SHANGHAI, Dec. 25, 2023 — Recently, Panlin Capital announced that Hangzhou Panlin Xukang Fund, a venture capital fund focusing on innovative biopharmaceuticals, innovative medical device and biotechnology, has completed its second closing. This is the first fund that Panlin Capital has established in Hangzhou and the second VC fund that Panlin Capital has raised this year. In March this year, Panlin Capital announced the closing of its Chengdu Panlin Xiangxu Fund, which invested in the To B & tech sectors. In the past two years, Panlin Capital has raised over RMB 1.5 billion in total which is remarkable as the VC is going through a cold winter.

As one of the funds in which Panlin put a focus on healthcare investment, Panlin Xukang Fund was supported by a wide range of new institutional investors including Hangzhou Science and Technology Innovation Group and Hangzhou Xiaoshan International Venture Capital（Hangzhou industry guidance funds at municipal and district levels) , Chengdu Science and Technology Innovation Investment Group (a state-owned funder), listed companies such as HitGen（688222.SH）, LEO Group (002131.SZ）, I-Mab (IMAB.US）, and market-oriented financial institutions Zhongyuan Trust (self-owned capital), and Chasestone Group etc. In addition, because of the trackrecord, the re-investment rate of Panlin’s existing LP is over 40%. The fund has obtained strong support from Panlin’s existing LPs as cornerstone investors represented by high-net-worth individuals and entrepreneurs.

At the same time, Panlin Xukang Fund also shows high investment efficiency. Up till now, the fund has completed the investment settlement of near 20 high-quality companies. Based on its previous research on the policy direction and industry cluster of Hangzhou, especially Xiaoshan District, Panlin has invested in a number of local companies: Codon, a DNA data storage technology development platform; Levinthal, a protein rational design company; TinkerBio, a  total solution provider focusing on R&D and manufacturing of microfluidic chips; DNano MetaBio, a biotechnology development company designing self-assembled nucleic acid nanocarriers; Leadbio, a small-caliber regenerative blood vessel R&D company; and Innoforce, a CDMO company specializing in cell and gene therapy. Also, Panlin has contributed to help companies move their headquarters to Hangzhou. In light of Xiaoshan District’s plan to build a biopharmaceutical industry in the local airport industrial park,  Dushi Pharmaceutical Supply Chain,a cold-chain intelligent service platform has successfully settle its headquarter in Xiaoshan. As the lead investor of that platform, Panlin has helped the industrial park to make early preparations for the sales and transportation part of its biopharmaceutical industry chain.

In addition, Panlin Xukang Fund has invested in early- stage companies like Real & Best Biotech, a rAAV gene therapy drug R&D company. Also, considering the needs for quicker investment returns by LPs, Panlin has made additional investments in the subsequent financing rounds of pre-invested star companies, such as Ribo Life Science, a leading siRNA drug R&D company; GenFleet, a global novel drug developer; Virogin Biotech, a global oncolytic virus company; and Kingstron Bio, a high-end medical device R&D company committed to treating structural heart disease, etc.

The performance of the fund is tremendous, four companies, namely, Ribo Life Science, GenFleet, Virogin Biotech, and Virogin Biotech, will gradually enter into the IPO filing process, and near 10 companies have completed a new round of financing within one year after Panlin’s investment, with the amount of financing exceeding RMB 1 billion.

Mr. Li Yuhui, Founding Managing Partner of Panlin Capital, said, “We are grateful for the long-term attention and trust of new and existing investors, which has enabled Panlin Capital to run forward in small steps despite the sluggish market environment. This not only demonstrates the solid recognition of Panlin’s professionalism by the investors, but also shows the long-term confidence of Panlin in China’s healthcare and biopharmaceutical industry. As an RMB fund focusing on technology innovation since its inception, Panlin Capital has gone through two full investment cycles and has forged a mature methodology for investing in early to mid-stage tech startups. In recent years, Panlin has entered a new phase of growth that is driven by a ‘double-wheel engine’ of healthcare and To B & tech, setting up multiple new funds in many cities. Currently, in the context of the country’s full efforts to promote sci-tech innovation, we will continue to make breakthroughs with our established professionalism and track record. In this way, we will contribute to the country’s sci-tech innovation with the strength of market-oriented VC, continue to deliver high returns to our investment institutions and investors, and actively support the development of sci-tech innovation at the local level.”

