Participated · Equity · Jul 2024

Raad Labs is a blockchain climate tech company deploying a distributed network of environmental sensors via a DePIN (Decentralized Physical Infrastructure Networks) model to improve climate data measurement and forecasting. The blockchain-enabled network monitors weather patterns, greenhouse gas emissions, wildfire risk, soil degradation, soil moisture and acidity, and other environmental signals while incentivizing sensor operators through web3 token mechanisms. Raad emerged from the Montauk Climate incubator and was created by Montauk Climate principals Philip Krim, Evan Caron, and Sharo Atmeh; T.J. Ragsdale was announced as CEO and is a co-founder. Current applications include monitoring and observation, modeling and forecasting, and utility service delivery. Future opportunities highlighted in the article include providing datasets for large language models and other AI applications, as well as methane detection. Raad is supported by an advisory board that includes Osho Jha, Jason Badeaux, and Matt Vitebsky.

Participated · Series B · May 2022

Certn offers an online background-screening platform with instant identity verification and AML compliance tools for employers. The company emphasizes ease of use, 24/7 customer support and fast, mobile-enabled results from global databases. Certn serves more than 10,000 clients and reports record revenue growth of 14,533% from 2018 to 2022. It has expanded internationally through acquisitions (Credence in the U.K. and InterCheck in Australia) and partnerships with UK firms such as DabApps and Screenloop. The company is using new funding and a strategic relationship with Export Development Canada to accelerate expansion in EMEA and other overseas markets. Certn positions its product to help customers hire faster and manage risk with compliant, global screening workflows. Certn provides background screening solutions and a human risk intelligence product that leverages AI and machine learning to streamline candidate screening, reduce costs, and boost time to value for HR and operations leaders. Its platform is used by enterprises, mid-market companies, and small businesses to make fact‑based hiring decisions, lower hiring costs, and improve the applicant and recruiter experience. The company is headquartered in Victoria, BC, and is led by CEO Andrew McLeod. Certn is expanding its global presence, having acquired UK-based Credence and making a number of strategic hires including a new managing director for the U.S. market. The company plans to create 160 new roles this year and intends to use recent funding to further advance its solutions and grow in new markets worldwide.

Participated · Series A · Apr 2021

STACS develops patent-pending Distributed Ledger Technology (DLT) platforms that support lifecycle management of securities and ESG financing dimensions, including green and sustainability-linked bonds and loans. The company has productized a deployable enterprise distributed ledger layer called STACS Blockchain and launched GreenSTACS to support industry-wide ESG financing infrastructure. STACS aims to digitalize assets, processes, and documents and to expand its ecosystem of global financial institutions on its ESG-enabling technology infrastructure. Its clients and partners include global banks, national stock exchanges, and asset managers, and it implemented a real-time trade processing platform live with Eastspring Investments and BNP Paribas Securities Services in 2020. STACS says that deployment reduced trade breaks for those institutions by more than 90 percent. Financially, the company has raised over US$6 million to date and will use the new funds to scale its ecosystem.

Participated · Series A · Apr 2021

Hashstacs (STACS) develops a blockchain technology stack that integrates with financial institutions’ existing infrastructure, payment platforms (including Project Ubin), trading platforms and external software to enable smart contracts and digital ledgers. The company’s products include a real-time trade processing platform used by clients such as Eastspring Investments and BNP Paribas Securities Service; other clients named in the article include Deutsche Bank, Bursa Malaysia, EFG Bank and Bluecell Intelligence. STACS also operates GreenSTACS, launched with Bluecell Intelligence, to certify and monitor green loans and bonds by connecting security tokens with data sources like IoT devices and satellite imagery to generate real-time impact reports. The platform is intended to reduce fragmentation, lower settlement costs and prevent greenwashing by ensuring green funds are used as pledged. Founded in 2019 and based in Singapore, STACS says it is targeting a network of more than 30 institutions by the end of the year. Financially, STACS raised $3.6M in this pre-Series A round and has now raised more than $6M in total, with plans to pursue a Series A later this year.

Participated · Series A · Oct 2020

Teampay provides a purchasing platform that issues virtual and physical cards, handles invoices and reimbursements, and automates workflows to keep employees in policy while reconciling transactions into customers' accounting systems. The company emphasizes employee-friendly purchasing combined with finance controls to eliminate unauthorized and out-of-policy spending and increase visibility for finance teams. Teampay offers a digital corporate card (Catalyst by Teampay) powered by the Mastercard network and integrates payment methods with built-in controls. Founded in 2016 and headquartered in New York City, Teampay has focused on serving high-growth companies and has tripled headcount in the last 12 months. The company plans to deepen its accounts payable solution, expand cross-border payments and international payment capabilities, and accelerate its enterprise offering. Teampay will also invest in go-to-market activities, sales and marketing, and continued hiring to support larger account needs. Teampay builds spend-management software aimed at midmarket companies to help them control bank accounts and manage outflows across formats (ACH, virtual cards, etc.). The company emphasizes software fees as its primary revenue source rather than interchange, with the ability to derive more spend-based revenue over time. Teampay has seen strong usage and monetization growth: annual recurring revenue (ARR) is up 320% since its Series A and total spend managed is up 800%. The pandemic has shortened its sales cycle roughly in half and attracted larger customers. It competes with offerings such as Brex, Ramp, Divvy, Airbase and legacy products like Concur and Expensify. Management has used opportunistic extension capital to accelerate growth ahead of a larger, traditional Series B. Teampay provides a platform that gives employees a streamlined interface to buy goods, tools, and services while keeping purchases within defined company policy. It acts as a collaboration software layer on top of a company’s existing card infrastructure so customers don’t have to switch card programs. The company targets larger enterprises with complex spend controls and counts customers including Wistia, Chime, Mixpanel, and RiskIQ. Since launching the platform Teampay has been hiring in sales and engineering and added senior executives including a VP of Finance, VP of Marketing, and head of sales. The company reported double-digit month-over-month growth in 2018 and recently raised a $12 million Series A to support expansion. Planned uses for the capital include expanding partnerships and integrations (for example with IT ticketing systems) and increasing sales and marketing. Teampay issues virtual credit cards to every employee and pairs those cards with approval workflows, procurement policy enforcement, and vendor analytics. The platform integrates with Slack and Google Apps and will add a Microsoft integration shortly. Its analytics surface top spending vendors and recurring subscriptions so procurement can negotiate rates and eliminate wasted expenses. Teampay targets mid-market companies of roughly 200–1,000 employees that are too small for a full purchasing department but too large to rely on the CEO’s card. Founder and CEO Andrew Hoag built the product from procurement problems he encountered at prior startups, and the company reports several paying customers on the platform. Early customer data shows roughly half of employee transactions are recurring, which the company flags to reduce waste.