Boston-based firm focuses exclusively on software and technology investments

BOSTON, Dec. 20, 2023 — Clearhaven Partners LP (“Clearhaven”), a Boston-based software private equity firm, today announced the closing of its sophomore fund, Clearhaven Fund II, L.P. (“Fund II”) at more than $580 million of capital commitments. Fund II closed above target and at its hard cap. Clearhaven closed Fund II approximately two years following the closing of its debut fund. Clearhaven pursues investments in growing lower middle market software and technology companies with revenues of approximately $20 million to $100 million.

Fund II’s limited partner commitments come predominantly from continuing investors from the firm’s inaugural first fund as well as several new investor relationships. Investors in Clearhaven’s funds come from a diversified institutional investor base including leading endowments and foundations, pension funds, insurance companies, family offices, funds-of-funds, and industry executives, including software executives of companies with which Clearhaven professionals were previously involved.

Clearhaven was launched in 2019 by Michelle Noon, Founder and Managing Partner, following nearly 20 years of experience as a software private equity investor. Clearhaven closed on its inaugural fund at $312 million in 2021 amid the pandemic. The firm pursues a proactive, thematic approach to identifying attractive investments and backs management teams and companies who seek a true partner to help scale their businesses. The investment team is co-led by Michelle Noon and Chris Ryan, a Managing Partner and experienced technology investor. Clearhaven’s Boston-based team is comprised of experienced technology investors and operators, including Operating Partner and Co-Founder Kevin Wood.

“We are truly grateful for the conviction and support exhibited by our continuing and new limited partners through their commitments to Clearhaven’s Fund II. Our firm was founded with principles of focus, humility, and the integrity to do what we say we will do through calm or turbulent waters. Our investors recognize the values that drive our firm as we seek to deliver exceptional returns,” said Michelle Noon, Founder and Managing Partner, “Our mission has been clear and consistent since day one – to invest exclusively in growing software businesses who seek an operationally oriented partnership with our team, and to do so while maintaining an uncompromising set of shared values. This mission carries directly into Fund II.”

Clearhaven has completed 11 transactions since inception, all of which fit squarely into the firm’s thematic areas of focus and intended active partnership with company management. Clearhaven’s current portfolio companies include customer engagement software company Engageware, mission critical video infrastructure software company Wowza, digital asset management software provider, PhotoShelter, personalized video communications SaaS provider SundaySky and cloud voice communications software company Avoxi, and digital signage and workplace experience software provider Korbyt. Managing Partner Chris Ryan added, “Our Fund I portfolio represents the bullseye of Clearhaven’s software investment strategy. In Fund II, we look forward to continuing to identify similarly attractive companies who seek to partner with Clearhaven to achieve best in class software results.”

M₂O Private Fund Advisors acted as placement agent to Clearhaven for Fund II and Kirkland & Ellis LLP acted as legal counsel.

About Clearhaven Partners LP

Clearhaven Partners is a Boston-based private equity firm focused exclusively on software- and technology-focused investments. Clearhaven was founded by an investor-operator team to partner with growing, differentiated companies with at least $20 million in recurring revenue. Clearhaven brings a collective 50+ years of software investing and operating experience to its portfolio companies through its partnership approach with management and its value creation playbook to help companies scale profitably. Visit us at www.clearhavenpartners.com.

SOURCE Clearhaven Partners LP

ZURICH, Dec. 20, 2023 — Centi is proud to announce the successful completion of its seed financing round led by Archblock and Bloomhaus Ventures with continued investments from existing shareholders and founders. Recognized for its proficiency in processing transactions as small as a cent, Centi is poised for the global expansion of its blockchain-based micropayment solutions and an increased footprint in promoting financial inclusion. The funds secured in this financing round will fuel Centi’s mission to revolutionize digital transactions on a global scale.

Archblock and Bloomhaus: Supporting Centi’s Vision for Change

Archblock and Bloomhaus Ventures have not only invested in Centi but have become steadfast champions of its vision: “Our investment signifies our belief in Centi’s potential to innovate in the fintech landscape”, says Alex de Lorraine CEO of Archblock, who spearheaded the financing round. “Our expertise in blockchain and digital currencies perfectly aligns with Centi’s approach. Centi presents a highly intelligent solution to the global challenges posed by micropayments today“, says Pascal Stürchler, Co-Founder and CEO of Bloomhaus Ventures. “Leveraging our extensive global network, we are poised to offer valuable support in enabling Centi to extend its transformative solutions beyond Switzerland and into other international markets.”

