clune (CEO) and Sinead Fitzmaurice (CFO), the company is based in Kilkenny, Republic of Ireland. It holds broad regulatory approval in major markets and offers direct integrations with back-end accounting systems including Intuit, MYOB, Sage, NetSuite, SAPB1, SAPR3 and Xero. To date, businesses have sent $10 billion to over 100 countries through TransferMate's platform. The company has entered a strategic partnership with Allied Irish Banks to provide Irish businesses with international payments and receivables capabilities via its technology. Allied Irish Banks has agreed to invest in the company, subject to regulatory approval from the Central Bank of Ireland.

Participated · Series D · Apr 2022

Starling Bank is a London-based challenger bank founded in 2014 that provides consumer and business banking as a fintech. The company has accrued more than 2 million users and about 350,000 business accounts. It counts investors such as Goldman Sachs and Fidelity among its backers. Starling has been planning an initial public offering in London later this year or in early 2023. The bank recently doubled its valuation to £2.5 billion ($3.3 billion) following a Series D extension and raised an additional £130 million. Management says the new cash will be used to fund growth through acquisitions and to build a war chest for potential targets. The funding was filed at Companies House and later confirmed by Starling. Starling Bank is a U.K.-based mobile banking platform founded in 2014 by Anne Boden that offers personal, joint, children’s euro and dollar current accounts, business accounts, lending products, and Banking-as-a-Service to third parties. The bank powers its own services on a proprietary technology platform and offers customers access to third‑party financial services through the Starling Marketplace. Starling reports more than two million current accounts, including 350,000 business accounts, and a deposit base that has grown from roughly £1 billion to over £6 billion in just over a year. The company is the fastest-growing bank for SMEs in Europe and holds a 6% share of the UK SME banking market. Starling is on course to report its first full year in profit by the end of its next financial year-end and describes its growth as now profitable. Management plans to use new funding to support continued rapid growth, expand lending in the UK, pursue European expansion, and consider anticipated M&A. Starling Bank is a London-based digital challenger bank that offers personal, business, joint, euro and dollar current accounts, lending products, a Banking-as-a-Service platform, and an in-app marketplace for third-party financial services. Founded in 2014 by Anne Boden, the company powers its own banking services on a proprietary technology platform and provides B2B banking and payments through that platform. Since launching in 2017 it has opened more than two million accounts, including over 300,000 small business accounts, with a new customer joining every 39 seconds. Operationally the bank has recorded four consecutive months of operating profit, generated £12M in revenue in January 2021, and reports net income now exceeding £1.5M per month; deposits top £5.4B and gross lending exceeds £2B. The newly raised capital will be invested to support targeted expansion of UK lending, to launch Starling in Europe, and for anticipated merger & acquisition activity. Starling is fully licensed and regulated, headquartered in London with offices in Southampton, Cardiff and Dublin, and all accounts are protected up to £85,000 by the Financial Services Compensation Scheme. Starling Bank is a U.K. challenger bank that provides personal and business banking accounts and services. The bank has 1.4 million accounts, including 155,000 business accounts, holds more than £2.4 billion in deposits after its deposit base doubled in six months, and reports almost £500 million of SME lending on its balance sheet. Since launching SME accounts in March 2018 and securing £100 million in state aid via the Capability and Innovation Fund (CIF), business banking has become a strategic focus. Starling claims a 2.6% share of the U.K. SME banking market. Starling says it will use the new funding to continue investing in growth and to provide support to small business customers affected by the coronavirus; it has collaborated with the U.K. government on schemes such as the £300 million under the government-backed CBILS and via its own CBIL and Bounce Back Loan Schemes. Since its 2014 launch the bank has raised a total of £363 million and was founded by Anne Boden. Starling Bank is a U.K.-based challenger bank founded by banking veteran Anne Boden. It offers a mobile banking app that launched in May 2017. Customers have opened 1.25 million consumer and business accounts since the app's launch. The company recently raised another £60 million from existing investors. The investors named in the article are Merian Global Investors and Harry McPike’s JTC. The article does not disclose the specific financial instrument used in the round.

