Participated · Series C · Sep 2025

Fnality International is building a global settlement network that uses distributed ledger technology (DLT) to connect established wholesale markets with emerging institutional tokenized assets. Its flagship offering, the Sterling Fnality Payment System (launched in the U.K. in December 2023), provides 24/7, central-bank-backed cash rails for real-time delivery-versus-payment of tokenized securities, payment-versus-payment foreign-exchange settlement, and on-demand repo transactions. Fnality’s platform leverages ‘earmarking’ to secure settlement while optimizing liquidity management across participants. The company works closely with central banks and major financial market infrastructures to ensure regulatory compliance and interoperability with innovations such as stablecoins and tokenized deposits. Near-term plans include extending the network to additional major currencies and enhancing liquidity tools to support a broader digital-asset ecosystem. By fusing decentralized finance operational efficiencies with traditional finance capital efficiency, Fnality aims to become a foundational pillar of the next-generation financial market infrastructure.

Participated · Series A · Sep 2025

ZILO has built a fully integrated Digital Transfer Agency (DTA) platform that enables asset managers and fund administrators to operate both traditional mutual fund administration and digitally native issuance within a single system. The platform supports minting and tokenising traditional fund units as digital twins on distributed ledgers, issuing digitally native securities with atomic on-chain settlement, managing on-chain compliance and collateral mobility, and handling settlement, reconciliation, payments, corporate actions and regulatory reporting across asset types. It uses a configuration-led approach to translate fund structures, share classes and jurisdictional rules into on-chain logic without requiring engineering resources, and it tracks legal ownership in real time. ZILO targets institutional clients and highlighted use cases across collateral, margin, repo and treasury workflows with full lifecycle visibility. The company said it is expanding its client base to include systemically important global financial institutions and has entered a strategic partnership with Ripple, which also invested strategically in the company.

Participated · Equity · Aug 2025

Capitolis is a financial technology company that builds capital markets infrastructure and offers a Capital Marketplace and Portfolio Optimization products. The company announced new strategic investments from major global banks and venture capital firms to support growth. Named investors include Barclays, BNP Paribas, J.P. Morgan, Citi, Morgan Stanley, State Street, UBS, and VC backers Canapi Ventures, 9Yards Capital, and Greenfield Partners. The announcement states these investments bring total funding to $56 million. Capitolis said it will use the funds to support growth in its Capital Marketplace and Portfolio Optimization businesses and to continue fostering close partnerships with leading financial institutions. Company leadership emphasized the continued strategic support from banks and expanded backing from VC investors following their participation in Capitolis's Series D round. Capitolis builds capital-markets technology to unlock capital constraints and enable broader access to diversified capital and investment opportunities. It launched an innovative futures porting solution, developed in collaboration with Barclays and Citadel, that automates and streamlines the manual workflow of porting futures positions between Futures Commission Merchants (FCMs) and buy-side firms. The first version is live, with Citadel and other buy-side firms using it regularly to facilitate position transfers with Barclays and other FCMs. Capitolis plans to introduce additional functionality and onboard more buy- and sell-side participants in the coming months to further simplify and standardize the workflow. The company previously launched an automated novation service in FX in 2018 and continues to expand its post-trade product set. Capitolis also announced a strategic investment from Barclays and the addition of a Barclays representative to its board as part of the deeper commercial collaboration. Capitolis develops technology to unlock capital constraints and enable greater access to diversified capital and investment opportunities for global and regional banks and institutional investors. Its core offerings include the Capital Marketplace and Portfolio Optimization businesses. The company said the new funds will be used to fuel growth across both businesses and support continued product releases. Capitolis is seeing strong business momentum, citing revenue growth, increased network participation, and new product launches. Founded in 2017 and headquartered in New York, Capitolis is backed by prominent venture firms and global banks. The company has received industry recognition from publications and awards including CNBC, Euromoney, Fast Company, Deloitte, American Banker, and Crain’s. Capitolis builds technology to modernize how big banks move money in the capital markets, centered on a compression and novation engine and a collaboration marketplace. Its proprietary algorithms enable institutions to eliminate, move or create trading positions by collaborating with other financial institutions, expanding pools of capital and credit lines. The company works with more than 100 big banks, has transacted over $60 billion notional from more than 30 investors, and says it has optimized over $13 trillion in trades. Recently it developed compression technology to reduce Russian ruble exposure for a large network of global banks after being approached by those institutions, demonstrating applicability in sanctions-driven scenarios. Capitolis says it will use new funding to double down on growth, super-charge its marketplace and accelerate product innovation. The company is a U.S./Israeli startup and has raised $280 million to date. Capitolis builds a networked SaaS platform for capital markets firms that uses advanced workflow technology and proprietary algorithms to let banks, hedge funds and asset managers eliminate, move or create trading positions by collaborating with other institutions. The software is designed to optimize balance sheets, reduce risk, free up capital, open credit lines and broaden access to capital. The platform currently covers foreign exchange products and equity swaps and the company says it could expand into other products if clients demand it. Seventy-five financial institutions use Capitolis, which reports it has optimized $9 trillion in gross notional balances to date. The company says its revenue run rate grew sixfold in 2020 and platform users increased 230% since 2019. Capitolis plans to use new funding to develop product and expand customer support and sales, and to grow headcount from 90 to over 150 by year-end.