SOURCE Panlin Capital

Convenience-focused compact makeup brand Subtl Beauty announces close of series A funding round with substantial investment from CULT Capital

NEW YORK, Dec. 22, 2023 — Rachel Reid, founder of Subtl Beauty (https://subtlbeauty.com/), a pioneer in compact, convenient makeup, has just closed a Series A funding round with a substantial investment from consumer investment firm, CULT Capital. CULT Capital’s $5mm investment is a strong vote of confidence in Subtl Beauty’s mission to redefine consumers’ beauty routines and challenge the industry’s status quo. The funding round comes on the heels of Subtl debuting its refreshed, award-winning stackable makeup packaging with cutting-edge bezel technology. 

CULT Capital brings a wealth of experience building and scaling consumer brands, and has a proven track record in beauty with brands including Supergoop!, LAWLESS Beauty, and Act+Acre. With the recent close of their second fund, CULT Capital is dedicated to backing the rare and remarkable few brands that are poised to revolutionize the consumer industry. Known for their selective investment approach, CULT Capital evaluates hundreds of companies annually but chooses to invest only in a handful, demonstrating Subtl’s extraordinary allure and potential as a game-changer in the beauty industry. CULT Capital solely considers brands for investment with a minimum of 2 million in revenue, which Subtl substantially exceeded.

“In a sector brimming with choices and complex beauty routines, Subtl stands out with its uniquely convenient and compact stackable beauty solutions,” said Sarah Woelfel, Partner at CULT Capital. “The remarkable scale of the brand, with over 300,000 Staks sold since launch, underscores its strong connection with today’s beauty enthusiasts. This success not only reflects Subtl’s deep understanding of consumer needs but also highlights a significant, unmet demand in the beauty sector.”

Subtl launched in 2018 and has been disrupting the cosmetics industry with revolutionary compact products that meet the evolving needs of beauty consumers. Inspired by her own experiences of the hustle of modern life and the desire to look put together effortlessly, founder Rachel Reid ingeniously designed a compact, stackable, and customizable solution to meet real makeup needs in the midst of everyday life. Subtl’s products are packaged in a convenient, travel-friendly stackable format for on-the-go consumers with all products being vegan, cruelty-free, paraben-free, and fragrance-free formulas. Their new Stak 2.0 packaging recently won a BeautyMatter NEXT award and includes a refillable design with cutting-edge bezel technology. Alongside its fresh repackaging, Subtl reimagined its makeup formulas in response to consumer insights, ensuring clean beauty standards and introducing new skin-conditioning ingredients like Bayberry Fruit Wax and Vitamin E. The significant series A investment funding round comes as no surprise as the beauty brand has grown a notable cult following, and growth has exceeded 170% year over year.

“The partnership with CULT Capital marks a pivotal moment for us; it is a testimony not only to our product but also to our business trajectory,” said Reid, Founder and CEO of Subtl Beauty. “CULT Capital’s network and experience scaling beauty brands is exactly what we need to take our business to the next level. “

Reid chose to partner with CULT Capital due to the firm’s strong track record of success in the beauty category, having most recently sold a majority stake in Supergoop! to Blackstone Growth for a significant outcome. CULT Capital is excited to partner with Reid on key growth initiatives, including team development, marketing strategies, and securing broader retail distribution. 

For media inquiries related to Subtl Beauty and their CULT Capital Series A funding round, please contact BPM-PR Firm at (877) 841-7244 or email [email protected]. 

About CULT Capital
Founded by Sarah Woelfel and John Kenney in 2015, CULT Capital’s investment philosophy is grounded in identifying and partnering with companies led by passionate entrepreneurs who offer distinctive products with proven product-market fit. The firm is committed to providing capital and strategic support to help emerging consumer brands achieve cult status. Armed with deep expertise and a genuine passion for brand building, CULT Capital has successfully collaborated with a portfolio of consumer brands, including Supergoop!, LAWLESS Beauty, Act+Acre, Miyoko’s Kitchen, and Jaanuu. Notably, CULT Capital recently closed its second investment fund.

About Subtl
Founded by Rachel Reid in 2018, Subtl has been redefining beauty with simplicity, personalization, and authenticity. Their stackable makeup solutions cater to the modern, fast-paced lifestyle, offering compact, travel-friendly, and customizable products. Subtl perfects every formula, ensuring efficiency, ease of application, and long-lasting wear. Their essentials align with conscious consumer values: clean, vegan, cruelty-free, paraben-free, and fragrance-free. For more information on Subtl visit https://subtlbeauty.com/.

