Founded in 2012 by Steve Gold and headquartered in Chicago, 160 Driving Academy is the nation’s largest training provider and job creator for commercial drivers in the United States. 160’s 151 Commercial Driving Schools are licensed and compliant in the 44 states where it operates and with the Federal Motor Carrier Safety Administration (FMCSA). As the largest supplier of human capital to the transportation industry, 160 plans to have 200 Commercial Driving Schools opened by 2026 and train over 50,000 drivers.

In addition to its training capabilities, 160 has also developed an innovative in-person Commercial Driver scoring system, 160 Driver Score, to provide ‘FICO-type’ scores so that any employer can determine the safety of the Commercial Driver, prior to hiring. Given the historic lack of quality training for truck drivers, and increasing liability for employer’s, eliminating just one driver incident has a material impact on an organization as well as the safety of the general driving public. 160 has also developed advanced driver technologies and employer tools through its Truckers Network platform, which offers mobile applications for fuel, jobs and innovative advertising solutions for the industry. Truckers Network provides the industry’s lowest cost for hiring, fuel, and factoring programs for small and mid-sized trucking companies, and provides drivers a support system unmatched by any other technologies in the market.

“This investment supports economic mobility in the company’s home state of Illinois and 43 other states. Lafayette Square intentionally invests in states like Illinois and employers like 160 Driving Academy that are creating jobs and delivering economic mobility to working-class people and places,” said Damien Dwin, Founder & CEO of Lafayette Square. “Steve Gold and the 160 team are well aligned with our 2030 goals to support 100,000 working-class jobs, invest 50 percent of our capital in working-class places, and see 50 percent of our portfolio companies adopt services like the Truckers Network platform.”

“160 has a demonstrated track record of addressing the growing demand for vocational education with sophisticated training methodologies and robust safety protocols. Given its scale, relationships, and network of graduates, the company is well positioned to launch additional tools and services to support trucking companies and their drivers across the country. We, along with our LP network of entrepreneurs, look forward to helping 160 with these initiatives to further its impressive growth trajectory,” said Bill Geist, Partner at Upper90.

“The financing from Lafayette Square and Upper90 will be key in supporting our growth, partnerships and success of our business. As more Fortune 500 employers and Community Colleges are looking for compliant, safety focused, state-licensed schools and high-quality instruction, we anticipate significant continued enrollment and overall market share growth across the nation. The Federal government, states, and employers understand more than ever the seriousness and liabilities of non-compliant CDL training providers. It’s great to find financial partners who understand and support the core tenets of our mission, especially as we deploy our industry leading mobile capabilities to support the American truck driver throughout their career,” said Steve Gold.

About 160 Driving Academy
160 Driving Academy is the nation’s largest commercial driving school. As the fastest growing vocational school in the country, in 2024, the Company plans to train over 30,000 students on how to safely operate a commercial vehicle across its 151 CDL schools across North America. 160 Driving Academy is licensed and operates in 44 states. Each school is certified and licensed by the Federal Motor Carrier Safety Administration’s Entry Level Driver Training Program. The 160 Driving Academy is integrated with over 550 Workforce offices nationwide to create jobs for unemployed and underemployed workers. 160 Driving Academy supplies the largest employers in the nation with an unparalleled level of recruiting, high-quality training, safety effectiveness, and driver analytics. Many of these employers have trusted 160 to provide the majority of their driving workforce.

160 Driving Academy’s sister companies, Truckers Network, and the 160 Driver Score provide the most advanced job placement and compliance scoring capabilities in the industry. Truckers Network is the trucking industry’s premier fuel and factoring services, job rating, posting, and hiring platform. This mobile technology offers the most advanced and modernized hiring options to match qualified CDL candidates with Companies at the lowest cost in the industry. With over 200,000 curated CDL Drivers in the Network, companies can find qualified drivers more efficiently than any other hiring platform. The Truckers Network facility rating, and review functionality now offers Drivers the ability to rate, review and share their delivery experience, reduce overall wait times, and improve supply chain efficiency across North America. Visit truckersnetwork.com or download the Truckers Network App on the Google Play or the Apple App Store.

About Lafayette Square
Lafayette Square invests in middle market companies while positively supporting people and communities. We believe the demand for capital in businesses headquartered outside of high-income places is an overlooked opportunity. We seek investment opportunities that stimulate economic growth across the United States through the creation and preservation of working-class jobs. For more information, please visit www.lafayettesquare.com. 

In addition to financing, Lafayette Square offers its portfolio companies access to Worker Solutions, a custom-built platform that seeks to measurably improve employee retention, well-being, and productivity by connecting management teams to a curated list of third-party service providers that offer non-traditional benefits for their employees. By delivering these solutions, Lafayette Square aims to reduce operational risk for its portfolio companies, help them attract and retain talent, and improve job quality.

About Upper90
Upper90, a hybrid investment firm that is a first credit partner for early stage companies and solves complex bridge capital needs for later stage, profitable companies. Launched in 2018 by executives from Seamless-GrubHub and Goldman Sachs, Upper90 helps technology-enabled businesses with positive unit economics and collateral accelerate growth with less dilution.

