• Additional financing brings Series B Funding Round Total to $30.8 million
• Kafene recently surpassed $100 million in customer financing and upsized its credit facility to finance more consumers

NEW YORK, Oct. 2, 2023 — Kafene, a point-of-sale financing platform that helps offer underserved consumers more flexible purchase options through transparent lease-to-own (LTO) agreements, today announced it extended its Series B round to include an additional $12.6 million in new equity capital. This brings Kafene’s Series B total to nearly $31 million. Kafene had previously announced its initial $18 million Series B fundraise in September 2022. Third Prime led the initial fundraise as well as the extension alongside existing investors. 

Kafene, which recently added its first ever Chief Revenue Officer, Jonathan Kurzner, will use the capital to further accelerate its merchant partnerships and its overall commercial business while underwriting more consumers to leverage an opportunity created by broader market retreat among consumer financing companies.

“When we announced our initial Series B, we were confident in our ability to underwrite a consumer whose conditions are inherently recessionary. Our plan continues to be to double down on point-of-sale merchant partnerships as others retreat,” said Neal Desai, Chief Executive Officer, Kafene. “The thesis is playing out as predicted with unit economics turning positive late last year and consumer credit quality rising to the highest it’s been since inception. Credit performance remains strong, the balance sheet has grown, and we continue to gain traction while others pull back. This is a very exciting time in the evolution of Kafene.”

“We’re very proud of what Kafene has been able to accomplish over the past four years and we believe strongly in its growth trajectory as it seizes on a significant market opportunity,” said Wes Barton, Co-Founder and General Partner, Third Prime. “What Kafene offers is a clear win-win proposition for both retailers and consumers, helping it generate continued momentum and accelerating enterprise value.”

Kafene has financed more than $100 million in lease-to-own agreements in less than three years after the product first launched. The product is structured in a way that is simple, consumer-friendly, and transparent, serving the more than 100 million consumers in America who are unable to access sufficient credit on fair terms. Kafene focuses on the largest unmet needs in big ticket categories such as furniture, appliances, electronics, tires and other durable goods.

For more information on Kafene please visit www.kafene.com.

About Kafene
Kafene is a point-of-sale financing platform utilized by merchants to help offer underserved consumers more flexible purchase options through transparent lease-to-own (LTO) agreements that help retailers of furniture, appliances, electronics, tires and other goods meaningfully broaden their addressable market. Kafene utilizes more than 20,000 data inputs in tandem with best-in-class artificial intelligence and machine learning technologies to underwrite, approve, use efficient risk-based pricing, and enable payment in a near-instantaneous manner while creating a best-in-class customer experience. To learn more about Kafene please visit www.kafene.com, and to learn more about Kafene’s commitment to customer experience and consumer protection, please visit here: https://kafene.com/consumer-friendly-commitments

Media Contact:
Roger Sauerhaft
914-804-9670
[email protected]

SOURCE Kafene

TAIPEI, Oct. 2, 2023 — Flat Medical, the leading medtech company specializing in innovative safety solutions for anesthesia, pain medicine, critical care and emergency medicine, is thrilled to announce the successful closing of its Series C funding round. The round was led by renowned investor Taiwania Capital, with significant participation from ITIC (Industrial Technology Investment Corporation), Fidelitas Corporation, and several individual investors. With this recent infusion of capital, Flat Medical is now strategically positioned to accelerate its growth and expand its presence in key markets across the United States, Europe, and the Asia-Pacific region (APAC).

EpiFaith and EpiFaith CV, the flagship products of Flat Medical, have revolutionized safety measures for epidural and central line procedures, earning widespread acclaim from medical professionals and healthcare institutions globally. By integrating cutting-edge technology and a patient-centric approach, Flat Medical’s solutions have significantly reduced complications and enhanced patient outcomes in critical medical procedures.

The successful closing of the Series C funding round speaks volumes about the investors’ confidence in Flat Medical’s business model and the promising potential of its innovative product offerings, the funding will be directed towards fueling expansion initiatives and further research and development efforts.

