Tag Archives: Venture Capital

Congratulations, Circle! – Accel

Accel

Today marks an exciting milestone for Jeremy Allaire and the Circle team as they go public. For those of us who have watched this journey up close, this is a milestone years in the making—and a testament to Jeremy and the Circle team’s persistence.

This isn’t Jeremy’s first time on the podium. He last rang the bell when he took Accel portfolio company Brightcove public in 2012. With Circle, he took on his next challenge: launching a company with the ambitious goal of building a new digital financial system in an industry characterized by complexity, intense public scrutiny, and regulatory uncertainty. It turns out that Jeremy and his team were more than up to the task.

Circle was founded in 2013 with a broad vision to facilitate the next stage of internet-driven globalization and commerce. Today, USDC—Circle’s stablecoin—has become one of the most widely used digital currencies in the world, with more than $25 trillion in on-chain transactions as of late March.

What stands out about the Circle team is their willingness to take the long view, even when it means doing things the hard way—in particular, through their commitment to a regulatory-first posture and their reputation for integrity and transparency.

Congratulations to Jeremy and everyone at Circle!

–The Accel Team

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Emerald Invests in Cajo Technologies, Sustainable Laser Marking Leader

Emerald

Kempele, Finland / Zurich, Switzerland – Cleantech venture capital pioneer Emerald Technology Ventures has announced an investment  in Cajo Technologies, a Finnish provider of advanced laser marking solutions. The round will accelerate Cajo’s growth and allow them to commercialize the groundbreaking  MakeBright™  marking technology for  packaging.

Advancing Sustainable Packaging Solutions

Cajo has developed and patented technologies that eliminate the need for consumables such as ink, labels, or adhesives, significantly lowering the environmental footprint of product marking. Their technology allows for the direct marking on a wide array of

Their MakeBright™  marking technology is a revolutionary new way to produce precise and permanent product markings on cardboard more sustainably, without additives like ink, glue, ribbons, or labels. This eases the recycling process and enables cost savings.

The Growing Need for Sustainable Packaging Marking

Cajo’s solutions cater to forward-thinking stakeholders in the industry looking to significantly improve production processes while lowering operational costs. Cajo’s solutions are already trusted by major industrial players across diverse sectors—including PepsiCo, SSAB, Fiskars, and Prysmian for applications ranging from primary and secondary packaging to metal, wire, and cable marking.

Capturing a High-Growth Market

The global laser marking market is forecasted to exceed EUR 4 billion by 2027, driven by increasing regulatory demands, anti-counterfeit measures, and the need for supply chain traceability. Cajo is well-positioned within this market with its scalable product portfolio—ranging from Integrable marking units to turnkey industrial systems—and its proprietary software platform.

Supporting Next-Stage Growth

With Emerald’s investment and strategic support, Cajo plans to scale commercial operations, expand internationally—particularly in Asia and North America—and advance its customer success, R&D, and production capabilities.

“We are thrilled to partner with Cajo to accelerate the transition to sustainable marking technology” said Fredric Petit, Partner at Emerald. “Cajo’s technology is not only a powerful enabler of traceability and eco-efficiency but also commercially validated by global industry leaders.”

Niko Karsikas, CEO of Cajo Technologies, added, “Emerald’s industrial network and deep expertise in scaling cleantech ventures make them an ideal partner for our next chapter. With their support, we are set to deliver impactful solutions to the global packaging and industrial sectors.”

More on sustainable packaging and materials at Emerald:

Emerald leads €6.2M investment in Vytal to fuel the reusable packaging revolution

Emerald client, SIG, invests into coating manufacturer Kalpana

How Innovation in the Field of Plastic Additives is Key for a Circular Economy

About Emerald Technology Ventures

Emerald is a globally recognized venture capital firm, founded in 2000, that manages and advises assets of over €1 billion from its offices in Zurich, Toronto and Singapore. The firm invests in start-ups that tackle big challenges in climate change and sustainability, with four current funds, hundreds of venture transactions and five third-party investment mandates, including loan guarantees to over 100 start-ups.

This is Emerald.

