Kiubon Kokko Will Use the $100,000 O’Shaughnessy Fellowship Grant to Create a Feature Documentary About His Father’s Seven-Hour Swim from China to Hong Kong in 1973 in Search of a Better Future
GREENWICH, Conn., May 26, 2023 — O’Shaughnessy Ventures LLC (“OSV”), an investment firm that empowers creators, has announced that it has awarded an O’Shaughnessy Fellowship to Kiubon Kokko.
Kokko will use the $100,000 fellowship grant to create “Holding on to Water,” a feature documentary about his father’s seven-hour swim from communist China to Hong Kong in 1973 and its lasting effects on his family.
Photo of O’Shaughnessy Ventures Fellowship Recipient Kiubon Kokko
OSV’s founder and CEO, Jim O’Shaughnessy, commented as follows:
“As soon as we watched the trailer for Kiubon’s film, we could tell that he was a talented filmmaker with a powerful and important story to tell. We can’t wait to see the finished product.”
Kokko said, “I’m thankful to Jim for empowering creatives to slam their foot on the gas with projects that matter. It seems like this crew will be a breeding ground for innovation, and I’m grateful to be a part of it. I’m thrilled to create the documentary, “Holding on to Water,” and to see its lasting effects in flawed families all over the world.”
About Kokko
Growing up in Columbus, Ohio, Kokko wanted nothing more than to leave. So, he did.
After attending Claremont McKenna College in California, Kokko spent nine months in the Sierra Mountains and hitchhiked across Europe. He then moved to Hong Kong to unearth his roots, learn his mother tongue, and find a home.
Now, Kokko fundraises his salary, supports missionaries across Asia, and makes movies. He will use his fellowship grant to reconcile his broken relationship with his father by creating a documentary about divorce, freedom, and the two current world superpowers.
More information about Kokko can be found on his website.
About the Fellowship Program
OSV launched the Fellowship Program in 2023. It is a one-year program for ambitious people who want to build something great. Fellows receive a $100,000 grant and access to OSV’s network of founders, investors and experts to support them in bringing their projects to life.
OSV will award twelve Fellowships in total. Applications for the Fellowships remain open through May 2023. Creators interested in applying can do so via OSV’s website.
About O’Shaughnessy Ventures
OSV is a creative investment firm that empowers and inspires creators to bring their ideas to life. Founded by Jim O’Shaughnessy, a pioneer in quantitative investing, founder of O’Shaughnessy Asset Management, and author of four books on investing, OSV aims to provide financial support and to partner in growing the next life-changing creative ideas.
OSV combines Jim’s deeply rooted interest in all things art, science, investing, and tech with his long-held desire to establish scenarios designed to help promising creators and their inspiring ideas succeed, regardless of age, location, job history, or level of education. For more information, visit https://www.osv.llc/.
Ena Gong O’Shaughnessy Ventures LLC (917) 355-7420 [email protected]
FARMINGTON, Conn., May 25, 2023 — Horizon Technology Finance Corporation (NASDAQ: HRZN) (“Horizon”), a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries, announced today it has provided a $30 million venture loan facility to SafelyYou, Inc. (“SafelyYou”), of which $10 million has been initially funded.
SafelyYou has developed an innovative remote care platform that combines real-time AI video technology with a 24/7 remote clinical team. Senior living communities that utilize SafelyYou’s technology have considerably reduced resident fall rates and significantly lowered emergency room visits, resulting in improved care for residents and reduced costs for senior living operators. SafelyYou is backed by top-tier investors including Eclipse Ventures, Foundation Capital, DCVC, Founders Fund, and Omega Healthcare Investors, Inc. SafelyYou will use the loan proceeds to further its mission of elevating the quality of dementia care and making its innovative care available to more people.
“SafelyYou’s advanced technology provides senior living communities, residents and their families with an invaluable service that contributes significantly to improving care for those living with Alzheimer’s and dementia,” said Gerald A. Michaud, President of Horizon. “In addition to quickly detecting falls, SafelyYou enables caregivers to proactively prevent future falls by reviewing clear video of a fall event via a secure web portal. We believe the benefits of this transformative technology will lead to its adoption in assisted living and skilled nursing facilities across the United States. Horizon is pleased to support SafelyYou’s plan to grow by making its technology more widely available.”
“We’re thrilled to receive Horizon’s support as we further our mission to reshape dementia care, supporting those living with Alzheimer’s, their families, and the communities that help care for them,” said George Netscher, founder and CEO of SafelyYou. “SafelyYou’s combination of world-leading AI technology and expert clinical support mean on-site staff not only see and understand how falls happen, they also get insights into how to keep them from happening again. As a result, communities are able to provide a level of person-centered care never before possible. The support from Horizon means that higher-quality care will reach a higher number of residents.”