Founder’s Insight

“We founded Centi driven by the potential of blockchain for micropayments and financial inclusion,” states Bernhard Müller, Co-Founder of Centi. “The name ‘Centi’ itself, derived from our capability to process transactions as small as one cent, encapsulates this focus. The success of our financing round is a testament to being on the right trajectory and receiving support for our mission to revolutionize current payment processes with the Centi stablecoin.”

Centi: Addressing Payment Industry Shortcomings with Proprietary Stablecoin Technology

Centi is redefining the payment industry by introducing real-world applications of blockchain technology, specifically addressing two of its most significant shortcomings: the inefficiency of micropayments and the lack of financial inclusion. Through its proprietary stablecoin technology, Centi not only achieves compatibility with existing payment infrastructures but also pioneers innovative solutions in these critical areas.

• Micropayments (B2B): Centi confronts the inefficiency in processing micropayments, enabling transactions as minimal as a cent, and unlocking new opportunities for digital content monetization.
• Financial Inclusion (B2C): Centi offers a direct-to-consumer stablecoin that can be purchased with physical cash, providing a crucial gateway for the unbanked into the world of digital payments and credit cards.

A Bold Step Forward in Fintech

Centi’s approach demonstrates the practical and transformative impact of blockchain technology, moving beyond theoretical possibilities to deliver applications that enhance and complement the existing payment landscape.

About Centi

Centi leverages blockchain technology to provide innovative, accessible, and efficient financial solutions. Centi focuses on micropayments and financial inclusivity and directly addresses the shortcomings of the current financial system, establishing Centi as pioneers in the practical application of blockchain technology.

https://centi.ch

About Archblock

Since 2017, Archblock has been a leader in building and managing institutional-grade stablecoins and enabling open access to financial opportunities and global trade. Archblock created, launched, and managed TUSD, a leading USD-backed stablecoin. Archblock Stablecoins owns and operates a portfolio of three fiat-backed stablecoins and offers the technical and operational foundation to build white-label stablecoins for others. Additionally, the Archblock team developed and launched TrueFi in November 2020. TrueFi was DeFi‘s first credit-based lending protocol, providing on-chain infrastructure for capital formation and deployment. The protocol has facilitated over +$1.8B in on-chain investments since inception.

About Bloomhaus

Bloomhaus is a Swiss venture capital firm focused on empowering game-changing tech startups in Central Europe to flourish globally and to create a more sustainable tomorrow. Drawing on their expertise as entrepreneurs, technologists and investors Bloomhaus nurtures pioneers bringing them together with the resources and expertise they need for lasting success.

SOURCE Centi

• Category-defining pet-sitting marketplace community available in over 140 countries
• Pet and travel tech innovator delivered 158% year-on-year growth in 2022
• Mayfair to support product and technology innovation and marketing initiatives
• Pet and travel sectors expected to grow to $369 billion by 2030 and $1,016 billion by 2027, respectively^[1]    

LONDON, Dec. 20, 2023 — Mayfair Equity Partners, a dedicated technology and consumer investor with over £2 billion in assets under management, is backing a management buyout of TrustedHousesitters, a category-defining, subscription-based pet-sitting and travel community. Mayfair will hold a majority stake in the business alongside the management team. Rockpool will exit their stake in TrustedHousesitters and reinvest alongside Mayfair. The transaction values the business at over $100 million. Additional deal terms have not been disclosed.

TrustedHousesitters is the leading travel solution for pet people which connects pet owners with pet sitters around the world. Pet owners can find verified sitters to look after their pets while they’re away from home and, in return, sitters are able to visit destinations across the globe for a unique and rewarding travel experience. Since its founding in 2010, the company has facilitated over 10 million nights of pet sitting, has grown its operations to more than 140 countries and saves pet owners and travellers thousands of pounds annually in accommodation and pet care costs. The pet care and travel sectors are expected to grow to $369 billion by 2030 and $1,016 billion by 2027, respectively.^[1]

Mayfair is partnering with Mathew Prior, TrustedHousesitters’ CEO, and the management team to accelerate growth and support product innovation across its core markets in the US, the UK, Europe, and Australia. Mathew joined TrustedHousesitters in 2019, bringing over 30 years of experience in the travel industry to the company, following managing director roles at Travelopia, Specialist Holidays Group, First Choice Holidays, and The First Resort. Under Mathew’s leadership, the company has undergone significant growth while improving balance sheet management and profitability.