Bold Ideas. Bright Future.  www.emerald.vc

CONTACT FOR EMERALD:

info@emerald.vc

About Cajo Technologies

Cajo Technologies: Pioneering Sustainable Product Marking

In an era where sustainability is a key driver of industrial innovation, Finnish SME Cajo Technologies Ltd. is revolutionizing product marking with its patented laser solutions. By eliminating the need for ink, labels, and chemicals, Cajo provides an eco-friendly and cost-efficient alternative to traditional marking methods.

Headquartered in Kempele, Finland, with subsidiaries in India, Cajo Technologies is rapidly expanding its global presence. The company offers comprehensive, easy-to-use solutions for traceability and product marking, leveraging proprietary software and patented technology. Fully optimized for industrial production, Cajo’s marking solutions seamlessly integrate into existing manufacturing processes, significantly reducing maintenance and operational costs.

Beyond efficiency, Cajo’s technology ensures high-precision traceability markings, even in the harshest industrial environments, while reducing the carbon footprint by up to 90%. This sustainable alternative allows companies to eliminate consumables and harmful additives from their production, aligning with the growing demand for zero-waste manufacturing solutions.

With a trusted presence in over 80 countries and partnerships with global industry leaders, Cajo Technologies is setting a new benchmark in sustainable manufacturing. By combining innovation with environmental responsibility, the company demonstrates that sustainability and profitability can go hand in hand.

Choose Cajo for intelligent product marking.

CONTACT FOR CAJO:

info@cajotechnologies.com

 

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Honeydew Revolutionizes Business Intelligence with Investment from Snowflake Ventures

Snowflake

At Snowflake, our mission is to empower every enterprise to achieve its full potential through data and AI. We actively support innovative companies within our ecosystem that demonstrate clear value for our customers, which is why we’re excited to invest in Honeydew, a former Snowflake Startup Challenge finalist. Honeydew’s Semantic Layer revolutionizes the way data teams collaborate on business intelligence and deliver impactful data-driven insights.

Underpinning Honeydew’s approach is our shared vision that “semantics should live in the data warehouse.” “A shared truth starts with a shared language — for people, for tools, for data transformation,” says Honeydew’s Co-Founder and CEO, David Krakov.

Honeydew makes it easier to make complex data more accessible, consistent and useful for Snowflake customers. In particular, its sophisticated semantic compiler enables end users to ask their own questions, using their own tools, on metrics processed directly in Snowflake. The compiler ensures that every ad hoc user question is translated to a Snowflake query that is both correct and lightning fast.

Bridging the gap between data, users and AI

In the age of AI, a robust and accurate understanding of data isn’t just important — it’s foundational. This is where Honeydew’s Semantic Layer shines. It acts as a crucial bridge that connects the business language that AI agents or BI tools use with intricate relationships, join paths, levels of granularity, metric definitions, nuances and dependencies within an organization’s data.

Honeydew built a Snowflake Native App for its Semantic Layer on Snowflake to provide seamless access within Snowsight UI, the Snowflake web interface, enabling applications built on Snowflake to leverage the Semantic Layer for query generation while extending Snowflake’s robust security features to it.

One logic and shared truth: Lightning-fast insights with Power BI

For organizations leveraging the power of Microsoft’s Power BI on Snowflake, Honeydew fundamentally transforms the BI experience by placing logic where the data resides. This changes how BI teams operate and empowers Snowflake customers to:

  • Increase speed and performance: Enable fast, direct queries on massive data sets, even those exceeding 1 billion rows.
  • Centralize governance: Build data access, business metadata, governance and cost controls once within Snowflake and seamlessly apply them across all Power BI instances.
  • Create a single source of truth for all critical business metrics: Say goodbye to duplicate logic. Defining key metrics and aggregations in SQL within Snowflake only once eliminates the need for complex Power BI DAX expressions or Tableau LOD calculations.

The tangible impact of Honeydew is clear. Just ask Pizza Hut. By tapping into Honeydew’s Semantic Layer, built natively on Snowflake, Pizza Hut has connected Power BI and Excel directly to its transactional data, giving business users real-time access to governed metrics without duplicating data. The results?

  • Reports delivered four hours earlier
  • 50% faster development of insights
  • 30% reduction in costs and engineering effort

Continued growth

Our investment in Honeydew reflects our belief in its vision and the transformative potential of its technology. We’re confident that Honeydew’s powerful Power BI integration and intelligent Semantic Layer will empower organizations to unlock deeper insights, improve data governance and ultimately make better, data-driven decisions. We’re excited to continue partnering with Honeydew and look forward to witnessing its growth and impact on the future of data and AI.

