Funding infusion will accelerate Onspring’s product development and hiring plans for the continued delivery of exceptional software performance and ROI for customers

OVERLAND PARK, Kan., May 9, 2023 — Onspring, the automated SaaS GRC software platform that delivers no-code connection across an enterprise, has raised strategic capital from Capital IP. The funding will drive continued investment in platform improvements around AI, integrations, and user experience, in addition to new product development that will accelerate market share growth in the GRC category. Onspring is a founder-owned and led company that originated in 2013 and has consistently outperformed the SaaS Rule of 40.  This news comes as Onspring announces hiring for additional engineering, sales development, and customer success team members to further build out its product suite and customer experience.

Onspring has maintained consistent revenue growth and world-class customer retention since its inception and recently expanded into the federal market with its FedRAMP In Process designation. Quarterly software releases of platform enhancements and new functionality contribute to Onspring’s continuous ranking as a top GRC software for information security, risk management, compliance, and internal audit teams. Three new products released in the past year – POA&Ms, ESG, and Regulatory Change Management – deliver solutions that serve market demand and provide necessary connective tissue to manage comprehensive governance, risk, and compliance programs.

As organizations move to consolidate technology and shift preference to self-administering cloud-based software, Onspring is positioned for a tremendous growth trajectory. “Our focus on consistent and responsible growth has fueled our financial strength and ability to deliver ROI for customers,” says Chris Pantaenius, Onspring co-founder. “Our plans to dramatically accelerate Onspring’s growth are now in place, creating opportunities for us to take bigger bets on product development to revolutionize the GRC market,” stated Chad Kreimendahl, Onspring co-founder.

“Onspring’s history of consistent profitable growth and efficient unit economics in an attractive and growing market was a compelling investment thesis and drove our decision to partner with Chris, Chad, and team,” says Capital IP’s Managing Partner Riyad Shahjahan. “At Capital IP, we seek to partner with companies with disruptive technologies and strong market presence.  Our capital will help advance the pace of innovation at Onspring and further enhance the incredible customer value being delivered.”

Onspring was advised by Momentum Cybersecurity Group, LLC.

About Onspring

Onspring is a no-code, cloud-based GRC software that automates critical risk and compliance activities, including mapping policies to controls, findings, regulations, and governance frameworks, triggering workflows for remediation activities and visualizing real-time data for accurate reporting and faster, better decision-making. Onspring ranks as the #1 GRC software in the InfoTech Research Group quadrant, maintains 5-star customer reviews on G2 Crowd and Capterra, is a multi-year Trust Award finalist in Business Continuity & Disaster Recovery, and is consistently recognized as one of the Best Places to Work in Kansas City. To learn more about Onspring software and its GRC products, visit Onspring’s website.

About Capital IP Investment Partners
Capital IP Investment Partners (“Capital IP” or “CapIP”) is a minority co-founded specialty credit firm focused exclusively on investments in technology and technology-enabled businesses. Our collaborative approach to investing, combined with our technology-industry expertise, allows Capital IP to assess the intrinsic value of growing technology businesses and to offer a range of novel, creative financing solutions. The Capital IP team has a long, proven history of providing flexible structured credit to companies in the technology sector, and continues to lead the industry in financial innovation. The principals of CapIP have historically invested over $1.3 billion in innovative, emerging companies. For more information on Capital IP Investment Partners, please visit: www.capitalip.com.

SOURCE Onspring

LONDON, May 9, 2023 — Ascend Gene & Cell Therapies (Ascend), a specialist company innovating manufacturing processes to improve quality, potency, safety and cost enabling better reach for gene therapy technologies, announces today that it has launched as a facilitator for gene therapy companies to help translate product ideas into viable clinical programs.

Ascend offers process development, clinical manufacturing, and analytical and regulatory support for biotech companies working in advanced modalities requiring flexible CMC services.

Originally founded by Monograph Capital, Ascend has raised a total of $132.5M, most recently completing a Series A fundraise led by Abingworth and Petrichor, supported by DCVC Bio, 4BIO Capital, Cathay Health, Deerfield Management, Digitalis Ventures and Ajinomoto Co., Inc.

This fundraising has enabled the acquisition of CMC capabilities and technologies from Freeline Therapeutics and provides operational runway to build the business.