“We are extremely honored to have Taiwania Capital as our lead investor. Together with ITIC and Fidelitas Corporation, we are excited to make a lasting impact on patient safety and medical outcomes worldwide,” said Dr. Joseph Luo, CEO and Co-founder of Flat Medical. “This funding marks a significant milestone for our company, empowering us to expand our market presence and accelerate the development of cutting-edge medical technologies, with the goal of becoming synonymous with safe punctures.”

Flat Medical’s expansion plan entails intensifying efforts to enter key markets in the United States, Europe, and APAC, where there is a growing demand for advanced medical solutions that prioritize patient safety. The company is actively engaging with key stakeholders in the medical industry, forging partnerships with clinicians and healthcare facilities, and obtaining regulatory approvals to introduce EpiFaith and EpiFaith CV to new markets.

“We believe that Flat Medical’s breakthrough products have the potential to revolutionize patient care in anesthesia, critical care and emergency medicine,” stated by Michael Huang, the Managing Partner of Taiwania Capital. “Their commitment to improving patient outcomes aligns perfectly with our investment philosophy, and we are proud to be part of their journey as they make strides in the medtech sector.”

Flat Medical is working with several top tier academic hospitals on collecting real-world evidences for its EpiFaith® Technology in epidural and central line placements, aiming to have the products included in clinical guidelines in the near future. The company is also partnering with sales and marketing partners to build a trustable brand with mind of innovation and reliable service. With this capital infusion, the company is poised to achieve new heights in innovation, expansion, and ultimately make a positive impact on patient care globally.

About Flat Medical:

Flat Medical is a pioneering medtech company dedicated to developing innovative safety solutions for epidural and central line placements. Its flagship products, EpiFaith and EpiFaith CV, are at the forefront of patient safety, providing medical professionals with advanced tools to ensure successful and secure procedures. Headquartered in Taipei City, Taiwan, Flat Medical is committed to making a difference in the healthcare industry by creating groundbreaking medical technologies that prioritize patient outcomes.

SOURCE Flat Medical Co., Ltd.

JUSTIN, Texas, Oct. 2, 2023 — Canoo (NASDAQ: GOEV), a leading high-tech advanced mobility company, announced today that it has entered into a purchase agreement with a foreign strategic institutional investor, for an investment of $45 million.  Canoo and the investor agreed to work together in good faith to negotiate one or more additional investments for up to $150 million. The closing and sale are expected to occur as promptly as practicable, subject to customary closing conditions.

Tony Aquila, Chairman, Investor, and CEO, commented, “The capital raised through this convertible preferred stock supports Canoo’s mission and demonstrates our disciplined, milestone driven approach to capital is aligned with the phased manufacturing capacity ramp required to satisfy our customer demand.”

Under the purchase agreement, the investor agreed to purchase, $45 million of Series B Cumulative Perpetual Reedemable Preferred Stock (“Preferred Stock”). The Preferred Stock ranks senior to the common stock. Each share of Preferred Stock has a stated value of $1,000 and dividends on the Preferred Stock may be paid in either cash, in kind or, at the option of the holders, in shares of common stock. The company will pay dividends at an annual rate of 7.50% from the original issuance date through the fifth anniversary of the closing date.  After that date, the dividend rate will increase by 1.50%; provided, however, the maximum dividend rate on the Preferred Stock shall be capped at 12.0% per annum. The investor has the right, at its option, to convert its Preferred Stock into common stock at a conversion price of 120% of the average closing prices per share of the common stock over the preceding ten (10) trading days.  In connection with the purchase agreement, the company issued to the investor warrants to purchase 22.96 million shares of common stock.

Additional details regarding the terms are included in a Form 8-K filed by Canoo with the Securities and Exchange Commission. Subsequent tranches and terms are to be mutually agreed upon by the parties at a future date.

