Led · Series B · Feb 2025

Comulate builds software that helps insurance companies manage billing and revenue operations. Its core product automates billing workflows, reduces manual processes, and applies machine learning and AI tooling for analytics and speed. The startup says it has saved customers roughly 260,000 hours of work. Customers named in the article include brokers such as the Baldwin Group, IMA Financial, Risk Strategies, and The Hilb Group. In 2024 the company tripled revenues and said those revenues are in the tens of millions, and inbound demand from large firms led it to skip a Series A and go straight to a Series B. Comulate plans to use new funding to expand its tech stack to cover more functions and to scale operations.

Participated · Series B · Jan 2025

Buk provides a people-management platform that automates administrative HR tasks, enhances employee development, and facilitates access to benefits such as insurance, food vouchers and financial services. The company currently operates in Chile, Colombia, Peru, Mexico and Brazil and serves more than 1.5 million users across 7,000 companies. Buk intends to use the new funds to launch operations in Brazil, double marketing and sales efforts in Mexico, strengthen its benefits ecosystem, and continue investing in R&D. The platform emphasizes generating end-user value through expanded benefits and financial services. Following the round the company is valued at approximately $850M, indicating significant investor confidence as it scales across Latin America. Buk builds a cloud-based people management platform that covers payroll, professional development, company climate surveys, performance evaluations, ATS, and time & attendance. The company positions itself on a mission of “building happier workplaces” and serves nearly 4,000 clients across the region. Founded in 2017 by Jaime Arrieta, Santiago Lira, Teresita Morán, Felipe Sateler and Ricardo Sateler, Buk is present in Chile, Peru, Colombia and Mexico. Buk reported record sales growth of 2.5x during 2022. The company plans to use new funding to accelerate growth in Mexico, enter Brazil, increase market participation in Chile, Peru and Colombia, continue product development, and hire talent. Headquarters are in Santiago de Chile. Buk builds a cloud-based human resources management platform that manages HR end-to-end — from payroll to professional development — and includes climate surveys, performance evaluations, recruitment modules and attendance monitoring. The platform powers payroll for over 400,000 employees and serves more than 4,000 clients across industries in Latin America. Buk hosts its infrastructure on AWS, performs daily backups, and says it uses a "friendly" programming language to accelerate feature development. The company was bootstrapped for its first five years, has grown largely on revenue, reported a 151% ARR increase in September year-over-year, and had more than 300 employees (50% women). Buk launched Buk Starter, a free digital remuneration tool used by 4,000 SMEs, and recently acquired CTRL in Chile. It plans to use new capital to accelerate growth in Mexico, consolidate market positions in Colombia and Peru, invest in technology and product development, and pursue regional acquisitions.

Participated · Series B · Jun 2024

TechWolf has developed an AI engine that connects to internal systems (project trackers, documentation, research repositories) to infer employees’ skills from their digital work traces and present that data to managers and internal recruiters. The product is positioned to help organizations identify internal talent, connect people to projects, and guide training decisions rather than sourcing external hires. TechWolf counts customers such as GSK, HSBC and Booking.com. The founders—Andreas De Neve, Jeroen Van Hautte and Mikaël Wornoo—started the company in 2018 while at the University of Ghent and Cambridge and are based in Ghent, Belgium. The team initially aimed to build an external recruiting HR platform and its own language model but pivoted after customers asked them to apply the technology to internal employees instead. The company says it is focused on solving the skills problem and is deliberately not expanding into broader enterprise search or BI products right now. TechWolf is a Belgian AI-driven skills intelligence startup providing an HR tech platform that enables large companies to become skills-based organizations. Founded in 2018 and based in Ghent, the company uses AI to deliver an instant, up-to-date and unbiased view of workforce skills. Its platform acts as a connective layer between platforms, databases, and tools in the skills ecosystem. Clients include bp, GE Healthcare, and other global Fortune 500 companies. TechWolf plans to use the €10.0M Series A to execute its go-to-market strategy, ramp up international expansion, and continue investing heavily in R&D. The company closed the €10.0M Series A in May 2022, led by Stride.VC with participation from Fortino Capital, Acadian Ventures, PMV, and Syndicate One.