About Horizon Technology Finance
Horizon Technology Finance Corporation (NASDAQ: HRZN) is a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries. The investment objective of Horizon is to maximize its investment portfolio’s return by generating current income from the debt investments it makes and capital appreciation from the warrants it receives when making such debt investments. Horizon is headquartered in Farmington, Connecticut, with a regional office in Pleasanton, California, and investment professionals located in Austin, Texas, Chicago, Illinois, Reston, Virginia and Portland, Maine. To learn more, please visit www.horizontechfinance.com.
About SafelyYou
Originating in 2015 as the doctoral research of CEO George Netscher—and inspired by his own family’s experience with Alzheimer’s disease—SafelyYou was spun out of UC Berkeley’s Artificial Intelligence Research Lab, one of the top five AI research groups in the world. The company’s passionate mission is to empower safer, more person-centered dementia care through world-leading, real-time AI video technology and 24/7 remote clinical experts. SafelyYou is used by skilled nursing facilities and assisted living communities all across North America—from the largest national organizations to regional and local ones, too. SafelyYou is one of five most innovative fall technologies referenced in the Senate Falls Report (2019).
SafelyYou gives a voice to those living with Alzheimer’s and other forms of dementia. Its AI-enabled cameras see critical care moments in real-time via sophisticated artificial intelligence. SafelyYou’s remote clinical experts enable a level of predictive, person-centered dementia care that solves a critical problem across senior care by reducing falls and fall-related ER. For more on SafelyYou, visit www.safely-you.com.
Forward-Looking Statements Statements included herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in the Company’s filings with the Securities and Exchange Commission. Horizon undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
Stellantis N.V. and Lyten, Inc. announced that Stellantis Ventures, the corporate venture fund of Stellantis, invested in Lyten to accelerate the commercialization of Lyten 3D Graphene™ applications for the mobility industry
Lyten is a Silicon Valley-based pioneer of tunable three-dimensional graphene, which has demonstrated significant reductions in greenhouse gas emissions and will advance the transition to sustainable mobility
Stellantis and Lyten to develop applications for advanced lithium-sulfur-based EV batteries, vehicle lightweighting and enhanced vehicle-sensing solutions
Lithium-sulfur batteries have the potential to deliver more than twice the energy density of lithium-ion and represent an alternative, non-nickel-manganese-cobalt cathode solution
Stellantis exploring all battery technology to meet the diverse needs of its broad customer base and ensure clean, safe and affordable mobility
Stellantis N.V. and Lyten, Inc. announced today that Stellantis Ventures, the corporate venture fund of Stellantis, invested in Lyten to accelerate the commercialization of Lyten 3D Graphene applications for the mobility industry, including the LytCell lithium-sulfur EV battery, lightweighting composites and novel on-board sensing. Lyten, a pioneer of 3D Graphene, will leverage the unique tunability of the material to enable enhanced vehicle performance and customer experience while decarbonizing the transportation sector.
Lyten’s tunable materials platform has demonstrated significant reductions in greenhouse gas emissions and will advance the transition to sustainable mobility.
Unlike traditional lithium-ion batteries, Lyten’s lithium-sulfur batteries do not use nickel, cobalt or manganese, resulting in an estimated 60% lower carbon footprint than today’s best-in-class batteries and a pathway to achieve the lowest emissions EV battery on the global market. Raw materials for lithium-sulfur batteries have the potential to be sourced and produced locally in North America or Europe, enhancing regional supply sovereignty. This technology will meet the needs of industries seeking lightweight and energy-dense batteries that are free from supply chain disruptions.
Stellantis launched Stellantis Ventures in 2022 as a venture capital fund committed to investing in early and later-stage startup companies developing innovative and sustainable technologies within the automotive and mobility sectors. Stellantis Ventures, powered by an initial €300 million in funding, is a key component of the company’s Dare Forward 2030 strategic plan, which sets out core targets for Stellantis, including deep emission cuts to slash CO2 in half by 2030, benchmarking the 2021 metrics, and achieving carbon net zero by 2038 with single-digit percentage compensation of the remaining emissions.
“We are delighted that Stellantis Ventures, as the venture investment arm of a global automotive innovator, has demonstrated a strong belief in our company and our Lyten 3D Graphene decarbonizing supermaterials,” said Dan Cook, president and CEO of Lyten. “Among the automotive product innovations being transformed by Lyten 3D Graphene are lithium-sulfur batteries with the potential to deliver more than twice the energy density of lithium-ion, payload-improving lightweighted vehicle composites, and new modes of sensing that do not require chips, batteries or wires. We are committed to advancing each of these applications to Stellantis and the automotive market.”
Cook continued: “Unlike two-dimensional forms of graphene, the production of our tunable Lyten 3D Graphene has been independently verified to be carbon neutral at scale. We are converting greenhouse gases into a new class of high-performance, high-value carbon materials and are incorporating these tuned materials into applications that will decarbonize the hardest to abate sectors on the planet.”