About Canoo

Canoo’s mission is to bring EVs to Everyone. The company has developed breakthrough electric vehicles that are reinventing the automotive landscape with bold innovations in design, pioneering technologies, and a unique business model that spans the full lifecycle of the vehicle. Distinguished by its experienced team from leading technology and automotive companies – Canoo has designed a modular electric platform purpose-built to deliver maximum vehicle interior space that is customizable across all owners in the vehicle lifecycle to support a wide range of vehicle applications for consumers and businesses.  

Canoo has teams in California, Texas, Michigan, Oklahoma, and Arkansas. For more information, please visit www.canoo.com. For Canoo press materials, including photos, please visit press.canoo.com. For investors, please visit www.investors.canoo.com. 

Forward-Looking Statements

The information in this press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward- looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics, expectations and timing related to commercial product launches and the achievement of operational milestones, including the ability to meet and/or accelerate anticipated production timelines, Canoo’s ability to capitalize on commercial opportunities, current or anticipated customer orders, and expectations regarding the development of facilities. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Canoo’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Canoo. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; Canoo’s ability to access future capital, via debt or equity markets, or other sources; the rollout of Canoo’s business and the timing of expected business milestones and commercial launch; future market adoption of Canoo’s offerings; risks related to Canoo’s go-to-market strategy and manufacturing strategy; the effects of competition on Canoo’s future business, and those factors discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Canoo’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 30, 2023, as well as its past and future Quarterly Reports on Form 10-Q and other filings with the SEC, copies of which may be obtained by visiting Canoo’s Investors Relations website at investors.canoo.com or the SEC’s website at www.sec.gov. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Canoo does not presently know or that Canoo currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Canoo’s expectations, plans or forecasts of future events and views as of the date of this press release. Canoo anticipates that subsequent events and developments will cause Canoo’s assessments to change.

However, while Canoo may elect to update these forward-looking statements at some point in the future, Canoo specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Canoo’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

SOURCE Canoo

BEACHWOOD, Ohio, Oct. 2, 2023 — Health Data Innovations, LLC (HDI), a leading healthcare data integration platform serving value-based care providers and payers, announced today a strategic investment from Hughes & Company, a Chicago-based private equity firm focused on healthcare software and technology-enabled services. Bowen acted as the exclusive financial advisor to HDI.

The investment will support HDI’s delivery of its differentiated data integration offering to a broader market of healthcare providers and payers. With growing demand for HDI’s claims data management from value-based care stakeholders – including population health software providers –  the investment will enable HDI to pursue and support additional strategic partnerships.

“This is an exciting time for HDI’s clients, employees, and strategic partners,” said Jonathan Kaye, CEO and Founder of HDI. Mr. Kaye continued, “This investment will allow us to build on our success with access to additional resources. It was important that we find a partner who shares our vision and focus on delivering real results for clients. We are delighted to be working with Hughes & Company for our next phase of growth.”

“When we look for investments, we are looking for businesses like HDI and founders like Jonathan,” said Matt Simas, Managing Partner of Hughes & Company. “HDI identified a market need and were uncompromising in the creation and delivery of a solution. We look forward to supporting Jonathan and his team with our firm’s resources, expertise, and network to allow more people to benefit from HDI’s platform.”

“A deep understanding of the market, excellence in execution, and the ability to bring perspectives from both sides of the table are the foundational elements of Bowen’s 10+ year-old healthcare practice,” said Paul Bowen, Bowen’s Founder & CEO. “This engagement is a testament to Bowen’s dedication to delivering value to our clients and helping founder-owned companies achieve liquidity with great partners to build on their success.”

About HDI. A trailblazer in healthcare data management, HDI leverages its proprietary software platform to deliver data acquisition, standardization, and integration services to value-based care providers, payers, and other technology vendors. Through their exclusive focus and purpose-built technology, HDI delivers differentiated claims data management that enables successful value-based care initiatives.

About Bowen.  Bowen partners with growth tech companies to drive value creation within the innovation economy. The firm provides M&A advisory, private capital and principal investment services. For more than two decades, Bowen’s entrepreneurial focus, integrity and commitment to excellence have guided their strategic and client-centric advice. Bowen’s track record of exceptional transaction execution, deep industry knowledge and longstanding relationships set them apart.

