• S&P Global leads Series A round, alongside other new investors including Temasek Trust Capital, Blue Haven Initiative, Gunung Capital, and Tsao Family Office
• Ford Foundation and Radicle Impact, which co-invested in BlueMark’s seed round in January 2022, increase their capital commitments in the Series A round

NEW YORK, April 18, 2023 — BlueMark, a leading provider of independent impact verification and intelligence for the impact and sustainable investing market, today announced that it had closed its Series A funding round with $10 million in capital commitments from a diverse group of seven investors. The lead investor is S&P Global, with other new investors including Temasek Trust Capital and three family offices with significant experience in impact investing — Blue Haven Initiative, Gunung Capital, and Tsao Family Office.

Ford Foundation and Radicle Impact are also participating in the Series A round, having previously funded BlueMark’s seed round with $2.25 million in equity financing, with Ford Foundation as lead investor and Radicle Impact as co-investor.

The increase in funding will be used to accelerate BlueMark’s leadership position as a premier provider of impact verification, benchmarks, and analytics to institutional investors of all types. Founded in January 2020, BlueMark has completed 125 verifications to date for investors with a combined $206 billion in impact AUM. The firm’s experience with such a large swath of the impact investing industry allows BlueMark to generate a unique set of market information and data. By providing insightful and comparable interpretations of investor impact performance, BlueMark helps optimize capital allocations towards impact. BlueMark also plans to expand its presence across different industries and geographies, with a particular focus on Asia where three of its investors are based.

Christina Leijonhufvud, CEO of BlueMark: “This latest funding round shows how strong the appetite is for greater transparency, accountability, and integrity in the impact and sustainable investing market. BlueMark’s distinctive approach to impact verification, benchmarking, and analytics continually raises the bar on best practice impact management and reporting among investment managers and also helps asset allocators identify and engage with managers driving impact.”

Dr. Richard Mattison, President of S&P Global Sustainable1: “S&P Global is proud to be investing in BlueMark to support much-needed innovation in transparency for impact metrics. More than ever, companies and investors are seeking access to high quality data and advanced analytics relating to sustainability. This investment represents a step forward in enhancing market participants’ access to impact-focused insights.”

Roy Swan, Head of Mission Investments at Ford Foundation: “BlueMark’s work to help impact investors reach for a higher standard in tracking their performance has rightfully earned them a reputation as a leading authority on best practices in impact management and reporting. This next phase for BlueMark signals the growing awareness around the importance of impact investing as a whole, and Ford Foundation is excited to take our partnership a step further.”

Dawn Chan, Managing Director, Investments at Temasek Trust Capital: “Impact and sustainable investing is a focus at Temasek Trust Capital. We see significant growth opportunities for impact investing in Asia and around the world. Independent experts are vital in assessing and assuring that investors are delivering on their impact claims and commitments. BlueMark is a leader in this space, and we look forward to working with the BlueMark team to expand their verification and market intelligence services to new geographies and sectors.”

Kelvin Fu, Managing Partner of Singapore-based Gunung Capital: “We are excited to partner with BlueMark in expanding their impact verification and intelligence capabilities in Asia, a market where we see growing demand for sustainable investments and impact verification services. Having gone through our own journey of establishing impact and sustainable frameworks for investment, we view BlueMark’s methodologies, capabilities, and team as world-class.”

Bryan Goh, CEO at Tsao Family Office: “Tsao Family Office is delighted to support BlueMark in their vital work of bringing transparency, authenticity, and accountability to impact investing.  We believe that BlueMark’s work will enable capital allocators to make more informed decisions and at the same time drive best practice amongst impact asset managers.”

Liesel Pritzker Simmons, Co-Founder and Principal of Blue Haven Initiative: “BlueMark’s industry-leading approach to impact verification brings greater clarity and accountability to the process of selecting and engaging with managers, and ultimately makes life easier for allocators like Blue Haven Initiative. We look forward to working with the BlueMark team to extend BlueMark’s verification services and unique data to the rest of the market.”

The latest funding for BlueMark comes at a pivotal time in the maturation of the impact investing industry. According to the Global Impact Investing Network (GIIN), there is now more than $1 trillion in impact assets under management globally. Now more than ever, the market needs an accountability mechanism to ensure that investors’ claims about their sustainability and impact goals, practices, and results are reliable, accurate, and decision-useful for allocators and other stakeholders.

BlueMark’s impact verification service encompasses an analysis of an investor’s (a) impact management practice (the policies, tools, and processes necessary to execute on their impact strategy) and (b) impact reporting (the completeness and reliability of their reported impact performance).

By aggregating data from these verifications, BlueMark is also able to generate a wealth of insights into industry trends, market challenges, and emerging best practices. BlueMark regularly shares these insights with the impact investing field via a research series on impact management practices (“Making the Mark”) and a series on impact reporting (“Raising the Bar“). These research reports, which have been supported by catalytic funding from organizations like The Rockefeller Foundation and the Tipping Point Fund on Impact Investing, are widely shared across the impact investing industry and can be used as a guideline to best practices for both new and established impact investors.