“Having recently visited Lyten together with our CTO Ned Curic and our head of Stellantis Ventures Adam Bazih, we walked away impressed by the potential of this technology to help drive clean, safe and affordable mobility,” said Carlos Tavares, Stellantis CEO. “Lyten’s materials platform is a key investment for Stellantis Ventures, in line with our Dare Forward 2030 goal to accelerate deployment of innovative, customer-centric technologies. Specifically, Lyten’s lithium-sulfur battery has the potential to be a key ingredient in enabling mass-market EV adoption globally, and their material technology is equally well positioned to help reduce vehicle weight, which is all necessary for our industry to achieve carbon net zero goals.”
With traditional lithium-ion battery materials in critically short supply for EV manufacturing, Lyten’s lithium-sulfur battery will offer an alternative, non-nickel-manganese-cobalt cathode solution that supports the global transition to electric vehicles at mass market scale. Lyten’s goal is to provide a secure supply of performance-based and environmentally sustainable products to its customers, while also enabling auto manufacturers to take advantage of growing U.S. and European policy incentives, such as those referenced in the Inflation Reduction Act.
Lyten’s lithium-sulfur battery, composites and sensor technologies are initially being produced on its 145,000-square-foot campus in Silicon Valley. Apart from producing EV batteries, Lyten is working with previous customers to start delivering lithium-sulfur batteries and 3D Graphene-infused composites for specialty markets in 2023. Lyten is collaborating with its strategic investors from across multiple industries to apply Lyten 3D Graphene materials to decarbonize additional, carbon intensive sectors beyond transportation, with more announcements planned for later this year.
Lyten 3D Graphene Lyten 3D Graphene is a proprietary, tunable decarbonization supermaterial engineered from natural gas. Lyten’s 3D Graphene is similar to two-dimensional graphene in many of its valuable properties; however, 3D Graphene can be orders of magnitude more chemically and electrically reactive while also being highly tunable due to its three-dimensional morphology. The processes and equipment to engineer three-dimensional graphene materials are proprietary technological inventions patented by Lyten. Lyten will scale its initial output from its San Jose, California, facility and will soon explore locations for a second phase of output capacity.
LytCell EV Lithium-sulfur Battery LytCell is Lyten’s proprietary lithium-sulfur battery that uses Lyten 3D Graphene to address the polysulfide shuttle challenges associated with sulfur, leading to a higher-performance battery that will have more than twice the energy density, and enables extended driving range compared to conventional EV batteries. Unlike lithium-ion and solid-state batteries, LytCell does not use expensive and scarce nickel or cobalt, will have an estimated 60%-plus lower carbon footprint than best-in-class lithium-ion, and an estimated 40% lower carbon footprint than solid state. The LytCell will be domestically and sustainably sourced, liberating manufacturers and consumers from supply chain risks and environmentally unsound mining issues associated with nickel-manganese-cobalt (NMC) oxide materials.
LytR LytR is Lyten’s unique thermoplastic formulation – infused with Lyten 3D Graphene – that reduces up to half the weight and materials required while maintaining or improving strength and performance. When Lyten 3D Graphene is tuned for dispersion into polyethylene, as with the LytR material, it significantly strengthens the thermoplastics’ chemical and physical properties, thereby requiring less polyethylene material and reducing the carbon footprint by up to 55%.
Lyten Lyten is a materials innovation and applications company and the pioneer of the Lyten 3D Graphene materials platform. Lyten’s decarbonization supermaterials are being tuned for a wide range of applications, including the next-generation lithium-sulfur batteries for use in the automotive, aerospace, defense, and other markets; a next-generation LytR polymer composite that can reduce the amount of plastic used by up to half while maintaining structural and impact strength; and next-generation sensor arrays that significantly increase detection sensitivity and selectivity for use in automotive, industrial, health, and safety applications.
Lyten is led by a group of experienced executives from across Automotive, Energy, Batteries, Semiconductors, Manufacturing and Defense, lists more than 300 patent matters, and is currently manufacturing Lyten 3D Graphene material, as well as its LytCell EV batteries, in San Jose, California. Lyten was founded in 2015. For press kit: lyten.com/media-kit/
Stellantis Ventures Established with an initial investment of €300 million, Stellantis Venture is the first Stellantis corporate venture fund. It targets early and later-stage startup companies that are developing cutting-edge technologies for the automotive and mobility sectors and are focused on improving outcomes for individual customers and society as a whole. The fund has a unique dual mandate that requires portfolio companies to have strong, sustainable growth prospects as well as a high potential for technological adoption within Stellantis’ products and operations. Backed by one of the world’s leading automakers and mobility providers, Stellantis Ventures is uniquely positioned to drive value quickly and effectively for portfolio members.