About Hughes & Company.  Hughes & Company is a private equity firm investing in growth and later stage healthcare software and technology-enabled service companies. Hughes & Company works closely with its portfolio companies on initiatives to accelerate growth, enhance customer value propositions and increase long-term retention by applying institutional best practices and disciplined execution.

For More Information:

John Gonda
616-309-4888
[email protected]

SOURCE Hughes & Company

HO CHI MINH CITY, Vietnam, Oct. 2, 2023 — Masan Group Corporation (HOSE: MSN, “Masan” or the “Company”) today announced that Bain Capital, a leading private investment firm with approximately US$180 billion of assets under management, has agreed to invest into Masan Group at least US$200 million in equity capital at price of VND85,000 per share (the “Transaction”). Proceeds from the Transaction will be used to strengthen the Company’s financial position and de-lever its balance sheet. This marks Bain Capital’s first-ever investment in Vietnam and underscores its confidence in Masan’s ability to realize the immense opportunity to fulfill 100 million Vietnamese consumers’ daily grocery, financial, and other life needs.

Vietnam is the fastest consumption growth market in Southeast Asia with forecasted annual growth of 7.7% between 2022 and 2040, underpinned by increasing urbanization and an exploding consumer class with higher disposable income and evolving demands extending beyond basic needs to lifestyle and financial ones. A leader in the Vietnamese consumer market, Masan has been transforming from a pure branded products company into an integrated consumer-retail platform to consolidate the growth potential across the consumer value chain. In that respect, Masan has identified 3 multi-year secular growth trends:

• Premiumization and health-led innovations, served by its fast-moving consumer goods (“FMCG”) business, Masan Consumer Holdings; 
• Transition from unbranded to branded and increasing demand for higher-quality animal protein, provided by Masan MEATLife; and
• Shift from general trade (“GT”) to modern trade (“MT”), accelerated by its retail platform, WinCommerce.
• At the center of Masan’s platform is WIN Membership – the platform connecting brands and consumers – which has reached 7 million members and is targeted to reach 10 million members by year-end and 30 million members by 2025. The WIN Membership platform allows Masan to provide more personalized, targeted products and services to better serve the Vietnamese consumers and will serve as the critical growth engine for the Company’s businesses.

Danny Le, CEO of Masan Group, commented on the transaction: “In the face of a challenging consumer environment, Masan has continued to invest in our platform and breakthrough innovations to position ourselves for the consumer upswing. We aim to be a profitable multiplier on Vietnam’s golden consumption era. Bain Capital’s partnership is a strong validation of all the consumer-centric investments and transformation we have made over the past 18 months to win 80% of the consumer wallet. We look forward to working with Bain to accelerate our vision to be the one-stop shop for consumer daily needs.” 

“We are thrilled to partner with Masan for an important investment in Vietnam and believe that Masan has the right fundamentals, reach, and growth strategy to succeed in a high-growth and compelling consumer market.  Masan is one of the most trusted brands in Vietnam with significant reach to households with the ability to anticipate consumer tastes and build out an innovative product pipeline to meet those needs. We see a significant opportunity to invest behind Masan’s continued growth and first-class management team,” said Barnaby Lyons, a Partner at Bain Capital.

Bain Capital has deep experience in investing to support the growth and leadership of a diversified set of consumer and retail businesses in Asia, including Schwan’s Company and Carver Korea.

Masan expects the Transaction to close by end of 2023 and continues to explore other strategic alternatives for equity capital, including diluting its interest in non-core businesses, to bolster its liquidity profile and achieve a sustainable Net Debt to EBITDA ratio below 3.5x on a steady-state basis.

Jefferies Singapore Limited acted as the financial advisor to Masan Group. The Transaction is subject to customary corporate and regulatory approvals.

