Upway Targets 1 Million Refurbished E-Bikes by 2030

NEW YORK, Nov. 6, 2025 — Upway, the global leader in professionally refurbished e-bikes, today announced the closing of its $60 million Series C funding round, led by A.P. Moller with participation from U.S.-based Galvanize and Ora Global, and continued support from Sequoia Capital and other global investors. This new round brings total funding to over $125 million since its founding in 2021 and marks a new stage in Upway’s mission: giving e-bikes a second life and riders a first choice. With this funding, Upway is doubling down on U.S. growth, expanding operations, creating jobs, and building the backbone for circular mobility.

Building Industrial-Scale Infrastructure for Sustainable Mobility

Upway’s ambition is to create the world’s largest circular mobility network, globally and in the U.S., targeting one million refurbished e-bikes by 2030. Since launch, the company has refurbished and sold more than 100,000 e-bikes. Global sales doubled in 2025 versus 2024, and U.S. sales have accelerated at the same pace, on track to double again in 2026.

Operating across nine countries (France, Germany, Netherlands, Belgium, Switzerland, Austria, Italy, Spain, and the United States), Upway runs six industrial refurbishment centers called UpCenters in New York, Los Angeles, Paris, Berlin, Mechelen, and Düsseldorf. Six additional facilities, including Denver, will open within two years as part of a plan to reach twelve UpCenters across Europe and North America by 2027. This will support a network that will employ over 2,000 mechanics and operations specialists by 2030.

This new funding will accelerate Upway’s growth by expanding its industrial and digital capabilities. It will also support the rollout of new service including financing, insurance, maintenance, and subscription options, designed to make e-bike ownership more accessible and seamless. This growth aligns with U.S. rebate programs in states like California and Colorado and supports city-level investments in bike infrastructure in New York and Minneapolis, critical steps toward reducing transport emissions and advancing sustainable urban mobility.

Reinventing the E-Bike Experience for Everyone

Upway’s model is straightforward and tangible. The company buys used e-bikes, refurbishes them in-house to the highest industry standards, and sells them online with a one-year warranty and home delivery. This fully integrated approach, from sourcing to delivery, ensures quality, transparency, and peace of mind at every step.

Customers can choose from more than 200 brands and 2,500 models, making Upway the most extensive assortment in the market. With an average discount of 45% versus retail price, buyers save an average of $1,000 per bike, making light electric mobility accessible to more Americans. Each e-bike undergoes a rigorous 50-point inspection by expert mechanics before they are listed for sale.

Accelerating the Shift to Sustainable Cities and Lifestyles

Each refurbished e-bike replaces short car trips, cutting CO₂ emissions by up to 90% per mile compared to cars, while helping cities like New York and Los Angeles tackle congestion and air quality challenges. Upway’s operations prevent thousands of bikes from ending up in landfills every year, extending product lifecycles and supporting the transition to a true circular economy.

Beyond environmental benefits, e-bikes contribute to improved public health and quality of life: regular e-bike use can reduce the risk of heart attack by 40% for those riding 10 miles a day, and helps address issues such as obesity and air pollution, which contribute to over 9 million premature deaths globally each year.

Upway’s impact is also social and economic. By creating hundreds of skilled industrial jobs across Europe and North America, the company supports reindustrialization and provides new opportunities for mechanics, operations specialists, and tech talent.

“We founded Upway with a simple idea: light mobility can only be sustainable if it’s circular. This round allows us to scale that vision and make second-hand the first choice for millions of riders. We’re building the industrial and technological infrastructure that gives e-bikes a second life, with the same quality and safety standards as new ones. We’re excited and ready to continue establishing this entirely new category: one that combines purpose with performance and sustainability with scale.”

— Stéphane Ficaja and Toussaint Wattinne, Co-founders of Upway

“Upway’s ability to industrialize second-hand e-bike refurbishment and deliver the highest level of customer trust globally truly sets them apart. By applying rigorous standards and advanced processes to every bike, they have built a reputation for quality and reliability that is rare in the mobility sector. Customers know they can count on Upway for a seamless, worry-free experience, no matter where they are. This commitment to trust and operational excellence is what makes Upway a reference in circular mobility.”

— Chetan Mehta, Head of Growth Investing at A.P. Moller Holding

“Upway’s founders have established a culture of speed, operational excellence, and purpose. Their ability to move fast, scale across markets, and execute with discipline is a testament to the strength of their vision and the team behind it.”