Initially focused on high-quality Adeno-associated virus (AAV) vectors, Ascend brings together a team of approximately 120 cross-functional experts who have already developed processes for a number of AAV products currently under clinical development.

Operating from an evolving technology base which uses a split two-plasmid transfection system for AAV manufacture and broad suite of assays, Ascend has an established global footprint created by acquiring and merging experienced teams across three countries and two continents.

Ascend’s operations are headquartered in the UK with GMP production in Potters Bar, North London, platform technology research in the San Francisco Bay Area, USA, and a specialist process development and analytics team in Munich, Germany.

The company is led by an experienced leadership team, headed by former Chief Operating Officer at Cognate Bioservices (now part of Charles River), Chief Executive Officer Mike Stella who brings 30 years of manufacturing expertise. Ascend’s team also includes Chief Financial Officer Wes McConnell who joined from Bavarian Nordic with 20 years in the life science and viral vector-based manufacturing field, Chief Scientific Officer Markus Hörer who began his career in AAV over 30 years ago and brings significant expertise in developing AAV products as well as other viral vector-based therapeutics, and Chief Operating Officer Arjan Roozen who has built and operated a number of ATMP facilities across multiple geographies.

Mike Stella, Chief Executive Officer of Ascend, said: “Ascend is a service provider for biotechnology companies, created by bringing together expert teams with regulatory sophistication who have ‘been-there-done-that’ and who understand that the quality and potency of product is just as important as yield.”

“We believe that creating a therapy that changes lives means improving on what’s come before. We are excited to bring a new approach to the space and thank all our investors for their support. We will continue to refine and flex our model, staying adaptable to meet the needs of the market.”

Lead investor Bali Muralidhar, Chief Investment Officer, Abingworth added: “Ascend brings an extremely compelling proposition to the gene and cell therapy space and is already working with biotechnology clients who appreciate the team’s analytical expertise, enabling the development of high-quality, high-potency vectors to make safe and efficacious therapies, as well as the adaptability and holistic service.”

“We are thrilled to be supporting the UK-based company’s next phase of growth, which among other things will focus on building the US manufacturing footprint, adding capabilities and expanding into complementary modalities.”

Co-lead investor Michael Beecham, Partner, Petrichor, commented: “The team at Ascend represents world-leading expertise across AAV development and manufacturing, bringing the science-first perspective of leading their own programs and solving complex challenges to clients across cell and gene therapies. We are excited to support Ascend in its global expansion and future growth.”

Founding investor, Tim Funnell at Monograph Capital, said: “AAV manufacturing is complex and needs teams that show real expertise and ownership. This led many advanced modality biotech developers to build their own internal CMC capabilities. However, these companies are now finding it difficult to sustain and fully utilise their facilities.”

“Ascend is realigning this market by carving out CMC units from biotech product developers and offering their capabilities as a service to the originator alongside new clients. This is a more efficient structure that consolidates best-of-breed manufacturing methods and will support the next generation of companies who are looking for external CMC partners.”

Bali Muralidhar and Andrew Sinclair of Abingworth, Michael Beecham of Petrichor, Eric Shiozaki of DCVC Bio and Andrew Kozlov of 4BIO Capital will join Ascend’s Board of Directors. Jia-Yi Har of Cathay Health joins as a Board Observer.

Ascend will be attending The American Society of Gene & Cell Therapy (ASGCT) 26th Annual Meeting in Los Angeles, CA, USA, May 16-20, 2023, presenting nine posters exemplifying its capabilities from AAV vector design to manufacturing platform process and integrated analytics platform.

Visit www.ascend-gctx.com to find out more.

For media inquiries, please contact:

Rachael Heath, Senior PR Manager: [email protected]

About Ascend

At Ascend we aim high. We support our partners to cure the previously incurable by creating the most effective, highest-quality AAV gene therapies possible. But to achieve that, we must be capable of constantly refining and flexing our approach. Operating an efficient, streamlined model, we provide more than just a service. We’re a team of highly skilled individuals who each share a hunger to use their knowledge and experience to help our clients succeed – whether that’s by innovating new techniques, solving unexpected problems, or offering some honest advice. The result? Consistently high quality and low risk for our clients.