Transaction Details

• The Transaction is an equity investment in the form of Convertible Dividend Preference Share (“CDPS”) to be issued at a price of VND85,000 per share which can be converted into ordinary shares at a 1:1 conversion ratio
• In addition to the normal dividends payable (if any) to the Company’s shareholders, the CDPS has no preference dividend for the first five years, then followed by a 10% preference dividend at par value of each outstanding CDPS per annum from the sixth anniversary onwards
• On the tenth anniversary of the issuance, the outstanding CDPS will be mandatorily converted into ordinary shares of Masan Group
• Masan is also in discussion with other investors to upsize the investments to up to US$500 million which is subject to prevailing market conditions and the Company’s capital needs

MASAN GROUP CORPORATION

Masan Group Corporation believes in doing well by doing good. The Company’s mission is to provide better products and services to the 100 million people of Vietnam, so that they can pay less for their daily essentials. Masan aims to achieve this by driving productivity with technological innovations, trusted brands, and focusing on fewer but bigger opportunities that impact the most lives.

Masan Group’s member companies and associates are industry leaders in branded fast moving consumer goods, branded meat, modern retail, F&B retail, financial services, telecommunications, and value-add chemical processing, altogether representing segments of Vietnam’s economy that are experiencing the most transformational growth.

BAIN CAPITAL

Bain Capital is one of the world’s leading private investment firms with approximately $180 billion of assets under management that creates lasting impact for our investors, teams, businesses, and the communities in which we live.

Since our founding in 1984, we’ve applied our insight and experience to organically expand into several asset classes including private equity, credit, special situations, public equity, venture capital and real estate. We leverage our shared platform to capture cross-asset class opportunities in strategic areas of focus. With offices on four continents, our global team aligns our interests with those of our investors for lasting impact.

Contact:
Investors/Analysts
Phu Duong
E: [email protected] 

This press release contains forward-looking statements regarding Masan’s expectations, intentions or strategies that may involve risks and uncertainties. These forward-looking statements, including Masan’s expectations, involve known and unknown risks, uncertainties, and other factors, some of which are beyond Masan’s control, which may cause Masan’s actual results of operations, financial condition, performance, or achievements to be materially different from those expressed or implied by the forward-looking statements. You should not rely upon forward-looking statements as predictions, future events or promises of future performance.

SOURCE Masan Group

SANDNES, Norway, Oct. 2, 2023 — Desert Control (OSE: DSRT) closed Q3-2023 with an announcement of completing a capital raise of NOK 67.50 Million on 28 September 2023. This achievement follows a recent strategic review that unlocked approx. NOK 40 Million in liquidity combined with reductions in annual operating costs of more than NOK 15 Million. The combined accomplishments secure funding for the company’s commercialization phase through to H1-2025, correlating with the anticipated timeline for reaching cashflow-positive operations.

Desert Control reports a strengthened position and positive trajectory as the company nears the end of 2023. Some of the recent highlights include:

Successful Capital Raise with U.S. Lead Investor and Board Expansion:

Signifying the company’s strategic focus on the United States, seasoned U.S. investor Woods End Interests LLC, helmed by James Thomas, took a lead investor role in the recent capital round. With James Thomas’s anticipated election to the Board of Directors, the move exemplifies a strong belief in Desert Control’s vision and strategy, further confirmed by a solid base of existing shareholders participating in the round.

Momentum Building Based on Successful Strategic Review:

Desert Control’s strategic review completed in Q2-2023 identified significant efficiencies by transitioning to a licensed operator model for the Middle East, resulting in annual cost reductions of over NOK 15 million and unlocking approx. NOK 40 Million in cash. Combined with the recent capital raise and potential funds from the subsequent offering, the company’s total cash influx from these activities is anticipated to reach NOK 110-120 million, fortifying the company’s financial position.

Progress in the Middle East Driven by New Go-to-Market Model:

The transition to the licensed operator model is progressing, and the revised Go-to-Market model has set a pathway for streamlined operations and spurred a positive pivot in commercial traction. The regulatory approvals secured in the UAE during July further contribute to opening new opportunities, and our partners are optimistic about a growing sales potential in the coming quarters. In collaboration with our partners, several opportunities are advancing, affirming the positive impact of the recent strategic shift.