Media Contact:

Crystal Crocker
Head of Marketing and Communications
160 Driving Academy
[email protected]
(C) 786-838-8907

Jansel Murad
Dukas Linden Public Relations
[email protected]
(C) 646-722-6531

Cari Sommer
CEO – RAISE Communications
Upper90 Public Relations
www.raisecg.com
(C) 914-715-5543

SOURCE Lafayette Square Holding Company

On track to hit north of $50M in its first year, W is already breaking records as the best launch in Walmart’s ‘Emerging Brands’ category

MIAMI, July 23, 2024 — W, the men’s personal care brand from Jake Paul made to smell great and designed to work harder, today announced it has raised a Series A led by Shrug Capital. Valued north of $150 million, W has raised $14 million in funding to-date, inclusive of seed financing and incubation from Anti Fund. Prominent co-investors include Range Group, 305 Ventures, Uphonest Capital, Quiet Capital and Palm Tree Crew, with participation from individuals including Celsius’ CEO John Fieldly, Fanatic’s CEO Michael Rubin, Lil Durk, Nick Kyrgios, Naomi Osaka, and Carter Reum and Paris Hilton.

“It’s incredibly important to me that W fill the void that’s been apparent in the men’s personal care category for decades,” said Jake Paul, Founder of W. “Everything W does is different — from driving record sales in under a month to our forward-thinking approach to creator partnerships. Our funding to date reflects our investors’ confidence in the immense opportunity we have to build a new type of legacy brand in unique and unexpected ways. I invested my own capital into this company along with my partner and Co-Founder Geoffrey Woo because we strongly believe in W’s runway to achieve a massive and successful future.”

Launched last month exclusively at Walmart, W is already breaking records as the retailer’s best launch in its ‘Emerging Brands’ category history, blowing past seven figures in sales and on track to hit north of $50 million in sales by the end of its first year. W will use the capital to support both SKU and retailer expansion as the company continues on its mission to reinvigorate the men’s personal care aisle through its better-for-you products at a great value.

“The industry is riddled with legacy players that are taking antiquated approaches and in turn are losing market and mindshare,” said Moshe Lifschitz, Shrug Capital’s Managing Partner. “When we think about brands that will shape the next generation of household brands, W has all the characteristics. We are extremely excited to partner with Jake, Woodie, and Geoff and look forward to the many wins to come.”

W has also assembled an all-star team of W Co-Owners — a roster of celebrity and influential brand ambassadors who embody the winning spirit in their respective industries. The equity holders announced to-date include MMA champion and ESPN’s 2024 Best UFC Fighter recipient, Sean O’Malley and hip-hop megastar, Rubi Rose, with more Co-owners to be announced soon. The goal of the Co-Owners is to bring together people Paul admires who represent hard work, ambition, and do things differently across their unique domains of expertise.

“We realized the typical direct-to-consumer playbook wasn’t right for us and instead decided to launch retail-first with Walmart, America’s biggest retailer,” said W’s CEO and Co-Founder, Woodie Hillyard. “I’m extremely excited to see that consumers are reacting so positively to W since our launch just last month. We’re looking forward to expanding our consumer touchpoints and breaking records as one of the biggest CPG brands to hit the market.”

For more information, visit www.getw.com and follow @itscalledw on Instagram and TikTok.

About W
W is a men’s personal care brand founded by pro-boxer, entrepreneur and digital creator, Jake Paul, that is made to smell great and designed to work harder. Founded to give men the confidence to win in all pursuits of life, W’s better-for-you products are designed to work hard when you need them most. Offering a range of accessibly priced products for hair, body, and face, W products are vegan, cruelty-free, and formulated without phthalates, parabens, harsh sulfates, or artificial dyes. W’s formulas are infused with vitamins like Magnesium, Biotin, and Vitamin E to nourish hair and skin. The collection is available in three uplifting scents that were developed with mood-boosting fragrances. W can be found nationwide at Walmart and on Walmart.com. For more information, visit www.getw.com.

About Shrug Capital
Shrug Capital invests in culturally relevant companies and has an impressive portfolio in the consumer space including MrBeast’s Feastables and Liquid Death. The firm was founded in 2018 and is led by Niv Dror and Moshe Lifschitz. Shrug manages over $125 million in AUM and invests across a variety of industries. Shrug has unique access to business leaders, founders, executives, and celebrities who regularly co-invest and work with the companies Shrug partners with. Shrug is known to be super connectors, bridging the gap between leaders in tech and entertainment. More at www.shrug.vc.

About Anti Fund
Anti Fund is a venture capital firm founded by Jake Paul and Geoffrey Woo in 2021. Anti Fund believes the best founders are rebels and iconoclasts, and the “anti” ethos resonates with the very best engineers, scientists, and creators. Startups live and die on two levers: capital and attention. While capital is fungible, the ability to command attention is not. Whether a company sells consumer products or is a research lab producing AI & robotic foundational models, they all must compete on the ability to win mindshare and ultimately customers and revenues. Visit www.antifund.vc for more information.

SOURCE W Labs Inc.

