Participated · Series E · Jan 2022

Plenty develops indoor vertical farms and purpose‑built multi‑farm campuses that deploy its proprietary growing technology. The company is accelerating facility buildout through a new partnership with Realty Income, which will acquire and provide development funding for properties Plenty will lease and convert into vertical farms. The initial transaction funds a multi‑farm facility near Richmond, Virginia — Plenty’s first East Coast site — and will house several initiatives, the first being a strawberry farm in partnership with Driscoll’s. Plenty said the deal speeds up its timeline for adding new facilities and enables it to hand off real estate costs and management to Realty Income. The company has shifted operations recently, closing its South San Francisco R&D site to focus on building its Compton farm while maintaining an R&D facility in Wyoming. Financially, Plenty raised $400 million in a Series E last year from Walmart, SoftBank Vision Fund 1 and others, and received a $20 million grant from Wyoming earlier this year. Plenty Unlimited builds modular vertical farms and an intelligent platform that can grow multiple crops on a single system, claiming superior flavor and yields versus other indoor solutions. Its architecture uses vertical towers and automation to enable multi-crop production while using just 1% of the land required by traditional farming and improving yields 150–350 times per acre. Plenty emphasizes pesticide-free produce, reduced transportation times as farms are deployed closer to customers, and using its IP to help partners meet environmental goals. The company is expanding commercialization by selling multi-crop farms directly to partners and scaling deployments globally. Plenty has an operational footprint that includes headquarters in South San Francisco, a large plant science research facility in Laramie, Wyoming, and is building a high-output vertical farm in Compton, California. It has a strategic commercial agreement with Walmart to source leafy greens from its Compton farm for Walmart’s California stores in 2022. Plenty Unlimited builds and operates indoor vertical farms to grow fruits and vegetables, including berries and leafy greens. The company has struck commercial agreements to supply Albertsons and is working with Driscoll’s on berry cultivation. Plenty announced plans to build a new farm in Compton, California, to expand production. The company recently secured $140 million in new funding, bringing its total cash raised to $500 million. Plenty positions itself against competitors such as Bowery Farming and greenhouse growers like AppHarvest and Revol Greens. Its technology and retail partnerships are central to its growth strategy. Plenty builds field-scale indoor farms that combine plant science, cutting-edge LED lighting, micro-sensor technology, machine learning, IoT and big data to grow ultra-fresh fruits and vegetables. Its farms aim to deliver heirloom-quality, pesticide- and GMO-free produce while using one percent of the water and less than one percent of the land of conventional agriculture. The company emphasizes rapid local distribution, delivering produce to grocery shelves within hours of harvest. Plenty is scaling operations to build a global, hyper-yield farm network located near major population centers. The company says its technology can grow hyper-organic food with no pesticides or GMOs and is positioned to make locally-grown produce possible anywhere. Plenty is based in the San Francisco area and is building out its operations to serve communities around the world.

Participated · Series C · Nov 2021

Level Home builds invisible smart lock hardware (Level Lock, Level Lock – Touch Edition, and Level Bolt) and pairs that hardware with software to create a unified smart home experience. The company acquired and merged with Dwelo, a SaaS-based smart device management platform for multifamily properties, expanding Level’s addressable market to include multifamily, single-family, vacation rentals, and property-wide services. Dwelo has served nearly 100 ownership groups representing more than half a million units nationwide and recently acquired Vivint’s multifamily division, bringing operational-scale software and services to Level. Level emphasizes design, ease of installation, and reliability in its products and aims to deliver integrated hardware-plus-SaaS experiences for residents and property managers. The company plans continued product creation and platform development to expand value for residents and managers across property types. Financially, Level has raised a $100+ million Series C and has $171 million raised to date. Level Home's first product, the patented Level Lock, is a retrofit system that installs into an existing deadbolt and preserves the door's original look. The lock is ANSI GRADE 1/A, tested for durability, runs on a CR2 battery with an average life of about one year, and supports Apple HomeKit while retaining physical key access. The company offers self‑installation with a simple screwdriver or professional installation via partner HelloTech, and is taking preorders at $249 in the U.S., with plans for wider retail distribution at lower price points when generally available. Founders John Martin (CEO) and Ken Goto (CTO) lead a team of roughly 50 people with backgrounds at companies including Microsoft, Google and Apple, and say they have a pipeline of additional products. Financially, Level Home raised $71 million during its stealth period and has begun strategic go‑to‑market relationships that tie product sales to services and homebuilder channels.