Commercial Traction and Consistent Execution in the United States:

The U.S. team continued its consistent execution of the sales strategy and customer conversion model. Five new pilot projects were secured in the third quarter, marking three consecutive quarters of on-target achievement. The pipeline reveals a promising trend, and the company remains confident in continuing to secure a minimum of five new pilots per quarter, targeting a conversion rate of at least 50% to larger projects. The company further maintains its objective of securing the inaugural contract for large-scale deployment around the end of the year.

Outlook:

With a robust financial position secured to support the company’s plans through H1-2025, Desert Control is poised to advance its mission. As commercial traction grows in the Middle East and the United States, Desert Control is steadily strengthening its position as a secure and reliable choice for clients, partners, and other stakeholders.

“Raising capital demands significant time and effort. With this milestone achieved, we are excited to channel this energy into what we’re most passionate about, namely customers and driving the commercialization, development, and growth of our business”, said Ole Kristian Sivertsen, CEO of Desert Control. “Our team is passionate about our mission, and we’re ready to accelerate our impact.”

CONTACT: 
Ole Kristian Sivertsen
President and Group CEO

Email: [email protected]
Mobile (NOR): +47 957 77 777
Mobile (USA): +1 650 643 6136
Mobile (UAE): +971 52 521 7049

The following files are available for download:

SOURCE Desert Control AS

– The precision psychiatry platform – formed by a team out of Yale University – leverages machine learning to ensure patients with serious mental illness find the right diagnosis and treatment –

AUSTIN, Texas, Sept. 29, 2023 — Research Bridge Partners, which makes formative investments in biomedical startup companies based on the breakthroughs of preeminent innovators at research universities, announced a seed capital investment in Tetricus Labs, a Yale University spinout that is developing a machine learning platform for use by both providers and patients to enhance the precision with which mental illness is diagnosed and treated.

Tetricus Labs’ was co-founded by Dr. Philip Corlett, an Associate Professor of Psychiatry and Psychology at Yale University and internationally recognized expert in computational neuroscience, and Dr. Sean McCurdy, formerly Head of Ad Solutions Data Science at Pinterest. This interdisciplinary team is developing a multi-modal data approach to building personalized profiles of each patient to predict each patient’s likely response to interventions for serious mental illness. 

The Tetricus Labs platform will enable psychiatric hospitals and independent providers to comprehensively assess new referrals, match patients with the right type and level of treatment, and monitor outcomes to refine and optimize care over time.

“Our vision is to empower patients to own their own care journey,” said Corlett. “Through data, education and a network of high-quality providers who can deliver exceptional care and support, a patient can achieve recovery as efficiently, effectively and sustainably as possible.”

“We’re patient-founded, patient-owned, and patient-run,” said Tetricus Labs’ Co-Founder and CEO Lindsay Dow. “After my own 10-year journey of psychiatric misdiagnosis, I know firsthand that the current system is inadequately resourced to consistently render precise clinical assessments, but also that a patient can recover rapidly with the right diagnosis and treatment.”

Research Bridge Partners’ investment will fund the development of Tetricus Labs’ leadership team and support clinical trials involving the company’s machine learning platform. With this investment, Isaac Barchas, Research Bridge Partners Co-Founder and CEO, has joined the company’s board of directors.

Research Bridge Partners also announced the designation of Dr. Corlett as a Research Bridge Partners Fellow – a group consisting of the foremost academic innovators who co-found companies to translate their research into clinical practice.

About Research Bridge Partners
Research Bridge Partners makes formative investments in biomedical startup companies based on the breakthroughs of preeminent innovators at mid-continent research universities—creating high quality investment opportunities that are sourced from geographies with thinner commercialization resources.