Stellantis Stellantis N.V. (NYSE: STLA / Euronext Milan: STLAM / Euronext Paris: STLAP) is one of the world’s leading automakers and mobility providers. Its storied and iconic brands embody the passion of their visionary founders and today’s customers in their innovative products and services, including Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, Fiat, Jeep®, Lancia, Maserati, Opel, Peugeot, Ram, Vauxhall, Free2move and Leasys. Powered by our diversity, we lead the way the world moves – aspiring to become the greatest sustainable mobility tech company, not the biggest, while creating added value for all stakeholders as well as the communities in which it operates. For more information, visit www.stellantis.com.
STELLANTIS FORWARD-LOOKING STATEMENTS This communication contains forward-looking statements. In particular, statements regarding future events and anticipated results of operations, business strategies, the anticipated benefits of the proposed transaction, future financial and operating results, the anticipated closing date for the proposed transaction and other anticipated aspects of our operations or operating results are forward-looking statements. These statements may include terms such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “on track”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “outlook”, “prospects”, “plan”, or similar terms. Forward-looking statements are not guarantees of future performance. Rather, they are based on Stellantis’ current state of knowledge, future expectations and projections about future events and are by their nature, subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance should not be placed on them.
Actual results may differ materially from those expressed in forward-looking statements as a result of a variety of factors, including: the impact of the COVID-19 pandemic, the ability of Stellantis to launch new products successfully and to maintain vehicle shipment volumes; changes in the global financial markets, general economic environment and changes in demand for automotive products, which is subject to cyclicality; changes in local economic and political conditions, changes in trade policy and the imposition of global and regional tariffs or tariffs targeted to the automotive industry, the enactment of tax reforms or other changes in tax laws and regulations; Stellantis’ ability to expand certain of their brands globally; its ability to offer innovative, attractive products; its ability to develop, manufacture and sell vehicles with advanced features including enhanced electrification, connectivity and autonomous-driving characteristics; various types of claims, lawsuits, governmental investigations and other contingencies, including product liability and warranty claims and environmental claims, investigations and lawsuits; material operating expenditures in relation to compliance with environmental, health and safety regulations; the intense level of competition in the automotive industry, which may increase due to consolidation; exposure to shortfalls in the funding of Stellantis’ defined benefit pension plans; the ability to provide or arrange for access to adequate financing for dealers and retail customers and associated risks related to the establishment and operations of financial services companies; the ability to access funding to execute Stellantis’ business plans and improve its businesses, financial condition and results of operations; a significant malfunction, disruption or security breach compromising information technology systems or the electronic control systems contained in Stellantis’ vehicles; Stellantis’ ability to realize anticipated benefits from joint venture arrangements; disruptions arising from political, social and economic instability; risks associated with our relationships with employees, dealers and suppliers; increases in costs, disruptions of supply or shortages of raw materials, parts, components and systems used in Stellantis’ vehicles; developments in labor and industrial relations and developments in applicable labor laws; exchange rate fluctuations, interest rate changes, credit risk and other market risks; political and civil unrest; earthquakes or other disasters; risks and other items described in the Company’s Annual Report on Form 20-F for the year ended December 31, 2022 and Current Reports on Form 6-K and amendments thereto filed with the SEC; and other risks and uncertainties.
Any forward-looking statements contained in this communication speak only as of the date of this document and Stellantis disclaims any obligation to update or revise publicly forward-looking statements. Further information concerning Stellantis and its businesses, including factors that could materially affect Stellantis’ financial results, is included in Stellantis’ reports and filings with the U.S. Securities and Exchange Commission and AFM.
The Northeast Science and Technology (NEST) Center is a 100-acre site designed for the next generation of innovative health leaders
KENILWORTH, N.J., May 25, 2023 — The Northeast Science and Technology (NEST) Center is the latest venture backed by leading real estate investment and property services firm Onyx Equities and equity partner, Machine Investment Group. Formerly the global headquarters of Merck, Onyx purchased the state-of-the-art campus in February 2023 with an eye on the future of life sciences and biotechnology. Located just 14 miles outside of New York City, NEST will serve as a hub of industry innovation and attract the next generation of life sciences and technology leaders to the region.
NEST Center co-founder and managing partner, John Saraceno, will share plans for the 2 million + square foot purpose-built research and development campus while attending the BIO International Convention June 5-8 at the Boston Convention & Exhibition Center in Boston, Massachusetts. While conference attendees are welcome to stop by booth 651 to learn more about this hub of innovation, initial highlights include:
1.4 million square feet of laboratory buildings
30 acres of redevelopment opportunities specifically zoned for research, laboratories and manufacturing facilities
500,000 square feet of Class-A professional office space
A turn-key vivarium
Robust and redundant utility infrastructure, including a 25 MW Co-Generation Power Plant
State-of-the-art amenities to create a vibrant campus culture, including a heliport, fitness center, conference centers, and green space
Onyx Equities has a strong track record as a best-in-class owner and developer of real estate within the Northeast. NEST and other significant life science projects in New Jersey continue to help them emerge as one of the sector’s new leaders. In fact, Kenvue, Johnson & Johnson’s billion-dollar consumer spinoff, recently selected an Onyx property to house its new global headquarters.