TrustedHousesitters recorded 158% year-on-year growth in 2022, supported by a rising pet population, the accelerated digitisation of pet services and a return to historical rates of travel. TrustedHousesitters’ unique combination of a pet-loving community, reliability, and adventure delivers a memorable experience every time for pet owners and sitters. This leads to exceptional customer satisfaction scores which in turn drive recommendations, with more than 60% of customers hearing about TrustedHousesitters from word of mouth.

Mathew Prior, CEO, said: “Pet parents know that pets are more comfortable at home than in kennels, boarding facilities or even with friends and family. At the same time, there are millions of pet lovers throughout the world who seek authentic, sustainable, and cost-effective travel experiences. I’m proud of our platform’s growth over the past few years and the wonderfully positive feedback we receive from our members. We see a huge opportunity for continued expansion and believe that Mayfair is the right partner to help us achieve our global growth ambitions.”

Kunal Dasgupta, Partner at Mayfair Equity Partners, commented: “TrustedHousesitters is a unique pet-care and travel solution with off-the-chart customer satisfaction scores. The company is creating a category by disrupting conventional pet-sitting services and offering a cost-effective alternative to traditional holiday accommodation. We’re excited to back a genuine innovator at the intersection of travel and pet care and believe that pet sitting services are an untapped opportunity in the pet care sector. TrustedHousesitters is ideally placed to succeed and we’re excited to partner with Mathew and his team on the next stage of their journey.”

Advisors to Mayfair on the transaction included Torch Partners (corporate finance), OC&C (commercial), PwC (financial and tax), Goodwin Proctor (legal counsel), and Palladium (digital and technology).

TrustedHousesitters shareholders were advised by Clearwater International and KeyBanc Capital Markets (M&A), Taylor Wessing (legal), PwC Strategy& (commercial), Claritas (tax) and Fox Williams (insurance).

Management were advised by Liberty Corporate Finance (M&A), Mishcon De Reya (legal) and Cooper Parry (tax).

^[1] Sources: https://www.fortunebusinessinsights.com/pet-care-market-104749; https://www.statista.com/outlook/mmo/travel-tourism/worldwide 

About TrustedHousesitters

TrustedHousesitters is the leading travel solution for pet people; a global community whose love of pets and travel enables home sharing and pet caring all over the world. The service was founded in Brighton, UK in 2010 and has over 200,000 members in more than 140 countries, responsible for 10 million nights of pet sitting. A subscription gives unlimited access to short and long-term sits with no further money changing hands. Sitters explore the world while staying in real homes and enjoying the companionship of pets. Meanwhile, owners enjoy freedom and peace of mind by prioritising their pets’ well-being at home with a trusted companion. 

About Mayfair Equity Partners

Mayfair Equity Partners is a dedicated technology and consumer investor, with assets under management of over £2 billion. Mayfair’s investment philosophy centres on backing people and their ideas, working with founders and management teams to help them realise their ambitions. Mayfair’s model of Active Partnership includes a senior team of dedicated functional Specialists who support portfolio companies with business process improvement initiatives that help unlock their full potential.

Mayfair has an established track record of supporting fast-growing, sector-defining companies, including Ovo, a digital challenger which has scaled to become the third largest provider in the UK retail energy sector; LoopMe, a leading brand-focused mobile advertising platform; and Tangle Teezer, the category defining British haircare brand. For more information, please visit www.mayfairequity.com.

Contact Mayfair Equity Partners
Charlie Harrison
The One Nine Three Group
[email protected] 
+44-788-4136-143

Logo – https://mma.prnewswire.com/media/2304656/Mayfair_Equity_Partners_Logo.jpg
Logo – https://mma.prnewswire.com/media/2304439/TrustedHousesitters_Logo.jpg

SOURCE Mayfair Equity Partners

Poised for further growth in China’s fast-expanding personal care for kids market
as it continues to scale on the back of secular tailwinds

GUANGZHOU, China, Dec. 19, 2023 — Hi!Papa, a rapidly-growing personal care company focused on 3- to 12-year-old children in China, today announced that it has completed a Series A+ fundraise led by L Catterton, a leading global consumer-focused investment firm. The transaction positions Hi!Papa to further scale in the country’s fast-expanding personal care for kids market.