Discover how to leverage Honeydew for your Snowflake ecosystem at Snowflake Summit 2025 in San Francisco, June 2-5, 2025, by visiting Honeydew’s booth (#1204).

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Algoma raises $2.3M Seed for its AI-native real estate development platform

SOSV

We’re thrilled to announce that Algoma, a participant in our HAX startup development program has secured a $2.3M Seed round led by Zacua Ventures, with participation from SOSV, Iron Prairie Ventures, DOMiNO Ventures, Compose VC and a network of angel investors across AI, construction, and real estate.

Real estate is the world’s largest asset class, globally valued at over $600 trillion, yet much of it still runs on manual labor and outdated processes. The pain is most acute during pre-construction, where developers must navigate high-stakes decisions with fragmented information and little transparency.

Algoma’s AI-native real estate development platform helps developers turn an address into a deal, accelerating confident decision-making abilities by delivering site feasibility in minutes and at the fraction of the cost as traditional methods.

The Algoma platform includes:

  • Instant zoning analysis
  • Market intelligence
  • Site-specific design massing
  • Unit mix and layouts
  • Pro-forma generation
  • Visualization for investors and agencies

Algoma’s founding team blends deep domain expertise across real estate, AI, and strategy:

  • Josef Bromovsky, CEO, has spent his career building technology at some of the world’s largest construction and infrastructure firms, focusing on digitizing early-stage planning and design.
  • Kyle MertensMeyer, Chief Product Officer, is an award-winning design architect and AEC Entrepreneur whose design work spans five continents, focusing on materiality and sustainable systems.
  • Seyfihan Usarer, COO, is a former McKinsey consultant and member of TikTok’s Monetization Strategy Team, with a background in leading digital transformations and scaling digital platforms.

Kira Colburn

See their press release here and more in Tech Funding News.

READ COMPLETE ARTICLE

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ABB invests in strategic partnership with US start-up Molg to transform drive design and accelerate its contribution to the circular economy

ABB Ventures
  • Investment by ABB Drive Products to develop next generation products for circularity and resource-efficient future
  • Companies will develop design architecture for drive manufacturing by optimizing testing and assembly processes in Molg’s robotic Microfactories
  • Collaboration started in 2024, with ABB Robotics participation in Molg’s seed round of funding  

ABB Motion’s Drive Products division has invested, through ABB Motion Ventures, in Virginia-based circular manufacturing company Molg to optimize manufacturing design and reusability of ABB drives. The collaboration will leverage Molg’s design expertise and US-based robotic Microfactories to streamline the assembly and testing processes within ABB’s manufacturing operations, while simultaneously increasing drives’ circularity and resource efficiency.

ABB and Molg’s relationship began in 2023 when the company was recognized as a winner of the ABB Accelerating Circularity Startup Challenge. ABB Drive Products and Molg have subsequently delivered a successful proof of concept in drives assembly in robotics-based Molg Microfactories and this fresh investment will enable the next phase of their partnership.

A central aspect of ABB Drive Products’ choice to invest in Molg is the firm’s circularity credentials. ABB is committed to achieving a full life cycle circular approach for 80 percent of its products by 2030 and Molg’s robotic Microfactories will help to improve the efficiency of manufacturing configured-to-order drives by streamlining the assembly and testing processes with automation. The investment strengthens ABB’s position as a key enabler of circular economy by re-using, re-purposing, and recycling components. ABB Robotics & Automation Ventures participated in Molg’s seed round of funding in October 2024 to help scale the start-up’s production capacity and tackle e-waste with robotics and design.

This strategic partnership follows ABB’s recent $100 million campus project in New Berlin, Wisconsin, and further enables its ‘local for local’ strategy – using locally-sourced materials for in-country manufacturing to service local customers. This is also a vital part of ABB’s circularity-based approach, not only minimizing waste and manufacturing-related carbon emissions, but providing crucial in-market support for companies across the supply chain.