NEA-led investment, the largest transaction ever in cloud legal technology, includes participation from Goldman Sachs Asset Management, Sixth Street Growth, CapitalG, and Tidemark

• New Enterprise Associates (NEA) leads Clio’s Series F funding round with a US $500M+ equity investment, along with participation from Goldman Sachs Asset Management, Sixth Street Growth, CapitalG, and Tidemark
• This marks the largest capital raise and equity value for cloud legal software ever, and a top five largest capital raise for a vertical market software company in history
• Marking a new era in its growth journey, Clio will advance its industry-leading operating system for the legal sector and deepen its global market presence

NEW YORK, July 23, 2024 – Clio, the global leader in legal technology, announced it has raised US $900 million, based on a US $3 billion valuation, in a Series F investment round led by New Enterprise Associates (NEA). The round also includes new partners Goldman Sachs Asset Management, Sixth Street Growth, CapitalG, and Tidemark, who join current investors TCV, JMI Equity, funds and accounts advised by T. Rowe Price Associates, Inc. and by T. Rowe Price Investment Management, Inc., respectively, and OMERS. Marking a new era in its growth journey, Clio will continue to expand its multi-product platform, including further investments in its burgeoning AI portfolio and integrated legal payments. It will also accelerate its rapid market expansion upmarket and internationally, deepening its organic growth to more than 130 countries across the globe.

For 16 years, Clio has been at the forefront of creating innovative, cloud-based solutions tailored to the unique needs of the legal industry. Clio is the operating system for law firms, powering every aspect of the legal process. It simplifies law firm management by centralizing client intake, case management, document management, legal payments, and more. With more than 250+ legal technology software integrations, Clio is also the world’s largest legal technology platform, endorsed by more than 100 law societies and bar associations worldwide, including all 50 state bar associations in the United States.

“This historic raise was heavily oversubscribed, further demonstrating the overwhelming demand and confidence in Clio’s future,” said Jack Newton, CEO and Founder of Clio. “I’m thrilled to embark on this journey with NEA and our group of exceptional investors. The Clio operating system is the undisputed platform of the legal technology sector, engineered to not only meet but anticipate future industry demands. We are pioneering this future for our customers, driven by our mission to transform the legal experience for all. Our commitment to delivering unparalleled value propels every decision we make, and we are inspired by the massive opportunities ahead.”

Tony Florence, Co-CEO at NEA, has joined Clio’s Board of Directors. Mr. Florence commented, “Clio embodies everything NEA looks for in a growth-stage investment: an exceptional, purpose-driven team, market and product leadership, and stellar business physics. Clio is mission critical to law firms, and the company’s best-in-class retention and NPS are testaments to the team’s ability to continuously innovate, deliver immense value, and meet the dynamic needs of the legal sector. With the right foundation in place for continued market expansion and advanced AI capabilities, we believe the best is yet to come. We look forward to applying NEA’s company-building expertise to partner with Jack and the Clio team on their next phase of growth.”

Clio raised its Series E funding in April 2021, a US $110M growth equity round. Since then, Clio has grown its revenue beyond US $200M ARR and has expanded internationally to the APAC region, as well as upmarket to become the leader in mid-market cloud legal practice management software, serving more than 1,000 mid-sized firms in the United States alone. Clio’s all-in-one payments business has skyrocketed since its launch in 2022, now processing billions of dollars annually in legal-specific transactions. Additionally, Clio’s platform has been expanded to include:

• Clio Duo proprietary generative AI solution to help lawyers complete routine tasks, and leverage their firm analytics to run a more efficient practice; including audit log functionality for court discovery (available in 2024)
• Clio Accounting to manage firm finances in one system of record, designed to help keep law firms compliant
• Module for personal injury lawyers with distinct litigation needs, and procedures for medical recordkeeping, this add-on offers rapid settlement estimates for high volume case assessments
• Clio Draft intelligent document automation and court form libraries in 50+ jurisdictions
• Electronic court filing services available directly in Clio to streamline court interactions
• Legal Aid and nonprofit grant billing models, eligibility calculators, and dashboards
• Google Local Service Ads directly embedded in the Clio platform to generate, screen, and intake local leads

“While we’re immensely proud of our growth to date, the real opportunity lies ahead of us,” continued Newton. “AI is ushering in an exciting and important new era for legaltech, and Clio is leading that transformation. There’s much to accomplish for the success of our customers so they can thrive in an economy that embraces technology in every interaction.”

Clio has more than 1,100 employees located across hub locations in North America, EMEA, and APAC regions. The company is actively hiring across all areas of its business including product, R&D, sales, marketing, and customer success.

Law firms Osler, Hoskin & Harcourt LLP and Wilson Sonsini Goodrich & Rosati served as legal counsel to Clio. William Blair acted as Clio’s exclusive financial advisor.

For more information, please visit clio.com.

About Clio
Since its inception in 2008, Clio has revolutionized the landscape of legal technology, emerging as the undisputed leader of innovation and integration. By offering advanced yet intuitive legal software, Clio has redefined efficiency and client service, setting the standard for legal professionals across the globe. With an unwavering commitment to groundbreaking innovation and customer success, Clio stands as the preeminent authority in legaltech, continuously pushing the boundaries of the sector’s evolution. Explore the future of legal technology with Clio at  www.clio.com.

About NEA
New Enterprise Associates, Inc. (NEA) is a global investment firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors, and geographies. Founded in 1977, NEA has over $25 billion in assets under management as of December 31, 2023, and invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm’s long track record of investing includes more than 270 portfolio company IPOs and more than 450 mergers and acquisitions.

NEA’s dedicated $3.2 billion growth fund aims to back high-growth, market-leading companies generating over $25 to $50 million in revenue. NEA’s growth investing practice has a flexible mandate, can invest $50 to $300 million or more, and seeks to tailor transactions to align with a company’s long-term goals, including minority investments to fuel growth, majority buyouts, recapitalizations, and more.

For more information, please visit www.nea.com.

