Participated · Equity · Jun 2023

CorWave develops cardiac assist devices that leverage wave membrane technology to produce a physiological operation. Its devices are designed to mimic a pulse and blood flow rates similar to those of a healthy heart. This approach differs from today’s commercially available left ventricular assist devices (LVADs). The company intends to use newly raised funds to finance the next stages of its development. CorWave was founded in 2021 and is led by CEO Louis de Lillers. The firm is based in Clichy, France. CorWave develops an implantable wave membrane pump LVAD designed to reduce complications associated with current cardiac assist devices. The company plans to use the new funds to complete development of its pump, expand manufacturing infrastructure, finish regulatory testing required for human implants, and start clinical trials for advanced heart failure. CorWave has achieved two critical technical milestones: a successful 60-day in vivo implant with excellent hemocompatibility results and completion of six-month real-time durability tests. Incorporated in 2012 by MD Start and led by CEO Louis de Lillers, the French medtech employs more than 50 people. Prior to the Series C, CorWave had secured over €45 million of equity and non-dilutive funding. The company raised €35 million in the Series C to advance toward the clinical phase. CorWave develops mechanical circulatory support devices—specifically a left ventricular assist pump that mimics the native heart’s flow pattern. Its disruptive pumping technology is intended to overcome limitations of rotary LVADs, which are associated with high rates of stroke, bleeding and infection. The company says its R&D team has de-risked the technology and is gathering evidence that it could improve clinical outcomes. CorWave plans to use the new funding to prepare its pump for a first-in-man study. The company was incorporated by MD Start in 2011 and previously raised a Series A in 2013. Management includes CEO Louis de Lillers, chairman Gérard Hascoët, and R&D lead Carl Botterbusch.

Participated · Series B · Jul 2021

Founded in 2018 by Rob Jolly and Dannan O’Meachair, Onto is a London-based electric car subscription service. Its monthly subscription is all-inclusive of insurance, breakdown cover and free public charging at over 11,000 UK charging points. The service offers a wide range of electric cars, including models from Renault, Peugeot, Volkswagen, Audi and Tesla. Subscription prices start from £399 per month with no deposit and month-to-month flexibility to swap cars or end the subscription. With over 7,000 electric cars, Onto is the largest electric car fleet in the UK and is described as Europe’s leading electric car subscription service. The company plans to continue expanding its UK fleet with the latest electric car models. Onto offers an all-inclusive electric car subscription that lets motorists access EVs on a monthly basis. The subscription includes insurance, servicing and maintenance, 750 miles per month, and free public charging at more than 12,500 points via partners Shell Recharge, BP Pulse, InstaVolt and Tesla Supercharger. The company currently offers 18 models with subscriptions starting from £489 per month. In 2020 Onto launched Onto for Business; more than 100 companies now have over 600 vehicles via that subscription. Onto was founded in 2017 by Rob Jolly and Dannan O'Meachair and is based in London, UK. The company raised $60M in equity in a Series C to consolidate UK leadership and support expansion into Europe, beginning with Germany. Onto operates an all-inclusive electric vehicle subscription service in the U.K., offering home delivery, insurance, servicing and access to charging via partners such as BP Pulse, Tesla Supercharger, InstaVolt and Shell Recharge. The company currently rents out 12 EV models across partnerships with 10 car brands and runs a fleet of about 3,000 vehicles. Onto says it plans to double its fleet size every three to six months and will use new vehicles as collateral for financing. The business aims to expand within the U.K. and enter new markets, potentially including Sweden, per investor commentary. Pricing varies across the fleet (roughly £330–£1,299 per month depending on model) and Onto says it is very nearly profitable. The service is positioned as an alternative to ownership, bundling taxes, insurance and maintenance into a single subscription fee.

Participated · Series A · Jan 2021

Founded in 2015, Magnax develops patented yokeless axial flux electric motors with a pancake-shaped, space-efficient topology that the company says delivers higher power and torque density and improved efficiency versus traditional radial flux motors. It commercialises its technology through separate spin-offs—Traxial for ground e-mobility and Axyal for aerospace propulsion—and targets applications including electric vehicles, industrial drives, robotics, and aerospace. The company has about 30 employees in Belgium and has previously raised €16 million in 2020 and €13 million in 2022. With the recent €35.5 million capital increase and Foxconn-linked industrial backing, Magnax plans to industrialise its motor portfolio and enable high-volume production in China while retaining R&D and headquarters in Belgium. Management changes include a new CEO from China and management co-investment as part of the transaction.