SOURCE Ascend

VICTORIA, BC, May 8, 2023 – Vitamin-One Formulas Ltd (dba VitaminLab), a leader in truly personalized supplements designed to meet individual health needs, today announced that it has closed a Series A investment round co-led by Nimbus Synergies and DSM Venturing. The proceeds of the financing will be used to expand VitaminLab’s facilities and state-of-the-art automation lines as well as scale its go-to-market activities across North America.

“VitaminLab’s disruptive approach is revolutionizing the personalized nutrition industry and we are thrilled to continue supporting its positive impact on consumer health,” said Paul Geyer, CEO of Nimbus Synergies. “We are also excited to have DSM Venturing’s support on this journey, sharing their knowledge and experience. VitaminLab has been extremely capital efficient to-date and we know these additional funds and resources will fuel even faster growth, making personalized supplementation accessible to more people.”

VitaminLab’s innovative, evidence-based, approach considers multiple data points of an individual including health history, blood test results, and DNA . The personalized supplement is created using a proprietary process and machinery and formulated from a comprehensive nutrient list of more than 200 high-quality ingredients. VitaminLab has been growing rapidly through direct-to-consumer e-commerce, integrated healthcare practitioners and integrations with leading health testing companies.

“Our mission is to redefine the status quo and unlock better health outcomes by transforming how we take vitamins through tailored and truly unique formulas,” says Anton Solonnikov, CEO of VitaminLab. “This financing allows us to extend our leadership position by further investing in our technology and expanding our sales and marketing into the practitioner market and new areas of growth.”

As part of the investment, Greg McParland, Investment Director of DSM Venturing, will join the Board along with Laura Cassin, Investment Associate of Nimbus Synergies, who has been on the Board since November 2022.

ABOUT VITAMINLAB
VitaminLab creates truly personalized supplementation for individuals, patients and practitioners. It proudly formulates, tests and produces at its NSF-certified facility in downtown Victoria, BC, Canada.  With innovations in engineering and robotics, VitaminLab has built a smart factory from the ground up to scale true personalization.

ABOUT NIMBUS SYNERGIES
Nimbus Synergies leads early-stage financings in innovative and complementary health technology companies in Canada. By bringing these companies together to share resources, industry specific knowledge, and relationships, Nimbus is accelerating their growth and increasing their likelihood of success. Nimbus is significantly impacting the health technology sector through its leadership as investor, partner and mentor.

ABOUT DSM VENTURING
DSM Venturing is the corporate venture arm of Royal DSM – a global, purpose-led, science-based company active in Nutrition, Health and Sustainable Living. DSM addresses with its products and solutions some of the world’s biggest challenges while simultaneously creating economic, environmental and societal value for all its stakeholders. DSM and its associated companies deliver annual net sales of about €10 billion and is listed on Euronext Amsterdam.

Related links: http://getvitaminlab.com/

SOURCE VitaminLab

Related Links

http://getvitaminlab.com/

New Kids’ Nutrition Brand On A Mission To Create Higher Standards For How The U.S. Makes And Markets Healthier Food And Beverages For Kids

WASHINGTON, May 8, 2023 — Juggernaut Capital Partners, a leading middle market private equity investor in the consumer and healthcare sectors, is pleased to announce it has invested in PLEZi Nutrition, a new mission-driven kids’ nutrition brand.  Former First Lady Michelle Obama is a Co-Founder and Strategic Partner with PLEZi Nutrition, working behind the scenes to guide the company’s mission to be a driver of change and a model for how food and beverage brands can support the health of our next generation.

“The Former First Lady and I have been friends for 15 years, and I am thrilled that we can work together to bring great-tasting, next-generation nutritional products to our kids,” said John Shulman, Founder and Managing Partner of Juggernaut.  “PLEZi Nutrition is committed to continuous innovation, and beyond our initial beverage launch, we plan to bring additional products to market.”

PLEZi Nutrition was founded to give parents a helping hand by offering great-tasting products that provide the nutrients kids need and help to replace sugary drinks and snacks.  PLEZi Nutrition’s first product is a kids’ drink called PLEZi, with 75% less sugar than the leading 100% fruit juices, no added sugar, plus fiber and nutrients like potassium, magnesium, and zinc.  Importantly, while PLEZi is lowering sugar, it is also lowering sweetness so that kids grow up with less reliance on sugar.