Led · Equity · Jul 2021

Flipkart is a Bengaluru-headquartered e-commerce marketplace serving hundreds of millions of consumers in smaller cities and towns and owning fashion e-commerce startup Myntra. It leads the Indian e-commerce market with roughly 48% share, according to Bernstein. The company was valued at $36 billion in the new investment. Flipkart faces competition from Reliance Retail, Amazon, SoftBank-backed Meesho and a growing set of quick‑commerce apps. India’s e-commerce market is estimated to be worth $133 billion by next year. As part of the deal with Google, Flipkart will receive Google cloud offerings. Flipkart operates a broad e-commerce ecosystem in India that includes the fashion marketplace Myntra, a large logistics and supply-chain arm called Ekart, and the recently launched social-commerce offering Shopsy. The company says it has amassed over 350 million registered users across its services, and Ekart employs more than 100,000 people while delivering to over 90% of addressable pin-codes. Flipkart has signaled continued investment in new categories, made-in-India technology, and support for millions of small and medium Indian businesses, including kiranas. Management has described the latest fundraise as a step toward a public listing as soon as early next year. As part of the financing event, employees were given the option to sell stock options worth $80.5 million. The company faces close competition from Amazon and potential regulatory headwinds from India’s proposed tougher e-commerce rules. Flipkart is a leading Indian e-commerce marketplace offering a wide range of categories including electronics, fashion, general merchandise and grocery. The company said the fresh $1.2 billion equity infusion led by Walmart will help grow its marketplace and expand payment and delivery services. Flipkart reported its monthly active customers surged 45% year-over-year and those customers are making 30% more transactions; the platform recently surpassed 1.5 billion visits per month. Walmart acquired a majority stake in Flipkart two years ago and led the latest round, which values the company at $24.9 billion post-money. Flipkart said it aims to continue innovating and bring the next 200 million Indian shoppers online as the country’s internet market recovers from the COVID-19 crisis. The company is operating in a competitive environment as new players such as JioMart expand across India. Flipkart is India’s biggest online retailer, operating a broad e-commerce marketplace connecting millions of buyers and sellers. The company reported 54 million active customers and projected gross merchandise value of $7.5 billion for 2018. Flipkart currently operates at a loss as it prioritizes rapid growth. Walmart’s investment is intended to fuel expansion and improve logistics and purchasing power; the deal includes $2 billion of new equity earmarked for growth. Flipkart’s leadership has stated the company will remain a distinct brand while Walmart helps prepare it to become a publicly listed, majority‑owned subsidiary. Strategic partners named in the transaction include Tencent, Tiger Global, Microsoft and Accel, and co‑founder Binny Bansal remains an investor. Flipkart operates as a pioneer in Indian e-commerce, selling a wide range of consumer goods online. The company recently received a fresh capital injection as part of an extension to a $1.4 billion financing round announced in April. SoftBank’s $100 billion Vision Fund purchased a mix of primary and secondary shares as part of the extension, and the deal reportedly makes the Vision Fund one of Flipkart’s largest shareholders. Flipkart said the new injection leaves it with over $4 billion on its balance sheet, a war chest for competing with Amazon’s India unit. Prior participants in the April round included Microsoft, Tencent and eBay; SoftBank’s investment adds another prominent global backer. Public reports cited in coverage place the SoftBank deal around $2.5 billion, though the company and SoftBank declined to disclose the size.