BlueMark became a certified B Corp in November 2022, joining thousands of businesses around the world that are committed to using business as a force for good.

About BlueMark
BlueMark is a leading provider of independent impact verification and intelligence for the impact and sustainable investing market. Founded in January 2020 as a spinoff from Tideline, an expert consultant to the impact investing industry, BlueMark’s mission is to “strengthen trust in impact investing” by providing investors with market-leading impact verification services, benchmarks, and analytics. BlueMark’s verification methodologies draw on a range of industry standards, frameworks, and regulations, including the Impact Management Project (IMP), the Operating Principles for Impact Management (Impact Principles), the Principles for Responsible Investment (PRI), SDG Impact, and the Sustainable Finance Disclosure Regulation (SFDR). Learn more about BlueMark and impact verification at www.bluemarktideline.com.

Media Contact: Dmitriy Ioselevich | 17 Communications | [email protected]

SOURCE BlueMark

Midwest emerging growth companies set to present in-person in Ann Arbor

ANN ARBOR, Mich., April 18, 2023 — Organizers of the Midwest Growth Capital Symposium (MGCS) announced today that Louis Cannon, MD, Founder and Senior Managing Director of Biostar Capital, and Dug Song, Co-Founder and President of the Song Foundation, will keynote the 2023 program. More than 300 entrepreneurs, researchers, investment professionals, and business executives are expected to attend the two-day venture investment conference.

For 2023, MGCS will include panel discussions on venture capital, technology, healthcare, acquisition, and more led by industry experts, as well as presentations from high-growth Midwest ventures. Featured panelists for MGCS include:

• Pete Wilkins, Managing Director for Hyde Park Angels
• Jeff Sloan, Angel Investor, CEO of Startup Nation, CEO of Aria Ventures
• Alan Davis, Managing Director of Biostar Capital
• Jake Cohen, Partner with Detroit Venture Partners and Co-founder of Signal Advisors
• Chin Weerapuli, NIL Advocate for University of Michigan Athletes
• Michael Spath, Client Executive for Kapnick Insurance, Executive Director for A2 New Tech
• Ashley Williams, Founder & CEO of RIZZARR
• Bill Baumel, Managing Director of the Ohio Innovation Fund
• Dr. Tom Shehab, Managing Partner of Arboretum Ventures
• Jing Liu, Executive Director of the Michigan Institute for Data Science

The growing ventures featured in the MGCS showcase span the life sciences, medical devices, agriculture/food, and tech industries. All featured companies will be seeking seed, Series A, or Series B funding. In addition to their on-demand virtual pitches, presenting companies will be in attendance to connect with potential investors.

“The goal from the onset of the Midwest Growth Capital Symposium is to bring together private growth companies and venture capital and private equity investment firms from all parts of the country,” said David Brophy, founder of the Midwest Growth Capital Symposium and University of Michigan professor emeritus. “Since the beginning of the pandemic, VCs and other investors have been searching to make good deals with cutting-edge companies. The Symposium connects these investors with growing ventures that have an early track record of success – many that lack visibility as they are based in the Midwest.”

The 2023 Symposium will return in person to Ann Arbor May 23 & 24. The Symposium will be held at the Ross School of Business at the University of Michigan.        

For more information on applying, attending, or sponsoring the symposium, please visit www.midwestgcs.com or email Hannah Burke [email protected].

About the Midwest Growth Capital Symposium

The Midwest Growth Capital Symposium (MGCS) is the original university-based venture investment fair. First held in 1980, this decades-old event is the largest Midwest venture fair of its kind that brings together venture capital investors, angel investors, high-growth companies, university tech transfer officers and research faculty. The Symposium is presented by the Zell Lurie Institute for Entrepreneurial Studies at the University of Michigan Ross School of Business.            

SOURCE Midwest Growth Capital Symposium

The strategic investment was led by General Catalyst and a cohort of leading health system partners and will enable care teams to give more patients a high-touch care experience 

SAN FRANCISCO, April 18, 2023 — Memora Health, the leading intelligent care enablement platform, today announced a strategic investment of $30 million led by General Catalyst with participation from Northwell Holdings, the venture investment arm of Northwell Health, NorthShore – Edward-Elmhurst Health, PagsGroup, and other strategic investors. The funding also included follow-on investments from existing investors Andreessen Horowitz, Transformation Capital, and Frist Cressey Ventures.

Healthcare is at an inflection point. Care delivery is increasingly shifting out of the four walls of the hospital, and the lack of necessary infrastructure to support this transition is breaking how providers operate. Health systems nationwide are struggling under a rapidly growing barrage of patient messages and calls fueled by poorly conceived, first generation patient experience and clinical workflow tools. According to a 2022 study^[1], inbound patient messages have increased 157 percent over the last three years. At the same time, providers are facing an unprecedented shortage in staff; a recent study by the AMA cited a burnout rate of 63 percent among clinicians^[2] while Bain & Company reported that 25 percent of U.S. clinicians^[3] are considering leaving the profession altogether. As a result, today’s healthcare system all but prohibits the high-touch, data-driven care that clinicians truly want for their patients — and their patients need.