SOURCE CULT Capital & Subtl Beauty

BANGALORE, Indien und LONDON, 22. Dezember 2023 — Kitchens@, ein führender Akteur in der dynamischen Cloud-Küchen-Branche, meldet den erfolgreichen Abschluss einer Finanzierung in Höhe von 65 Millionen US-Dollar von Finnest, einer aufstrebenden Wachstumsinvestitionsfirma mit Sitz in London. Bezeichnenderweise spielte Swiggy als Hauptinvestor von Kitchens@ bei der Serie-B-Finanzierungsrunde eine ausschlaggebende Rolle. Finnest (ein Unternehmen von BNP) wurde von zwei visionären indischen Investoren und Unternehmern, Dr. Biswanath Patnaik und Arun Kar (Ex-Militär), gegründet. Finnest hat bereits strategische Investitionen in verschiedenen Sektoren getätigt, darunter erneuerbare Energien, Wasserstoff-Elektrofahrzeuge, Sport und Unterhaltung, intelligente Städte, Luft- und Raumfahrttechnologien, Hotels und Gastgewerbe. Der leitende Geschäftsführer von Finnest, Arun Suraj, war der federführende Partner in dieser Investitionsrunde und der Katalysator beim ersten Vorstoß des Unternehmens in die sich ständig weiterentwickelnde Lebensmittel- und Getränkeindustrie.  

Dr. Biswanath Patnaik äußerte sein Vertrauen in Kitchens@ und erklärte: „Kitchens@ hat eine entscheidende Rolle bei der Gestaltung des Cloud-Küchen-Segments in Indien gespielt und sich als wichtiger Akteur im Bereich der Lebensmittel- und Versorgungsdienstleistungen etabliert. Dank der cleveren Führung unseres Gründers und Vorstandsvorsitzenden Junaiz Kizhakkayil ist unser Vertrauen in die Zukunft dieses Unternehmens ungebrochen. Wir erwarten in den kommenden Jahren einen erheblichen geschäftlichen Umschwung, insbesondere durch strategische Partnerschaften mit großen Unternehmen wie Swiggy und Beenext.”

Junaiz Kizhakkayil (JK), der Gründer und Vorstandsvorsitzende von Kitchens@, kommentiert den Weg des Unternehmens wie folgt: „Unser Entwicklungsprozess in den letzten Jahren ist wirklich bemerkenswert. Wir sahen uns zahlreichen Herausforderungen gegenübergestellt, haben aber an unserer Vision und unseren Zielen unbeirrt festgehalten. Es ist äußerst befriedigend, das Vertrauen bedeutender Investoren wie Finnest gewonnen zu haben. Ich bin Dr. Biswanath Patnaik, Herrn Arun kar und Herrn Arun Suraj zutiefst dankbar, dass sie an unsere Wachstumsstrategie geglaubt haben.”

JK erläuterte den Einführungsplan für Restaurants und betonte den großen Markenwert, der auf dem indischen Markt vorhanden ist. Er erklärte: „Der Aufbau dieser Marken war ein mühsamer Weg, in den engagierte Menschen ihre hart verdienten Ressourcen, ihre Zeit und ihren unermüdlichen Einsatz investiert haben. Heute gibt es mehrere solcher Marken, die das Potenzial haben, nicht nur den indischen Markt zu beherrschen, sondern auch auf der Weltbühne eine bedeutende Rolle zu spielen.”

Vor dem Hintergrund seiner drei Jahrzehnte umfassenden Erfahrung in der Branche betonte JK die Bedeutung der Gründer-DNA und des Glaubens an das Produkt für den Erfolg einer Marke. Er fügte hinzu: „Unser Einführungsplan für Restaurants basiert auf diesen Grundsätzen, und ich bin stolz darauf, dass wir mit fast allen großen Marken starke Partnerschaften eingegangen sind. Dies bietet uns und unseren Investoren eine bedeutende Gelegenheit, etwas wirklich Außergewöhnliches zu schaffen.”

Er wies ferner darauf hin, dass die beschafften Mittel für die Erweiterung des Hybridmodells Dinerium verwendet werden. JK beschrieb Dinerium als eine transformative gastronomische Erfahrung, die nahtlos Offline- und Online-Elemente kombiniert und eine vielfältige Auswahl erstklassiger Marken direkt an den Tischen der Gäste bietet. Er betonte, dass nun Geschäftstreffen und bedeutungsvolle Kontakte bei exquisiten Mahlzeiten gepflegt würden, was eine Abkehr von konventionellen Normen darstellt.