Propelled by secular tailwinds such as young mums’ increasing application of their personal care habits to their children, the market has been growing approximately 12% annually over the past four years and is expected to reach RMB 52 billion in 2026. Expanding at around 38% annually over the same period, the masstige segment in which Hi!Papa operates is driving most of this growth. Consumers are also increasingly purchasing domestic brands instead of international ones as the market further evolves, with local players gaining a larger share of the pie, in line with the way the industry has matured in other geographies such as Japan, South Korea, and the US.

Having a customer-centric iterative research and development process, Hi!Papa has built a portfolio of highly-acclaimed products including sunscreens, as well as face cleansers and creams. These are progressively developed based on insights and feedback the company gathers from a group of around 200,000 consumers before official launches. Bearing testament to the quality of its products, customers rank the brand ahead of others when evaluating them based on key purchase considerations such as ingredient safety, product efficacy, and texture.

Coupled with having an omnichannel presence and well-targeted marketing campaigns, Hi!Papa’s portfolio of stellar products has enabled it to grow swiftly. Its products have best-in-class conversion and repurchase rates, and its customers are avid advocates of the brand. Accordingly, its products are consistently top sellers on online platforms such as Douyin and Tmall, and are gaining traction offline across the country as well. Attesting to the robust fundamentals that underpin the rising demand for its products which persists through macroeconomic cycles, its revenue and profit have not only both increased several fold over the past few years, but also doubled over the past 12 months.

“Hi!Papa is committed to providing school-age kids in China with safe, gentle, and effective skincare solutions that meet their unique needs,” commented Hi!Papa founder and CEO Jiangsheng Xuyu. “There are many water-centric skincare products for babies and toddlers, as well as many anti-acne ones targeted at adolescents, but almost none specially formulated for children aged 3 to 12. We have made significant headway since our establishment just four years ago and are excited about the road ahead as we leverage L Catterton’s operating capabilities to continue building our brand, broadening our product suite, and augmenting our distribution network.”

Scott Chen, a managing partner in the RMB fund of L Catterton, added, “Having made more than 30 investments in the global personal care space, we have seen demand for products which specially meet children’s skincare needs arise in other markets as they mature, and are not surprised that this arc is now unfolding in China too. Hi!Papa has likewise identified this market opportunity and methodically developed products that resonate with its target consumers, enabling it to not only capture white space, but also engender strong brand equity and win long-term customer loyalty. Its many achievements since its founding have been remarkable and we believe that it is poised for further success.”

L Catterton has extensive experience building personal care and children-focused brands across the world. Current and past investments in these sectors include Elemis, ETVOS, Function of Beauty, The Honest Company, Irene Forte Skincare, Oddity (the parent company of Il Makiage), TULA, Hanna Andersson, Plum Organics, and Zarbee’s Naturals.

About L Catterton

L Catterton is a market-leading consumer-focused investment firm, managing approximately $34 billion of equity capital across three multi-product platforms: private equity, credit, and real estate. Leveraging deep category insight, operational excellence, and a broad network of strategic relationships, L Catterton’s team of more than 200 investment and operating professionals across 17 offices partners with management teams to drive differentiated value creation across its portfolio. Founded in 1989, the firm has made around 275 investments in some of the world’s most iconic consumer brands. For more information about L Catterton, please visit www.lcatterton.com.

About Hi!Papa

Hi!Papa is a personal care company founded in China in 2019 with a focus on meeting the skincare needs of school-age children in the country. Committed to providing these children with safe, gentle, and efficacious personal care solutions, it develops its products via an iterative process involving not only its in-house team of researchers, but also partner universities and laboratories, taking consumers’ input and feedback into account. The company’s portfolio of highly-acclaimed products which have won multiple industry awards includes its flagship sunscreen, hydrating mists, as well as face cleansers, lotions, creams, balms, and masks. For more information about Hi!Papa, please visit www.haiguibaba.com.