— Saloni Multani, Founding Partner and Co-Head Innovation & Expansion Fund at Galvanize

“Upway is not just responding to the future of mobility: it’s actively designing it. By combining supply chain mastery, deep customer trust, and global reach, Upway is laying the foundation for a new kind of infrastructure: one where sustainability scales, and circularity becomes the norm. Their vision redefines how mobility is built, accessed, and experienced, turning second-hand into first choice, and local impact into global transformation.”

— Luciana Lixandru, Partner at Sequoia Capital

About Upway

Upway is the leading international platform for professionally refurbished e-bikes. Founded in 2021 and headquartered in Paris, Upway operates in nine markets including France, Germany, the Netherlands, Belgium, Switzerland, Austria, Italy, Spain and the United States. Upway’s mission is to make sustainable mobility accessible to all by giving e-bikes a second life and riders a first choice. This ambition combines industrial-grade refurbishment, proprietary technology and a deep commitment to the circular economy.

Upway has already refurbished and sold more than 100,000 e-bikes and offers a selection of over 200 brands, all covered by a one-year warranty and delivered through a seamless customer experience. By 2030, the company aims to refurbish and sell more than one million e-bikes annually while expanding its service ecosystem to include financing, insurance, maintenance and subscription solutions.

Press Contact

SOURCE Upway

Section Partners Announces Final Close of Two Funds

PALO ALTO, Calif., Nov. 6, 2025 — Section Partners, a multi-strategy investment firm that makes structured and direct investments in late-stage, venture-backed technology companies, announced today the closing of two additional funds, Section Capital V, LP and Section Ventures II, LP. Commitments to these funds and a parallel co-investment vehicle (collectively, the “Funds”) total $189 million, representing strong support from Section Partners’ longstanding limited partners and several new investors. Section Partners (the “Firm”) will use the capital to expand its business providing personal financing solutions to founders and other stockholders and growth capital to venture-backed companies.

Section Capital V, LP and a parallel co-investment fund (collectively, “Fund V”) primarily make investments in structured transactions with individual stockholders of late-stage, venture-backed companies. Fund V also makes direct equity investments in venture-backed companies, through both primary and secondary transactions, alongside a dedicated equity co-investment fund, Section Ventures II, LP (“SV II”). The Firm serves as a trusted partner to late-stage, venture-backed companies by providing personal financing solutions to stockholders, purchasing secondary shares, and participating in pre-IPO, primary financings.

Since inception in 2014, Section Partners has invested in or completed transactions with stockholders of over 80 companies. 37 Section Partners’ portfolio companies have completed liquidity events, including Airbnb, CrowdStrike, DocuSign, Figure Technologies, GitHub, Heartflow, Klarna, MongoDB, OneMedical, Palantir, Pinterest, Uber, and Upwork.¹

Section Partners is led by Dave Crowder and Solomon Lee. Dave has over 30 years of Silicon Valley experience in venture capital and technology investment banking, including as a co-founding partner of Thomas Weisel Venture Partners and Thomas Weisel Partners and as a senior tech banker at Montgomery Securities. Solomon Lee joined Section Partners in 2024 after spending nearly a decade in the Technology Investment Banking group of Morgan Stanley in Menlo Park, CA, leading M&A advisory and equity and debt financings for top enterprise software companies. Three additional investment professionals joined the Section Partners team in the last year, further bolstering the Firm’s sourcing and deal execution capabilities.

“The closing of Fund V and SV II mark another milestone for our firm and investors,” commented Dave Crowder, Managing Partner and Founder of Section Partners. “We remain focused on pursuing investments in compelling companies that exhibit exceptional revenue scale, topline growth, and multiple paths to liquidity.” Solomon Lee added, “This new capital positions Section Partners to continue to build our franchise in providing creative capital solutions to founders, executives, and employees and the companies they are building.”

About Section Partners

Section Partners is a multi-strategy investment firm that delivers attractive risk-adjusted returns through structured and direct investments in late-stage, venture-backed technology companies. Section Partners’ flagship fund is a private credit strategy that provides investors with downside protection, contractual base returns, equity upside, and tax-efficiency through a proprietary structure. Founded in 2014 and based in Palo Alto, CA, Section Partners manages funds with over $575 million in committed capital. For more information, visit www.sectionpartners.com.