In addition to its product innovation, PLEZi Nutrition will be an educational platform, using resources to engage families about what’s best for kids’ health, like drinking water and eating whole fruits and vegetables.  Giving back is another key component of PLEZi Nutrition’s efforts to make a meaningful impact on kids’ health.  Mrs. Obama announced an initial donation of $1 million to FoodCorps’ Nourishing Futures initiative, which is working to ensure all 50 million students across the country have access to nutrition education and free school meals by 2030.  Going forward, PLEZi Nutrition will be investing 10% of profits right back into the broader movement to promote kids’ health.

About PLEZi Nutrition 
PLEZi Nutrition, a public benefit company, is a new kids’ brand created to bring higher standards to how we make and market food and beverages for our kids. We are the motivated voices of parents everywhere looking for more practical, healthier options. Our first product is a kids’ drink called PLEZi with no added sugar and 75% less sugar than average leading 100% fruit juices. PLEZi also contains fiber and nutrients to support kids’ growing bodies. PLEZi the product, the platform, and the philanthropic efforts are here to help raise a healthier generation of kids and have some fun along the way. PLEZi Nutrition is part of Juggernaut Capital’s portfolio of companies.  For more information, visit www.plezi.com.

About Juggernaut Capital Partners
Juggernaut Capital Partners is a leading private equity firm focusing on lower middle market companies, primarily in the consumer and healthcare sectors.  Juggernaut has a family of funds representing over $1 billion of capital commitments.  For more information on Juggernaut Capital Partners, please visit www.juggernautcap.com.

Press Contact:
Sara Shockley, Juggernaut Capital Partners
[email protected]

SOURCE Juggernaut Capital Partners

NEW YORK, May 8, 2023 — Webb Protocol, the leading privacy system for cross-blockchain asset transfers, has raised $7 million USD in a seed funding round co-led by Polychain and Lemniscap, with participation from Zeeprime, CMS Holdings among others.

The funding will go towards growing Webb’s staff base, accelerating the development of innovative privacy tools and protocols – including Zero-Knowledge and Multi-Party Computation (MPC) solutions – while creating the most privacy-centric and streamlined user experience possible.

Considering the frequency with which assets are transferred across various chains, the risk of data privacy being undermined through different attack vectors is substantial. Webb is spearheading a new privacy standard on cross-chain applications through its private bridge protocol – an interoperable privacy network for cryptocurrency assets and data. With offices in New York, Tel Aviv, Cairo and Miami, Webb has already established a strong global footprint, as it gears up for an extended phase of international growth.

The Webb protocol is an interoperable zero-knowledge proof based system for privately moving assets between blockchains. Webb plans to extend this capability into a cross-chain messaging system with zero-knowledge-based property testing for data stored in the system. The company is tackling the privacy pain point for emerging protocols by building a cross-chain interoperable privacy network for cryptoassets that enables shared anonymity pooling for assets on any WASM compatible chain – serving users across the entire blockchain ecosystem.

Drew Stone, Founder and CEO of Webb Protocol, said: “At Webb, we want to maximize the multi-chain ecosystem experience while upholding the highest standards of privacy. Our blockchain infrastructure and privacy protocols are designed to work seamlessly across different chains and applications. I’d like to sincerely thank our investors for supporting our vision to spearhead a best-in-class decentralised anonymity protocol for Web3 assets, with a view to scaling privacy for everyone in the crypto space.”

Roderik van der Graaf, Founder of Lemniscap, said: “Given the proliferation of new emerging blockchain protocols that are rapidly gaining traction, the importance of cross-chain privacy has never been more pronounced. With exceptional technical know-how and strategic acumen, the Webb team has all the tools to create the most decentralised privacy system across the Web3 landscape, and we’re delighted to support them in this mission.”

Niraj Pant, General Partner, Polychain, said: “Webb continues to drive innovation in privacy and distributed governance. Zero-Knowledge and Multi-Party Computation have the potential to significantly transform the way users interact with cryptocurrencies and decentralized applications. We’re excited to be part of their journey in shaping the future of digital privacy.”