CONTACTS

L Catterton

Julie Hamilton (U.S.)
[email protected]
+1 203 742 5185

Bob Ong / Bonnie Gan (Asia)
[email protected] / [email protected]
+65 6672 7619 / +86 10 8555 1807

Hi!Papa

Alvin Lai
[email protected]
+86 139 2880 2859

SOURCE L Catterton

The 3D metal manufacturing pioneer Announces Strategic Plans to Increase Headcount by 30% in 2024

WILMINGTON, Mass., Dec. 19, 2023 — Seurat Technologies, the Boston-based company that is making manufacturing better for people and the planet, announced today, that on the heels of their historic YoY growth in 2023 they will be ramping up hiring in the greater Boston area by approximately 30% in 2024 across a broad range of technical and professional positions. Seurat was just named one of the Top Places to Work in Massachusetts for the second consecutive year in the 15th annual employee-based survey project from The Boston Globe. Top Places to Work recognizes the most admired workplaces in the state voted on by the people who know them best—their employees.

With support from major industry players including NVentures (NVIDIA’s venture capital arm), Capricorn’s Technology Impact Fund, Honda Motors, True Ventures, DENSO, Cubit Capital, Porsche SE, SIP Global Partners, GM Ventures, Maniv Mobility, and Xerox Ventures, Seurat is at the forefront of reimagining local manufacturing driven by green energy.

Manufacturing has historically been one of the largest contributors to greenhouse gas emissions, responsible for 31% of emissions in the US. The Biden Administration recently announced $40 million in funding to expand the clean energy workforce to retrain and bring up the next generation of green manufacturers. As Boston continues its growth as a leading tech hub for climate-tech VCs and green manufacturing, Seurat is creating a new category of green jobs, solidifying its role as a transformative force in the industry and local economy.

“Our mission is to change the world by enabling cost-competitive green manufacturing, and bringing that vision to life will require the right people,” said James DeMuth, CEO of Seurat. “We are very excited about the continued growth of our team and grateful for the skills that all our new talent brings. As we continue to progress along our roadmap to change the world of manufacturing, we’ll look to continue growing our headcount and investing in our talented team as we make our mark on the industry.”

Powered by 100% green energy, Seurat is reinventing and reshoring manufacturing with its Area Printing technology that will deliver high-precision, high-volume, decarbonized manufacturing at sites around the world. This mission, to build a scalable solution and fundamentally change how products are made, requires a strategic investment in top talent. With Seurat’s pilot factory in the Greater Boston area already oversubscribed from customer Letters of Intent for Series Production and continued business growth following its recent $99M Series C, the company is hyper focused on adding incredibly accomplished individuals to its expanding team.

Seurat has strategically infused its talent pool with dynamic individuals from renowned companies in additive manufacturing and the broader tech industry including laser, optical, mechanical, electrical, and software engineers. Seurat continues to be on the lookout for the most exceptional minds to join its stellar team of scientists, engineers, designers and trailblazers to transform manufacturing.

To learn more about career opportunities please visit our careers page.

About Seurat Technologies
Seurat Technologies is transforming manufacturing for people and our planet. Area Printing by Seurat is the next generation of 3D metal printing designed for high-volume, decarbonized industrial production. By decoupling resolution and speed, Seurat is creating a scalable process that can compete with traditional manufacturing in every way. Seurat’s pioneering approach was originally developed at Lawrence Livermore National Laboratory (LLNL) and has 285+ patents and trademarks, granted and pending. Learn more at www.seurat.com.

SOURCE Seurat Technologies

PHILADELPHIA, Dec. 19, 2023 — PolicyMap, Inc., a leading geographic data and analytics platform, today announced the close of a $3 million Series A financing round, led by existing investor Reinvestment Fund and joined by Ben Franklin Technology Partners, Spring Point Partners, PolicyMap Board Members, Employees, and Friends and Family. 

PolicyMap is used by more than 650 organizations and companies including government agencies, health-related entities, banks, universities, real estate corporations, nonprofits, and consultants.  

“At PolicyMap, we aim to be the most trusted resource for geographic data in the United States.  We are committed to making our data readily available and easily accessible across our suite of offerings, from the PolicyMap SaaS application to data licensing services and seamlessly embedded mapping tools.  We are investing in our data infrastructure and bringing new products to market, which will aid in our quest to both quickly onboard valuable content and easily get it into the hands of our customers through new innovative channels,” said CEO and Founder, Maggie McCullough. “Empowering decision-makers in diverse markets across the country has always been the core of our mission, and this strategic investment will propel us to achieve that objective.”

The new capital will also be used to scale growth through investment in new sales and marketing expertise which will amplify PolicyMap’s customers’ core use cases: community and market intelligence, site selection optimization, impact evaluation, and go-to-market strategies. 