Media Contact
Alli Murdoff, Partner
[email protected]

¹ The companies identified do not represent all the portfolio companies of funds managed by Section Partners. The reader should not assume that the investments identified were or will be profitable.

SOURCE Section Partners

SAN FRANCISCO, Nov. 6, 2025 — Generate Capital (“Generate”), a leading sustainable infrastructure investment platform, today announced it has raised in excess of $1 billion over the last 12 months across its credit strategies, from an increasingly deep and diverse base of institutional partners. The capital supports high quality, essential infrastructure amid a favorable supply-demand outlook for the North American energy market and underscores Generate’s ability to deliver resilient performance through volatile market conditions.

As part of its mission to open new sources of capital for the clean energy transition, Generate has deepened partnerships with insurance companies, pension plans and existing shareholders seeking scalable ways to invest in sustainable infrastructure. These relationships have accelerated momentum across the firm’s investment strategies, particularly in middle-market infrastructure credit, where Generate’s differentiated origination and structuring capabilities are helping capital-intensive businesses bridge the financing gap.

“Credit has become one of the most powerful asset classes for scaling critical infrastructure,” said David Crane, Chief Executive Officer of Generate Capital. “After a period of market pause, we’re seeing strong tailwinds and a renewed need for creative, scalable capital. Generate is unlocking the next phase of sustainable growth by pairing disciplined underwriting with deep operating expertise.”

Generate’s credit platform continues to experience strong deal momentum, with two new financings closed in the past two months and a robust pipeline of opportunities across sustainable infrastructure. Recent investments underscore Generate’s focus on high-impact sectors, including green steel,data center power, and thermal storage. These transactions highlight Generate’s ability to structure bespoke, risk-mitigated financing solutions that support long-term growth while delivering consistent returns for investors.

Beyond credit, Generate continues to expand its broader investment platform, now with more than $9 billion in assets across credit and equity strategies. Recent milestones include a $85 million community solar fund with KeyState, expanding access to affordable clean energy, and a $45 million financing for a fleet of anaerobic digesters within Generate Upcycle, its platform for converting organic waste into renewable natural gas.

“Generate’s mission and model have never been more relevant,” said Bill Sonneborn, President and Head of Credit, Generate Capital. “We are honored by the commitment our partners have shown in advancing the financing solutions needed to build the critical infrastructure that will strengthen our nation’s future.”

About Generate Capital

Generate Capital is a leading sustainable infrastructure investor, owner, and operator with an 11-year track record of financing and managing real assets that accelerate the energy transition. The firm manages equity and credit strategies backed by a team of experienced operators and investors with deep technical, financial, and operational expertise. Since 2014, Generate has invested in and operated more than 2,000 assets across six key sectors: power, mobility, waste, green digital, water, agriculture, and industrial decarbonization. The company partners with more than 50 leading technology providers and developers to build, finance, own, and operate sustainable infrastructure for the long term.

For more information, visit www.generatecapital.com.

SOURCE Generate Capital

The investment, led by Goldman Sachs Alternatives and A91 Partners,  will strengthen MoEngage’s leadership across North America and EMEA, amid growing global demand for next-generation AI-powered marketing technology.

LONDON, Nov. 6, 2025 — AI-led Customer Engagement Platform, MoEngage, gets $100 million in a new funding round led by Goldman Sachs Alternatives and A91 Partners, underscoring the growing global demand for next-generation marketing technology. The fresh capital will accelerate MoEngage’s product innovation, fuel its global expansion, and strengthen its leadership across North America, Europe, the Middle East, and Africa (EMEA), amid growing global demand for next-generation AI-powered marketing technology.

Helping consumer brands automate and personalize digital experiences across web, mobile, social, email, and messaging channels, the company’s total funding has now crossed $250 million with this round, positioning it among the leading players in the AI-powered customer engagement space.

The new funds will be used to scale its flagship Merlin AI suite, a collection of intelligent agents purpose-built for marketing and product teams to make data-driven decisions, automate campaign management, and increase customer conversions.

“Our global momentum, on top of our category leadership in Asia, validates that brands are moving beyond legacy marketing clouds,” said Raviteja Dodda, CEO and Co-founder of MoEngage. “More than 300 enterprises worldwide have turned to MoEngage for its AI-led agility and ease of use. This investment will fuel our next phase of growth across North America, EMEA.”

The company counts over 1,350 global brands among its customers, including SoundCloud, McAfee, Domino’s, Deutsche Telekom, and Travelodge, reaching over two billion consumers each month.