Participated · Series B · Jul 2025

Trovata is a multibank data platform for cash and liquidity management that provides real-time visibility, intelligent forecasting, and unified money movement for corporate finance and treasury teams. Its system is built on a serverless, microservices architecture and is AI-powered and API-driven. Trovata recently acquired ATOM, an enterprise Treasury Management System from Financial Sciences Corporation, and will integrate ATOM features such as debt and investment support, intercompany transactions, and a complete payment workflow. The acquisition is positioned to modernize and democratize treasury technology, creating a cloud-native alternative to legacy TMS providers and expanding scale, flexibility, and performance for global finance teams. Trovata also announced a $9 million strategic extension to its Series B, bringing total funding to $80 million. Trovata provides a platform to automate cash reporting, forecasting, analysis, and money movement, fully integrated with corporate banking APIs for multi-bank data aggregation, cash visibility, forecasting, and payments with no IT required. Led by CEO Brett Turner, the company serves mid-market and enterprise customers. Since its market launch nearly three years ago, Trovata has served hundreds of customers managing over $100 billion in cash and more than 50 million bank transactions. The company has opened offices in London and Amsterdam to support its European expansion. Trovata says it will use new funding to accelerate growth, expand operations, and broaden its business reach. Companies using the platform can gain insights into cash flows and make business decisions more easily. Trovata.io provides a platform that aggregates companies' bank balances and transactions natively on wholesale banking APIs and acts as a high-performance data lake for bank data. Using AI and machine learning it automates cash-centric workflows such as cash reporting, analysis, and forecasting, and generates forecasts by establishing baselines from historical trends. The platform normalizes data, translates non-USD amounts into USD equivalents, supports tagging by region/entity/division, and offers a Google-like natural language search with a 300 millisecond response rate. Founder and CEO Brett Turner launched the 35-employee company in 2019 to enable prebuilt bank integrations that remove legacy implementations and enable self-setup. Trovata says revenue is confidential, its average deal size is roughly $25,00, and it has grown from 0 to nearly 100 mid-market and small enterprise customers in 18 months while expecting to grow 4 to 5 times this year. The company plans to use new funding to deliver new services, accelerate multi-bank APIs globally, add more bank distribution partners, and will announce a new up-market enterprise product later this month. Trovata.io is a San Diego-based provider of automated cash reporting and forecasting solutions for corporate finance and treasury teams. The company offers a big-data automation platform that uses direct APIs to bridge banks and accounting systems and provide visibility into cash flow. Its solution targets small, medium and large companies with revenues between $20 million and $5 billion. Trovata's platform enables users to gain insights into cash flows and make quicker business decisions. The company said it will use the funds to continue expanding its development efforts and broaden its business reach. Brett Turner is the founder and CEO. Trovata.io provides an automated cash-management and forecasting platform that bridges banks and accounting systems using open banking and machine learning. The product helps businesses build and update cash forecasts by automating data aggregation, typically with setup in less than an hour. Trovata targets finance and treasury teams at companies with revenue between $20 million and $2 billion. Since its launch late last year the company says it has experienced rapid expansion. Leadership plans to use new funding to ramp sales and marketing, accelerate product development, and hire additional team members. The company is based in San Diego and is led by founder and CEO Brett Turner.

