Participated · Debt Financing · Jul 2025

Wefox operates a digital insurance platform focused on asset-light Managing General Agent (MGA) operations and smart insurance distribution. The company is a leading wholesale broker in Austria, the #1 player in the Dutch term-life market under the TAF brand, and a top-ranked retail insurance distributor in Switzerland. Recent restructuring included the sale of wefox Insurance AG (Liechtenstein) and its Italian entities, actions aimed at streamlining the business. Management says the company is positioned for full-year profitability in 2025. Wefox plans to use new capital to strengthen positions in Austria, the Netherlands, and Switzerland and to expand its MGA and smart distribution businesses globally. The company intends to foster partnerships with insurers and scale local distribution platforms to drive sustainable growth. Founded in 2015 and valued at $4.5bn, wefox runs an end-to-end technology platform that connects insurers, broker partners and customers and has been active as an insurer since 2018. Over the past 18 months the company has been streamlining operations—selling assets, closing hubs and withdrawing from unprofitable markets—to focus on profitable markets of critical size. Technology efforts will concentrate on empowering local distribution platforms; the company is closing technology hubs in Spain and France and sold its Austrian subsidiary wefox Experts Versicherungsmakler GmbH (closing June 18, retroactive to Dec 31, 2023). Wefox plans to further build positions in the Netherlands, Austria and Switzerland while transforming its Italian business to improve profitability and withdrawing from the German market. The insurance carrier wefox Insurance AG will be detached from the core business, had a solvency ratio of 176% on 31 March 2024, and is seeking disposal of non-core portfolios starting with the Polish portfolio. Investors have provided immediate fresh capital of EUR 25 million to support the restructuring and a medium-term repositioning as a technology-enabled insurance distribution company. Wefox is an insurtech company undergoing a rapid transition from a period of hypergrowth to one of profitable growth, a shift its CEO described as complex and requiring difficult choices. In 2022 the company quadrupled its premium income versus the prior year, but losses also increased, including losses from its brokerage business. Management says 2023 will be characterised by a transformation into a profitable company; the firm has hired an experienced CFO and scaled back activities in some insurance segments. Investors have signalled support for that strategic pivot. The company confirmed the fundraising publicly via its CEO’s LinkedIn post, emphasising the need to adapt to market realities. Wefox operates a brokerage and distribution-led insurance platform, selling products through in-house and external insurance brokers rather than a direct-to-consumer model. The company recently launched its own carrier, Wefox Insurance, enabling it to design and sell proprietary products alongside third-party policies. Its distribution business is the primary revenue source and is already profitable; the platform has around 4,000 distribution partners and handles roughly €2 billion in insurance premium volume, €200 million of which was Wefox’s own insurance last year. Wefox has said it doubled revenue and margins in Q1 year-over-year and is streamlining activities to reach profitability across both distribution and insurance. The company plans to expand into new European markets such as France, Spain, and the U.K., likely via acquisitions of distribution businesses. Next year it intends to release a technology stack that will let other insurers create products, manage performance, and handle claims via APIs, positioning itself as an infrastructure provider for insurance. Wefox operates an insurance platform that distributes products through a mix of in-house and third-party brokers rather than direct-to-consumer channels. The company says its indirect distribution model lowers customer acquisition costs and enabled rapid scale through broker networks. Wefox reported revenues doubled to $320 million last year, generated $200 million in the first four months of 2022, and expects roughly $600 million in turnover by year-end; it passed 2 million customers and has around 3,000 independent brokers in Germany. Founded in Berlin in 2015, the firm says the model improves loss ratios and customer lifetime value and puts it on a path to profitability. Management describes the recent raise as prudential "future-proofing" rather than rescue financing. The company plans to enter new European markets in 2022 and aims for U.S. and Asian expansion in 2024.

Participated · Equity · Sep 2022

Ziply Fiber provides fiber internet and voice services across the U.S. Northwest, offering speeds up to 5-gig across its fiber service area. Its primary products include Fiber Internet and phone for residential customers, Business Fiber Internet and Ziply Voice for small businesses, plus internet, networking and voice solutions for enterprise customers; it also continues to support DSL and TV customers in parts of Washington and Oregon. In its first two years of operation the company upgraded its copper network to fiber in more than 80 markets and has many more markets in the pipeline. The company announced $450 million in new funding to support continued fiber network expansion and an expanded edge-out strategy. Management said the capital will enable Ziply to serve more markets and continue closing the digital divide in rural and suburban communities across the Northwest. The company named Chris Denzin as Chief Operating Officer to oversee residential and commercial sales, customer care, field operations and product development, and promoted Rob Griffith to Chief, Fiber Design and Construction to lead fiber expansion.