“MoEngage has been an incredible partner in our growth journey,” said Hope Barrett, Sr. Director of Martech at SoundCloud. “Their platform enabled us to seamlessly migrate more than 120 million users in just 12 weeks and leverage AI-driven insights to accelerate product launches that have strengthened retention across our paid user base.”

Rajat Sood, a Managing Director at Goldman Sachs Alternatives, said, “Our investment in MoEngage reflects Goldman Sachs’ commitment to backing category-leading technology platforms that are leveraging AI for serving enterprises globally. By leveraging our global network, expertise, and capital, we look forward to helping the company accelerate growth, expand into new markets, and deliver lasting value to its customers.”

Kaushik Anand, Partner at A91 Partners, added, “We have gotten to know the MoEngage team over the last six years and have been impressed by their ability to constantly innovate and expand their product offerings. We are excited to back MoEngage as they look to scale their global customer footprint by empowering marketing and product teams with cutting-edge technology to build and retain customer relationships.”

Strong Push across the U.K. and Europe

The UK and European markets have become a major growth frontier for MoEngage. As economies accelerate their digital transformation agendas, the demand for AI-driven customer data and engagement platforms is surging across the regions.

The company currently has about 800 employees across its 15 global offices. To deepen its market presence, MoEngage plans to significantly expand its workforce, particularly in North America and Europe, by scaling its customer success, support, sales, and marketing teams. Furthermore, the company intends to build additional AI capabilities and hire more talent to support these efforts.

MoEngage has been actively expanding its presence in key European markets, working with leading retail, e-commerce, financial services, and telecom companies. We help these businesses unify and make structured customer data accessible in real-time and deliver personalized, omnichannel marketing experiences. Our aim is to help enterprises in the region leverage AI to enhance customer retention and loyalty in the UK and Europe’s increasingly competitive digital landscape.

Avendus acted as the exclusive financial advisor to the company and shareholders.

About MoEngage

Bengaluru and San Francisco, MoEngage is an insights-led customer engagement platform, trusted by over 1,350 global consumer brands including SoundCloud, McAfee, Flipkart, Kayak, Domino’s, Deutsche Telekom, Travelodge, and more. MoEngage empowers marketers and product owners with insights into customer behavior and the ability to act on those insights to engage customers across the web, mobile, email, social, and messaging channels. Its Merlin AI suite, a team of AI agents, enables marketers to launch campaigns faster and scale conversions with AI Decisioning. Consumer brands across 75 countries use MoEngage to power digital experiences for over 2 billion people every month.

MoEngage has been recognized as a Customers’ Choice in the Gartner Peer Insights™ Voice of the Customer for Multichannel Marketing Hubs, May 2025, and named a Strong Performer in The Forrester Wave™: Cross-Channel Marketing Hubs, Q4 2024.

To learn more, visit www.moengage.com

For more information, please contact:
Pooja Poddar Jain, Lead – Communications
Email: [email protected] 

Logo:  https://mma.prnewswire.com/media/2815704/MoEngage_Logo.jpg

TUALATIN, Ore. and AUSTIN, Texas, Nov. 5, 2025 — NetVendor, a leading provider of vendor compliance management software for the multi-family and commercial real estate industries, today announced a majority investment from Five Arrows, the alternative assets arm of Rothschild & Co, to drive the company’s next phase of growth. Greenridge Growth Partners will retain a minority stake. NetVendor, a leading provider of vendor compliance management software for the multi-family and commercial real estate industries, today announced a majority investment from Five Arrows, the alternative assets arm of Rothschild & Co, to drive the company’s next phase of growth. Greenridge Growth Partners will retain a minority stake.

Founded in 2009, NetVendor partners with property management companies (PMCs) to simplify vendor credentialing and compliance. The company’s platform automates the collection, verification, and management of critical vendor documentation – including insurance certificates, licenses, tax forms, and background checks – helping property managers reduce risk, improve efficiency, and build trusted vendor relationships.

Five Arrows, through its lower middle-market growth strategy, aims to support NetVendor with its continued product innovation, including integrating AI to deliver greater value to property managers and their vendor networks, as well as expansion into new markets and geographies. This follows a number of other North American software investments made by Five Arrows over the last 18 months, including KEV Group, Springbrook, Rimes, and Everway.