Participated · Series B · Sep 2022

Flatfile builds a platform that automatically learns how imported data should be structured and cleaned to streamline data onboarding. Its AI is trained on over 25 billion "data decisions" to map and resolve schemas for files such as spreadsheets and CSVs, prompting users when anomalies require a human decision. The company offers an out-of-the-box import workflow and recently released an SDK so developers can build on Flatfile components to customize import, match, merge and export functions. Customers include ClickUp, Square, AstraZeneca, Spotify, thousands of developers, 500 companies and several government organizations. Flatfile has about 75 employees, annual recurring revenue over $5 million, and said the ARR is projected to more than double over the next 12 months. Management says the company has four years of runway after raising opportunistically and will use the new capital to expand and support its fastest-growing segment: global enterprise customers. Flatfile provides AI-assisted data onboarding software that automates ingestion, normalization, and validation of third-party data for enterprise applications. Its products, Portal and Concierge, automatically learn how imported data should be structured and cleaned so customers spend time using data instead of fixing it. Flatfile has grown to more than 300 customers and has transformed over 700 million rows of data for companies including Toast, HubSpot, ClickUp, and Blackbaud. The company plans to use new funding to accelerate product development and significantly boost hiring as it expands its all-remote workforce. Founders David Boskovic and Eric Crane emphasize sourcing talent globally and offering remote-friendly perks such as a designer home office and a rent stipend. Financially, Flatfile has raised nearly $45 million in total funding, with $42.6 million raised in the last year, including the recent $35 million Series A. Flatfile provides a platform that automates the process of getting customer data into new software products, reducing what can be days or weeks of manual work to minutes in many cases. The company released a product called Concierge to handle more complex data-integration scenarios and customer collaboration during onboarding. Flatfile’s system flags issues it cannot resolve automatically and presents them to users for quick fixes. The startup launched in 2018 and has grown to 160 customers with roughly 300 organizations on a waiting list, achieving 5x customer growth since the start of the year. The company operates as a distributed workforce (founders are in Denver and Atlanta) and currently has 14 employees with plans to hire at least 10 more roles in sales, marketing, and product. Flatfile reports strong demand and a spike in interest amid the pandemic as customers seek to reduce manual labor and in-person touch points during onboarding. Flatfile provides a JavaScript API that ingests CSV, XLS, and clipboard data and maps it into product-ready formats, automatically matching about 95% of imported columns using machine learning and fuzzy matching. The snippet is designed to be fast and easy to deploy, with most customers installing in less than a day of engineering effort, and it processes data client-side for security so Flatfile cannot access customer data. The product is industry-agnostic and interactive: it flags anomalous or poorly formatted fields, lets users correct them, and leverages those corrections to improve its models. Planned product expansions include adding server-side encrypted processing to handle unique file structures and types, data healing capabilities, and a longer-term goal of reducing imports to a one-click operation. Flatfile was founded in 2018 and the team went full-time in January 2019 during the product's soft launch. At the time of the article the company had more than 30 customers and had spent only a few hundred dollars on advertising.

Participated · Series D · Oct 2017

Duo Security builds identity and device security products with a flagship two-factor authentication app and additional tools to secure users and their devices. The company says it works with more than 10,000 companies and has more than doubled its annual recurring revenue for the past four years. Founded in 2010 in Ann Arbor, Michigan, Duo now employs more than 500 people and has offices in Austin, San Mateo, and London. Duo positions itself as focused on making security easy for organizations at scale and expanding the reach of its products. The company plans to use new investment to accelerate technical innovation, expand operations, and secure new partnerships. Leadership emphasizes remaining based in Ann Arbor and continuing to hire from and invest in the regional talent pool. Duo Security is an Ann Arbor, Michigan–based provider of cloud-based access security solutions that protect users, data and applications from breaches, credential theft and account takeover. Led by CEO Dug Song, the company offers Duo Platform, which extends its patented technology to secure access for any user to any application from any device, including personal smartphones. The platform allows IT teams to define policies for access, automate enforcement of controls based on risk, gain visibility into access-related security threats and assess the security profile of end-user devices. Duo is already used by customers including Zillow, Etsy, NASA, Facebook, Paramount Pictures, Random House, Toyota, Twitter, Yelp and TripAdvisor. Financially, the company has now raised approximately $48m in total and recently closed a $30m Series C round. It intends to use the funds to accelerate investment in engineering and international expansion. Duo Security builds two-factor authentication technology designed to be highly secure yet easy for users, anchored by its Duo Push one-tap mobile approval. The product also supports hardware tokens and SMS passcodes and integrates with enterprise cloud apps like Salesforce, Microsoft Office, Google Apps, and Box, plus VPNs and developer integrations via APIs and a web SDK. The company serves more than 5,000 enterprise customers and has fewer than 100 employees. It recently raised $12 million in Series B financing from Benchmark to bolster growth. With the new cash, Duo plans to ramp up sales and expand its engineering team. Headquartered in Ann Arbor, Mich., with a couple of remote offices on the coasts, Duo targets enterprises shifting to cloud services and BYOD models. Duo Security builds two-factor authentication for companies to protect employee phones, offering mobile apps for iOS, Android, BlackBerry and other platforms. Its service replaces hardware tokens by allowing users to generate secure passcodes via mobile apps and provides a second authentication step after primary login. The product emphasizes usability for both IT deployment and employees, and it integrates with company servers and infrastructure. In two years the company has added over 500 customers with users across 80 countries, including Tumblr, University of Michigan, Central Ohio Primary Care, and Toyota. Duo plans to use new funding to expand its team, conduct mobile security research, and develop its authentication platform. Financially, the company has raised $5 million in the new round, bringing total funding to $6 million.