Participated · Equity · Aug 2024

Paytner offers an automated invoice receipt service (Paytner Invoice) and an online invoice prepayment/factoring service (Paytner Factoring) aimed at improving cash flow for freelancers and SMBs. The company was founded in 2019 and is headquartered in Minato, Tokyo. Paytner positions itself to remove "money stress" for growing businesses and says it is expanding its platform to support broader cash-management and financing needs. The business reports strong traction—Incubate Fund noted cumulative application volumes have surpassed 200,000—and other investors describe the company as a rapidly growing industry leader. Paytner is using the new funding to strengthen hiring and organizational capabilities, accelerate product feature development, and prepare for a potential IPO. The company is pursuing growth toward becoming the domestic No.1 provider in freelance-focused factoring services. Peitner (formerly yup) offers invoice automation via its "Peitner Invoice" service and an invoice prepayment service called "Peitner Factoring." The company targets individual proprietors and small legal entities. Peitner launched Peitner Factoring in September 2019 and Peitner Invoice in September 2022. Since launch, Peitner Factoring has surpassed 55,000 cumulative applications. The company says it will use the newly raised capital to expand hiring, strengthen organizational structure, and enhance product functionality. Cumulatively the company has raised about ¥2.5 billion to date. yup offers a factoring-based advance-payment service that buys invoice receivables to deliver same-day payouts primarily to sole proprietors and small corporations. The company began its service in September 2019 and spent two years improving a proprietary credit-scoring algorithm to minimize default risk. yup differentiates by focusing on smaller-scale users underserved by traditional factoring, and by strengthening bank-system integrations. It is developing a SaaS to digitize invoices, selected for MUFG Digital Accelerator, with planned integrations to banking systems and accounting SaaS to enable end-to-end invoice processing. Financially, yup announced a Series A round that included debt financing totaling about ¥450 million. The company sees competition from domestic payroll-advance and cloud-factoring players but believes there is no equivalent full-service domestic offering today.

Participated · Equity · Sep 2022

Founded in 2019, Miami-based Allocations offers software and APIs that automate the formation and administration of special purpose vehicles and other private funds, helping managers lower minimum check sizes and speed up deal execution. The platform has surpassed $1 billion in assets under administration and is used by family offices, angel groups, and venture funds such as Backstage Capital and Vitalize Venture Group, collectively serving over 10,000 private-wealth clients. Allocations generated a $6.25 million revenue run rate in July 2022, up from $4.6 million the previous June. By streamlining workflows that were previously handled by legacy systems, the company lets managers run thousands of SPVs per year with greater automation. Management plans to double down on its API suite and add deeper fund-customization features. Allocations is also exploring blockchain-based fund administration to unlock liquidity and efficiency across the alternative assets market, which it notes could grow from $13 trillion to $23 trillion by 2026.

Participated · Equity · Nov 2021

HealthSnap offers an enterprise-grade, EMR-integrated virtual care management platform that combines RPM, CCM, PCM, APCM, AI-augmented clinical workflows, enterprise analytics, reimbursement optimization, and care coordination. The company has embedded AI across care delivery to produce clinician-facing recommendations within clinician-defined protocols and safety guardrails, and launched an AI-augmented APCM solution earlier in the year. HealthSnap supports more than 80,000 active patient programs across 200 health systems and physician organizations, and projects more than 100,000 active patient programs by the end of 2026. Its platform ingests roughly two patient measurements every second, and patients see a 97% reduction in alert frequency by their twelfth month. The company reported significant commercial momentum and financial improvement, including more than fivefold revenue growth over three years, 40% year-over-year revenue growth, and a 47% year-over-year improvement in EBITDA. HealthSnap’s clinical research has shown measurable outcomes, including an average 7.3 mmHg reduction in systolic blood pressure across a cohort of more than 6,500 patients (rising to 16.7 mmHg for Stage 2 hypertensive patients) and retrospective findings of material reductions in total cost of care, hospitalizations, and ED visits among high-acuity Medicare beneficiaries.