Dave Cooper, CEO of NetVendor, said:
“Partnering with Five Arrows marks an exciting new chapter for NetVendor. Their deep expertise in scaling software companies will help us accelerate product innovation and expand our reach, while staying focused on our mission: helping property managers simplify compliance, reduce risk, and build lasting vendor relationships.”

Steve Marks, Managing Director at Five Arrows, commented:
“NetVendor has built a mission-critical platform that addresses a core challenge in the property management industry. We believe the company is exceptionally well-positioned to continue its strong growth through innovation, expansion, and strategic acquisitions. We are thrilled to partner with Dave and the team to support the next phase of this journey.”

Ben Moss, Managing Partner of Greenridge, noted:
“It has been a privilege to partner with Dave and the entire NetVendor team over the past four years. Together, we built a market-leading platform by expanding the leadership team, strengthening go-to-market capabilities, and accelerating product innovation. We are incredibly proud of this team’s  accomplishments and look forward to supporting them alongside Five Arrows in this next chapter.”

Transaction Advisors
Raymond James served as exclusive financial advisor to NetVendor. Harris Williams advised Five Arrows. Queen Saenz + Schutz served as legal counsel to NetVendor and Gibson, Dunn & Crutcher served as legal counsel to Five Arrows. Manulife arranged the credit facility.

About NetVendor: 

NetVendor is a leading provider of vendor compliance management software for property management companies (PMCs) across the multi-family and commercial real estate industries. Its platform automates the vendor onboarding and compliance process, helping PMCs collect, track, and manage critical vendor credentials to mitigate risk and streamline operations. By ensuring vendors meet all compliance requirements, NetVendor enables property managers to protect their assets, reduce liability, and improve efficiency. Visit www.netvendor.com to learn more. 

About Five Arrows

Five Arrows is the alternative assets arm of Rothschild & Co and has over €30 billion in assets under management¹, with offices in Paris, London, New York, Los Angeles, San Francisco, and Luxembourg.

With over €11 billion of assets under management¹, the corporate private equity business of Five Arrows is focused on investing in companies with strong management teams; business models with high visibility of organic unit volume growth and strong unit economics; and multiple operational levers that can be used to unlock latent value. Sectors are limited to data and software, technology–enabled business services, and healthcare.

For more information, please visit https://www.rothschildandco.com/en/five-arrows/corporate-private-equity/ 

Five Arrows Managers (USA) LLC is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Five Arrows Managers (USA) LLC, including our investment strategies, fees and objectives is available upon request.

¹ As of September 2025

SOURCE NetVendor LLC

RICHMOND, Va., Nov. 5, 2025 — The Alliance for Building Better Medicine (ABBM) and the Virginia Innovation Partnership Corporation (VIPC) celebrated Governor Glenn Youngkin’s announcement of $120 million in private industry investment from AstraZeneca, Eli Lilly, and Merck to establish the Virginia Center for Advanced Pharmaceutical Manufacturing (APM) in the Richmond-Petersburg-Charlottesville region. This neutral, industry-led Center will expand Virginia’s workforce and training pipeline in collaboration with university and community college partners to unleash the next generation of talent and innovation. This industry workforce investment follows $12.5 billion of recently announced capex investment in Virginia by these global Life Science industry leaders which will create thousands of jobs in Virginia in the coming years.

An official Memorandum of Understanding (MOU) signed by VIPC Chief Executive Officer Joe Benevento and leaders from Lilly, AstraZeneca, Merck was executed by Governor Youngkin on October 31 in Richmond. ABBM Board Chair Robby Demeria and Regional Innovation Officer Joy Polefrone attended this momentous occasion along with the President of Virginia Commonwealth University, Michael Rao, and senior leadership representatives from University of Virginia; Virginia Tech; Virginia Commonwealth University; Old Dominion University; James Madison University; and Hampton University, as well as the Virginia Community College System, including Brightpoint Community College, Reynolds Community College, Piedmont Virginia Community College, and Blue Ridge Community College.

The Central Virginia region spanning Richmond-Petersburg-Charlottesville is a designated U.S. EDA Tech Hub for Advanced Pharmaceutical Manufacturing, led by the Alliance for Building Better Medicine, and this milestone marks another leap forward in Virginia’s rise as an emerging Advanced Pharmaceutical Manufacturing national leader. Since 2020, the Alliance for Building Better Medicine has helped bring together business, government, academia, and nonprofit partners to strengthen America’s pharmaceutical supply chain through innovation and workforce development. Today, the Commonwealth is emerging as the only U.S. region with a fully connected ecosystem, from research and innovation to production at scale, ensuring essential and innovative medicines are securely made domestically in America. 