Participated · Series E · Jul 2025

iCapital provides an end-to-end platform and marketplace that unifies onboarding, document workflows, performance data, compliance, and distribution for alternative assets, structured investments, and annuities. The company offers Enterprise Solutions, Technology and Data Services, AI-powered tools, and a digital marketplace to support wealth managers, advisors, and asset managers. iCapital says it has invested more than $700 million into its platform since inception and has completed 23 strategic acquisitions to date. It reports $945 billion of assets serviced on its platform, including $257 billion in alternative platform assets, $203 billion in structured investments and annuities outstanding, and $485 billion in client assets reported on. The firm supports over 750 product providers, more than 3,000 wealth management firms, 114,000 active financial professionals, and hosts 2,100 funds on platform, while employing about 1,875 people across 16 global offices. iCapital reports consistent operating profitability and plans to deepen technology, data, and acquisition-driven geographic expansion to further scale its offerings. iCapital Network operates a global fintech platform that streamlines access to private equity, private credit, hedge funds, structured notes, and other alternative investments for wealth management and asset management channels. Its flagship platform combines curated product menus, diligence and research, advisor education, compliance, and portfolio analytics to simplify workflows and lower minimums for high-net-worth clients. The company has expanded its product set to include structured notes and broadened offerings for accredited investors. iCapital reported platform assets of more than $104 billion and a global headcount of over 700 employees, with international platform assets of about $22 billion. It maintains offices and teams outside the U.S., including locations in Zurich, London, Lisbon, Hong Kong, Singapore, Tokyo, and Toronto. iCapital plans to use new capital to enhance its platform technology, expand strategy and product breadth, and pursue strategic acquisitions to broaden client capabilities. iCapital Network is a financial‑technology platform that provides end‑to‑end technology and services to broaden access to private market and alternative investments for wealth advisors, asset managers, banks and high‑net‑worth clients. The company offers a curated menu of private equity, private credit, hedge funds and other alternatives, together with advisor education, compliance, portfolio analytics and diligence capabilities. Proceeds from the latest capital raise will be used to enhance platform technology, expand the breadth of strategies and product types, grow the team, develop market‑leading technology solutions and pursue strategic acquisitions. Since its prior round in March 2020, iCapital has grown platform assets from $46 billion to more than $80 billion, doubled headcount, completed five acquisitions, launched over 45 white‑label partnerships and widened its international footprint. As of June 30, 2021, iCapital services more than $80 billion in global client assets across more than 780 funds and employs over 450 people. The company was founded in 2013 and is headquartered in New York City. iCapital Network operates a modular, end-to-end fintech platform that provides configurable subscription, administration and reporting workflows for private equity, private credit, hedge funds and other alternative investments. The firm’s flagship marketplace offers advisors and high‑net‑worth clients access to a curated menu of private funds at lower minimums plus due‑diligence and administrative support. iCapital’s platform is used by asset managers and banks to scale private-investment operations and to replace or enhance legacy systems. The company said the new capital will be used to enhance platform technology, expand functionality, deepen market education efforts, grow the team and support international expansion across North America, Asia, Europe and the Middle East. As of December 31, 2019, iCapital serviced $46.6 billion in invested capital across more than 100,000 underlying accounts, 470 funds and 55 white‑label partnerships, and had a headcount of 218. The financing strengthened iCapital’s balance sheet to operate as an independent company and continue product and global growth initiatives. iCapital Network provides a modular, end‑to‑end technology and service platform designed to streamline access to private equity, private credit, hedge funds and other alternative investments. Its configurable, highly scalable platform supports subscription, administration, and reporting processes and aims to ease operational burdens and improve the user experience for investors, advisors and asset managers. Banks and asset managers leverage iCapital’s tech‑enabled services to scale and streamline private investments operational infrastructure, while the firm’s flagship offering gives high‑net‑worth investors and independent advisors curated access to private funds at lower minimums with due diligence and administrative support. The company says Blackstone uses iCapital technology to expand access to alternatives in the private wealth segment. iCapital was included in the 2018 Forbes FinTech 50 and, as of June 30, 2018, serviced more than $6 billion in invested capital across more than 14,000 underlying accounts. The firm is positioning its platform as an industry‑standard technology solution for alternative investments and is expanding its strategic investor consortium.