“Our investment in Molg means we are part of an innovation ecosystem which develops new solutions for product circularity,” said Tuomo Hoysniemi, ABB Drive Products Division President. “This investment to develop our drives portfolio through recycling and reusing of components is aligned with our aims to increase circularity within our portfolio. What’s more, Molg’s Microfactories are especially suited to the ABB Drive Products’ customizable product range and will give us and increased ability to meet unique customer and market future requirements, while at the same time preserving valuable resources.”

“Winning ABB’s Accelerating Circularity Startup Challenge was great recognition for us, and we are even more excited to continue our collaboration with ABB Drive Products within circularity and automation,” said Rob Lawson-Shanks, CEO & Co-Founder of Molg. “We are thrilled to work with ABB Drive Products to design more circular products and create circular manufacturing processes for electronics to enhance supply chain resilience and ensure valuable materials are kept in circulation.”

The financial details of the investment have not been disclosed.

  • Drive Products division invests in a strategic partnership with US start-up company Molg to optimize manufacturing design and reusability for ABB drives

  • ABB and Molg

(1/3) Drive Products division invests in a strategic partnership with US start-up company Molg to optimize manufacturing design and reusability for ABB drives

Notes to editors

ABB is a global technology leader in electrification and automation, enabling a more sustainable and resource-efficient future. By connecting its engineering and digitalization expertise, ABB helps industries run at high performance, while becoming more efficient, productive and sustainable so they outperform. At ABB, we call this ‘Engineered to Outrun’. The company has over 140 years of history and around 110,000 employees worldwide. ABB’s shares are listed on the SIX Swiss Exchange (ABBN) and Nasdaq Stockholm (ABB). www.abb.com

ABB Motion Ventures is the venture capital unit of ABB Motion. ABB through its business-led venture capital investment framework, ABB Ventures, looks for breakthrough technology companies aligned with ABB’s goal to write the future of industrial electrification and automation. Since its formation in 2009, ABB Ventures has deployed around $500 million into startups spanning a range of sectors including robotics, industrial IoT, AI/machine learning, energy transition, cybersecurity, electric mobility, smart buildings, and distributed energy. For more information, visit www.abb.com/ventures

Molg tackles the growing e-waste problem by making manufacturing circular. The company’s robotic microfactory can autonomously disassemble complex electronic products like laptops and servers, helping keep valuable components and materials within supply chains and out of landfills. Molg partners with leading electronics manufacturers to design the next generation of products with reuse in mind, ensuring that one product’s end is another’s beginning. To learn more, visit molg.ai.

For more information please contact:

Media Relations: media-motion@abb.com

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ABB invests in generative AI energy manager startup Edgecom

ABB Ventures
  • BB extends partnership with Edgecom, winner of its 2024 Startup Challenge
  • Edgecom and ABB will collaborate on AI solutions for large industrial customers

ABB is investing in a strategic partnership with Edgecom Energy, the Toronto-based energy management startup. The company’s unique energy management platform uses artificial intelligence to help industrial and commercial users manage and reduce peaks in their power demand. It is the first in the market to use a generative AI copilot to optimize the user experience.

The partnership involves a minority investment in Edgecom through ABB Electrification Ventures, the venture capital arm of ABB Electrification. ABB Electrification Ventures is part of the group-wide ABB Ventures framework, investing in transformative technology companies that advance ABB’s vision of a more sustainable, electrified, and automated world. Edgecom was a winner in ABB’s 2024 Startup Challenge.

The International Energy Agency has stated that the world must double the pace of energy efficiency progress in the next decade to meet net zero targets. It highlights the key role digital energy management must play. Innovation teams at ABB’s Smart Power division will collaborate with Edgecom to develop new AI-enabled solutions to help customers in North America save energy and reduce costs.

Massimiliano Cifalitti, President of ABB’s Smart Power division, said: “Partnerships are key to ABB Electrification’s artificial intelligence strategy for energy management. Edgecom shows how gen AI can create business value from complex data sets with an easy-to-use interface. The company also has the scalability and interoperability ABB is looking for as we grow our AI ecosystem for energy management.”

Artificial intelligence can be a game-changer for energy management. ABB’s digitalised electrification solutions collect data from across a site’s power network; Edgecom’s AI Energy Copilot can turn complex dataset into energy saving opportunities. Adapting to the customer’s goals, the AI Energy Copilot suggests small adjustments to lower bills or smart ideas to reduce environmental footprint.