Founded by Isaac Barchas and Reid Hoffman, we use proprietary analytics to identify the less than 1% of academic researchers nationwide whose science and entrepreneurial mindsets are characteristic of successful biomedical startups. We then make seed capital and scaling investments and establish effective corporate structures to create portfolio-ready opportunities for downstream investors.

www.researchbridgepartners.org

About Tetricus Labs
Tetricus was founded in 2022 by Lindsay Dow, Dr. Philip Corlett, and Dr. Sean McCurdy to leverage breakthroughs in neuroscience & machine learning to revolutionize the patient journey from diagnosis to treatment and recovery. Tetricus’ software platform supports leading psychiatric hospitals and providers to comprehensively assess incoming referrals, match patients with the right type and level of treatment, and monitor patient outcomes to refine and optimize care over time.

www.tetricuslabs.com

SOURCE Research Bridge Partners

Started in 2020 and backed by Copec, Copec WIND Ventures aims to invest in start-ups and scale-ups across the world, transforming the energy, mobility, and retail sectors and granting entrepreneurs with ‘unfair’ access to the rapidly growing Latin America (LatAm) region. To date, the firm has deployed $109 million in capital, completed 30 transactions, has 16 active portfolio companies, three exits, and is committed to continuing its investing efforts at the same level over the next decade.

Recent investments include ClearFlame Engine Technologies, the creator of breakthrough engine technology that enables the modification of diesel engines used for heavy industry; SOURCE Global, the world’s first renewable drinking water system; Wallbox,  a smart electric vehicle charging and energy management provider; Grabango, a checkout-free technology for existing, large-scale grocery; and convenience stores and Resonant Link, a leader in wireless charging solutions for mobility.

“In less than three years, we’ve built a compelling, distinctive value-add platform for global startups that gives them total addressable market expansion and growth acceleration in a very real way,” says Brian Walsh, Head of Copec WIND Ventures. “With the three new hires, we’re poised to accelerate our mission of shaping the future of energy, mobility, and retail in Latin America by bringing the world’s best and brightest to the region. Their combined experience and expertise will be instrumental in helping us to identify and support innovative startups and scaleups in our key sectors. Now, with a larger team, we can deepen our commitment to providing global startups with unfair access to Latin America.”

Key Appointments to the Copec WIND Ventures include:

Mark Dryden, Investor

Mark Dryden is an experienced investor who brings a wealth of expertise in venture capital and strategic investment to Copec WIND Ventures. Before joining the team, Mark was an investor at Plug n Play, where he focused on Climate Tech and energy and several engineering roles in the energy sector. He was also an intern at Wincrest Capital, where he supported the Energy Transition Fund. With a degree from the University of Capetown and an MBA from Fuqua School of Business, Mark specializes in deal sourcing, due diligence, and portfolio management. His skills will be crucial as Copec WIND Ventures expands its investment portfolio and drives long-term value.

Francisco Larrondo, Strategic Impact Manager

Francisco Larrondo is a seasoned strategist with a track record of guiding companies through pivotal stages of growth and transformation. Before joining Copec WIND Ventures, he was with Copec Voltex, the e-mobility subsidiary of Copec, committed to developing comprehensive EV charging solutions for consumers and industries, where he was responsible for developing and executing key initiatives. With a degree from Pontificia Universidad Católica de Chile and over a decade of experience, Francisco excels at aligning business processes with strategic goals, leveraging his deep understanding of the energy, retail, and mobility sectors. He will be a vital asset in crafting the vision and strategy for Copec WIND Ventures as it seeks to accelerate the growth of startups and scaleups in emerging markets.

Gracia Lagos, Analyst

Gracia Lagos joined Copec WIND Ventures from Copec SA, where she was a Senior Development and Studies Engineer. Gracia holds a degree in Business Analytics and is passionate about leveraging data to make informed investment decisions. At Copec WIND Ventures, she will play an instrumental role in identifying and evaluating investment opportunities that align with the firm’s strategic priorities.

About Copec WIND Ventures:

Copec WIND Ventures is based in San Francisco and serves as the CVC arm of Copec, one of the leading energy, mobility, and retail companies in Central and South America. Copec is also one of the most valued brands throughout Latin America. WIND Ventures leverages Copec’s significant resources to accelerate growth, primarily within Latin America, for startups and scaleups across the world within the new mobility, energy, and retail sectors.

For more information, visit windventures.vc or follow us on LinkedIn and Twitter.