SOURCE Clio

Strategic investments from leaders in the space to bring the Leading Bitcoin Layer 2 Bitlayer’s to the Series A Round

SINGAPORE, July 23, 2024 — Bitlayer Labs, the first Bitcoin Layer 2 based on the BitVM paradigm, today announced the successful completion of its $11 million Series A funding round. The round is led by industry leaders Franklin Templeton and ABCDE, providing powerful strategic and capital resources that will pave the way for Bitlayer’s expansion. ABCDE, alongside Framework Ventures, led Bitlayer’s seed round funding. The firms continue their support here in Bitlayer’s Series A Round.

This latest round of investment brings Bitlayer’s total funding to $16 million. Additional participants included notable investors such as Stake Capital Group, WAGMI Ventures, Skyland Ventures, Flow Traders, GSR Ventures, FalconX, Metalpha, 280 Capital, Presto Labs, Caladan and many others value adding investors. Noteworthy angels in the round also included DOMO, the creator of BRC20, Brian Kang, cofounder of FactBlock KBW and many others.

Franklin Templeton’s investment in Bitlayer marks a significant milestone. It is the first Bitcoin Layer 2 infrastructure project to receive strategic investment from an ETF-licensed institution. This partnership highlights the growing interest and momentum behind Bitlayer’s innovative solutions for technical challenges within the Bitcoin ecosystem, indicating a larger trend of institutional recognition and support for blockchain technologies.

“It’s a tremendous honor to collaborate with such valuable and world-class funds that can accelerate the development of Bitlayer’s ecosystem,” said Charlie Hu, co-founder of Bitlayer Labs. “This Series A funding from some of the most respected entities in the blockchain space validates our mission to make breakthroughs in the Bitcoin ecosystem. Our goals include achieving Bitcoin finality, establishing a bitcoin security-equivalent native Layer 2, and making history in the Bitcoin world.”

“After leading the previous round, we are thrilled to continue co-leading Bitlayer in this Series A round. Bitlayer stands out in the field of Bitcoin Layer 2s, accumulating more than $500 million TVL and 300 ecological projects to create the strongest Bitcoin Layer 2 ecosystem. As it realizes native verification on Bitcoin, Bitlayer will become the first native Bitcoin Layer 2, a seminal moment in the history of Bitcoin.”— BMAN, Managing Partner of ABCDE Capital.

“We believe that Bitlayer’s unique approach and technology has the potential to unlock new use cases and opportunities for Bitcoin, and we look forward to exploring collaboration opportunities with our Bitcoin-focused financial products. This investment underscores our commitment to supporting innovation in the digital asset space.” — Kevin Farrelly, Managing Principal of Franklin Templeton Digital Assets.

Bitlayer’s Series A funds are earmarked for its ecosystem expansion, including supporting the number of native Web3 protocols built within the ecosystem. After Mainnet-V1 launch on April 15th, Bitlayer’s development team continues work on building Mainnet-V2, a Bitcoin-native rollup in which Layer 2 state transition is guarded by a Bitcoin-friendly proof system that combines both ZK and fraud proofs.

With strong support from its strategic investors and ecosystem partners, Bitlayer is fueling Bitcoin‘s massive growth and adoption to become Bitcoin‘s leading Layer 2 infrastructure.

About Franklin Templeton Digital Assets
Franklin Templeton Digital Assets is a part of Franklin Resources, Inc., a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton Digital Assets has been active in the digital asset ecosystem since 2018, building blockchain-based technology solutions, developing a range of investment strategies, and running node validators.

About ABCDE
ABCDE is a VC focused on leading investments in top crypto builders. It was co-founded by Huobi cofounder Dylan Du and former internet and crypto entrepreneur BMAN, who have been in the crypto industry for over 10 years. The co-founders of ABCDE have built multi-billion dollar companies in the crypto industry from the ground up, including listed companies(1611.HK), exchanges(Huobi), SAAS companies(ChainUP.com), media(CoinTime.com), and developers platforms(BeWater.xyz).

About Bitlayer
Bitlayer is the first Bitcoin Layer 2 solution based on the BitVM paradigm. Bitlayer’s core objective is to address the trade-off between security (trustlessness) and Turing completeness in BTC Layer 2 through cryptographic innovations and blockchain protocol engineering.

Bitlayer is committed to becoming the computation layer for Bitcoin, aiming to introduce ultra-scalability to Bitcoin while inheriting its security, providing users with a high-throughput, low-cost transaction experience.

Follow Bitlayer to stay updated on protocol and ecosystem progress:
Website | Twitter | Discord | Medium | Github | Youtube

SOURCE Bitlayer

MINNEAPOLIS, July 23, 2024 — Kwikly Dental Staffing announces the successful completion of its Series A fundraising round, driven by an investment from Heartland Dental and a dedicated investor network. This crucial funding will propel the company’s nationwide expansion and further enhance its industry-leading technology and services.

“This successful Series A round marks a new chapter in Kwikly’s journey,” said Pedram Nastaean, CEO of Kwikly Dental Staffing. “Our mission has always been to make staffing easier for dental practices while offering rewarding opportunities for dental professionals. This funding will help us achieve that mission on an even larger scale.”

Addressing a Major Industry Challenge

Staffing is one of the largest problems in the dental industry today. With roughly one-third of dental assistants and hygienists expected to retire within the next five years, the demand for qualified professionals is higher than ever. Progressive dental offices and companies are staying proactive and ahead of the curve by partnering with innovative companies like Kwikly, ensuring they have access to the best talent and are prepared for future staffing challenges.

