Participated · Equity · Sep 2020

Bayes (formerly DOJO Madness) builds big-data tools and services for the esports sector. The company operates two business units: Shadow, which develops analytical tools for esports teams and tournaments, and Bayes Esports Solutions, a co-venture with Sportradar that distributes esports data to betting, broadcasting and media customers. Founded in 2015 and based in Berlin, Bayes has pursued commercial partnerships, including deals in 2019 with ESL and Riot Games. The startup says it will continue expanding its platform. Bayes turned profitable this year. Its product focus and distribution partnerships target growth across teams, tournaments and commercial data customers.

Participated · Series C · May 2020

Aspiration is a platform that delivers automated sustainable-impact financial products and services to consumers and companies, positioning itself as a leader in "Sustainability as a Service." The company says it has earned the trust of more than 5 million members by integrating ESG-driven spending, saving, shopping, and investing features. Recent strategic partnerships include Hanwha Life and Hanwha Solutions to expand into South Korea, a strategic agreement with Qatar Free Zones Authority and Doha Venture Capital to set up operations in Qatar Free Zones and expand across the Middle East and North Africa, and a multi-year partnership with Athletes Unlimited to enable a carbon-neutral sports league. Aspiration is pursuing a business combination with InterPrivate III (a publicly traded SPAC) and expects the transaction to close in Q1 2022, subject to shareholder approval and closing conditions. Financially, Aspiration secured $315 million of incremental equity financing and now expects cumulative net proceeds exceeding $700 million inclusive of these financings and an earlier $200 million common-stock PIPE, assuming no redemptions from InterPrivate’s trust account. The company is a certified B Corp and is positioning its brand and technology to scale growth in the intersection of fintech and sustainability. Aspiration is an LA-based fintech that markets sustainable banking and investment products aimed at conscious consumers. It launched with an investment management service that lets customers choose their own fees and guarantees portfolios that exclude fossil-fuel companies. The company offers an Impact Measurement Score to show the social impact of spending, a tree-planting matching feature for rounded-up debit purchases, and a premium subscription tier with recycled-ocean-plastic debit cards that provide higher cash back, higher interest, and carbon-offset features. Aspiration has partnerships with socially conscious brands like Toms and Warby Parker to deliver extra cash-back rewards. Per the article, the company has 1.5 million U.S. users and has processed $4 billion in transactions, and the recent $135 million cash infusion brings total capital raised to $200 million. Investors say the funding will fuel Aspiration’s durable growth and lasting impact as it expands its sustainability-focused offerings. Aspiration’s core product is the Summit personal banking account, a checking account that pays 1% interest, is fossil-fuel free, and lets customers track a sustainability score tied to where they spend. The company also offers investment and retirement services and uses a pay-what-you-want fee model rather than traditional bank penalty fees. Customers’ accounts total about $350 million in savings, and roughly $2 billion per year is transacted across the Aspiration platform. Aspiration donates 10% of its earnings to charitable micro-loans and mentorship programs for low-income Americans. The founder and CEO, Andrei Cherny, frames the business as an inversion of the typical bank model, aiming to align consumer spending with corporate ethics. The company says it will use the new capital to develop a suite of credit and lending products to expand its banking services. Aspiration is a two-year-old, L.A.-based investment and banking startup led by CEO Andrei Cherny that markets itself as a "Merrill Lynch with a conscience." Its core products include a low-risk mutual fund (managed by Emerald Asset Management) with a $500 minimum, free checking with no ATM fees, and a forthcoming sustainable-investments product. Customers can optionally pay management fees up to 2% of assets under management or up to $6 per month for checking; the company reports 90% of its customers are paying for services. Aspiration pays 1% interest on checking accounts and donates 10% of its revenue to Accion, a nonprofit microloan provider. The company partners with Radius Bank to operate its checking product and relies on traditional banking spreads from loans funded by customer deposits. At the time of the article the 16-person company had just passed $5 million in assets under management and reported rapid user growth from 700 customers two months after its April launch, doubling the user base every six to eight weeks. Aspiration Partners LLC, founded by Andrei Cherny, intends to give everyday investors access to investment products historically limited to the wealthy, including strategies similar to those used by hedge funds and private equity. Cherny says the firm aims to level out volatility and replicate arcane strategies for retail investors. He began building the business two years earlier and worked with the SEC for the past year as the company prepared for a November launch. Over that period Cherny quietly raised $4.5 million in capital from undisclosed angel investors. Joseph N. Sanberg has joined as an advisor, and the company has recruited high‑profile advisors including Alexis Maybank and Jeff Skoll. The team includes former executives from Blackstone, Ryan Seacrest Enterprises, Nest Labs, Merlin Securities, and Cantor Fitzgerald.