Participated · Equity · Apr 2021

Cruise develops and operates fully autonomous robotaxis and has been relaunching limited, human-supervised fleets in Phoenix, Dallas and Houston to validate its technology. The company paused broad operations after a series of safety incidents, including an October pedestrian injury in San Francisco that led California regulators to suspend its permits. Cruise is operating smaller fleets with human safety drivers while seeking to rebuild public trust and regain regulatory approvals. General Motors announced an $850 million capital infusion to bridge funding as Cruise returns to testing and limited service. GM has cut Cruise spending in 2024 by “hundreds of millions” versus 2023, but company spokespeople say Cruise still needs additional funding to advance the technology. Per Crunchbase, Cruise has raised over $15 billion to date, and GM has spent and lost over $8 billion on Cruise since acquiring it in 2016 (including a $3.48 billion loss in 2023). Cruise operates a driverless robotaxi service, testing autonomous Chevy Bolt vehicles throughout San Francisco. The company has opened its driverless service to the public with free rides available via a public waitlist. Initial operations are limited to certain streets in Haight-Ashbury, the Richmond District, Chinatown, and Pacific Heights and run during night hours (11 pm–5 am) as part of a methodical rollout strategy. Cruise has nearly all permits required by the California DMV to test and deploy drivered and driverless vehicles, including one that allows it to carry the public, and it has applied to the California Public Utilities Commission to charge for rides but has not yet received that permit. The company has allowed employees to nominate members of the public for early rides and previously ran a friends-and-family program under NDA. Cruise recently received a $1.35 billion investment from SoftBank Vision Fund as it moves toward commercialization. Leadership shifted recently with CEO Dan Ammann's departure and co-founder Kyle Vogt now serving as interim CEO and CTO. Cruise is General Motors' self-driving subsidiary building purpose-built electric autonomous vehicles and a ridesharing service. It is developing the Cruise Origin — a shuttle-like, wheel- and pedal-free vehicle designed for highway speeds with a roomy interior and seats that face each other — in a multiyear collaboration with GM and investor Honda. Preproduction of the Origin has begun at GM's Factory ZERO (the renovated Detroit‑Hamtramck plant), and the first 100 preproduction Origins will be assembled over the summer and tested at GM's Milford proving grounds. Commercial production of the Origin is expected to begin in 2023, and hundreds of purpose-built Origins will be purchased as they roll off the assembly line. Cruise tapped a $5 billion line of credit from GM Financial to pay for the vehicles, a financing move that CEO Dan Ammann said pushes Cruise’s total war chest to more than $10 billion as it prepares for commercialization. GM has invested heavily in Factory ZERO — $2.2 billion into the plant plus an additional $800 million in supplier tooling and related projects — and the plant is expected to create more than 2,200 jobs when fully operational. Cruise develops autonomous robotaxis and has run delivery experiments, positioning itself around commercial-scale autonomous mobility and last-mile delivery. The company aims to deploy robotaxis in San Francisco and Dubai and has run pilots using autonomous, electric Chevy Bolt vehicles. In pilots the vehicles have operated autonomously while a human safety operator remained behind the wheel. Cruise partnered with DoorDash in a 2019 delivery pilot and worked with food banks during the COVID-19 pandemic; it also began a Walmart grocery delivery pilot in Scottsdale, Arizona. The company is a GM subsidiary and is backed by investors including Honda, SoftBank Vision Fund and funds managed by T. Rowe Price. Cruise recently completed a large equity fundraising extension and reports a post-money valuation of more than $30 billion. Cruise develops all-electric, self-driving vehicles and is building a ride-hailing service it has not yet launched. The company is moving toward commercialization and recently tapped a former Delta executive as COO. Operating fleets of autonomous vehicles generates a massive amount of data, making cloud and edge computing central to Cruise’s operations. Cruise announced a long-term strategic partnership with Microsoft to use Azure to support its yet-to-be-launched ride-hailing service; the partnership also names Microsoft GM’s preferred public cloud provider. The deal is intended to secure lower cloud pricing for Cruise while giving Microsoft the opportunity to test systems for machine learning and robotics workloads. Cruise raised $2 billion in an equity round that pushed its valuation to $30 billion, with Microsoft, GM, Honda and other institutional investors participating.

Led · Equity · Dec 2020

PhonePe operates one of India’s largest digital payments apps, processing roughly 8.9 billion UPI transactions in September 2025—about 45-46 % of overall UPI volume. The company is broadening its suite beyond payments, building businesses in unsecured lending, insurance distribution, and stock-broking. For FY25 it generated operating revenue of ₹7,114.8 crore, a year-on-year increase of about 40 %, while narrowing consolidated net losses to ₹1,727.4 crore. Excluding ESOP charges, profitability has improved materially, and the firm ended FY25 with an estimated ₹6,000 crore in cash. Management is preparing for a domestic IPO targeted for early next year. Regulatory proposals to cap any single UPI app’s market share at 30 % and the challenges of scaling newer financial-services verticals remain key risks.