In einer beeindruckenden Entwicklung zu Beginn dieses Jahres hat Kitchens@ Swiggy Access Kitchen erworben, seine Präsenz auf sechs Großstädte und 45 Standorte erweitert und kann nun stolz auf ein Netzwerk von 700 Küchen verweisen.

Mit der Unterstützung von Finnest begibt sich Kitchens@ auf einen spannenden Weg und sieht in der Tat einer vielversprechenden Zukunft entgegen.

Informationen zu Finnest:

Finnest (ein Unternehmen der BNP-Gruppe) ist eine britische Wachstumsinvestitionsgesellschaft, die sich auf Frühphaseninvestitionen spezialisiert hat und Technologie-Start-ups in Bereichen wie Bankwesen, Gesundheitswesen, Konsumgüter, Finanztechnologie, erneuerbare Energien und Unternehmen, die sich für eine bessere Zukunft einsetzen, unterstützt. Finnest wird von einem Team erfahrener Gesellschafter mit einschlägigem Fachwissen und globalen Kontakten geleitet. Finnest legt Wert auf Selektivität und wird zu einem strategischen Partner, der einen über das reine Finanzkapital hinausgehenden Mehrwert bietet.

Finnest spezialisiert sich auf Frühphaseninvestitionen und unterstützt Technologie-Start-ups in Bereichen wie Bankwesen, Gesundheitswesen, Konsumgüter, Finanztechnologie, erneuerbare Energien und Unternehmen, die sich für eine bessere Zukunft einsetzen. Das Unternehmen legt Wert auf Selektivität und wird zu einem strategischen Partner, der einen über die reine finanzielle Unterstützung hinausgehenden Mehrwert bietet. Zu den Schwerpunktbereichen gehören erneuerbare Energien, intelligente Städte, Elektrofahrzeuge, Gesundheitswesen, Deep Tech, Finanztechnologie und Verbrauchermärkte. Finnest ist bestrebt, Innovationen und den Fortschritt in der unternehmerischen Landschaft voranzutreiben.

Foto – https://mma.prnewswire.com/media/2306540/Two_visionaries_future_of_dining_investment.jpg 
Logo – https://mma.prnewswire.com/media/2014639/3911459/Kitchens_Logo.jpg

TAIPEI, 22 dicembre 2023 — Term Structure, una società creatrice dell’omonimo protocollo per reddito fisso che non contempla la custodia e che offre servizi di indebitamento e prestito peer-to-peer, a tasso fisso e a tempo determinato nel settore della finanza decentralizzata (DeFi), ha raccolto 4,25 milioni di USD in un round di finanziamento seed iniziale.

Questo round di finanziamento seed – guidato da Cumberland DRW con la partecipazione di Decima Fund, HashKey Capital, Longling Capital e MZ Web3 Fund – aumenta i fondi totali raccolti da Term Structure a oltre 8 milioni di dollari a tutt’oggi. Cumberland DRW ha così spiegato il motivo che l’ha spinta a finanziare il round: “I prodotti a reddito fisso sono un elemento base della tradizionale struttura del mercato finanziario e la richiesta di questi prodotti nei mercati DeFi costituisce un segnale importante della sempre maggiore maturità in questo settore del mercato. Term Structure, che è guidata da veterani del settore, è un investimento molto interessante per noi e rispecchia il nostro impegno a investire in soluzioni innovative che risolvano esigenze reali del mercato”.

Nella finanza tradizionale (TradFi), i prodotti a reddito fisso consentono a istituti e singole persone di prevedere i flussi di cassa e valutare il valore relativo di varie opportunità d’investimento. Tuttavia, tali prodotti attualmente sono assenti nella DeFi. Grazie al protocollo Term Structure, gli utenti possono utilizzare prodotti a reddito fisso per riscuotere interessi periodici allo scopo di ottenere un flusso di reddito affidabile o tassi fissi per controllare i costi di un finanziamento. Inoltre, una volta creati prodotti a reddito fisso fondamentali, questi accelerano lo sviluppo completo di sofisticati prodotti finanziari – forward, futures e opzioni. Questo strumenti sono utilizzabili per strategie di hedging e di valutazione nonché per la determinazione dei prezzi di strumenti finanziari.