“The biotechnology industry has a high demand for both turnkey and customizable solutions,” noted Mr. Saraceno. “Prior to NEST, many health tech companies, especially those in research and development, were forced to wait years for adequate laboratory and work space. NEST allows those on the cutting edge of medicine to focus on finding cures — rather than an office location.”
Mr. Saraceno went on to say that Onyx Equities chose to announce NEST at this year’s BIO Convention in Boston because the event has a reputation for bringing together leaders, innovators, and investors in the life science, biotech, and medical device industries with the goal of commemorating the value that breakthrough biotech performs for society.
Why Northeast Science and Technology (NEST) Center? The name of Onyx Equities’ newest life science campus, the Northeast Science and Technology (NEST) Center, was selected to position the property as a hub of research and innovation in the Northeast region of the United States. Formerly the global headquarters of Merck, the campus empowers global organizations to tap into New Jersey’s highly educated labor pool. Its convenient location in the tri-state area- less than 14 miles from New York City – also serves to attract the next generation of life science and biotechnology leaders to the region. For more information, visit www.NESTCenter.com.
About Onyx Equities, LLC Headquartered in Woodbridge, New Jersey, Onyx Equities, LLC is a leading, full-service real estate firm specializing in investment, asset repositioning and ground-up development. Since its founding in 2004, Onyx has acquired more than $4 billion worth of diverse real estate assets throughout New Jersey, New York, and Pennsylvania, and has executed over $1 billion in capital improvement projects under its signature repositioning program. Driving Onyx’s success is its deep understanding of the development process and core geographic markets, a seasoned team of expertise in all facets of real estate, and its adaptability to market conditions and the experience gained from managing over 65 MSF since inception. Throughout its esteemed portfolio of properties, Onyx takes aim at increasing operational efficiency, tenant satisfaction and long-term value to create dynamic commercial, residential and mixed-use environments of the highest quality. For more information about Onyx Equities, visit www.OnyxEquities.com.
About Machine Investment Group Machine Investment Group is a real estate investment firm focused on opportunistic, distressed, and special situations across the United States. Founded in 2020 by Eric Rosenthal and Andy Kwon, Machine invests primarily in the middle market, where its reputation as a reliable counterparty, its solutions-oriented approach and extensive lender relationships support proprietary deal flow. Machine’s strict risk discipline, institutional operating processes and well-developed sourcing network has been cycle-tested and is designed to deliver consistent, opportunistic returns while minimizing losses.
HostGPO will use the $6M to rapidly expand its market leadership position serving over 250,000 units and key industry supply relationships
In addition to Navitas and OMNIA Partners, notable investors in the round include Spencer Rascoff (75&Sunny), Brian Lee, and PAR Capital Ventures.
LOS ANGELES, May 25, 2023 — HostGPO, Inc., a group purchasing organization and marketplace for vacation rental hosts to efficiently and cost effectively procure furniture, supplies, and other services to run their properties, has closed a $6M round, its first outside capital to date. Navitas Capital, a leading Los Angeles based venture investor focused on early-stage, built-world technology startups, led the round alongside OMNIA Partners, the largest group purchasing organization in public and private sector procurement. Together, Navitas and OMNIA will help HostGPO accelerate its market leading position by bringing expertise across technology development, real estate marketplaces, procurement know-how, and supply relationships. Also investing in the round is 75&Sunny, the venture firm founded by Spencer Rascoff (Founder, 75 & Sunny Ventures, and co-founder of Zillow and Pacaso), Brian Lee (Co-Founder of LegalZoom & The Honest Company), and PAR Capital Ventures.
HostGPO, the leading procurement marketplace for vacation rental hosts, raises $6M round led by Navitas Capital and OMNIA Partners
“Our mission has always been to support folks in growing their vacation rental businesses while elevating the quality of homes that they are able to offer” said Jeff Iloulian, Chief Executive Officer of HostGPO. “As a previous vacation rental operator, buying furniture and supplies was extremely challenging for me. With our investment partners behind us, we feel that HostGPO can continue creating an unbeatable platform that will make operating a rental easier and continue to unify a fragmented industry.”
Lead investor Navitas Capital believes that HostGPO will become an entrenched technology layer in the real estate and hospitality industries.
“In the rapidly growing vacation home and short term rental markets, HostGPO provides a critical piece of missing digital infrastructure.,” said Travis Putnam, Managing Partner at Navitas Capital. “Jeff has done a tremendous job building HostGPO into the early market leader, bringing the greatest breadth of supply partners and digital purchasing tools to its more than 250,000 customer homes. As HostGPO continues to scale, Jeff will offer even more value to his rapidly growing customer base, making HostGPO an entrenched technology layer in the real estate industry.”