Empowering Dental Practices and Professionals

Kwikly is built by people with real-world experience in the dental industry, designed specifically for dental practices and professionals. The company’s advanced technology offers a seamless, user-friendly platform that makes staffing stress-free. For dental practices, this means having reliable, top-quality professionals at their fingertips. For dental professionals, it means flexible scheduling, competitive compensation, and the best support in the industry.

A Year of Milestones

This fundraising success caps off an incredible year of growth for Kwikly. Highlights include a ranking at #13 on the Financial Times’ list of fastest-growing companies in America and being placed at #169 on the prestigious INC 5000 list. As the company’s impact on the industry grows, its commitment to excellence and best-in-class service remains stronger than ever.

About Kwikly Dental Staffing

Kwikly is the #1 resource for dental staffing solutions, connecting dental practices with top-quality professionals through an easy-to-use platform. Recognized as the best in the industry, Kwikly provides flexible, reliable staffing solutions designed to meet the needs of today’s dental offices and professionals. With advanced technology and a commitment to excellence, Kwikly is setting the standard for dental staffing.

For more information, visit joinkwikly.com or contact [email protected].

Media Contact:

Allie Thompson
Marketing & Communication
Kwikly Dental Staffing
Phone: 612-524-9268
Email: [email protected]

SOURCE Kwikly Dental Staffing

• NEA led the round with significant participation from existing and new investors
• Proceeds support advancing leading pre-clinical development candidate BT-267, a best-in-class leucine-rich repeat kinase 2 (LRRK2) inhibitor, into human clinical trials for the treatment of idiopathic and LRRK2-mutuated Parkinson’s disease
• Additional assets targeting Parkinson’s disease will also be evaluated and potentially added to fuel the neurology-focused pipeline

DOVER, Del., July 23, 2024 — Brenig Therapeutics Inc. (Brenig), a pioneering neurology-focused drug development company utilizing an AI/ML-based discovery platform, today announced the closing of a $65 million Series A financing. The financing was led by New Enterprise Associates (NEA) with support from an additional US-based healthcare investor as well as existing investors: OrbiMed, Torrey Pines Investments and BioGeneration Ventures. In connection with the financing, Ed Mathers, Partner at NEA, will join the Board of Directors.

“With the financing, we advance our goal of addressing the needs of Parkinson’s disease patients with our differentiated drugs,” commented Iain Dukes MA DPhil, Chairman of Brenig.

“The Brenig team has made remarkable progress since inception,” said Ed Mathers. “We believe their approach could lead to best-in-class therapeutics for the treatment of Parkinson’s disease. NEA is thrilled to partner with Brenig through its next phase of growth”.

Brenig plans to use the proceeds from this financing to advance BT-267 through healthy volunteer studies and into proof-of-concept studies in idiopathic Parkinson’s disease patients. In addition, the company will explore advancing additional best-in-class approaches for Parkinson’s disease.

About BT-267

BT-267, a small molecule LRKK2 inhibitor, was designed to have a best-in-class PK profile enabling high and sustained brain exposure and minimal peripheral exposure, thereby ensuring superior efficacy while minimizing on-target, off-tissue toxicity. The molecule exhibits exquisite kinome selectivity, avoiding off-target effects. A clean safety profile has been confirmed through ongoing GLP studies.

About Brenig Therapeutics

Brenig is a small molecule drug development company that utilizes an AI/ML approach via a partnership with Expert Systems Inc., a drug accelerator that has spawned multiple best-in-class clinical candidates across multiple therapeutic areas.

About NEA

New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors, and geographies. Founded in 1977, NEA has over $25 billion in assets under management as of December 31, 2023, and invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm’s long track record of investing includes more than 270 portfolio company IPOs and more than 450 mergers and acquisitions. For more information, please visit www.nea.com.

Media Contact:

Iain Dukes, PhD
Executive Chairman
[email protected]

SOURCE Brenig Therapeutics

Other new investors include Viking Global Investors and RA Capital Management

Funding will support Magenta’s clinical programs in support of FDA approval for Elevate, the world’s smallest heart pump

KADIMA, Israel, July 23, 2024 — Magenta Medical, developer of Elevate™, the world’s smallest heart pump, has closed a $105M financing round led by global healthcare investment firm Novo Holdings. New investors Viking Global Investors and RA Capital Management, and existing investors OrbiMed, New Enterprise Associates (NEA), JVC Investment Partners, and ALIVE – Israel HealthTech Fund, also participated in this round.

The financing will be used to advance the company’s U.S. clinical programs in multiple mechanical circulatory support (MCS) indications and to secure the first FDA approval for the Elevate™ System in patients undergoing high-risk percutaneous coronary interventions (HR-PCI).

“Magenta’s technology stands at the forefront of innovation in the MCS field and has the potential to significantly improve outcomes in patients with severe cardiovascular conditions,” said Eric Snyder, Partner, Venture Investments, Novo Holdings US. “We look forward to supporting Magenta’s team in bringing better care to even more patients in need of mechanical circulatory support.”

Magenta Medical’s CEO, Dr. David Israeli, said, “Magenta is thrilled to add these exceptional MedTech investors to its mission of disrupting the MCS space. Together with our existing partners, we are fortunate to have brought together a world-class group of investors that has both the resources and expertise to shepherd Magenta through regulatory approvals and commercial growth.”