Participated · Equity · Jan 2014

Quench is a clean-technology company that rents and services “bottle-less” water filtration systems (point-of-use water coolers) and ice dispensers for businesses and institutions. Led by CEO Tony Ibarguen and based outside Philadelphia, the company purifies tap water through its installed systems. Quench is described as a large independent provider of filtered drinking water and ice dispensers in North America. It has an installed base of over 27,000 customers across 49 states, Mexico, Canada and the Caribbean. The company secured $38.5m in equity and debt financing and intends to use the funds to invest in organic sales and pursue strategic acquisitions over the coming year. Its customer footprint and capital raise position it to expand sales and acquisition activity in the near term. Quench USA rents, installs and services “bottleless” water filtration systems for businesses, purifying tap water as an environmentally responsible alternative to 5-gallon plastic jugs. The company is described as a clean technology business led by Chairman Douglas Brown and CEO Anthony Ibarguen. It has an installed base of more than 50,000 water filtration systems across 47 US states, Mexico, Canada and the Caribbean. Quench recently closed an approximately $30m financing composed of equity and debt. The company intends to use the funding to continue to grow organically and through acquisitions. Operations are focused on the North American market, servicing businesses with filtration equipment and related services. Quench USA owns, markets and distributes point-of-use bottle-less drinking water purification and dispensing systems. The company focuses on providing bottle-less purification and dispensing hardware to customers. It recently completed a $13M equity financing. The round was led by Virgin Green Fund with participation from existing investors Element Partners and Douglas Brown. Quench says the funds will enable it to expand its product offering into new regions across the USA. A Virgin Green Fund partner said the firm is positioned to capitalize on growth in the point-of-use sector and will support execution of Quench’s business plan.

Participated · Equity · Feb 2013

Living Proof develops technology-driven hair-care products and other beauty technologies originating from MIT science, marketed under award-winning formulations such as No Frizz. The company sells through top salons, Sephora, Ulta, Nordstrom, QVC, LivingProof.com and international retailers including Space NK and Mecca. Management plans to use recent financing to accelerate market expansion and to develop and commercialize additional beauty technologies. Living Proof has accumulated numerous awards and utility patents and highlights a scientific founding team including Dr. Robert Langer. The company recently launched a national marketing campaign featuring co-owner and spokesperson Jennifer Aniston to boost brand awareness. Living Proof announced a $30 million financing to fund these growth initiatives. Living Proof combines science and beauty to create hair and skin products using newly invented materials intended to outperform existing market options. Its first product, No Frizz, is a silicone-free, frizz-eliminating hair line launched in February 2009 at Sephora, QVC and livingproof.com. In 2010 the company introduced the FULL franchise, a volume-building haircare line that promotes long-lasting fullness. Living Proof was created by Polaris Venture Partners and Dr. Robert Langer and counts scientific and industry advisors from MIT and Mass General among its founders and advisors. Headquartered in Cambridge, Massachusetts, the company plans to use new financing to expand distribution and fund research and development initiatives. The company recently secured $16 million in Series B financing from Piper Jaffray Merchant Banking and existing investor Polaris Venture Partners.