“The raise reflects PolicyMap’s stellar growth prospects as it successfully enters into new markets and its ability to deliver data to companies and organizations in new ways that drive deeper insight into the workings of the nation’s neighborhoods,” said Mark Zandi, Chief Economist at Moody’s Economy.com, PolicyMap Board Chair and shareholder.

“I couldn’t be more excited about Reinvestment Fund’s follow-on round of investment in PolicyMap,” said Don Hinkle Brown, CEO of Reinvestment Fund. “We spun PolicyMap off as a for-profit in 2018, knowing that their value expands beyond markets we traditionally serve. The additional capital allows them to continue to build out their offerings while deepening their footprint in new markets like healthcare.”

About PolicyMap 

PolicyMap simplifies analyzing geographic data. To meet the demand for authoritative, relevant, current location data, PolicyMap offers a mapping application, an analytics platform, and data licensing services. Our tools are used across industries for market intelligence, site selection, impact evaluation, product development, and academic research. PolicyMap has offices in Philadelphia, PA and Los Angeles, CA. For more information, please visit our website https://www.policymap.com. For press inquiries, reach Faith Zaki, Director of Marketing at: [email protected]. 

About Reinvestment Fund
Reinvestment Fund is a mission-driven financial institution committed to making communities work for all people. We bring financial and analytical tools to partnerships to ensure that people in communities across the country have the opportunities they strive for affordable places to live, access to nutritious food and health care, schools where their children can flourish, and strong local businesses that support jobs. We use data to understand markets and how transactions can have the most powerful impact, consistently earning us the top Aeris rating of AAA for financial strength and four stars for impact management. Our asset and risk management systems have also earned us an A+ rating from S&P. Since our inception in 1985, Reinvestment Fund has provided over $2.7 billion in financing to strengthen neighborhoods, scale social enterprises, and build resilient communities. 

Learn more at reinvestment.com. For press inquiries, reach Tiffany Patterson, Managing Director of Strategic Communications at: [email protected]. 

About Ben Franklin Technology Partners
Ben Franklin Technology Partners of Southeastern Pennsylvania (Ben Franklin) is the Philadelphia region’s Partners with a Purpose. Nationally ranked among the most active seed and early-stage investors, Ben Franklin helps high-growth innovative enterprises plant and nurture their roots, creating both immediate connections and lasting economic growth. The nonprofit has supported more than 2,000 companies to deliver an impact of more than $5 billion and 32,000 jobs in the Philadelphia region. Whether in tech, life sciences, manufacturing, or industries and breakthroughs yet discovered, Ben Franklin works to raise the community of innovation higher, to benefit present and future generations of Pennsylvanians. 

About Spring Point Partners
Founded in Philadelphia, Spring Point Partners is a social impact organization that invests in the transformational leaders, networks and solutions that power community change and advance justice. They do this by seeking out and supporting community leaders who have the vision to see what’s possible and the drive to make that real; connecting the experience of partners with comprehensive and flexible supports for shared learning and impact; and investing in innovative ideas and adaptive solutions that can spark and scale change for all. Whether they’re partnering on youth development, equity in learning, animal welfare or water sector leadership or investing in new business models that close opportunity gaps and boost social and economic mobility, they center equity and justice in all they do — supporting individuals and ideas that can have a catalytic impact in their communities and on our society.

SOURCE PolicyMap

ST. LOUIS, Dec. 19, 2023 — NewLeaf Symbiotics, global leader and pioneer of pink-pigmented facultative methylotrophs (PPFMs), announces the fully funded close of its series D financing round, totaling $45 million. This round was led by new investor Gullspång Re:food and followed by Otter Capital Partners LP, S2G Ventures, Leaps by Bayer and others.

NewLeaf gained tremendous growth over the past three years with its PPFM technology, significantly increasing in product shipments for corn and soy acres. The market saw NewLeaf’s product-applied footprint increase from approximately 800,000 acres in crop year 2022 to 3.5 million acres in crop year 2023, with a projected nearly 11 million acres in crop year 2024.

With this funding, NewLeaf will accelerate its efforts with PPFM technology and adjacent technologies in the areas of biostimulants/microbial inoculants, biocontrol, nitrogen use efficiency and methane mitigation. Its plans for 2024 include a new EPA-registered biopesticide technology shown to repel corn rootworm in corn plants, new biostimulant technologies for peanut and cotton, and continued research and development around rice yield, nitrogen efficiency and methane reduction impact. NewLeaf remains focused on its mission to help growers do more with less as they work to feed the world’s increasing population.