MCS is one of the fastest growing markets in interventional cardiology. It encompasses devices designed to mechanically unload the failing heart and augment cardiac output in the setting of dangerously low blood pressure, providing a bridge to recovery over a period of hours to days.

The widely recognized unmet clinical needs in MCS revolve around the ability to provide full cardiac support with a single device and a truly percutaneous and minimally-invasive placement procedure. Elevate™ is designed to meet those needs, while overcoming the significant limitations of existing temporary MCS devices. Because of these potential advantages, Magenta’s Elevate™ System was granted Breakthrough Device Designation by the U.S. FDA for two clinical indications: high-risk percutaneous coronary intervention (HR-PCI) and cardiogenic shock (CS).

Magenta completed a U.S. Early Feasibility Study with the HR-PCI indication in 2023. The results were presented at the 2023 Transcatheter Cardiovascular Therapeutics (TCT) conference in San Francisco by Dr. Perwaiz Meraj of North Shore University Hospital. Building on this study, Magenta is now preparing to launch a pivotal study in the U.S.

The Elevate™ Technology

Magenta’s proprietary technology miniaturizes a powerful percutaneous Left Ventricular Assist Device to fit into a 9 Fr delivery system, the smallest crimping profile of any such device.

The Elevate™ pump is first folded and then inserted percutaneously through a small puncture in the groin to accommodate a commercially available 10 Fr introducer sheath. The pump is delivered into the heart fully sheathed, over a guidewire, through the aorta, and across the aortic valve.

Employing standard catheterization techniques and equipment for placement provides important advantages in terms of ease-of-use, safety, physician access, and vascular access closure.

Prior to activation, the device self-expands inside the heart, and the flow through the pump is adjusted based on the clinical circumstances of the patient, up to the entire cardiac output of an adult (> 5 L/min of mean flow at physiological blood pressures). This allows the heart to rest and the patient to recover.

With peak flows exceeding 8 L/min, Elevate™ is the most powerful known percutaneous pump, comparing favorably even with surgically placed catheter pumps that have more than twice Magenta’s insertion profile.

Dr. Israeli noted, “Magenta’s technology will potentially enable physicians to rely on a single device to treat the full spectrum of MCS indications and is expected to eliminate the need to escalate therapy to a different device and subject patients to unnecessary and invasive replacement procedures.”

About Novo Holdings

Novo Holdings is a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation. The purpose of Novo Holdings is to improve people’s health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation.

Wholly owned by the Novo Nordisk Foundation, Novo Holdings is the controlling shareholder of Novo Nordisk A/S and Novonesis A/S and manages an investment portfolio with a long-term return perspective. Novo Holdings is a world-leading life sciences investor. Through its Seed, Venture, Growth, Asia, Planetary Health Investments and Principal Investments teams, Novo Holdings invests directly in life science companies at all stages of development. In addition, it manages a broad portfolio of Capital Investments, including equities, bonds, fixed income, real estate, and infrastructure assets.

As of year-end 2023, Novo Holdings had total assets of EUR 149 billion.

www.novoholdings.dk

About RA Capital Management

RA Capital Management is a multi-stage investment manager dedicated to company formation and evidence-based investing in healthcare and life science companies developing drugs, medical devices, diagnostics, services, and research tools. The firm’s portfolio of private and public companies spans the globe and most therapeutic areas across all stages from discovery through commercialization. We come from many backgrounds, bring different perspectives, work collaboratively, and are persistently curious.

About Magenta Medical

Magenta Medical Ltd. is a privately-held company dedicated to the development of miniaturized blood pumps intended to provide minimally-invasive support to the native heart during acute episodes of dysfunction that could lead to dangerously low blood pressure and compromised perfusion of vital organs. Magenta’s Elevate™ percutaneous Left Ventricular Assist Device (pLVAD) is currently in clinical trials to be evaluated for at least two indications: patients undergoing high-risk percutaneous coronary interventions (HR-PCI) and patients with cardiogenic shock.

For more information, please visit www.magentamed.com

Media Contact
Marjie Hadad
General Manager
Must Have Communications
[email protected]
+972 (54) 536-5220
+1 (917) 790-1178
www.mhc-pr.com

Photo: https://mma.prnewswire.com/media/2467106/Magenta_Medical_CEO_Dr_David_Israeli.jpg

SOURCE Magenta Medical

— Company formed and originally seeded by Omega Funds, Series A financing with exceptional syndicate led by Vida Ventures

— World-class leadership team led by Peter F. Lebowitz, MD, PhD, Sanjaya Singh, PhD, and Joe Erhardt, PhD, well-positioned to achieve significant clinical inflection points across multiple programs

BOSTON, July 23, 2024 — Third Arc Bio Inc., a biotech company developing multifunctional antibodies that are optimized for best-in-class T cell engagement across solid tumors and inflammatory & immunology (I&I) disease, today announced a $165 million oversubscribed Series A financing that will advance the company through clinical studies to address significant unmet needs in oncology and autoimmunity. 