“Memora Health is fundamentally transforming care delivery in our view,” said Chris Bischoff, managing director of General Catalyst. “Their intelligent care enablement platform has found what we see as a unique balance of empowering care teams to give every patient a high-touch care experience while also keeping patients with complex care journeys engaged and proactive in their care. All of these are critical components of our Health Assurance thesis and we look forward to our collaboration with Memora as they reimagine the care journey for patients alongside a growing number of leading health systems.”

Memora Health is building the necessary infrastructure to unlock how healthcare organizations scale and deliver next-generation care. By digitizing and automating high-touch clinical workflows, Memora provides patients with conversational, SMS-based care journeys that adapt to how they communicate. The company’s intelligent care enablement platform streamlines clinical workflows for care teams while also improving patient experience. This significantly reduces the burden on clinicians, and makes complex care delivery more proactive and high-touch for patients.

“Health systems have reached a critical juncture in an increasingly competitive and dynamic market,” said Michael Dowling, CEO of Northwell Health. “If we want to maintain our position as leaders in care delivery, we need innovative partners that can extend our clinical capacity, keep our patients engaged in their care, and deliver high-quality services to more people. We look forward to collaborating with the Memora team as we leverage novel technology to support our efforts.”

Navigating a care plan can be difficult for patients, especially once they’ve returned home. Whether it’s a new mom looking for guidance on latching, a cancer patient trying to understand the side effects of their chemotherapy, or an older adult recovering from a knee replacement surgery at home, Memora’s always-on platform helps patients get answers to their most pressing clinical questions, while empowering clinicians to focus on data that is actually clinically relevant — automating day-to-day tasks in the EMR that do not require top-of-license clinical expertise. In one example from a health system utilizing Memora’s postpartum care program, over 32,000 messages were exchanged with Memora’s platform and less than 150 required a manual response from clinical staff.

“Every clinician wants to hold the hand of their patient as they progress along their care journey and be there to answer questions and address concerns, but care teams are stretched across large patient populations, inundated with messages, and burnt out,” said Manav Sevak, co-founder and CEO of Memora Health. “Memora Health is tipping the scales, enabling clinicians to deliver the level of care they were trained to provide and helping them rediscover their passion for caregiving — while also unlocking the modern care delivery experience that consumers expect.”

With partners spanning the healthcare industry — including leading health systems, health plans, life science companies, and digital health companies — Memora continues to grow rapidly. In the first quarter of 2023 alone, the company named Drs. Toby Cosgrove and David Lubarsky as strategic advisors, and announced partnerships to automate clinical workflows with Virtua Health, the largest health system in South Jersey, and Moffitt Cancer Center, one of the nation’s leading cancer care and research institutions.

About Memora Health

Memora Health, the leading intelligent care enablement platform, helps clinicians focus on top-of-license practice while proactively engaging patients along complex care journeys. Memora partners with leading health systems, health plans, and digital health companies to transform the care delivery process for care teams and patients. The company’s platform digitizes and automates high-touch clinical workflows, supercharging care teams by intelligently triaging patient-reported concerns and data to appropriate care team members and providing patients with proactive, two-way communication and support. To learn more about Memora’s vision to make care more actionable, accessible and always-on, visit memorahealth.com.

Press Contact: Lara Key, [email protected]

^[1] Holmgren, A Jay, et al. “Corrigendum to: Assessing the Impact of the COVID-19 Pandemic on Clinician Ambulatory Electronic Health Record Use.” Journal of the American Medical Informatics Association, vol. 29, no. 4, 2022, pp. 749–749., https://doi.org/10.1093/jamia/ocab288.

^[2] Berg, Sara. “Pandemic Pushes U.S. Doctor Burnout to All-Time High of 63%.” American Medical Association, 15 Sept. 2022, https://www.ama-assn.org/practice-management/physician-health/pandemic-pushes-us-doctor-burnout-all-time-high-63.

^[3] Ney, Erin, et al. “Bain & Company: 25% of US Clinicians Want to Leave Healthcare and 33% Want to Switch Employers.” Bain, 11 Oct. 2022, https://www.bain.com/about/media-center/press-releases/2022/bain-company-25-of-us-clinicians-want-to-leave-healthcare-and-33-want-to-switch-employers/.

SOURCE Memora Health

Venture Capital firms called on to be more transparent on DEI

NEW YORK, April 18, 2023 — Diversity, equity, and inclusion (DEI) data from 315 venture capital (VC) firms, representing more than 5,700 U.S.-based, full-time employees and $594.5 billion in assets under management, is now available as part of the “VC Human Capital Survey,” powered by Venture Forward, the National Venture Capital Association (NVCA), and Deloitte. This survey series takes a unique approach to assessing DEI in the VC industry. It gathers data confidentially from VC firms of all types and sizes, examines various demographic groups across all positions, and evaluates firm talent management strategies, including DEI practices and goals. The fourth edition of the survey provides a first glimpse into outcomes from initiatives that many VC firms made following the summer of 2020, when social justice and racial equity were a heightened focus for the country.