About Webb

Webb is on a mission to scale privacy for everyone, covering all assets, data, and locations – spearheading a new privacy standard on cross-chain applications through its private bridge protocol. By building interoperable privacy protocols and blockchain infrastructure, the company aims to serve users across the entire blockchain ecosystem. For more information visit: https://webb.tools/

About Lemniscap

Lemniscap is an investment firm specializing in investments in emerging crypto assets and blockchain startups. Since its founding in 2017, Lemniscap has funded multiple investments in the crypto blockchain space, on the core belief that blockchain technology will upend traditional business models, resulting in profound changes in the world economy. The Lemniscap team consists of talented people with backgrounds in financial markets, PE/VC, technology and entrepreneurship. For more information, visit https://lemniscap.com/.

Photo – https://mma.prnewswire.com/media/2070785/Webb.jpg

SOURCE Webb Protocol

NEW YORK, May 8, 2023 — Cloudburst Technologies, a leading provider of cyber threat intelligence solutions aimed at digital currency/cryptocurrency fraud, announced today the closing of a $3 million seed investment round. The investment was led by Strategic Cyber Ventures (SCV) joined by Coinbase Ventures and Bloccelerate.

Cloudburst Technologies provides realtime monitoring solutions and cyber threat intelligence tools to help track fraud in the cryptocurrency market live as it happens — and the actors responsible for it. Cloudburst offers solutions that serve customers in the public sector, the web3 ecosystem, and in traditional finance. With Cloudburst’s unique and powerful set of tools, investigators track and identify threat actors responsible for cryptofraud in a way that doesn’t depend on anonymous wallet addresses.

“We are thrilled to have the support of SCV, Coinbase Ventures, Bloccelerate, and our other strategic investors as we continue to develop cyberintelligence solutions for digital currencies,” said Evan Kohlmann, CEO and Founder of Cloudburst Technologies. “This investment is a testament to the hard work and dedication of our team, and we look forward to building on this momentum to buttress the security and stability of the cryptocurrency market by establishing new standards for cyberintelligence in the space.”

Kohlmann, who previously co-founded Flashpoint, expressed his gratitude for the opportunity to venture into the cyberintelligence market once again, with a new direction and innovative approach. “We are excited for the opportunity to unleash the lengthy expertise of our team in the direction of a new cyberintelligence frontline–and I believe that the progress we have made already speaks for itself,” he said. “We hope to fundamentally change the nature of how the industry defends against digital currency fraud.” Kohlmann also expressed his pride in representing the New York City tech community, which continues to lead the way in innovation for big data and fintech.

“We are excited to partner with Cloudburst Technologies and support their mission to provide innovative cryptofraud intelligence solutions that improve the stability of the digital currency ecosystem,” said Hank Thomas, CEO and Founder of Strategic Cyber Ventures. “We believe that Cloudburst’s approach will be a primary tool for securing the cryptocurrency environment, eliminating scams, allowing for further professionalization of the industry.”

For more information about Cloudburst Technologies and its solutions, please visit: www.burst.cloud.

Contact:
Evan Kohlmann
CEO, Cloudburst Technologies
[email protected]

About Cloudburst Technologies

We understand the challenges in the volatile world of cryptocurrency trading, where malicious actors use tactics like price pumping, wash trading, and spoofing to cause losses of millions of dollars. Our regulatory solutions, including the Cloudburst API, help clients anticipate and defend against market manipulation. Investors, exchanges, and even regulatory agencies are flying blind — and are often on the losing end of these murky transactions. Cloudburst helps you understand, anticipate, and defend against adverse market manipulation events with our suite of regulatory solutions.

About Strategic Cyber Ventures

SCV is a Washington D.C. based venture capital firm that invests in rapidly growing cybersecurity, privacy, and resilient technology focused companies. The SCV team brings an expert, more modern venture capital experience to startup founders and the broader investment ecosystem. Their unique emphasis on innovation in the security space helps bridge the gap between emerging commercial technology and corporate and national security challenges.

SOURCE Cloudburst Technologies

Investment will accelerate technology development and network expansion to reduce plastic waste

SAN JOSE, Calif., May 8, 2023 — Olyns, a leader in innovative recycling technologies, today announced its Series A financing of $4 million, led by Vanedge Capital. The funding will accelerate Olyns’ development of AI-driven technology and expand its dual recycling and media network.