As lead investor on this fundraising round, Peter Odemark, Managing Director of Re:food, will also take a seat on NewLeaf’s Board of Directors. “NewLeaf is an ideal match for the Re:food portfolio,” says Odemark. “Farmers across the globe face increasing challenges every season, and PPFM technology can support them in finding sustainable solutions to positively impact the way food is produced. There are still more opportunities to uncover, and we’re thrilled to be a part of the journey.”

“This round of funding is a testament to the science-led, proven performance of NewLeaf PPFM technology,” says Brent Smith, CEO and President of NewLeaf Symbiotics. “Our team’s strong work positions us for growth and continuous discovery of the capability Pink Performance delivers in the field. We will see this momentum move us into 2024 and beyond through more crops, expanded geographies and increased acreage.”

About NewLeaf Symbiotics
NewLeaf Symbiotics is an agricultural biotech leader that is focused on the discovery, development, production and commercialization of products containing a genus of beneficial microbes that are ubiquitous and naturally symbiotic with plants. The pioneer and global leader of pink-pigmented facultative methylotrophs (PPFMs), NewLeaf’s technology outcomes include increased yield potential and sustainability indicators. Headquartered in the Ag Innovation capital of St. Louis, NewLeaf has filed more than 200 patents and patent applications and introduced its first biostimulant products in the United States for corn and soy. For more information, visit www.newleafsym.com.

SOURCE NewLeaf Symbiotics

Third Prime Capital invests $8 million in Salt Labs, bringing the total amount raised by the company to $18 million in less than a year

NEW YORK, Dec. 19, 2023 — Salt Labs, a loyalty and financial technology company that bridges the gap between employers and employees, today announced Third Prime Capital has invested $8 million in the company. This brings the company’s total funding to $18 million across its pre-Seed and Seed financings. With this capital, the company plans to bring Salt to employers as a catalyst for enhancing retention and productivity.

“Salt Labs has built a loyalty earned asset for the workplace whose value is derived from the most significant investment of hourly workers—their time. We are excited that we can add Third Prime as one of our incredible backers who shares our vision of the future of work,” said Jason Lee, CEO and co-founder of Salt Labs.

Since launching earlier this year, the Company has been building a loyalty earned asset called “Salt”. Employees place tremendous value in Salt because it is based on the considerable effort and time invested in their work. After earning Salt, employees may decide how to allocate and spend their Salt, including spend for everyday items, aspirational experiences, and financial savings products. With Salt, employees can achieve what they rightly desire and deserve from work—to be able to enjoy their life and to build asset ownership for their future.

The company’s initial pilot market was Puerto Rico, where one in seven hourly workers across key sectors like restaurants and hospitality now earn Salt. Notably, workers value Salt at a rate of up to 10x what it costs their employers to make Salt available, making it a highly potent and cost-effective tool for employer partners. Since inception, more than 75,000 Salt users have mined over 7 million Salt.

“Salt is exactly what employers and the changing workforce need in this unprecedented labor crisis. Given their expertise in building DailyPay, Jason Lee and the Salt Labs team are perfectly positioned to help companies overcome one of their biggest operational challenges – employee retention and productivity” said Mike Kim at Third Prime. He will also join the Board of Directors, alongside Logan Allin, Managing Partner and founder of Fin Capital, who led the company’s pre-Seed financing earlier this year.

The company will use the new investment funding to bring Salt to large enterprises in the USA. 

Across its early employer partners, Salt Labs has driven meaningful improvement in employee retention rates. In the month of November, the employee turnover rate for Salt users was 72% lower than for non-Salt users. 

“We are excited to introduce Salt to our employees so they can see the output of their work real-time and to enjoy the benefits of the work they are doing today, in the future”, said Sam Falletta, CEO of Incept.

Salt Labs is helping to build a workforce where hourly employees can measure, capture and ultimately reward themselves for the work they do, in turn creating better financial outcomes and a more engaged workforce. To learn more about Salt Labs’ funding and enterprise solution, please visit here.

About Salt Labs:

The mission of Salt Labs is to enable hourly workers to own the long-term value of their work. We envision a future where workers can capture the value of their work beyond their hourly wage, leading to long-term wealth creation and a more engaged workforce. To achieve this mission, we’ve built a first-of-its-kind loyalty earned asset that leads to higher levels of retention and productivity.