Participated · Equity · Feb 2022

Gousto provides customers with all ingredients in the right proportions to cook meals at home, using organic, fresh and seasonal produce and chef-developed recipes. Customers choose recipes online from a weekly-updated selection. The founders, Timo Boldt and James Carter, started the company in 2012 out of a shared passion for cooking. In 2021 Gousto achieved B-Corp certification. Financially, the company has been raising large funding packages in recent periods to navigate economic uncertainty. Most recently it closed a £50M share sale from existing investors that will provide additional cash during a volatile period. Gousto operates a meal-kit delivery service that aims to help consumers eat healthily and affordably. The company emphasizes sustainability, saying it plays a role in reducing food waste and carbon emissions in the food supply chain. Gousto is a profitable B Corp unicorn founded by Timo Boldt in 2012 and is based in London. Management has framed the business as disrupting the traditional grocery channel for evening meals and targeting further growth. CEO Timo Boldt has said the company is embarking on its next stage of growth to become the UK’s most loved way to eat dinner. Financially, Gousto recently completed a large financing transaction following a prior $100 million financing in January 2022 that valued the company at $1.7 billion. Gousto is a London-based meal-kit company providing consumers with a steady stream of over 60 recipe-box kits delivered fresh to their doorsteps. The company is a certified B Corporation and emphasises convenience, health and sustainability. Gousto plans to launch an automated, AI-driven fulfilment centre near Birmingham and has four additional hubs on its roadmap. The new fulfilment capability is expected to increase overall capacity by 40%. Financially, the company completed a $150 million financing that gives it a $1.7 billion valuation and brings cumulative funds raised to $361.5 million since late September 2013. Management says the funds will be used in part to scale fulfilment and capitalise on accelerated grocery-market trends. Gousto is an online meal-kit manufacturer that delivers pre-portioned ingredients and weekly updated recipes to customers' doorsteps. The company uses proprietary algorithms to maximise pick speed, daily volumes and pick accuracy while minimising cost and food waste. Founded in 2012 by James Carter and Timo Boldt and based in London, Gousto scaled rapidly during the COVID-19 pandemic. Revenues increased sixfold between 2016 and 2019, and H1 2020 revenue surpassed the £83M reported for the whole of 2019. Monthly meal deliveries doubled from 2.5m in January to 5m in June 2020, and the company has been profitable since Q4 2019. With new funding, Gousto plans to open three customer fulfilment centres, triple capacity, and create over 1,000 new jobs, with a second fulfilment centre in Lincolnshire scheduled to go live before the end of 2020. Gousto operates a subscription meal-kit service offering more than 50 weekly recipes and automated packing that enables customers to tailor orders. The company currently delivers about 4 million meals to 380,000 UK households each month and aims to cross 400 million meals delivered by 2025. Average price per meal, per person is £2.98. Gousto is investing in its AI recommendation engine and backend logistics technology and plans to build more capacity and expand next-day delivery. It reported rapid growth pre-COVID (forecasting 70% year-on-year) and has temporarily paused new customer sign-ups to prioritize existing demand. The business has 550 employees (100 in tech) and plans to grow headcount to 700 by 2022.

Participated · Equity · Jul 2021

Generate builds, owns, operates and finances sustainable infrastructure across energy, waste, water and transport, offering an Infrastructure-as-a-Service model so customers avoid large capital commitments. The company partners with more than 40 technology and project developers and serves over 1,000 customers. Over the last seven years it has built a portfolio of about $2 billion in sustainable infrastructure assets and now owns and operates more than 2,000 assets globally. Generate says its assets are expected to prevent over 43 million metric tons of CO2e over their operating lives. The company recently doubled staff across business lines, launched a Generate Credit unit to create more credit solutions for green projects, and is pursuing geographic expansion beyond North America. The new capital infusion will support expansion into new sectors and regions and continued deployment of proven decarbonization and resource-efficiency solutions. Generate builds, owns, operates, and finances sustainable infrastructure for industry and municipalities across energy, waste, water and transport. Its technology stack includes battery storage, solar, energy efficiency, electric vehicles, fuel cells, wastewater treatment, distributed desalination and organic waste management. The company works with more than 25 development partners to serve hundreds of companies, schools, cities and non-profits throughout North America. Generate plans to grow its fleet of renewable infrastructure projects using recently secured capital. Founded in 2014, the firm has built more than $1 billion in sustainable infrastructure assets. The company reported positive cash flows since its first year and netted more than $100 million in 2019.