Participated · Series D · May 2026

Blue Tokai Coffee Roasters is a specialty coffee chain operating over 175 cafes across multiple Indian cities. The company sells coffee and operates a retail cafe network while partnering with investors to fund growth. It reported FY25 revenue of Rs 325 crore, a 50% year-on-year increase, and narrowed losses to Rs 50 crore (down 20.6%). Blue Tokai has raised over $130 million to date, including a $25 million Series D bridge, and completed a Rs 175 crore Series D extension led by Anicut Capital. Post-round ownership changes include A91 Partners becoming the largest external shareholder at about 23.51% and Verlinvest holding about 14.62%. The company plans to expand into international markets such as Dubai and Japan.

Led · Equity · Oct 2024

The Climbing Hangar operates nine bouldering gyms in the UK, having started in a Liverpool warehouse in 2011. Its sites combine climbing facilities with food and drink, retail outlets, sport and social events. CEO Ged MacDomhnaill said he wants to accelerate growth and widen climbing’s appeal through the use of data and updated technologies. The company has received more than £20m from investment group Verlinvest to support overseas expansion. Verlinvest said it will actively seek M&A opportunities with like‑minded partners to build the business internationally. The raise comes amid a growing indoor-climbing market: around 1m people try indoor climbing annually, some 100,000 climb at least twice a month, over 75% prefer indoor facilities, and London now has more than 50 centres. The Climbing Hangar is a five-site indoor rock climbing operator founded in 2011 that focuses on access, community and inclusivity to lower the price barrier to climbing. Its centres serve about 12,000 climbers per month, roughly 4,000 of whom are members, and it employs around 110 staff. Current sites include two in Liverpool and one each in London, Swansea and Plymouth, with a Sheffield site nearing completion. The company raised £4.0m to further develop its facilities and expand venues across the UK. Leadership aims to double the company’s size within 18 months and build another five centres in that timeframe. The business emphasizes bringing climbing to people of all ages and backgrounds to promote healthier, more connected lives. The Climbing Hangar operates indoor climbing centres offering facilities, coaching and on-site cafés aimed at social climbers, families and elite athletes. The business says it provides affordable access to superior facilities for a growing community of climbers and novices. TCH completed its best ever trading year, achieving over 150% revenue growth. Since NVM's initial investment in 2018 the company expanded to four locations (Liverpool, London, Swansea and Plymouth), employs over 85 people and welcomes over 16,000 climbers through the doors every month, and has announced a fifth Hangar in South Liverpool. The additional funds are intended to facilitate continued site roll-out and ongoing investment in infrastructure and personnel. TCH also sponsors two‑time Bouldering World Champion Shauna Coxsey MBE and plans to offer market-leading coaching and classes to capitalise on rising interest in the sport.

Participated · Equity · Sep 2023

numa, formerly Cosi, is a Berlin-based digital hospitality startup founded in 2019 that rents rooms and apartments to short-term travelers. The company operates like a classic hotel chain but omits services such as breakfast and a staffed reception to streamline operations. Founders include Christian Gaiser, Dimitri Chandogin, Gerhard Maringer and Inga Svinhufvud Laudiero. numa raised $59 million in a financing from Verlinvest, Cape Capital and existing investors, and was valued at around $300 million according to Handelsblatt. Management says it will use the additional network and financial firepower to grow its digital hospitality platform to run both serviced apartments and hotels. Prior to this round the company had previously raised $45 million from investors including DN Capital, Headline, Cherry Ventures, Soravia, Kreos Capital, TruVenturo and Scope Hanson. NUMA Group is a boutique hotel technology platform that partners with investors, property owners, developers and hotel operators to create technology-enabled units and manage them via a full-stack hospitality offering. It operates roughly 2,500 units across Berlin, Munich, Rome, Milan, Madrid, Barcelona and Vienna and expanded into Spain, Italy, Austria and the Czech Republic in 2021. NUMA's platform automates business processes, applies intelligent pricing and aims to increase occupancy and operator profits. It also offers “NUMA go”, a tech-franchise solution that provides third-party hoteliers with its tech stack for a percentage of revenue. The company used the pandemic to prove its model, reporting 500% revenue growth and 85% booking occupancy. Leadership has stated the goal of establishing NUMA as the dominant technology and creative solution provider for a new generation of hotels in Europe.

Led · Series B · Sep 2022

Not So Dark builds and launches digital food delivery brands that are sold through existing delivery platforms. After initially operating a network of dark kitchens, the company abandoned that capital-intensive model shortly after its Series A and now partners with existing restaurants to cook delivery-first menus. Not So Dark designs recipes, sources ingredients, and handles marketing and listing optimization while partners cook and fulfill orders, taking a revenue cut akin to a franchise. Its brands — including Vegedal, Como Kitchen, Coquillettes, JFK Burgers, Fat Panda, Gaïa Pita and Walida — appear on Deliveroo and Uber Eats. It currently operates in France and Belgium across 100 cities and employs 150 people. The company raised an $80 million Series B and aims to build what it calls the world’s largest restaurant without a kitchen — a virtual franchise.

Participated · Series B · Sep 2022

Founded in 2018, Bengaluru-based Kuku operates two flagship services—Kuku FM for audio shows and Kuku TV for vertically formatted, episodic video stories—both delivered in more than eight Indian languages. The company targets India’s mobile-first audience with low-priced subscriptions (₹199/month, ₹499/quarter, ₹1,499/year) and reports over 10 million paid subscribers, up from 2 million in 2023. Users spend an average of 100 minutes per day on its apps, and more than 90 % of subscribers stay active month-over-month. Across its portfolio, Kuku has amassed 229 million downloads and over US$4 million in consumer spending, with 134 million downloads occurring in 2025 alone. Roughly 10,000 creators—over half from small towns—supply content, collectively earning about ₹400 million (≈US$4.5 million) each month. Kuku augments creator workflows with an in-house GenAI studio that assists in scripting, translation, and thumbnail generation, claiming that 70–80 % of production tasks now leverage generative AI. The firm plans to expand internationally (pilots in the Middle East and U.S.), enhance AI infrastructure, and recruit additional tech and content talent using its new capital.