With its eye-catching container collection Cubes, Olyns innovates at the nexus of retail media and recycling. Rethinking the technology and business model for recycling, Olyns’ Cubes use sophisticated AI techniques and algorithms that can identify any container. The Cubes also introduce a new revenue paradigm for recycling by doubling as retail media displays and providing data-driven insights into consumer recycling behavior and brand-specific recycling rates. 

Olyns’ advertising-driven business model delivers value to site hosts, brands, and people. Retail partners gain foot traffic, a share of revenue from ad sales, and a turnkey recycling solution; brand advertisers reach consumers in-store and enhance their sustainability credentials; and customers gain access to convenient recycling, bottle deposit redemptions (in “bottle bill” states), and valuable rewards.

“Olyns set out to address the challenges surrounding plastic waste by rethinking the consumer recycling ecosystem,” said Philip Stanger, Co-Founder and CEO of Olyns. “Momentum is growing, and this funding will help us expand and grow our network, which is proven to be both profitable and scalable. The investment will accelerate the development of our technology and build out our network of Cubes, bringing us closer to changing the perception of recycling and improving recycling rates in the United States and around the globe.”

“Innovating the consumer approach to plastic waste is an essential step in the shift to a circular economy. The Olyns platform is a proven, effective, and profitable model that shifts the consumer recycling paradigm,” said Paul Lee, Managing Partner at Vanedge Capital. “We are excited to support their talented founding team, who came out of Apple, on their mission to build a business that can make a meaningful difference and impact.”

Olyns currently partners with The Coca-Cola Company, PepsiCo, and Mars Wrigley and is expanding its network of recycling Cubes in California, Georgia, and other US states.

“More than 140 million tons of plastic from packaging become waste every year, accounting for over 45% of all plastic waste generated in the world,” said Stanger. “Consumer goods companies have been searching for ways to reduce their impact and build a sustainable, circular model for their products. Olyns will help make that a reality.”

About Olyns

Olyns innovates at the nexus of retail media and recycling. Its dual-purpose Cubes, located at the entrance of popular retailers, provide convenient beverage container recycling to consumers and impactful advertising to brands. Olyns’ unique business model, which funds recycling through advertising, delivers value to retailers, brands, and people. Each RVM Cube holds more than 2200 containers and is capable of redirecting tons of recyclable material each year. By increasing container recycling, reducing plastic pollution, and increasing the supply of best quality recycled plastic, Olyns furthers its mission: accelerating the shift to a circular economy.

About Vanedge Capital

Vanedge Capital is a Vancouver based venture fund investing in early-stage companies building foundational new technologies that have potential to meaningfully improve the world, focusing on next generation analytics, computational biology, and disruptive hardtech platforms. The team of professionals at Vanedge leverage their strong network connections and significant operating expertise to accelerate the growth of these game-changing companies.

Press Contact:

Hannah Moloshok

[email protected]

SOURCE Olyns

WASHINGTON, May 8, 2023 — MPOWER Financing, a mission-driven fintech firm and a leading provider of non-cosigned loans to promising students from around the world, announced that it recently closed a $150 million revolving asset-backed warehouse facility with Goldman Sachs.

“We are thrilled that Goldman Sachs is supporting the MPOWER team as we contribute to the important mission of making higher education and socioeconomic mobility accessible to the millions of international and DACA students studying in North America,” said Manu Smadja, CEO and Co-founder of MPOWER Financing. “91% of our students say that an MPOWER loan is instrumental to their ability to study abroad, so this funding will enable us to further democratize access to higher education.”

The funding will be used to expand MPOWER’s rapidly growing portfolio of student loans issued to international and DACA students attending one of 400+ leading colleges and universities across the U.S. and Canada. In 2022, both the U.S. and Canada reached record levels of enrollment for new international students.

“Goldman Sachs has an established track record of raising and providing capital to innovative fintechs and we believe MPOWER’s growth trajectory, portfolio performance and global ecosystem supporting students around the world aligns with previous relationships in the sector,” said Christopher Zaki, head of capital markets at MPOWER Financing.