Key takeaways

• More VC firms are incorporating DEI strategies. Nearly one-half (46%) of surveyed firms have a diversity strategy (up from 44% in 2020, 35% in 2018, and 15% in 2016), and 44% have an inclusion strategy (up from 41% in 2020, 31% in 2018, and 17% in 2016). In 2022, 60% of firms said they either have a staff person or a team responsible for DEI (an increase from 55% in 2020, 34% in 2018, and 16% in 2016). Majority of firms have established or plan to establish specific DEI goals. This new question found that 40% of the firms surveyed in 2022 stated they now have specific DEI goals, while 23% plan to implement goals within the next six months.
• More VC firms are seeing DEI interest from limited partners (LPs) and focusing on DEI at portfolio companies. In 2022, 47% percent of firms said that LPs requested their DEI details within the last 12 months, an increase from 41% in 2020, and 36% in 2018. In 2022, 38% of firms said they requested DEI details from their portfolio companies, an increase from 30% in 2020, and 19% in 2018.
• Women are far from parity, although their representation is steadily trending upward. Female employees represent 26% of investment professionals in 2022, up from 23% in 2020, 21% in 2018, and 15% in 2016. The proportion of women in junior-level investment positions grew in 2022 to 35%, up from 33% in 2020, 28% in 2018, and 25% in 2016. Among investment partners, women represent 19%, up from 16% in 2020, 14% in 2018, and 11% in 2016. In 2022, 57% of firms reported they do not have any female investment partners (compared with 65% in 2020, and 68% in 2018). Only 15% of firms said they had more than one.
• Racially and ethnically diverse women saw slim gains among investment partners. Black women comprised 1% of investment partners in 2022 compared to 0.25% in 2020 and 1% in 2018. Among investment partners, 5% were Asian/Pacific Islander women in 2022, compared to 3% in 2020, and 5% in 2018. Hispanic women were 2% of investment partners in 2022, increasing from 1% in 2020 and 2018. White non-Hispanic women comprised 13% of investment partners in 2022, up from 12% in 2020, and 11% in 2018.
• Female representation among investment professionals with senior decision-making responsibilities realized little or no gains. Women constitute a distinct minority of investment professionals with senior decision-making responsibilities such as originating deals (25% versus 24% in 2020), representing the firm on the boards of portfolio companies (20% versus 21% in 2020), serving as a member of the firm’s investment committee (20% versus 21% in 2020), and serving as an owner of the management company (17% versus 18% in 2020).
• Representation for Black professionals remains limited. Black employees comprised 5% of investment professionals in 2022, an increase from 4% in 2020, and 3% in 2018. Black professionals also comprise 4% of senior-level positions (4% in 2020, 3% in 2018), and 7% of junior-level investment professional positions (7% in 2020, 5% in 2018). Eighty-nine percent of firms report they do not have any Black investment partners (93% in 2020 and 2018).
• Some improvement in Hispanic representation. Hispanic employees comprised 6% of investment positions in 2022 (4% in 2020, 5% in 2018), and 5% of investment partner positions (4% in 2020, 3% in 2018). Hispanic representation among junior-level investment professionals also increased from 4% in 2020 and 2018 to 5% in 2022.
• Younger and smaller firms have more diversity among investment partners. VC firms founded within the last 10 years reported that a larger percentage of their investment partners were Black (8%), Hispanic (8%), and female (22%) as compared to older firms where Black (1%), Hispanic (2%), and female (17%) investment partners were not as prevalent. A more significant percentage of investment partners at small firms were Black (11%), Hispanic (11%), and female (25%) than at mid-size firms (Black 3%, Hispanic 5%, female 18%), and large firms (Black 1%, Hispanic 1%, female 16%).

Why this matters
The VC industry plays a critical role in identifying and funding innovative startups that create jobs and economic value—and in the process, improve people’s personal and professional lives. A startup ecosystem with investors and innovators that better reflects the demographics of the country has the potential to unlock opportunities for even greater success, wealth distribution, and economic value.

In addition to benchmarking data on gender diversity, racial diversity, ethnic diversity, age diversity, talent management and DEI practices — this year’s report provides strategies and insights to help VC firms improve and promote DEI to continue moving the needle.

• Read the full report here.
• Access the interactive dashboard here.