Behdad Bahrami, CEO and Co-Founder of Edgecom, said: “ABB’s commitment to our vision underscores the transformative impact we’re bringing to energy management. Together, we’re empowering large energy users to achieve significant cost savings and emissions reductions through innovative solutions that deliver real world cost savings and emissions reductions. As the energy transition accelerates, innovative partnerships like this are key to creating a more efficient and sustainable future for industries worldwide.”

Mehdi Parvizi, CTO and Co-Founder of Edgecom, added: “Generative AI is transforming energy management by enabling tailored strategies that unlock savings across energy-intensive assets and facilities. This technology optimizes asset performance, integrates operations with energy market programs and price tariffs, improves energy efficiency, and guides operator behavior toward more effective energy decisions.”

The investment in Edgecom brings the total portfolio of ABB Electrification Ventures to 15 companies, with investments totalling €80 million since 2021. It is part of ABB Ventures, which has invested more than $450 million in 70 startups across electrification and automation sectors since 2010.

Edgecom Energy's unique energy management platform uses generative AI to help users reduce power demand peaks
Edgecom Energy’s unique energy management platform uses generative AI to help users reduce power demand peaks

ABB is a global technology leader in electrification and automation, enabling a more sustainable and resource-efficient future. By connecting its engineering and digitalization expertise, ABB helps industries run at high performance, while becoming more efficient, productive and sustainable so they outperform. At ABB, we call this ‘Engineered to Outrun’. The company has over 140 years of history and more than 105,000 employees worldwide. ABB’s shares are listed on the SIX Swiss Exchange (ABBN) and Nasdaq Stockholm (ABB). www.abb.com

ABB Electrification is a global technology leader enabling the efficient and reliable distribution of electricity from source to socket. With more than 50,000 employees across 100 countries, we collaborate with our customers and partners to solve the world’s greatest challenges in electrical distribution and energy management. As the energy transition accelerates and electricity demands grow, we are electrifying the world in a safe, smart and sustainable way. At ABB, we are ‘Engineered to Outrun’, and we are passionate about helping our customers and partners do the same. go.abb/electrification

Contact us

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Scaling Science and Sustainability: Voima Ventures Finalises Fund III, north from €100M.

Voima Ventures

Helsinki, Finland – Voima Ventures has announced the final closing of its €100M+ Fund III, an Article 8 compliant deep tech fund. Based in both Helsinki and Stockholm, the fund has already begun deploying capital with 8 finalised investments from its first closing to accelerate breakthrough innovations across the Nordic and Baltic deeptech landscape.

Key Highlights:

  • €100M+ final close of Voima Ventures Fund III
  • Focused on science and deeptech startups across the Nordic and Baltic region
  • Investing into 25-30 companies, with initial entry tickets varying from €200k to 3M€.
  • Article 8 compliant under the EU’s SFDR, reinforcing Voima’s dedication to sustainable and impact-driven investing thesis
  • Investors of the Voima Ventures Fund III include among others European Investment Fund EIF, Finnish Tesi and its fund of funds KRR, VTT of Finland, Saminvest from Sweden, and pension funds Nordea Life and Elo, as well as established foundations, and family offices.

Inka Mero, CEO and Managing Partner of Voima Ventures

Scaling Nordic Deeptech- From Labs to Unicorn Potential

With this closing, Voima Ventures emphasised its unique insight to invest in visionary scientific founders and entrepreneurs who are reshaping whole industries, including Life Sciences, energy, food, quantum and advanced AI, to mention a few.

The new Fund is uniquely positioned to support the next generation of science-driven unicorns. Initial investment tickets range from €200k to €3M, with the capacity for significant follow-on investments. The firm aims to further grow its presence in the Nordic and Baltic regions while being the go-to and longterm partner for early-stage university spinouts and startups.

Since its foundation in 2019, Voima Ventures established itself as a trusted partner for early-stage founders, leveraging deep expertise and networks within academia and industry to bridge the gap between research and commercial success. With over 70% of its portfolio companies originating directly from university spin-offs or research ecosystems, the firm remains committed to fostering groundbreaking innovation at its roots.