This financing facility accompanies another financing facility which MPOWER closed with Deutsche Bank AG, New York Branch in 2022. Additionally, in 2021 the company raised $100 million in equity capital from a consortium of investors, including Tilden Park Capital Management and King Street Capital Management.

About MPOWER Financing 
MPOWER Financing, headquartered in Washington, D.C., and with employees worldwide, is a mission-driven fintech company and the leading provider of global education loans. Its proprietary algorithm analyzes overseas and domestic credit data as well as future earning potential to serve promising international and DACA students. MPOWER works with over 400 top universities across the U.S. and Canada to provide financing to students from over 200 countries. The MPOWER team consists of former international students and provides students with personal financial education and career support to prepare them for life after school.

MPOWER is a Certified Great Place To Work, one of the best fintechs to work for, and the best tech workplace for diversity. The company is hiring for various positions worldwide.

Media Contact
Mo Shafroth 
Peaks Strategies 
(720) 470-3653 
[email protected] 

SOURCE MPower

Funding will support the commercial launch of two medical food products

CAMBRIDGE, Mass., May 8, 2023 — Solarea Bio, a clinical stage biotechnology company based in Cambridge, MA developing food-derived microbial-based solutions to aid human health, announced today a first closing of $15m in a Series B financing led by S2G Ventures with continued participation of Bold Capital Partners, Viking Global Investors, and GG 1978 SICAF SIF. A total of up to $25 million is targeted for this round of financing. The funds will be allocated to the commercial launch of two medical foods designed for the dietary management of bone health and rheumatoid arthritis, respectively.

Solarea developed its platform to characterize beneficial microbes that naturally colonize fresh fruits and vegetables, developed them into rationally designed synbiotic consortia called Defined Microbial Assemblages^TM (DMAs^TM) and validated their efficacy in several disease models. The first product, SBD111, a medical food designed to aid in the dietary management of bone loss in postmenopausal women demonstrated significant bone maintenance in a mouse model of postmenopausal osteoporosis and results were published in a peer-reviewed journal. The product demonstrated a safety and tolerability profile comparable to placebo in healthy subjects, and a large efficacy study is ongoing to demonstrate its effects on maintaining bone mass in postmenopausal women. The second medical food product, SBD121, is designed to aid in the dietary management of rheumatoid arthritis and will enter a human study this year.

“We are very excited to see the rapid progression from our founding hypothesis: that microbes from fresh fruits and vegetables have health benefits, to the clinical validation stage, and the upcoming commercial launches. I thank our amazing team for their hard work and dedication to execute on our lofty goals. A big part of the company’s success has been the role our outstanding investors played partnering with a great team at Solarea, and we are looking forward to continuing successes as we transition to a commercial stage by launching our medical food products to the market,” said Gerardo V Toledo, CEO and co-founder.

Solarea Bio is building a pipeline of other products leveraging the deep understanding of the interactions of DMA^TM products with the immune system. Scientific rigor is one of the company’s cores values and it is manifested in the caliber of the data, team, advisors, and collaborators.

“Solarea Bio embodies attributes S2G Ventures seek in the companies we invest,” says Matthew Walker, Managing Director, and board member. “These include a an incredibly dedicated team, a clear vision to create products with a positive impact in our society, and a path to commercialize them.”

Neal Bhadkamkar, General partner at Bold Capital Partners and board director commented: “It is heartening to see the evolution of Solarea Bio from its beginnings at the Illumina Accelerator. Bold Capital looks forward to the launches of Solarea’s first two products over the coming few years. Looking farther out, the company’s rich database and strain library positions it to introduce a stream of future products addressing other important health conditions.”

About Solarea Bio 
Solarea Bio is a clinical stage biotechnology company based in Cambridge, MA mining the untapped microbial diversity of fresh fruits and vegetables to develop novel solutions for managing inflammatory diseases and enabling people to enjoy long, healthy lives. Solarea has built a best-in-class strain catalog of bacteria and fungi, a database of their genomes, and a computational platform to mine them to develop products across a range of categories including supplements, medical foods, pharmaceuticals, and agriculture.

Contact:

Eric Schott
[email protected]
[email protected]

SOURCE Solarea Bio