Key quotes
“Top management must recognize a moral and business imperative to act on broader social responsibilities. While gains have occurred, they have been uneven, and negligible in some cases, highlighting the need for strong leadership with intentionality towards making change. There is optimism for the future. The increasing diversity among junior-level positions indicates the potential for greater representation among senior positions as talent matures and rises through the ranks.”
– Heather Gates, Audit & Assurance national private growth leader, and managing director, Deloitte & Touche LLP

“In addition to creating the systems and processes that advance equitable outcomes, it’s imperative for organizations to create a culture of inclusion and belonging where all individuals are empowered to thrive.”
–Kavitha Prabhakar, chief diversity, equity and inclusion officer, Deloitte LLP 

“This survey is a critical component to holding the industry accountable and measuring its DEI progress. While it’s too soon to see outcomes of 2020 commitments and strategies focused on racial and ethnic diversity fully reflected in the latest data, there continues to be important—albeit small—gains. Even during challenging times, VCs must continue to prioritize DEI to maintain momentum and ensure progress does not regress.”
– Maryam Haque, executive director of Venture Forward

“VC firms are recognizing that not prioritizing DEI is a barrier to funding innovation and achieving higher returns. At a high level, the data showed improvements across most categories, however, if the industry truly wants to make meaningful progress and reach its fullest potential, it needs to build upon this positive momentum and commitment around DEI efforts.”
– Bobby Franklin, president & CEO of NVCA

Report methodology
The “VC Human Capital Survey,” powered by Venture Forward, NVCA and Deloitte, assesses the state of DEI in the VC industry. The fourth edition of the ongoing series provides a source of information that allows firms to benchmark themselves against industry practices and helps them identify innovative approaches to promote DEI. The survey was conducted from August 29 to October 7, 2022, and was completed by 315 venture capital firms, representing an aggregate total of $594.5 billion in assets under management, on the demographics and talent management practices of approximately 5,700 employees.

Diversity can be described as the representation, in a group, of various facets of identity, including (but not limited to) race, ethnicity, nationality, gender identity, LGBTQ+ status, socioeconomic status, ability, religion, and age. Inclusion can be described as the actions taken to understand, embrace, and leverage the unique strengths and facets of identity for all individuals to feel welcomed, valued, and supported. “Investment partners” are defined as employees with the titles of managing general partner, managing partner, general partner, founding partner, or managing director, or were partners who were designated as senior-level employees and as investment professionals with senior decision-making responsibilities.

About Venture Forward
Venture Forward is a 501(c)(3) nonprofit founded by NVCA to support both current and emerging venture capital investors by addressing imbalances of access, resources and opportunity. The organization’s vision is to see more women, people of color and underrepresented people in investment positions of power who will ultimately fund a more diverse set of innovative founders, helping the ecosystem reach its fullest potential. For more information, visit ventureforward.org.

“People of color” is defined as Asian American/Pacific Islanders, Black and African American, Native American, or American Indian and Hispanic or Latino including people of white decent who identify as Hispanic or Latino.

About NVCA
The National Venture Capital Association (NVCA) empowers the next generation of American companies that will fuel the economy of tomorrow. As the voice of the U.S. venture capital and startup community, NVCA advocates for public policy that supports the American entrepreneurial ecosystem. Serving the venture community as the preeminent trade association, NVCA arms the venture community for success, serving as the leading resource for venture capital data, practical education, peer-led initiatives, and networking. For more information about the NVCA, please visit www.nvca.org 

About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500® and more than 7,000 private companies. Our people come together for the greater good and work across the industry sectors that drive and shape today’s marketplace — delivering measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to see challenges as opportunities to transform and thrive, and help lead the way toward a stronger economy and a healthier society. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Building on more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte’s approximately 415,000 people worldwide connect for impact at www.deloitte.com.

Contact
Jon Lynch        
Public Relations        
Deloitte Services LP        
+1 201 407 6550        
[email protected] 

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.

Copyright © 2023 Deloitte Development LLC. All rights reserved

SOURCE Deloitte

• Round led by B Capital will further enhance offering for small businesses looking to optimize supply chain management and other operations
• New investors Amex Ventures, KSV Global and FJ Labs join GGV Capital and Tiger Global
• Investment brings Odeko’s total funding to $177M

NEW YORK, April 18, 2023 — Odeko, the all-in-one operations partner for independent coffee shops, cafés, and other shops, today announced that it has raised $53 million in Series D financing, bringing its total equity investment to $177 million. The round was led by existing investor B Capital and includes continued support from GGV Capital and Tiger Global Management. New investors, including Amex Ventures, KSV Global and FJ Labs, also participated in the round.

Odeko will further invest in the technology behind its platform, which helps its 10,000 small business customers nationwide more efficiently order equipment and supplies from hundreds of vendors, manage inventory, and analyze data insights to save time and money. The company will also continue to scale its operations and enter new markets.

Dane Atkinson, CEO and Founder, Odeko, said: “For the past four years, Odeko’s mission has been to empower independent businesses. Today, that mission is as critical as ever. Our customers face countless operational and environmental challenges every day, and our goal is to ease their burden so that they can focus their time and resources on building the parts of their business they love, while serving their neighborhoods and communities. This capital allows us to do just that, and we are grateful to our investors for their continued support.” 