“This moment underscores how focus and coordinated acceleration create measurable impact,” said Joy Polefrone, Ph.D., Regional Innovation Officer for the Alliance for Building Better Medicine. “Virginia’s APM ecosystem has evolved from vision to execution – an integrated community of innovators, educators, and manufacturers working with shared purpose. Together, we’re accelerating progress, building a future-proof workforce, and creating career pathways that lead to jobs which make a difference for our families, our communities, and the nation.”

VIPC serves as Virginia’s designated statewide economic development authority for growing innovation ecosystems across the Commonwealth. VIPC fuels growth in key strategic industries such as Life Sciences by supporting research, commercialization, entrepreneurship, talent, infrastructure, access to capital, and public-private partnerships. VIPC has catalyzed new statewide initiatives supporting Virginia’s Life Sciences innovation ecosystem including Virginia’s Research Diamond for university research and science recruitment, Virginia’s Lab-to-Launch for technology commercialization, the Virginia Accelerator Network for entrepreneur and startup support, and Virginia Invest for access to investor capital.

“Workforce talent is an essential ingredient in cultivating a thriving innovation ecosystem. VIPC is thrilled to collaborate with industry leaders like AstraZeneca, Lilly, Merck, ecosystem partners like the Alliance for Building Better Medicine, and Virginia’s world-class university and community college institutions to grow talent, innovation, and opportunity,” said Joe Benevento, President and CEO of VIPC. “Virginia is leading the way in Life Sciences and Advanced Pharmaceutical Manufacturing, and we are accelerating growth together through the power of collaboration and innovation.”

The Alliance for Building Better Medicine has helped attract nearly $1.5 billion in regional investment and positioned Virginia as a global leader in advanced medicine manufacturing. ABBM’s collaborative efforts have previously led to successful Virginia recognition not only as a U.S. Tech Hub for APM but also as a recipient of an NSF Engines Development Award and the U.S. Economic Development Administration’s Good Jobs Challenge Award. The newly announced Virginia Center for Advanced Pharmaceutical Manufacturing will build on these accomplishments and deliver industry-aligned workforce training, credentials, and certifications via hands-on Good Manufacturing Practice (GMP) simulated training, classroom labs, and apprenticeships and internships.

“This moment reflects the power of partnership at its best: public and private sectors coming together to build better medicine, create meaningful careers, and strengthen the supply chain infrastructure that serves us all,” said Robby Demeria, founding board chair of the Alliance for Building Better Medicine and Chief Corporate Affairs Officer at Phlow Corp. “This transformative investment embodies the mission that has guided the Alliance since its formation and represents the type of momentum we set out to create as a region just five years ago. Together, we are building better medicine.”

SOURCE Alliance for Building Better Medicine

MUSCAT, Oman, Nov. 5, 2025 — Oman’s Muscat Stock Exchange (MSX) has recorded its strongest performance in nearly a decade, driven by reforms led by the Oman Investment Authority (OIA), the nation’s sovereign wealth fund managing over USD 50 billion in assets. Trading value has risen fivefold since 2021 to about USD 8.45 billion, while market capitalization has grown by 51 percent to more than USD 79 billion. The MSX index recently surpassed the 5,000-point level for the first time in eight years, signaling renewed investor confidence and deeper market activity.

The surge reflects Oman’s wider effort to strengthen its capital market and attract regional and international investment in line with Oman Vision 2040. The Muscat Stock Exchange, the core of Oman’s capital market, has become one of the fastest-growing stock exchanges in the Gulf. The transformation began with Royal Decree No. 5/2021, which converted the Muscat Securities Market into a closed joint-stock company wholly owned by OIA. This move enabled new programs to boost liquidity, increase listings, and modernize infrastructure.

“MSX’s progress reflects OIA’s vision to build an efficient, investor-friendly exchange that supports economic growth and attracts quality investments,” said Mulham bin Basheer Al Jarf, Deputy President for Investments at OIA. “Our phased plan focused first on building trust and liquidity, then on broadening ownership and embedding global best practices.”

Since 2022, the MSX has grown by 67 percent, outperforming major global benchmarks such as the S&P 500 and MSCI indices for GCC, emerging, and Chinese markets. This growth stems from OIA’s strategy to strengthen liquidity, diversify listings, and expand the investor base, enabling the exchange to outperform regional and global peers.