The company was launched in 2022 with seed financing from Omega Funds and has since advanced multiple programs that will enter the clinic starting in early 2025. The Series A investor syndicate was led by Vida Ventures and co-led by Cormorant Asset Management and Hillhouse Investment. Omega Funds continued their strong support of the company in the Series A and additional investors include Goldman Sachs Alternatives, BVF Partners LP, funds and accounts advised by T. Rowe Price Associates, Inc., Janus Henderson Investors, funds managed by abrdn Inc., Marshall Wace, Foresite Capital, Logos Capital, Freepoint Capital Group, and AbbVie Ventures.

“With a powerful discovery engine and a stellar development team, the company is well-positioned to deliver best-in-class therapies and regimens,” said Peter Lebowitz, MD, PhD, Chief Executive Officer (CEO) of Third Arc Bio. “We are grateful for the strong support from Omega Funds and our investor syndicate, who believe in the value of our precise and targeted approach to modulating the immune response with advanced biologics.”

“Less than three years ago, we decided to help realize the scientific vision of Third Arc Bio’s founding team by pairing the latest innovation in antibody development with the pursuit of high impact targets in oncology and autoimmunity,” said Francesco Draetta, Managing Partner of Omega Funds. “We are delighted to have played a role in the company’s rapid growth since its inception. This latest oversubscribed financing reflects the hard work and progress of the talented Third Arc team and the broad interest in their approach. We are very excited to see the potential impact that these drugs could have for patients.”

“The Third Arc Bio team has an outstanding track record of developing impactful medicines, including multiple approved drugs that have redefined standard-of-care in oncology and I&I,” said Arjun Goyal, MD, Co-Founder and Managing Director of Vida Ventures. “We are tremendously excited to lead this round alongside a high-caliber syndicate of life science and strategic investors at a pivotal time for the company’s growth. With Third Arc’s leading portfolio of best-in-class biologics, multiple INDs planned for 2025, and an extraordinary team of drug developers, the company is poised to create bold new treatments leveraging T cell biology for patients globally.”

Third Arc Bio’s accomplished leadership team has collectively brought 19 drugs from discovery and development to commercialization:

• Peter F. Lebowitz, MD, PhD joined Third Arc Bio as CEO in January of 2024. Peter is a renowned industry leader with extensive drug development experience, including from his prior role as Global Head of Oncology R&D for Johnson & Johnson. Under Peter’s leadership, J&J Oncology achieved 13 major new drug approvals with first and best-in-class medicines. The innovative approach to drug development was reflected in 13 FDA Breakthrough Therapy Designations and 38 New England Journal Publications. Prior to J&J, Peter also served in multiple leadership roles at GSK including as Vice President, Global Head of Oncology Early Clinical Development and Vice President, Medical Development Leader in Late Development at GlaxoSmithKline where he successfully filed 10 Investigational New Drug applications and played a crucial role in the global registration of two oncology medicines.
• Sanjaya Singh, PhD is the founder and Chief Scientific Officer of Third Arc Bio. He is a leading expert in biotherapeutics with more than 25 years of experience. Sanjaya is a co-inventor of multiple immunology and immuno-oncology compounds, including Risankizumab (Skyrizi). Sanjaya’s industry experience includes Global Head of Janssen Biotherapeutics, Johnson & Johnson, Boehringer Ingelheim, Biotherapeutics Discovery and Tanox, Inc. (acquired by Genentech). Sanjaya is co-founder and Scientific Advisory Board member of Aliada Therapeutics.
• Joe Erhardt, PhD is the Chief Operating Officer of Third Arc Bio and is a highly experienced drug developer, having served for over 20 years in roles from early discovery through late clinical development. In his prior roles, including his most recent role as Vice President, Global Head of Oncology Discovery and External Innovation at Johnson & Johnson, Joe has had operational oversight of expansive portfolios as well as licensing and collaboration for oncology discovery and early development. Joe has delivered a significant number of internal and external candidates in discovery and clinical pipelines across a range of modalities including T cell redirection, T cell costimulation, antibody drug conjugates (ADCs), and targeted radiotherapy.

About Third Arc Bio
Third Arc Bio is a biotech company developing multifunctional antibodies that generate immune synapses that precisely activate or inhibit T cells. The company’s drug development engine delivers superior biologics optimized to create best-in-class T cell engagement by leveraging two technologies that power a pipeline of high value therapeutics – a solid tumor synergy platform and an I&I platform that offers a novel approach to precision immune regulation at a tissue-specific level to achieve superior efficacy and safety. To learn more, visit www.thirdarcbio.com.

About Omega Funds
Founded in 2004, Omega Funds is a leading international venture capital firm that creates and invests in life sciences companies that target our world’s most urgent medical needs. Omega focuses on supporting companies through value inflection points across the full arc of innovation, from formation through clinical and commercial milestones. Omega portfolio companies have brought 50 products to market in multiple therapeutic areas, including oncology, rare diseases, precision medicine and others. Visit www.omegafunds.com for additional information.

About Vida Ventures
Vida Ventures, LLC (“Vida”) is a next-generation life sciences investment firm founded by scientists, physicians, entrepreneurs and investors, who are passionate about building and funding breakthroughs in biomedicine. Vida’s mission is to bring science to life and advance transformative biomedical innovations that have the potential to make a meaningful difference for patients. Vida currently has approximately $1.8 billion of capital commitment from blue-chip investors. Vida has offices in Los Angeles, Boston and Fort Worth and is focused on identifying groundbreaking science and building innovative companies that lead to new areas of drug discovery and development. For more information on Vida Ventures, please visit www.vidaventures.com, on LinkedIn or follow on Twitter @Vida_Ventures.