“Odeko has very quickly established itself as the go-to operational partner for independent coffee shops and cafes across the U.S.,” said Sami Ahmad, General Partner, B Capital. “The company has proved to be a critical partner to the independent businesses it supports, streamlining operations and removing friction from day-to-day tasks. We look forward to supporting Odeko as they continue to scale their business.”

The Odeko platform helps approximately 10,000 independent businesses save up to 21% on the cost of goods and up to 10 hours a week of time spent on managing vendors. Odeko currently serves 16 major markets via local delivery and the rest of the United States through e-commerce and other solutions. In the last year alone, Odeko expanded into six new markets, including Miami, Portland and Dallas.

For more information, visit: odeko.com.

For more information about Odeko, to arrange an interview, or to obtain Odeko press assets, please contact:

Odeko press team
E: [email protected]

About Odeko:

Odeko is an all-in-one operations partner that helps independent businesses save what matters most: money, time and the planet. Its smart operations software optimizes supply chain management, empowering businesses to order exactly what they need from over 400 national and local brands, delivered direct-to-fridge and shop, five to seven days a week. Odeko offers an order ahead functionality through its app and online for consumers looking to pre-order from their favorite local coffee shops and cafes. Odeko’s mission is to help small businesses increase their revenue, lower their expenses, and reduce their environmental footprint.

Founded in 2019 by CEO and founder Dane Atkinson, Odeko is already in 16 markets and supplies 10,000 independent coffee shops and cafes.

To learn more about Odeko, please visit www.odeko.com.

SOURCE Odeko

Define’s latest fundraise is one of the largest solely focused on early-stage digital-health startups

SAN FRANCISCO, April 18, 2023 — Define Ventures, a leading Silicon Valley venture capital firm that focuses exclusively on early-stage digital-health startups, today announced the closing of Fund III and Opportunities Fund that together total $460 million to fuel innovation in healthcare. Investing in incubation, seed, series A and series B stage startups, Define Ventures’ newest fundraise pushes its total assets under management to approximately $800 million and makes it one of the largest early-stage venture firms focused on investing in digital health.

Define Ventures combines Silicon Valley principles with deep healthcare operating experience and is creating a bold vision for the healthcare system by partnering with category-defining companies with proven leaders. The Define team comprises seasoned investors and operators who have successfully partnered and scaled multiple enterprise and direct-to-consumer healthcare businesses, providing its partner companies with unique insights into bridging consumer and enterprise commercial models.

“The healthcare system is evolving rapidly as multiple healthcare, technology and consumer trends converge, and even with the progress over the last few years, it remains a $4 trillion market opportunity that desperately needs greater digital transformation. At Define Ventures, we are at the center of that convergence and combine the best of Silicon Valley thinking and deep healthcare operating experience to better understand how enterprise and consumer models will intersect to become the future of healthcare,” said Lynne Chou O’Keefe, founder and managing partner at Define Ventures. “We are honored to have the support of strategic and limited partners for Fund III and Opportunities Fund who helped us raise one of the largest early-stage, digital health funds. We look forward to continuing to build with entrepreneurs that are redefining the healthcare ecosystem.”

Define Ventures currently partners with 21 industry-shaping companies led by world-class entrepreneurs. The firm attracts the healthcare industry’s leading startups by forming deep partnerships to create commercial opportunities, foster world-class teams, and build a unique digital-health community. Additionally, Define Ventures has a strong network of leading payers, providers, employers, retailers, and life-science companies who can help entrepreneurs build sustainable businesses. The firm also has relationships with influential strategic advisors that span the healthcare, consumer and technology ecosystems that provide experience in creating and scaling industry-shaping companies.

“In the early stages of our company, Define Ventures stood out to us as a partner because its team has an established network from all corners of the healthcare ecosystem from providers to payers,” said Dan Brillman, co-founder and CEO of Unite Us, a Define Ventures partner company. “Having Define’s experience in helping companies scale across multiple categories from enterprise to consumer models was invaluable, and we look forward to continuing to partner with Define as we expand our impact on people’s health in the community.”

Define Ventures’ two new funds include Fund III, which will support new early-stage investments, and Opportunities Fund, which will support its existing partner companies in their growth trajectories. Define Ventures’ investment strategy centers on partnering with startups that are serving multiple ecosystem partners, such as consumers, payers, providers, employers and life-sciences companies.

About Define Ventures

Define Ventures is one of the largest early-stage venture firms focused on investing in the digital-health companies that are redefining healthcare. Define Ventures combines proven Silicon Valley principles with deep healthcare operating experience to create category-defining companies. Define has incubated or partnered with many of the leading digital-health companies, including Hims & Hers, Unite Us, Folx Health, and Cohere Health, and has experience building best-in-class industry leaders like Livongo. Define Ventures invests in digital-health startups at the incubation, seed, series A, and series B stages. For more information, visit www.definevc.com.