Il testnet del protocollo Term Structure è già in funzione su https://app.testnet.ts.finance/ su Ethereum Goerli. Questo protocollo attualmente presenta due mercati essenziali sulla sua piattaforma. Nei mercati principali, gli utenti possono effettuare ordini per prendere o dare in prestito token con tassi di interesse fissi e date di scadenza fisse. Una volta abbinati gli ordini, gli utenti che prendono in prestito riceveranno token corrispondenti e dovranno ripagare i debiti prima della data di scadenza per recuperare i collaterali. Gli utenti che danno in prestito riceveranno token a reddito fisso, riscattabili alla scadenza per recuperare il capitale oltre agli interessi. Nei mercati secondari, gli utenti possono acquistare e vendere token a reddito fisso attraverso il sistema di contrattazione basato sull’elenco degli ordini.

Per proteggere gli asset degli utenti, viene attuata la soluzione scalabile zkTrue-up, un rollup ZK personalizzato, per ottenere la disponibilità dei dati e consentire agli utenti di effettuare e annullare ordini senza dover pagare commissioni di transazione (le cosiddette gas fee). Gli utenti possono inoltre iniziare un “prelievo forzato” (Forced Withdrawal) sul contratto zkTrue-up per prelevare fondi direttamente in caso di censura o di qualsiasi problema. Se la richiesta di prelievo non viene accettata, gli utenti possono attivare la modalità di “evacuazione” ed eseguire l’evacuazione sul contratto L1 per proteggere i loro asset.

Il 4 dicembre 2023 si terrà su YouTube un seminario di presentazione del protocollo, mentre il giorno successivo vi sarà una sessione interattiva AMA (“Ask Me Anything”) nel corso della quale i partecipanti potranno fare domande di vario genere. Inoltre dopo il lancio del testnet sarà organizzata una competizione di trading. I premi per i vincitori includeranno 10.000 USDC. Non solo: presto saranno disponibili per operatori professionali kit di sviluppo software (SDK) e API per contrattazioni programmatiche. Per aggiornamenti visitare il sito ufficiale Term Structure, https://ts.finance/.

Contatto stampa: Weiting Chen, weiting.chen@tkspring.com

BANGALORE, India and LONDON, Dec. 22, 2023 — Kitchens@, a leading powerhouse in the dynamic cloud kitchen industry, is thrilled to announce the successful acquisition of $65 million in funding from Finnest, an emerging growth investment firm headquartered in London. Significantly, Swiggy played a pivotal role as a major investor in Kitchens@ during the Series B funding round. Notably, Finnest (A BNP Company), founded by two visionary Indian-origin investors and entrepreneurs, Dr. Biswanath Patnaik and Mr. Arun Kar (Ex Military) Finnest has previously made strategic investments across diverse sectors, including renewable energy, EV- Hydrogen automotives, sports & entertainment, smart cities, aerospace technologies, hotels and hospitality . The COO of Finnest, Mr.Arun Suraj has been the Lead Partner in this round of investment and the catalyst in their debut foray into the ever-evolving Food and Beverage industry.  

Dr. Biswanath Patnaik expressed his confidence in Kitchens@, stating, ” Kitchens@ has played a pivotal role in shaping the landscape of the cloud kitchen segment in India, emerging as a key player in the Food and Supply Aggregator sector. Our confidence in the future of this venture is unwavering, thanks to the astute leadership of our Founder and CEO, Mr. Junaiz Kizhakkayil. Anticipating a substantial business turnaround in the coming years, especially with strategic partnerships in place with major entities like Swiggy and Beenext.”

Junaiz Kizhakkayil (JK), the Founder & CEO of Kitchens@, reflected on the company’s journey, saying, “Our path over the past few years has been nothing short of remarkable. We’ve encountered numerous challenges but have steadfastly upheld our vision and goals. It is immensely gratifying to have earned the trust of prominent investors like Finnest. I extend my heartfelt gratitude to Dr. Biswanath Patnaik , Mr. Arun kar and Mr. Arun Suraj for believing in our growth strategy.”

JK elaborated on their restaurant roll-up plan, emphasizing the wealth of brand equity present within the Indian market. He stated, “The establishment of these brands has been a laborious journey, with dedicated individuals investing their hard-earned resources, time, and unwavering commitment. Today, we witness several such brands with the potential not only to dominate the Indian market but also to make a significant impact on the global stage.”

Drawing from his three decades of experience in the industry, JK stressed the importance of founder DNA and belief in the product for a brand’s success. He added, “Our restaurant roll-up plan is founded on these principles, and I am proud to say that we have established strong alignments with nearly all major brands. This presents a substantial opportunity for us and our investors to create something truly extraordinary.”