Growth and Impact

Voima Ventures prioritises high-potential VC investments that deliver both financial returns and positive environmental and societal impact. The fund is committed to ESG principles and is aligned with the EU’s Sustainable Finance Disclosure Regulation (SFDR), as an Article 8 fund.

“In deeptech, pushing the boundaries of science-driven entrepreneurship isn’t just about innovation, it’s about delivering meaningful global impact alongside strong returns,” said Inka Mero, Founder and Managing Partner of Voima Ventures. “Our recent Impact Report highlights this commitment, showing that Voima Ventures Fund III achieves a net impact score of +48%, compared to the average -8% impact of US Fortune 500 companies. This means that every Euro we invest creates significant positive change, driven by more sustainable practices and transformative technologies.”

Voima Ventures Partners From Left to Right: Jussi Sainiemi, Jenny Engerfelt, Inka Mero, Pontus Stråhlman

The Journey Continues

Lately, Voima Ventures has focused on expanding its presence in Sweden, hiring Stina Wallmark as Life Sciences Investment Director and promoting Jenny Engerfelt to Partner earlier in the year. Together, they are driving efforts to strengthen operations and manage the growing deal flow from the region.

The fund will make 25-30 investments and has so far done 8 new investments. Closed investments include examples like ÄIO – replaces palm oil, coconut oil and animal fats with sustainable and healthier alternatives, Liquid sun – sustainable aviation fuel from carbon dioxide and Avenue Biosciences – protein optimization platform enhancing production yield and the quality of pharmaceuticals.

“The Nordic and Baltic regions are setting the global standard for deep tech innovation, and we are proud to grow alongside this thriving ecosystem,” said Jussi Sainiemi, Partner at Voima Ventures. “With a unique blend of cutting-edge research and entrepreneurial talent, these regions are driving solutions that not only tackle global challenges but also redefine industries, creating sustainable value for future generations.”

Voima Ventures Team Day at Solein Production Facility, with Juha-Pekka Pitkänen CScO of Solar Foods Centre

About Voima Ventures

Voima Ventures, founded in 2019, is a Nordic early-stage investor investing in science-based innovations and companies across the Nordics and Baltics. Voima Ventures help founders to accelerate the growth of deep technology ventures to global markets. Voima Ventures is a team of 12 investment and growth entrepreneurship professionals who share a passion for science-based tech. Voima Ventures holds a strong track record in investing in high-growth science-based solutions by being an early investor in success stories like Solar Foods, Dispelix, MVision, Betolar and EniferBio.

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TeamBridge, founded by former Uber execs, raises $28M to build HR software for hourly workers

Mayfield

Arjun Vora and Tito Goldstein were working on the corporate side of Uber when they realized that HR software largely wasn’t built to manage hourly staff. Many hourly workers lacked a way to complete basic self-service tasks, the pair perceived, like clocking in and changing payment accounts.

After interviewing hundreds of Uber drivers, Vora, an ex-Salesforce product designer, and Goldstein, Hyperloop’s former design lead, decided to build a platform to their specs.

“Businesses face a need to modernize their tech stack,” Vora said. “They need to be able to find, activate, and engage a workforce in ways not unlike the gig economy companies that draw away their people.”

Vora and Goldstein’s platform, TeamBridge, aims to automate certain HR tasks while providing hourly staff a self-service app experience. On the back-end, TeamBridge provides templates and workflows for things like onboarding and time-off tracking, while the app — which companies can customize — lets employees view and claim shifts, sign any necessary legal documentation, and text with managers.

TeamBridge
TeamBridge’s back-end interface, where companies can kick off various HR tasks like onboarding.Image Credits:TeamBridge

Customers can subscribe to TeamBridge’s core platform and, for additional fees, add particular self-service and workflow-driven capabilities.

“We provide the ‘LEGO blocks’ needed to build out composable HR workflows and custom mobile apps,” Vora, TeamBridge’s CEO, said.

Several other vendors are going after the market for gig worker HR software, like Wingspan, Kronos, Deputy, and Homebase. San Francisco-based TeamBridge has impressive traction, however, with 100,000 hourly workers on the platform and corporate clients including Convo and Dairy Queen.

Revenue increased 3x last year — the year after TeamBridge launched — and it more than doubled again in the first half of 2024, Vora tells me.