Salt Labs was founded in late 2022 by a team that includes repeat founders Jason Lee and Rob Law, who founded DailyPay, a $2bn HR and FinTech company.

About Third Prime:

Third Prime is an early-stage venture capital firm focused on financial and industrial technology. The firm leverages its partners’ extensive experience as public and private market investors to provide strategic and financial guidance to world-class entrepreneurs at the earliest stages. Third Prime builds concentrated portfolios behind high-conviction themes and works closely with its portfolio founders to optimize outcomes throughout the investment lifecycle.

MEDIA CONTACT: Jaime McDougall, [email protected], 857-999-5196

SOURCE Salt Labs, Inc.

The company integrates AI and ergonomics to advance workplace safety innovation 

SAN MATEO, Calif., Dec. 19, 2023 — TuMeke, a computer vision platform that automatically assesses injury risk in manufacturing facilities, raised $10M in a Series A funding round led by Intel Capital to expand and scale the TuMeke team of engineers, ergonomists, and academics.

“Workplace musculoskeletal injuries are commonplace across industries, but keeping your workers safe should be a non-negotiable,” said Riley Noland, co-founder of TuMeke. “We created TuMeke to arm businesses with a tool that efficiently, affordably and ethically improves the safety of employees.”

TuMeke believes keeping workers safe should be easy and cost-effective. Without TuMeke safety staff are required to spend hours filling out tedious forms. By using TuMeke, safety staff can take a video on their smartphone to reduce the identified risk of a job in minutes. Its AI system combines the best in computer vision and ergonomics to help its users redesign jobs or retrain workers. The TuMeke software is packaged within a phone app, so users never need to purchase equipment, cameras, or exoskeletons.

TuMeke’s advanced computer vision means all this can be done without stopping production – catapulting TuMeke to be the standard tool in the US workers’ compensation insurance industry and among the world’s largest industrial firms.

“The traditional ergonomic risk assessment process is manual, laborious and inefficient,” said Zach Noland, co-founder of TuMeke. “By using AI and computer vision, we’re able to surface concerns and suggest corrections quickly, saving time and, more importantly, keeping workers safe.”

Its suite of products helps companies assess ergonomic risk twelve times faster than traditional techniques, driving forward its mission of eliminating workplace musculoskeletal injury as the company continues to build the next-generation ergonomic risk assessment platform.

“TuMeke launched its offering in 2021 and in less than two years they’ve introduced a comprehensive solution that sustains workplace productivity and reduces employee injuries,” said Mark Rostick, Vice President and Senior Managing Director at Intel Capital. “Their digitally precise technology helps organizations maximize the ROI ‍of safety investments and has proven its ability to make occupational environments safer and more efficient.”

TuMeke has become a key partner in manufacturing, empowering industry powerhouses such as AF Group, Chemtrade Logistics, Sentry Insurance, and more to prioritize ergonomic safety and establish a resilient workforce. With employee health at the center of company decisions and technology designs, the product offers swift and accurate ergonomic risk assessments without the need for wearables or extra equipment, emphasizing efficiency and user comfort.

“Tumeke’s platform is an outstanding tool for conducting ergonomic assessments in a timely and accurate manner, ” said Colin Welch, EHS Director, Governance, Quality and Reporting of Chemtrade Logistics, “It has not only improved our health and safety program by helping us identify and reduce ergonomic hazards, but also increased employee engagement by creating a positive and supportive work culture.”

TuMeke addresses immediate ergonomic concerns and assists in the development of long-term safety strategies, establishing employee well-being as a fundamental aspect of daily operations. The Series A funding will allow TuMeke to continue expanding operations and launch new features that enhance the capabilities of EHS teams and the safety of their colleagues.

“At TuMeke, we believe in leveraging AI for good – improving employee safety with consent and human-in-the-loop AI technology,” said Diwakar Ganesan, co-founder of TuMeke, “Our users say that employees for the first time are excited about safety training sessions and actively want to see how they can improve long term health outcomes.”

About TuMeke Ergonomics
TuMeke is on a mission to eliminate workplace musculoskeletal injuries. This next-generation ergonomic risk assessment platform has been created by a team of engineers, ergonomists, academics, and problem solvers that are striving to maximize the safety and sustainability of work environments in a cost-effective way.

SOURCE TuMeke, Inc.