He went on to highlight the allocation of the raised funds for expanding their hybrid model, Dinerium. JK described Dinerium as a transformative dining experience that seamlessly combines offline and online elements, offering a diverse selection of premier brands right at patrons’ tables. He emphasized how corporate meetings and meaningful connections would now be fostered over exquisite meals, marking a departure from conventional norms.

In an impressive development earlier this year, Kitchens@ acquired Swiggy Access Kitchen, expanded its footprint to six major cities and 45 locations, boasting a network of 700 kitchens.

The future is indeed promising for Kitchens@ as they embark on their exciting journey with Finnest’s support.

About Finnest:

Finnest ( A BNP Group Company) is a UK-based growth investment firm that specializes in early-stage investments, supporting technology startups in areas such as banking, healthcare, consumer products, fintech, renewables, and enterprises committed to a brighter future. Finnest is led by a team of seasoned partners with deep domain expertise and global networks. Finnest prioritizes selectivity, becoming strategic partners who provide value beyond just financial capital.

Finnest specializes in early-stage investments, supporting technology startups in areas such as banking, healthcare, consumer products, fintech, renewables, and enterprises committed to a brighter future. They prioritize selectivity, becoming strategic partners who provide value beyond just financial backing. Their key focus areas include renewable energy, smart cities, EVs, healthcare, deep tech, fintech, and consumer marketplaces. Finnest is dedicated to driving innovation and progress in the entrepreneurial landscape.Top of Form

Photo – https://mma.prnewswire.com/media/2306540/Two_visionaries_future_of_dining_investment.jpg
Logo – https://mma.prnewswire.com/media/2014639/3911459/Kitchens_Logo.jpg

SOURCE Kitchens@

NEW YORK, Dec. 21, 2023 — Backcast Partners (“Backcast”), a provider of debt and equity capital for both middle-market private equity and non-private equity owned companies, is pleased to announce its recent follow-on investment in Guardian Fleet Services, Inc. (“Guardian”) used to fund the strategic acquisition of Euless Wrecker Service, Inc. (“Euless“).  Euless, which has served the community of Euless, Texas and surrounding areas since 1954, represents Guardian’s entry into the state. This acquisition is a significant step in Guardian’s broader expansion plans into key markets outside of Florida and further solidifies the company’s position as a nationwide industry leader.

Headquartered in West Palm Beach, Florida, Guardian is a leading provider of commercial towing, recovery, and specialized transportation services in the United States. Guardian, which was formed in 2017 by Geoff Russell and Scotty Crockett via the merger of their two long-standing businesses, has served as the primary consolidator in this fragmented marketplace. Backcast originally invested both senior secured debt and preferred equity in Guardian earlier this year to support Chartwell Investments Entrepreneur & Founder Capital’s (“CHIEF Capital”) growth investment in Guardian. Euless represents the third tuck-in acquisition made by Guardian this year, in continuation of the roll-up strategy started by Mr. Russell and Mr. Cockett in 2017, and in furtherance of CHIEF Capital’s broader strategic vision.

Michael Shein, CHIEF Capital’s Managing Partner said “Backcast continues to serve as a reliable and value-added partner as we continue to execute our strategic growth plan.  Euless is the second of what are expected to be many acquisitions of local market leading companies in our targeted geographies across the United States.”  

Ed Cerny, Managing Partner at Backcast, added “Guardian’s best-in-class management team is highly regarded across their industry, and we look forward to supporting them and CHIEF Capital as they identify and acquire many more attractive acquisitions like Euless.”

About Backcast Partners

Backcast Partners, formed in 2016, manages value-additive, credit-focused private investment funds providing capital to both private equity and non-private equity owned companies.  With over $1 billion of assets under management, the Backcast team has been supporting traditional middle market companies ($7.5 million to $50 million of EBITDA) for decades.  Backcast’s managed funds have a very flexible capital mandate and seek to invest from $10 million to over $100 million per transaction via bespoke capital solutions throughout the capital structure.  Backcast Partners operates out of offices in New York City, Millburn, NJ and Los Angeles, CA. 

About Chartwell Investments Entrepreneur & Founder Capital (CHIEF Capital)

CHIEF Capital provides flexible private equity for entrepreneurs, family-owned businesses, and corporate carveouts.  The firm partners with management owners to help realize their visions and provide long-term capital, resources and expertise to accelerate growth and provide generational liquidity. CHIEF Capital customizes each investment to meet the objectives of its entrepreneur and family partners.  With 45+ years of experience, over $750 million of recent transaction value, 6 current platform investments and 16 recent add-on acquisitions, CHIEF Capital focuses on niche lower middle market companies with an emphasis on healthcare, healthcare services, business services, transportation and logistics, and niche manufacturing segments.  Please visit Chiefcap.com for more information.