SOURCE Define Ventures

Portfolio encompasses 48.5 MW-DC of commercial and industrial solar,
including several solar-plus-storage projects totaling 3.7 MW

SAN FRANCISCO , April 18, 2023 — ForeFront Power, a leading developer and asset manager of commercial and industrial-scale (C&I) solar energy and battery storage projects, and HASI (NYSE: HASI), a leading investor in climate solutions, have entered into a follow-on equity investment for a portfolio of distributed solar and solar-plus-storage projects located across California.

The transaction, which reached financial close on March 30, 2023, builds upon an initial co-sponsor equity investment for a separate U.S. distributed solar portfolio that HASI made with ForeFront Power in 2022.

“A second chapter of equity investment by HASI enables ForeFront Power to continue its leadership position in developing behind-the-meter solar and energy storage projects for the benefit of our customers,” said Michael Smith, CEO of ForeFront Power. “Solar is a mature technology that provides long-term returns to investors, while reducing electricity costs for customers and eliminating carbon emissions from the power grid.”

“We are excited to expand our relationship with ForeFront Power with this latest investment in a diversified C&I solar portfolio,” said Susan Nickey, Chief Client Officer of HASI. “ForeFront Power’s exceptional team has demonstrated their ability to deliver and operate high-quality solar and storage projects that meet pro forma expectations, and we look forward to continuing to support their growth.”

The portfolio comprises 48.5 MW-DC of commercial and industrial ground-mounted, carport, and rooftop solar, including several projects paired with battery storage totaling 3.7 MW. Approximately 36 MW of the distributed assets are mechanically complete and were funded at financial close, while the remaining projects will be funded upon completion through year-end.

Added Smith: “ForeFront Power will continue to steward customer relationships across the entire portfolio and provide its customers and co-sponsor with ongoing energy asset management services.”

About ForeFront Power

ForeFront Power is a leading developer of commercial and industrial-scale (C&I) solar energy and battery storage projects in the U.S. and Mexico, also offering vehicle fleet electrification services. Over 15 years of working together, the ForeFront Power team has developed more than 1,400 behind-the-meter and community solar projects, totaling more than 1.1 gigawatt-DC of renewable electricity. ForeFront Power serves business, government, education, healthcare and community solar customers with a broad array of development, asset management and advisory services from its San Francisco headquarters and via teams based in New York, Mexico City, and across the U.S. through a hybrid work model.

A wholly owned subsidiary of global energy infrastructure and investment leader Mitsui & Co. Ltd., ForeFront Power operates under Mitsui’s North American investment arm, MyPower Corp. Mitsui holds a robust balance sheet and an “A” credit rating from Standard & Poor’s.

About HASI

HASI (NYSE: HASI) is a leading climate positive investment firm that actively partners with clients to deploy real assets that facilitate the energy transition. With more than $9 billion in managed assets, our vision is that every investment improves our climate future. For more information, please visit www.hasi.com.

SOURCE ForeFront Power

Company is pioneering a novel approach by targeting fibrotic mediators that drive disease progression

Portfolio comprises three targets, each of which is measurable in plasma and correlates with disease severity

Proceeds will advance programs into clinical studies in 2024; Lead asset on-track to candidate nomination in Q2 2023

CAMBRIDGE, Mass., March 15, 2023 — Mediar Therapeutics Inc., a biotechnology company advancing a portfolio of first-in-class therapies that halt and even reverse the course of fibrosis, today announced a $105M financing, including a recent $85 million Series A round co-led by Novartis Venture Fund and Sofinnova Partners and with participation from Pfizer Ventures, Mission BioCapital, Gimv, Pureos, Bristol Myers Squibb, Eli Lilly & Company, Ono Venture Investment and Mass General Brigham Ventures. Mediar was founded on pioneering fibrosis research from Mass General and Brigham and Women’s Hospitals in partnership with Mass General Brigham Ventures with the goal to transform the treatment of fibrotic disease by targeting the myofibroblast, the key cell type driving fibrosis progression. Mediar is led by industry veterans, Chief Executive Officer Rahul Ballal, Ph.D. and Chief Scientific Officer Paul Yaworsky, Ph.D. Dr. Ballal joins Mediar with nearly 20 years of experience in biotech and was most recently CEO of Imara, which recently merged with Enliven Therapeutics. Dr. Yaworsky joined Mediar in 2019 after a successful 21-year career at Pfizer, most recently serving as the COO of inflammation and immunology research. Joining the Mediar board is Nandita Shangari, Ph.D., from Novartis Venture Fund, Maina Bhaman, MBA, from Sofinnova Partners, and Andreas Jurgeit, Ph.D., from Gimv.

Mediar’s portfolio comprises three novel targets that are readily detectible in blood and correlate to disease severity, enabling a de-risked approach to clinical development. The series A financing will support advancement of the company’s portfolio of first-in-class antibody treatments, which offer unique potential to address fibrosis at varying stages of the disease, with two programs advancing into human studies in 2024.

“We are applying a precision approach to our fibrosis programs to improve the odds of success in human proof-of-concept studies and identify the right patients for each therapy,” said Chief Executive Officer Rahul Ballal, Ph.D. “The support of this broad syndicate of investors enables us to leverage our deep insights into fibrosis pathology and drive meaningful clinical impact in the treatment landscape.”