HostGPO will also greatly benefit from the vast industry knowledge and relationships possessed by incumbent group purchasing organization, OMNIA Partners. With second to none industry relationships and decades of experience negotiating contacts with suppliers on behalf of a fragmented industry of buyers, OMNIA sees HostGPO as the clear market leader in an exciting new category.
“We’ve been extremely impressed with HostGPO’s growth to date and strong execution. As a large emerging category that can benefit from a GPO business model, and a clear market leading position, the future is bright for Jeff and his team”, said Todd Abner, Co-Founder and CEO, OMNIA Partners.
Bringing Spencer Rascoff and Brian Lee into the round, two LA native entrepreneurs with deep technology roots, emphasizes the magnitude of HostGPO Founder Jeff Iloulian’s vision to build the industry’s next big marketplace.
“I’m very excited to be an investor in HostGPO. While the vacation rental industry has seen exponential growth since Airbnb revolutionized the market 15 years ago, B2B solutions have not kept pace. HostGPO has emerged as a leader in the space, building the rails to streamline the procurement of goods and services for short-term rental property owners and operators across the industry.” said Spencer Rascoff, Founder of 75 & Sunny Ventures, and co-founder of Pacaso and Zillow.
About HostGPO
HostGPO is a members-only marketplace and group purchasing organization (GPO) for the vacation rental, short term rental, and hospitality industries. HostGPO provides operators a digital platform to procure goods and services at significant discounts, as well as digital tools to streamline the procurement and design process. HostGPO works closely with a curated group of suppliers (i.e. furniture, appliances, home goods companies, etc.) to aggregate demand and bring them customers within its target segments.
About Navitas Capital
Navitas is a venture capital firm focused on transformative real estate technology and innovation. Established in 2009, Navitas provides foundational venture capital, industry expertise and market access to its portfolio companies. Real estate owners, operators and developers themselves, the Navitas team evaluates and deploys technology solutions across their own cross-sector portfolio as well as Navitas’ network of limited partners, which include publicly traded REITs, real estate private equity firms and investment managers, Fortune 500 companies, homebuilders, endowments, and family offices. Please visit us at www.navitascap.com or follow us on LinkedIn for more information.
About OMNIA Partners, Inc.
OMNIA Partners is the largest and most experienced organization in procurement and supply chain management. Covering private sector, public sector, nonprofit and multifamily housing, OMNIA Partners unites industry-leading buying power and world-class suppliers to offer an extensive portfolio of sourcing solutions and partnerships. Through economies of scale, OMNIA Partners is able to deliver more contracts, in more verticals, with transparent, value-driven pricing.
Pesto raises $11 Million from Activant Capital, Plural, and others to offer affordable alternatives to underbanked Americans
SAN FRANCISCO, May 25, 2023 — Pesto announces the launch of its first product, Pesto Mastercard® issued by Continental Bank, the first credit card that enables customers to use valuables as collateral to secure a credit card. Activant Capital, Plural, and others invested in Pesto to build a solution for Americans that offers a pathway to rebuild or establish credit at lower rates.
Pesto’s Application Steps and Mastercard
James Savoldelli, Founder & CEO of Pesto
Consumers send Pesto their assets and are provided with a credit card based on their value, regardless of credit score. Over time, cardholders who often don’t qualify for an unsecured credit card have the ability to increase their credit score and eventually qualify for one. Pesto Mastercard® offers rates similar to existing credit cards, which are substantially lower than what pawn and payday loan clients typically pay.
James Savoldelli, founder and CEO of Pesto, commented: “Our first product, Pesto Mastercard®, offers interest rates at only a fraction of today’s alternatives, often 90% less than many equivalent pawn loans. It’s a paradigm shift in the credit card market, with the potential to truly democratize credit. Pesto is on a mission to help all Americans find an alternative to high interest rate loans by providing a straightforward way to secure liquidity and build credit through their assets without having to sell them.”
The U.S. pawn shop market generated close to US$ 9.2 billion in interest revenue in 2019. Over 6 million underbanked Americans currently rely on high-interest-rate loans to provide cash and liquidity, with average interest rates at over 120%. Pesto was founded in 2020 to provide a solution for Americans that offers a pathway to rebuild or establish credit at lower rates.
“Existing loan products don’t do enough to help these consumers become more financially free,” said Nathan Morgan, Continental Bank’s Founder & CEO. “We are passionate about supporting Pesto’s mission to make lending more affordable, safe, and accessible.“
Savoldelli founded the company after studying financial inclusion and how consumers with few options use pawnshops for repeat borrowing and not just emergency situations. He spent time working in a pawn shop to understand the industry firsthand, which led him to the idea of the asset-backed credit card.