OIA’s IPO program has been central to this expansion. The 2023 listing of Abraj Energy Services raised about USD 244 million, the largest IPO since 2010, while OQ Gas Networks’ USD 749 million listing attracted more than USD 10 billion in orders. Investors included Fluxys Belgium and entities backed by Saudi Arabia’s Public Investment Fund and the Qatar Investment Authority, highlighting global confidence in Oman’s market.

Momentum continued through 2024 and 2025 with listings by OQ Exploration and Production (USD 2.5 billion), OQ Biodiesel and Industries (USD 490 million), and ASYAD Shipping, the maritime arm of Asyad Group, which raised USD 333 million and marked the entry of Oman’s logistics sector into public trading.

To sustain growth, OIA launched the Tanmia Liquidity Fund in 2024 with USD 130 million in capital, expanding it to USD 390 million by mid-2025. Managed by Tanmia, United Securities, and Ubhar Capital, the fund supports market stability and liquidity.

“OIA’s strategic vision has strengthened MSX through improved governance, transparency, and trading efficiency,” said Haitham Al Salmi, CEO of MSX. Supported by regulators, national programs, and leading banks, Oman’s capital market has grown into a diversified platform with record trading and rising global participation, positioning MSX as a key driver of investment and modernization.

Contact: 

OIA Press Office
+968 92278104
[email protected]
www.oia.gov.om

Photo: https://mma.prnewswire.com/media/2814557/Oman_Muscat_Exchange.jpg

Veteran crypto venture firm with over $600 million in AUM launches fourth fund to back the next generation of founders building the future with blockchain

CHICAGO, Nov. 5, 2025 — CMT Digital, a leading global venture capital firm focused on early-stage investments that accelerate the adoption of blockchain technology, today announced the close of its fourth venture fund at $136 million. Fund IV will invest in founders building the infrastructure and applications driving the next phase of crypto adoption, at a time when regulators are clarifying digital asset frameworks and institutional participation is expanding.

“Since launching our venture practice in 2017, our mission has been to back outlier founders with bold visions made possible by public, decentralized blockchains. Eight years in, the value creation, deep partnerships, and impact we’ve experienced have exceeded every expectation, yet it still feels like the journey is just beginning,” said Sam Hallene, Partner at CMT Digital. “As the world continues to move on chain, we believe the most transformative ideas are still ahead. With fresh capital, trusted partners, and a proven platform, we’re ready to help the next generation of visionaries build.”

Investing Through Market Cycles

CMT Digital has invested in crypto since 2016, deploying capital through multiple market cycles. As a division of CMT Group, a diversified investment firm with more than 25 years of experience, CMT Digital leverages deep trading expertise to identify infrastructure that endures beyond short-term trends. Guided by in-house research, the firm produces original analysis to inform its strategy and help portfolio companies scale.

With over $600 million in assets under management and a presence across the U.S., APAC, and Europe, CMT Digital has a long history of identifying category leaders early. The firm backed Coinbase, Circle, and Figure prior to their public listings and has invested in fast-growing platforms such as FalconX, Ethena, Maple, Zero Hash, Coinflow, and Andrena.

A Decade of Evolving with the Industry

Across four funds, CMT Digital has identified and supported the foundational infrastructure behind each phase of crypto adoption:

• Fund I – Establishing Access: Backed the first platforms that gave retail and institutions credible entry points into crypto.
  • Coinbase, Circle, BitGo, Figure, FalconX, Strike
• Fund II – Building Onchain Infrastructure: Focused on the core rails for on chain capital movement— wallets, data, on chain credit markets, and emergent opportunities like gaming.
  • Consensys, dYdX, Pyth, Maple, Sky Mavis
• Fund III – Expanding Utility: Invested in payments, decentralized infrastructure, and consumer applications moving crypto beyond speculation.
  • Ethena, EtherFi, Superstate, Hypernative, Coinflow, Andrena
• Fund IV – Re-architecting Finance: Backing founders building blockchain-native infrastructure for global markets.
  • 10 investments to date, including FortyTwo, 1Money, D2X, Winston Artory Group, Odysseus, Zylu

Fund IV continues CMT Digital’s decade-long thesis, from access and infrastructure to utility and now the re-architecture of global finance.