“We are particularly excited about our lead WISP-1 program, which is near candidate selection and has advanced largely through investigations in primary human preclinical systems,” said Chief Scientific Officer Paul Yaworsky, Ph.D. He continued, “We are also progressing promising leads from our two other first-in-class portfolio programs into preclinical in-vivo proof-of-concept studies.”

Fibrosis contributes to 45 percent of deaths in the industrialized world¹ and is among the most complicated chronic pathologies due to an expansive and complex network of interwoven biological pathways. Current therapeutic approaches mainly focus on the initiators of fibrosis that modulate the underlying immune responses known to drive disease onset. However, the pursuit of these initiators may disrupt related pro-inflammatory pathways that defend the body against illness and can lead to treatment-limiting safety concerns. Mediar is focused on targeting fibrotic mediators that drive disease progression and potentially avoid the limitations of current approaches.

“Mediar brings deep research insights and a robust understanding of fibrotic disease,” said Maina Bhaman, partner at Sofinnova Partners. “These strengths, coupled with a focus on pursuing unexplored pathways that drive fibrosis progression, position the company to change the way the disease is addressed and potentially achieve meaningful therapeutic impact. We are excited to have Rahul and Paul at the helm of this unique effort.”

¹ Friedman, SL, et al. (2013). Sci Transl Med, 5(167), 167sr1.

About Mediar Therapeutics
Mediar Therapeutics is a biotechnology company pioneering a new approach to fibrosis treatment that halts the disease at a different source – the fibrotic mediators that drive disease progression. Mediar was founded based on a deep understanding of the complex science underlying fibrosis onset and progression. By combining novel targets with reliable, easily detectable blood biomarkers and familiar modalities, Mediar is derisking the path forward for fibrosis therapies in clinical development. For more information, contact [email protected] or follow us on LinkedIn.

SOURCE Mediar Therapeutics

JUPITER, Fla., March 14, 2023 — Myosin Therapeutics Inc., a biotechnology company leveraging its innovative platform technology to identify new molecular entities capable of selectively targeting nanomotor proteins, announced today that it supplemented its National Institutes of Health (NIH) funding with a seed funding round to advance the company’s lead programs on glioblastoma and stimulant use disorder.

Myosin Therapeutics, Inc. (the “Company”) is developing its lead compound, MT-125, to treat glioblastoma, which is a highly aggressive form of brain cancer with a 95% fatality rate and limited treatment options available. In early models, MT-125 has shown that it can simultaneously arrest cancer cell division and migration, and therefore could be a first-in-class therapy. The Company believes that this funding should allow it to reach IND filing for MT-125.

Stimulant use disorder, which includes dependence on drugs such as methamphetamine and cocaine, affects millions of people worldwide, is associated with significant morbidity and mortality, and has no FDA-approved treatments. The Company believes that this capital infusion along with existing funding from the National Institute of Health should provide the funding needed to advance Myosin Therapeutics’ other lead compound, MT-110, for stimulant use disorders through Phase 1 clinical trials.

“We are excited to receive this funding, which will allow us to rapidly advance our first-in-class treatments for glioblastoma and stimulant use disorder, two devastating conditions that lack effective treatments,” said Dr. Courtney Miller, co-founder of Myosin Therapeutics. “Our platform for targeting the largely untapped families of nanomotor proteins represents a unique and promising strategy for oncology, in particular.”

The seed funding round was led by Mint12 Pharma, LLC, with participation from the University of Florida Ventures, DeepWork Capital, and the Florida Opportunity Fund. Mint12 Pharma’s Managing Partner, Dave Adams, said, “We are thrilled to partner with Myosin Therapeutics to develop innovative therapies for these two conditions that currently lack effective treatment. Myosin’s nanomotor platform has tremendous potential and we look forward to seeing the company’s progress in the coming years.”

About Myosin Therapeutics. Myosin Therapeutics is a Jupiter, FL-based biotechnology company spun out of The Herbert Wertheim UF Scripps Institute (formerly Scripps Research, Florida) focused on develop therapies for central nervous system and oncology indications with a platform for targeting molecular nanomotor proteins. The company’s lead programs for glioblastoma and stimulant use disorder target myosin motor proteins, which play a critical role in a wide range of cellular processes. Myosin Therapeutics was founded in 2020 by Drs. Courtney Miller, Patrick Griffin, and Theodore Kamenecka. To learn more about the company, please visit www.myosintherapeutics.com.

Mint12 Pharma invests in new patented core pharmaceutical and biotech technologies that have the potential to address fast growing and underserved markets with no current FDA approved therapies by providing financing, placing new executive management to support existing scientific leadership, and governance oversight. Mint12 Pharma provides Seed and Series A financing to companies and is led by an experienced team of Pharma/Biotech operators and investing professionals.

SOURCE Myosin Therapeutics Inc.