For more information, please contact:

Mark Gudis, Managing Partner 
[email protected] 
973-512-7487

www.backcastpartners.com

SOURCE Backcast Partners

BETHESDA, Dec. 21, 2023 — Hull Street Energy has closed a $160 million financing for its 855 MW Milepost Power Texas portfolio known as Mesquite Generation. The plants in the Mesquite portfolio are located in Bastrop and Paris, Texas, and provide critical power generation and reliability services to the Texas grid. Proceeds will be used to fund reserves, expenses and distributions to investors.

“This financing demonstrates the underlying operational strength of the portfolio, and our increasing ability to execute capital market transactions to drive capital cost down and enhance investor returns,” said Sarah Wright, Founder and Managing Partner of Hull Street Energy. “We thank our lenders and legal teams for their excellent service, seamless execution, and shared goal of driving the ongoing energy transition to a successful outcome through the intelligent allocation of capital.”

Investec Bank plc led the financing and acted as Initial Coordinating Lead Arranger and Sole Bookrunner. Notably, other lenders in the financing included ING Capital LLC as Coordinating Lead Arranger, Starwood Infrastructure Finance and Sequoia Economic Infrastructure Income Fund as additional lenders.

Troutman Pepper acted as legal counsel to Hull Street Energy. Kirkland & Ellis acted as legal counsel to lenders.

About Hull Street Energy, LLC
Hull Street Energy is a private equity firm that specializes in deploying capital into the power sector as it decarbonizes. Headquartered in Bethesda, Maryland, the team leverages its decades of experience and unique knowledge of North American electricity infrastructure, fundamentals, and grid operations, including fuel inputs, commodity contract structuring, renewable and fossil powered generation assets, energy storage, transmission and distribution systems, and electricity demand-side businesses to build value for stakeholders. For further information about Hull Street Energy please see www.hullstreetenergy.com.

About Milepost Power
Milepost Power owns and manages flexible, dependable and clean natural gas and dual-fuel electric generating plants in North America, providing electricity and critical reliability service to the grid. Its power plants and analytically driven risk management protocols position the company to play an increasingly important role as the industry transitions to include more renewable generation resources. Milepost Power is an affiliate of Hull Street Energy. For further information please see www.milepostpower.com.

Media Contact
[email protected]

SOURCE Hull Street Energy

Fantasy Festival is over at Key West, but DOOZEE Bar is one place serving up your fantasy daily with a custom-made ice cream bar experience that’s Scrumdiddlyumptious!

KEY WEST, Fla., Dec. 21, 2023 — The World-Famous Fantasy Festival in Key West, FL, is over, but don’t despair, DOOZEE Bespoke Ice Cream Bars in Key West is NOW OPEN FOR BUSINESS, and they are ready to make your wildest ice cream fantasy turn into reality. They at your direction crafting the most unique ice cream bars – literally in the world. This Willy Wonka like, ice cream experience should be on everyone’s bucket list.

DOOZEE on Duval is the ultimate customizable ice cream indulgence store, with a sophisticated, music-popping, social media-friendly environment, and a topping bar counter reminiscent of an ice sculpture.

Jim Epstein, owner says, noting that DOOZEE Bespoke Ice Cream Bar Shop differs from the more well-known boring scoop ice cream stores in that. “You can have made by a Bar’ista, over 5 million combinations. It’s hard to have the same thing twice.”

When asked, Epstein with all these combinations, does he have a go-to favorite DOOZEE Bar?

“I do like the White Chocolate with Flaming Hot Cheetos, and a White Chocolate drizzle, but I like to mix it up,” he says. It’s also a fun experience to design a tasty custom made ice cream bar that nobody has ever made.”

You start with a sizeable 5-ounce vanilla bar dipped into a selection of rich Milk Chocolate, White Chocolate or Caramel – each made with the very best ingredients. From there, guests choose three toppings from a selection of 24, including Flaming Hot Cheetos, Cotton Candy, Captain Crunch, Red Velvet Cookie Dough, Skulls and Bones Sprinkles, Toasted Coconut, etc. For those feeling particularly “bushy,” 12 unexpected ingredients are available for an extra cost, including Mr. Beast Chocolate Almonds, Organic Rose Petals, 24k Gold Flakes, Dom Perignon Gummy Bears, Grand Marnier Chocolate Pecans, Key Lime Pecan Pie Crumbs, Atocha Gold Treasure Coin made from Chocolate. The final step is the Pizzazz It! with a gourmet drizzle of Bourbon, Lemon, Raspberry, Key West Killer Bee Honey and some eye-popping diamond sparkle-dust – creating a one-of-a-kind masterpiece.