What Founders Say About Working With CMT Digital

“We’ve really enjoyed having CMT Digital as partners. They participated across several rounds, from seed to public sale,” said Guy Young, Founder and CEO of Ethena. “They’ve brought value in several ways, be it through various introductions or hands-on product feedback. They saw our vision from day one and have stuck with us through the ups and downs.”

“CMT Digital has been a great partner to us. They combine investment discipline with deep product involvement, supporting our team beyond capital,” said Raghu Yarlagadda, Co‑Founder and CEO of FalconX. “Since 2019, they have provided valuable feedback on our product roadmap and continual support on initiatives such as fundraising and hiring. We could not be happier to have had CMT Digital in our corner all these years.”

“CMT Digital led our seed round in January 2024. Their diligence process was intense, and it showed a true desire to understand our business at a core level. Their investment kicked off a relationship that can only be described as a partnership in its truest sense,” said Dan Lev, Co-Founder and CEO of Coinflow. “Yes, they deeply understand our business and are able to add a ton of value through customer introductions and vendor introductions, but they’re also there for us every step of the way in the more human level of business building. They’ll pick up my call any time and give thoughtful feedback. Business building can at times be a lonely endeavor, but I know for us at Coinflow it is less so given the partnership with the CMT Digital team. I could not recommend CMT Digital as an investor enough.”

For more information, please visit cmt.digital.

About CMT Digital

CMT Digital is a crypto-focused venture capital firm built on nearly a decade of blockchain investing and decades of trading expertise. Founded in 2017, we were one of the earliest investment firms to allocate capital into the digital asset ecosystem. Since then, we have invested in over 200 blockchain and crypto-focused businesses, protocols, and tokens to date. We are investors in notable companies that are expanding the frontiers of web3, including Circle, FalconX, Figure, Strike, Coinbase, Crusoe, Consensys, Alliance, Hypernative, Ethena, Coinflow, and Andrena.

CMT Digital is a division of CMT Group, a diversified investment firm that has operated for more than 25 years across public and private equity, debt, real estate, technology, and digital assets.

For informational purposes only, nothing herein should be construed as investment advice nor an offering to buy or sell any security or investment. Any investments or portfolio companies discussed are not representative of all investments of CMT Digital and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar results.The quotes provided represent selected perspectives from CMT Digital’s portfolio companies.It is not intended for prospective investors as a reflection of CMT Digital’s investment advisory services and should not be considered an actual or implied endorsement of any advice, analysis, report, or other service rendered by CMT Digital.

SOURCE CMT Digital

AUSTIN, Texas, Nov. 5, 2025 — Billd, the leading provider of financial solutions for commercial subcontractors, today announced it has raised $7.3M in strategic funding. The round was led by MissionOG, a growth equity firm with deep expertise in FinTech and lending, with additional participation from existing investors HighSage Ventures and RJT Credit.

This funding will accelerate the development and launch of additional capital solutions including Predictable Pay, an early pay program designed in collaboration with general contractors that gives subcontractors access to faster, more predictable payments.

“Cash flow instability caused by payment unpredictability is one of the biggest threats to a subcontractor’s business,” said Chris Doyle, founder and CEO of Billd. “Early pay programs are one way subcontractors can bring more predictability to their payments and create a more resilient business. This investment helps support our long-term goal of developing financial solutions that empower subcontractors to do the best work of their lives.”

“We continue to be impressed with Billd’s ability to create scalable, practical solutions that have meaningful impact on the construction industry,” said Andy Newcomb, managing partner at MissionOG. “We are confident in the team’s ability to help subcontractors achieve their goals and proud to continue supporting Billd as they drive innovation in construction finance.”

Doyle said, “With early pay programs like Predictable Pay, Billd is providing general contractors with a way to help solve the issue of payment dysfunction in construction. We’re proud to have partners that continue to support us on our mission to bring more predictability to subcontractor payments as we approach our billion-dollar funding milestone.”

About Billd: Billd stands alone as a partner that truly champions the subcontractor. Founded in 2018 by two industry veterans in both construction and finance, Billd’s construction-specific financial and payment products empower subcontractors to overcome the impacts of the longstanding broken payment cycle in construction. Billd offers access to working capital solutions to cover subcontractors’ most pressing costs, including materials and labor, providing flexible credit to accommodate the unpredictability of cash flow in construction. Billd’s patented analytic and financing methodology allows subcontractors to stabilize cash flow and more effectively grow their businesses. Learn more at Billd.com

For press inquiries contact [email protected]

SOURCE Billd