Pesto intends to use the funding to expand its customer base across the US, with an initial focus on Atlanta and Los Angeles. The company has raised funding from notable investors, including; Activant Capital, Plural, Sozo Ventures, Commerce Ventures, NJF Capital, Soma Capital, NOMO Ventures, Commerce Ventures, Human Capital, OVO Fund, OEL Ventures, Core Innovation Capital, Great Oaks VC, and Y Combinator.
Pesto makes it easy and secure for people to apply and submit their assets for approval, and consumers can find out more at www.getpesto.com Pesto will also continue to build its products to enable customers to leverage their assets to obtain credit, thereby building a path to a more financially secure future.
“Millions of Americans are defaulting to predatory loans as inflation raises household expenses and banks tighten lending to low FICO customers. We’re excited to back the Pesto team on their mission to fix America’s debt trap pandemic and offer a path to a more secure, credit-backed financial future” said David Yang, Partner at Activant Capital.
Khaled Helioui, co-founder of Plural commented: “Access to credit remains one of the most glaring and unnecessary sources of inequality. The lack of federal regulation and our outdated appraisal of creditworthiness leaves the most fragile populations prey to predatory lenders. Pesto’s innovation can be the lever that can help lift millions of people from systemic and unnecessary financial distress, and James has the devotion required to scale its impact.”
Pesto is a San Francisco based fintech company that launched its next generation asset-backed secured credit card, the Pesto Mastercard® in 2023. With Pesto Mastercard®, Americans can secure liquidity and build credit through their assets—without having to sell them. Founded in 2020, Pesto is backed by leading investors, including Activant Capital and Plural. Pesto Mastercard® is issued by Continental Bank.
Activant is a global investment firm that partners with high-growth companies that are transforming the way the world makes, moves, and sells. Founded in 2015, Activant has invested in over 60 category-defining companies like Deliverr (acquired by Shopify), Hybris (acquired by SAP), Bolt, Better, Celonis, Sardine, and many more. The firm has $1.5B assets under management, and is headquartered in Greenwich, CT with offices in New York City, Berlin, and Cape Town.
GAITHERSBURG, Md., May 25, 2023 — Hememics Biotechnologies, Inc., developer of first-in-class, handheld, multiplexed biosensor platform that can test antibodies, antigens and molecular targets simultaneously, announced today the closing of a $2 million Seed 2 financing round. Participants of this round include a strategic investor, existing investors and Maryland Technology Development Corporation (TEDCO).
“I am extremely proud of what the company has achieved with the limited amount of resources,” said John Warden, Jr., CEO and Co-founder of Hememics Biotechnologies, Inc. “We have generated extremely favorable results from more than 100,000 biosensor experiments in the past nine months. The new funding will allow us to finalize our design, receive third-party validation, and develop early commercial customers.”
Dr. David Ho, Co-founder, President and CSO, added, “After seven years of development, the patented desiccation solution is the crucial step to enable the integration of biologics with graphene-based electronics, which required an additional four years of development. The new funding will help the company to accelerate its growth and gain early commercial success.
About Hememics Biotechnologies, Inc.
Hememics uniquely uses graphene-based sensors with our patented bio preservatives to bring handheld, lab-quality testing performance to wherever needed – whether it is a farm, emergency room or battlefield. Our rugged, low-cost platform consists of a portable, easy-to-use reader utilizing a single-use biochip with 32 sensors. Our sensors can be individually programmed to detect molecular, antigen and antibody targets. We put a whole lab in your hand so you can make decisions when and wherever necessary – simplifying workflows with results within minutes. www.hememics.com
According to data from Kruze Consulting, the percent of startups with too-big-to-fail bank accounts went from 9% in February to 72% in April
SAN FRANCISCO, May 25, 2023 — Based on data from 160+ venture fund startups and more than $2 billion in cash, startups have been flocking to the major banks like JP Morgan, Morgan Stanley and Bank of America. In addition to new bank accounts, startups have also been moving cash into less risky vehicles like sweep and treasury accounts.
Percentage of startups with a funded banking relationship
Bank Deposits
In February of this year, only 9% of startups-maintained bank accounts at the major banks, but by April that number skyrocketed to 72%. Additionally, JP Morgan had basically no presence in the startup banking world but after the FRB took over JP Morgan now commands a 60% market share of startup bank accounts. Startups have also been changing the way they hold cash in the bank. At the end of February $1.5 billion of startup cash was held in checking and other “risky” accounts. By the end of March, that number declined by $400 million and has continued over the following months as startups move cash into sweep and treasury bond products.
“The banking landscape after SVB and FRB declines has not only impacted where startups bank, but also what accounts they hold it in. Recently, we’ve been seeing term sheets that require startups to maintain two banking relationships,” said Healy Jones, VP at Kruze Consulting. “While these measures have insulated startups from future banking failures, they also make it very easy for startups to move cash quickly between banks – making the possibility of mass withdrawals easier – since our data shows that the median startup now has two banking relationships today versus only one in February.”