As you immerse yourself into this Willy-Wonka-style experience, don’t forget to purchase their T-shirt that says “I Licked the Stick in Key West” at Doozee Bar.

To learn more about DOOZEE Bespoke Ice Cream Bar Shop, please visit doozeebar.com.

About DOOZEE Bespoke Ice Cream Bar Shop

DOOZEE Bespoke Ice Cream Bar Shop is Key West, Florida’s. Founded in 2023, DOOZEE is committed to creating an immersive, bespoke experience for ice cream lovers across the Key West area. Located at 123 Duval Street, Key West, FL 33044, DOOZEE’s unique approach to making handcrafted luxury ice cream bars is making waves to reimagine the modern ice cream shop experience.

Website: doozeebar.com
Facebook: www.facebook.com/doozeebarkw/
Instagram: www.instagram.com/doozeebarkw/
Twitter: https://twitter.com/doozeebar

For more information or press inquiries, please contact John Smith at [email protected], (214)-797-8733

SOURCE DOOZEE Bespoke Ice Cream Bar Shop

PHOENIX, Dec. 21, 2023 — Trinity Capital Inc. (NASDAQ: TRIN) (“Trinity”), a leading provider of diversified financial solutions to growth-stage companies, today announced the commitment of $30 million in growth capital to Cart.com, a provider of unified commerce and logistics solutions that enable merchants to sell and fulfill anywhere.

Cart.com provides physical and digital infrastructure to unify operations across channels and empowers more than 6,000 multichannel merchants to sell and fulfill anywhere their customers are. The company offers a complete suite of digitally driven logistics capabilities, enterprise-grade channels and order management software and expert services to simplify commerce for middle-market and enterprise companies. Cart.com supports over $8 billion in gross merchandise value and operates 14 omnichannel facilities nationwide, totaling over 8 million square feet of space.

“We’re excited to add to our portfolio an innovative company that’s proving itself to be an indispensable commerce and logistics partner to a wide range of B2B, B2C and direct-to-consumer merchants,” said Ryan Thompson, Managing Director, Tech Lending at Trinity. “We look forward to playing an important role in supporting Cart.com’s growth.”

In June, Cart.com announced it had raised a $60 million Series C equity funding round at a valuation of $1.2 billion. The round included participation from B. Riley Venture Capital, Kingfisher Investment Advisors, Snowflake Ventures, Prosperity7 Ventures, Legacy Knight and other strategic corporate and financial investors.

This investment is part of a larger $100 million debt refinancing that included Trinity and Silicon Valley Bank, a division of First Citizens Bank. The capital will further strengthen Cart.com’s balance sheet while allowing the company to remain strategically positioned as it continues to scale operations.

“With Trinity’s financing, Cart.com will double down on investments that support the growing demand for innovative logistics and commerce infrastructure solutions that help our customers unlock more efficient growth,” said Cart.com Founder and CEO Omair Tariq. “In 2023, Cart.com successfully reached unicorn status while growing revenue 50% and achieving profitability. We’re excited to partner with Trinity, a proven and trusted provider of capital to growth-stage companies, to fuel our next chapter of profitable growth in the years to come.”

About Trinity Capital Inc.
Trinity Capital Inc. (Nasdaq: TRIN), an internally managed business development company, is a leading provider of diversified financial solutions to growth-stage companies with institutional equity investors. Trinity Capital’s investment objective is to generate current income and, to a lesser extent, capital appreciation through investments, including term loans and equipment financings and equity-related investments. Trinity Capital believes it is one of only a select group of specialty lenders that has the depth of knowledge, experience and track record in lending to growth-stage companies. For more information, please visit the Company’s website at www.trinitycap.com.

About Cart.com
Cart.com is the leading provider of unified commerce and logistics solutions that enable B2C and B2B companies to sell and fulfill anywhere their customers are. The company’s enterprise-grade software, services and logistics infrastructure, including its own network of fulfillment and distribution centers, are used by some of the world’s most beloved brands and most complex companies to unify commerce operations across channels and drive more efficient growth.

For more information, please visit Cart.com and LinkedIn.

SOURCE Trinity Capital Inc.