Participated · Equity · Apr 2025

IFS offers IFS Cloud, a composable, AI-driven enterprise platform combining ERP, EAM, SCM and FSM capabilities tailored for asset-intensive industries. The company has positioned itself as an Industrial AI leader, embedding agentic and generative capabilities via IFS.ai to automate workflows and improve operational efficiency. IFS reported over €1 billion in annual recurring revenue and €1.2 billion in total 2024 revenue, with more than 30% year‑on‑year growth, 350 new enterprise customers in the past year, and average large-client deal size up 64%. The business now serves customers across 80 countries with a workforce of about 7,000 people. With fresh capital and strategic partners, IFS plans to deepen its AI capabilities, expand customer value, and pursue further global opportunities in sectors such as aerospace, manufacturing, utilities and telecoms.

Led · Equity · Jun 2022

Access Group builds business management software for mid-market organisations across the U.K., Ireland and Asia Pacific. The company has more than doubled in size since 2020, driven by double-digit organic growth and strategic mergers and acquisitions. It serves a customer base of over 60,000 and employs about 5,000 people across nine countries. Founded in 1991 and headquartered in Loughborough, Access has grown through both organic expansion and acquisitive activity. Management plans to use new capital to continue geographic expansion in Europe and the Asia Pacific and to pursue further organic and acquisitive growth. The deal positions Access as one of the largest UK‑headquartered software providers.

Led · Series B · Jun 2021

Stackline builds a subscription-based ecommerce platform that unites real-time data across shopper, marketing, operations and competitive intelligence to help brands scale online. Its products automate and execute ecommerce marketing and operations across the largest online retail platforms. Stackline serves thousands of the largest consumer brands and retailers, including customers such as Starbucks, Sony, General Mills, Mondelez and Levi’s. Recent product releases include integrated advertising partnerships with Walmart Connect and Instacart and scaled programs with Amazon, and the company expanded retailer coverage to more than 20 countries. The team grew more than 75% in the last year and the company expected to surpass 150 full-time employees by the end of 2021. Stackline was founded in 2014 and is headquartered in Seattle, with additional offices in Minneapolis and London. The company said it will use new capital to continue growing product offerings and expand its global footprint. Stackline provides an end-to-end e-commerce intelligence platform with market data, advertising automation, operations management, and other tools for brands selling on online marketplaces. It serves clients including Sony, Levi’s, and Starbucks and emphasizes a one-stop integrated system that combines tools and services. The company started as a consulting business and reinvested profits to build a data platform that evolved into a profitable software business. Stackline launched seven years ago and is led by CEO Michael Lagoni, a former Amazon manager; co‑founders include Mitch Keidan and Raj Ramasamy (Michael Masaki is no longer at the company). The company has 95 employees across three offices and is actively hiring. Management says demand has accelerated amid pandemic-driven growth in online retail.

Led · Equity · Mar 2021

Appfire builds and distributes apps for the Atlassian marketplace, operating brands such as Bob Swift, Feed Three and Wittified across areas like workflow automation, security, reporting and administration. The company has 85 products on the Atlassian marketplace and more than 110,000 active installations globally. Appfire was founded in 2005 and transitioned from professional services to products in 2013, then focused fully on being an app platform and aggregator. Management says the business has been profitable for over a decade and that ARR more than doubled over the past year. Recent operating metrics include a 103% year-over-year increase in ARR, a 258% YOY increase in enterprise (data center) subscription revenue, and a 182% YOY increase in all subscription revenue. The company is expanding into business intelligence and analytics apps for Tableau and Microsoft Power BI and plans continued inorganic growth through frequent acquisitions. Appfire builds and sells a portfolio of 60+ apps for software development and collaboration tools, primarily in the Atlassian ecosystem. Its apps (including Bob Swift, Feed Three, and Wittified brands) are used by thousands of enterprises and have about 30,000 active installations worldwide, with customers such as Google, Amazon, and Starbucks. The company was bootstrapped for nearly 15 years by its founders and has grown through product launches and acquisitions. Appfire has previously acquired Bob Swift (2014) and Wittified (2015) and integrates acquired developer tools into its portfolio. The company intends to use new capital to expand its cloud-based product offerings and to support strategic acquisitions of complementary apps. Appfire positions itself as a market leader in the Atlassian Marketplace and a partner for accelerated digital transformation.

Participated · Equity · Mar 2017

Fincare is an umbrella holding company that manages financial services businesses offering microfinance loans, micro‑enterprise loans and bank‑partnership loans via group companies Disha Microfin, Future Financial Services and Lok Management Services. Its primary product is a joint‑liability group loan that the platform says reaches over 12 lakh customers, 95% of whom are based in rural areas. The platform reports INR 1,735 crore in assets under management and a 79% annual growth rate in AUM over the last three years, and operates more than 270 offices in seven states. Fincare serves over 10 lakh customers and is headquartered in Bangalore. Management has signaled plans to transition Disha Microfin (which received in‑principle RBI approval to become a Small Finance Bank) into a full‑scale bank with deposit‑taking functions to expand product offerings and customer relationships. The company emphasizes digitally enabled infrastructure to support accelerated growth and deeper financial inclusion for underserved rural communities.