The startup and venture ecosystem has adapted quickly to the recent volatility in the banking sector. Startups have positioned themselves wisely in order to minimize the impact of future banking failures, but their new capital deployment strategies have made it easier for startups to move cash quickly between banks which could make it harder for bank regulators to contain crises.
About Kruze Consulting Kruze provides Startup CFO Consulting to over 800+ startups in Silicon Valley, Los Angeles, New York, and other major startup hubs. To date, Kruze’s clients have raised over $12 billion in venture capital and are market-leading Saas, software, eCommerce, eHealth and FinTech startups. Founded in 2012 by Vanessa Kruze, a Big Four alum, startup controller and CPA, the firm handles all things accounting, tax, finance, and HR. Everything including interim CFO Consulting, financial modeling, startup tax returns, venture debt consulting, 409A valuations, bookkeeping, AR/AP, and Seed/Series A/B Fundraising Preparation can be seamlessly handled by the professionals at Kruze. Visit https://kruzeconsulting.com/ to learn more.
SAN FRANCISCO, May 25, 2023 — Volition today has announced an $11M seed round led by Newark Venture Partners and Quiet Capital, with major participation from Lachy Groom, Alan Rutledge, Julian Capital, and Humba (Susa) Ventures. Volition is the first and only online industrial parts marketplace designed specifically for the needs of the hardware development world. It aims to accelerate the pace of hardware innovation by serving as the hub that organizes all of the world’s components.
“Volition is the first marketplace for the $2T industrial components industry that helps engineering and purchasing teams find and buy all of the parts they need to prototype and manufacture their designs,” said Nick Pinkston, co-founder and CEO of Volition. “My co-founders and I previously ran Plethora, a custom manufacturing company, and we spent far too much time just searching for the right parts to build our factory and our customers’ products. To solve for that, we built the world’s largest catalog of these components – 16M products and growing – by partnering with industrial distributors and using our uniquely scalable data technology to quickly list products for sale.”
The industrial distribution world has not kept pace with the broader eCommerce revolution, and this is even more acutely true for the 400,000 small and niche suppliers in the space. These teams are without the resources to build a sophisticated online store tailored to their customers’ specific technical needs, especially the massive cost required to create large catalogs of such highly complex products. Meanwhile, their customers are using phones and email to find and source the components they are looking for, a huge waste of time and money.
Now, these customers can use Volition to search across the largest collection of products ever assembled, and then filter down to just the products that meet their exact specifications. This is the first time this has ever been possible because generic marketplaces like Amazon and Alibaba are unable to make sense of the vast array of structured product data required to produce this user experience.
To do this, Volition invented a new kind of product data engine able to upload and standardize a massive amount of supplier product content at a scale never before achieved. This system uses automation and AI to empower human experts to create a high quality catalog at scale. By solving this problem, Volition is able to organize the entirety of this industry’s products and make them searchable and purchasable in one place.
The company already boasts many customers from the Fortune 500 and beyond who collectively spend hundreds of millions of dollars annually on these components. It has also signed a wide range of distributors, who already sell billions of dollars of these products, to list their full catalogs on their platform. This new funding allows them to further scale their marketplace, as well as build out new features that let customers improve their sourcing while increasing retention dramatically.
“We are in a critical moment for B2B commerce, where consumer trends are spilling over – and managers, as well as C-suite leadership, are looking for ways to modernize, simplify and create efficiencies around how they buy and sell products,” said Tom Wisniewski, Managing Partner at NVP. “B2B marketplaces like Volition – which serves a specific vertical with a set of tools that lower the barrier of entry for low-tech teams are positioned for easy adoption and fast growth. We believe that Nick and the Volition team have the perfect mix of startup grind and industry expertise to make real waves in the industrial components market with this model.”
Volition was founded by Nick Pinkston, Natalie Klapper, and Duffy Tilleman who all previously worked together at Plethora creating the world’s first “self-configuring” factory. They are also all lifelong hardware hobbyists: Nick building race cars, Natalie creating metal sculpture and jewelry, and Duffy with carpentry and construction. Born into a manufacturing family in the Western Pennsylvania Rust Belt, Nick (CEO) has been a manufacturing tech entrepreneur his entire career, on a mission to make hardware development as easy as software development. He created HackPittsburgh (the first makerspace in Pittsburgh) and CloudFab (custom manufacturing marketplace) before starting Plethora.
About Volition:
Founded in 2019, Volition is the only online industrial parts marketplace designed specifically for the needs of the hardware development world. It will accelerate the pace of hardware innovation by serving as the hub that organizes all of the world’s components. Learn more about Volition at: GoVolition.com
MEDIA CONTACT: Nick Pinkston (Founder/CEO) [email protected], 724-971-6818 (text first please)