SOURCE Third Arc Bio

Investment Empowers Next Stage of Growth and Innovation for Leading Software Platform Focused on Digitizing Wealth Management Operations

HOLMDEL, N.J., July 23, 2024 — Docupace, a leading provider of software to streamline back-office operations of wealth management enterprises and financial advisors, today announced a strategic majority investment from Genstar Capital (“Genstar”), a leading private equity firm focused on investments in targeted segments of the financial services, software, industrials and healthcare industries.

“Genstar’s investment is a testament to our belief that Docupace is transforming how critical work – new account opening, client onboarding, workflow, compliance, compensation, advisor transitions, data gathering and client engagement – gets done in wealth management enterprises,” said Docupace Chief Executive Officer David Knoch. “We are excited to welcome Genstar as a strategic investor as we further improve the operational experience for clients, financial advisors, their staff, and home office team members. This recapitalization positions Docupace to continue leading the back-office revolution and to seize the substantial growth potential that lies ahead.”

This significant investment makes Genstar the majority investor of the fast-growing technology innovator. FTV Capital (“FTV”), which made a growth investment in the company in 2020, will remain a minority investor in Docupace.

“We’ve been following Docupace’s transformation for several years, and we are proud to partner with Docupace and its management team on the next chapter of growth,” said Sid Ramakrishnan, Director at Genstar Capital. “The wealth management ecosystem is highly and ever-increasingly complex, and firms need scalable operations that serve financial advisors and their clients. Docupace has a proven track record of delivering purpose-built software solutions that transform the operations of the back-office. We look forward to partnering with David and his team to advance Docupace’s platform and accelerate growth, both organically and inorganically, and to continue delivering value to clients.”

Under FTV’s ownership, Docupace has grown into the leading platform for wealth management operations. Each workday, more than 130,000 electronic documents are processed and delivered, more than 62,000 work items are completed and nearly 10,000 new client accounts are opened using Docupace products and solutions. With the acquisitions of jaccomo and PreciseFP in 2021, the company expanded its platform solutions into compensation, compliance, and digital client data gathering, respectively.

This transformation has generated significant accolades and attention. In the first half of 2024, Docupace was named Best Onboarding Product by WealthTech Americas; won gold, silver and bronze at the 2024 Stevie Awards, and was named finalist twice – Best-as-a-Service Solution at the Banking Tech USA Awards and WealthTech of the Year at the 2024 InvestmentNews Awards.

“It has been incredible to partner with David, Michael (founder) and the team on Docupace’s momentous journey of growth and transformation,” said Robert Anderson, partner at FTV Capital. “Over the last four years, we’ve built a world-class organization that has driven consistent growth and meaningfully enhanced the Docupace platform to serve an expanding client base. Docupace has become synonymous with the ‘digital back-office’ across the wealth management landscape, and we can’t wait to celebrate many more exciting milestones in the years ahead.”

Financial Technology Partners (FT Partners) served as exclusive financial advisor and Gibson Dunn served as legal counsel to Docupace. RBC Capital Markets served as financial advisor and Ropes and Gray served as legal counsel to Genstar. The transaction is expected to close in the third quarter of 2024, subject to the receipt of regulatory approvals and the satisfaction of other closing conditions. The terms of the transaction were not disclosed.

About Docupace
Docupace is a solutions provider focused on digitizing and automating operations in the financial advice and investment industry. Financial services firms use the Docupace Platform (a cloud-based, integrated software suite) to reduce back-office expenses, improve efficiency, strengthen recruiting, and enhance the experience of advisors and investors. With headquarters in Holmdel, New Jersey, Docupace is proud to serve some of the largest independent broker-dealers and registered investment advisers (RIAs) in the financial services industry.

For more information, please visit www.docupace.com.

About Genstar Capital
Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high-quality companies for over 30 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar currently has approximately $49 billion of assets under management and targets investments focused on targeted segments of the financial services, industrials, software, and healthcare industries.

About FTV Capital
FTV Capital is a sector-focused growth equity investment firm that has raised $6.2 billion to invest in high-growth companies offering a range of innovative solutions in enterprise technology and services and financial technology and services. FTV’s experienced team leverages its domain expertise and proven track record in each of these sectors to help motivated management teams accelerate growth. FTV also provides companies with access to its Global Partner Network®, a group of the world’s leading enterprises and executives who have helped FTV portfolio companies for two decades. Founded in 1998, FTV Capital has invested in over 140 portfolio companies, including Derivative Path, EBANX, Masttro, Patra, True Potential and Vagaro, and successfully exited/partially exited companies including Centaur (acquired by Waystone Group), Enfusion, Globant, InvestCloud (recapitalized), Strata Fund Solutions (acquired by Alter Domus), Tango Card (acquired by Blackhawk Network) and VPay (acquired by Optum). FTV has offices in New York, San Francisco, Connecticut and London.

For more information, please visit www.ftvcapital.com and follow the firm on LinkedIn.

Media Contacts:

For Docupace
Ryan George
Chief Marketing Officer
[email protected]

Joseph Kuo / Donald Cutler
Haven Tower Group
[email protected] / [email protected]

For Genstar
Chris Tofalli
Chris Tofalli Public Relations
914-834-4334
[email protected] 

For FTV Capital
Josh Hess
Prosek Partners on behalf of FTV Capital
646-818-9291
[email protected]

SOURCE Docupace Technologies, LLC