Led · Series B · Apr 2021

EasyMile develops autonomous shuttles including the EZ10 people shuttle and TractEasy autonomous tractor-trailer for moving goods. The company says it is the world leader in autonomous shuttles with 60% of the global market, reporting 800,000 kilometers driven across over 300 locations in 30 countries while operating 180 vehicles worldwide. EasyMile has commercial partnerships and deployments with companies such as TLD and is working with Stellantis to build an autonomous vehicle using its technology. Management says it will use new funding to scale commercial deployments in closed-campus environments and continue investing toward integration with public transportation networks. The firm emphasizes focusing on addressable niche markets to achieve near-term commercial traction. EasyMile previously faced an NHTSA restriction on carrying passengers after an accident; that restriction has since been lifted. EasyMile develops software powering autonomous vehicles and end-to-end smart mobility solutions, and builds the EZ10 electric driverless shuttle for shared last-mile transport. The EZ10 provides shared transportation for up to 12 passengers, operating from a transport hub to a final destination within a precinct or confined area. Since April 2015 the EZ10 has been deployed at more than 50 sites in 14 countries across Asia, North America, the Middle East and Europe. The company was founded in 2014 and is based in Toulouse, Singapore and Denver (USA). EasyMile employs 60 employees. The firm intends to use incoming funds to accelerate growth and support its R&D program, and has entered a commercial partnership with Alstom.

Participated · Equity · Apr 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.

Led · Convertible Note · Oct 2020

GetYourGuide operates a marketplace for discovering and booking in-person travel and tourist experiences, listing about 75,000 experiences from roughly 16,000 providers. Its core product is human-led group tours; the company has tested virtual and self-guided formats and decided to remain focused on person-led experiences. GetYourGuide sells experiences via its app and reported roughly 25–30 million tickets sold between 2019 and 2020, with Q1 2023 booking volumes about four times those of Q1 2019. Management says the company is “on the route to profitability” in many major markets. The company has added AI features such as a ChatGPT integration to improve natural-language search and plans to use more AI and technology to improve discovery and personalization. During COVID it cut about 20% of staff, secured a $133 million convertible note it ultimately did not exercise, and has since seen strong recovery in bookings. GetYourGuide operates a platform that curates, organizes and enables booking of tours and experiences. The company has pursued growth through in-house Originals tour operations and may invest in services for last-minute bookings. It recently secured a €80 million ($97M) revolving credit facility to give it flexible, non-dilutive access to capital. In October it closed a $133 million convertible note, and it has raised more than $600 million in equity capital since 2009, including a $484 million Series E in 2019 that valued it well over $1 billion. The platform has passed 45 million ticket sales in aggregate, though growth slowed (only +5 million in 10 months). Management says GetYourGuide has reinvented internal processes, is operating more efficiently and is "fully funded to profitability," with sufficient capital even in a prolonged downturn. GetYourGuide curates, sells tickets for, and operates tours and exploration experiences for travelers. The platform has sold 45 million tickets in aggregate, a 5 million increase since January 2020, and saw a 60% bounce in ticket sales in Germany over the summer. The pandemic severely reduced growth and demand, prompting the company to lay off around 100 employees as part of cost-cutting. Management continues to target an IPO in the longer term. To extend runway through the crisis, GetYourGuide raised a large convertible note that will convert into equity at the next priced round. The company was last valued at more than $1 billion after a $484 million Series E in 2019. GetYourGuide operates a marketplace that lets users discover and book tours, tickets for attractions and other activities worldwide via its mobile-friendly app. The company currently offers a catalog of about 50,000 experiences and has sold 25 million tickets to date; its "Originals" first-party tours have passed 40,000 tickets sold. GetYourGuide says its average user age has shifted to roughly 25–40 as it targets younger travelers. The company is expanding beyond short tours into longer day trips and overnight experiences while increasing direct first-party content through Originals. Recent hires include Ameet Ranadive as chief product officer and Nils Chrestin as CFO to drive product and growth initiatives. The business is positioning itself to grow in Asia and the U.S. and to consolidate fragmented supply of tour operators. GetYourGuide is a Berlin-based online marketplace that lets travelers book tours, activities and experiences through a third-party platform. Founded in 2009, the company has passed a cumulative 10 million tickets booked, with nearly half of those booked in 2017, and reports about 15 million unique monthly active users. The business is reported to be very close to profitability while scaling rapidly across Europe and growing fastest in the US. Management plans to invest in personalization and product development, using machine learning and AI to build recommendation features and a mobile "travel companion" experience. GetYourGuide has also built partnerships with airlines such as EasyJet and KLM to leverage profile data for tailored recommendations and better customer targeting. The company is pursuing international expansion (a major push into the US and Asia) and strategic opportunities to capture more of the under-penetrated $150B European travel activities market.