Media Contact:
Mary Magnani
[email protected]

SOURCE WIND Ventures

TORONTO, Sept. 28, 2023 — Cardata, a leading provider of tax-compliant mileage reimbursement software to leading global organizations, today announced a new round of growth investment led by Wavecrest Growth Partners, with participation from MassMutual Ventures.

Founded in 1999, Cardata provides a suite of reimbursement software, compliance programs, and business intelligence tools for companies whose employees drive their personal cars for work.

Over the past three years, under the leadership of Sheret Ross and Michael Levine, Cardata has tripled its annual recurring revenue, growing by over 200% in aggregate. Cardata is on track for another record breaking revenue growth year. This latest strategic investment will accelerate the Company’s market coverage and pace of innovation in both its core systems and new products, enabling it to continue to support its rapidly growing customer base.

Sheret Ross, CEO at Cardata, said, “Companies are turning to more efficient vehicle programs to deliver benefits and savings to their employees. As Cardata has helped tens of thousands of drivers get reimbursed for using their personal car for work, we aim to unlock more value for our users and expand our market coverage. This strategic investment from Wavecrest and MassMutual will accelerate the pace of our product innovation and help us continue to deliver a superior experience, along with new products, for our users.”

Michael Levine, President at Cardata, said, “This significant investment represents a pivotal moment in our company’s journey. Our phenomenal team is the cornerstone of our success. With this infusion of capital, we’re not only securing the future of our organization but also demonstrating our commitment to nurturing and retaining exceptional talent. This funding will propel us into a new era of growth, enabling us to explore innovative opportunities, expand our market presence, and deliver even greater value to our customers. We are grateful for the trust and confidence Wavecrest has shown in our vision, and we’re excited to embark on this exciting journey together.”

Vaibhav Nalwaya, co-founder and Managing Partner at Wavecrest, said, “We have been really impressed by Cardata’s strong growth and stellar team. Michael and Sheret’s vision to build a vehicle management platform, along with the company’s strong fundamentals and substantial market opportunity, has led us to support them in this next chapter of expansion. We are excited to partner with the team to help them continue to innovate and fuel growth.”

“Cardata offers companies a tax-efficient way to reimburse employees who use their own car for work, unlocking real savings to companies and employees,” noted Eric Emmons, Managing Partner at MassMutual Ventures. “We’ve been impressed with the company’s ability to provide value to its long-standing clients and vision for a more integrated platform.”

Raymond James & Associates served as exclusive financial advisor to Cardata in connection with this transaction. Stikeman Elliott acted as legal advisors to Cardata, while Goodwin Procter and Cassels served as advisors to the new investors.

ABOUT CARDATA
Cardata provides cost-effective and accurate ways to reimburse drivers for using their personal vehicles for work, with IRS-compliant programs like Fixed and Variable Rate (“FAVR”) and Tax Free Car Allowance (“TFCA”).

Visit our website, Cardata.co. Follow us on LinkedIn, Twitter, and YouTube.

ABOUT WAVECREST GROWTH PARTNERS
Wavecrest Growth Partners is a growth equity firm focused on investing in and partnering with leading B2B software and technology-enabled services companies based in both North America and Western Europe. Wavecrest targets investments in high-growth companies with proven products and business models and brings to bear a differentiated combination of investing and operating experience and networks to help accelerate growth and profitability. Wavecrest’s team has over five decades of collective investing and operating experience in growth-stage B2B technology companies, including numerous successful outcomes. For more information, visit www.wavecrestgrowth.com.

ABOUT MASSMUTUAL VENTURES
MassMutual Ventures (MMV) is a multistage global venture capital firm with teams based in Boston, Singapore, and London, managing over $1 billion in investment capital. MMV helps accelerate the growth of the companies it partners with by providing capital, connections, and advice. With its deep expertise and extensive Fortune 500 network, MMV helps entrepreneurs build compelling and scalable companies of value. For more information, visit www.massmutualventures.com.

Contact:
Divash Basnet
6477100100
[email protected]

SOURCE Cardata