“In times of high demand, our customers are looking for ways to help scale their org effectively,” Vora said. “When there is a slowdown, our customers are looking for automation and efficiency gains to reduce costs. Our ability to do both in TeamBridge allows us to position ourselves for whatever the current market needs.”

TeamBridge
TeamBridge’s mobile app.Image Credits:TeamBridge

To set the stage for its next growth phase, TeamBridge closed a $28 million Series B funding round led by Mayfield with participation from General Catalyst and Abstract Ventures, bringing the startup’s total raised to $41.5 million. The new cash will be put toward product R&D and doubling TeamBridge’s 42-person team over the next year, Vora said.

Kyle Wiggers

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Marktlink Capital closes second Venture Capital Fund-of-Funds at €80 million

Marktlink Capital

Amsterdam 15 July 2024 – Marktlink Capital has successfully closed the subscription for its second venture capital fund-of-funds in six months, securing €80 million in capital commitments from approximately 150 private investors. This second fund follows the success of the first fund launched in 2022, which was fully subscribed within six months. A significant portion of the private investors in the new fund also invested in the first fund, attracted by the access to top venture capital funds in Europe and North America.

Unicorns and trends
The strategy, size, and diversification of the funds in the second venture capital fund-of-funds are largely similar to those in 2022. Based on extensive research, the Marktlink Capital team selects funds that perform exceptionally well. “There are thousands of VC funds, but only a few consistently perform well”, says Bouke Marsman, partner at Marktlink Capital. “In venture capital, good funds continue to perform well year after year. 85% of Unicorns (companies valued over a billion) are owned by just 5% of the funds.”

Marsman continues, “Only 0.5% of companies grow into Unicorns, but ten companies in our portfolio have achieved that status. This is relatively high, especially considering we’ve only been operating for a year and a half. The results so far are in line with our expectations.”

Marktlink Capital has taken broader technological trends into account when composing its portfolio, including Artificial Intelligence (AI). Marsman explains, “With an investment in Saga Ventures, a fund specialising in AI led by Max Altman, and in funds backing the European AI champion Mistral, we aim to reflect this trend in our portfolio.”

About Marktlink Capital
Marktlink Capital, born from the merger of Marktlink Investment Partners and Welt Ventures, is an investment company providing entrepreneurs and private investors with access to the best private equity and venture capital funds in Europe and North America. The team consists of approximately 35 FTEs with specialist knowledge and experience in private equity and venture capital. To date, more than €1.5 billion in committed capital has been secured, almost entirely from Dutch entrepreneurs. The initiator of Marktlink Capital is Marktlink, which has been advising entrepreneurs on the sale or purchase of companies in the upper mid-market segment since 1996. With more than 300 employees and 150 deals per year, Marktlink understands the critical role private equity and venture capital play in the development and growth of businesses.

END of RELEASE

 

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Veesual raises a $7.5 million Seed round

AXA

AI-Powered Virtual Try-On Technology Platform For The Fashion Industry Veesual Raises $7.5 Million, Announces US Expansion With New EILEEN FISHER Partnership

Investment for market leader of image generation technology for fashion brands and retailers in Europe will now support US customers looking to overcome inclusivity challenges

New York, NY—April 17, 2024—Veesual, a Paris-based virtual try-on platform for the fashion industry that revolutionizes the way online shoppers experience digital retail, today announced the closing of a $7.5 million dollar Seed round led by AVP (AXA Venture Partners) and Techstars. The investment will accelerate delivery of the company’s plans to expand into the US market by opening its first US-based office, recruiting senior US talent, enhancing its current product offering for US apparel companies and more. A cornerstone of Veesual’s US expansion is a new partnership with leading women’s fashion brand EILEEN FISHER. Under the terms of the collaboration, Veesual’s augmented shopping experiences powered by next-generation virtual try-on technology have been integrated into the EILEEN FISHER online shopping experience.

Founded in 2020, Veesual is on a mission to transform the online shopping experience for all customers, independent of style, fit and fashion preferences. Through its Augmented Shopping solutions Mix&Match, Switch Model and Look Inspiration, Veesual’s proprietary 2D-based Image Generation Engine (IGT) was designed specifically for fashion brands to deliver high-quality imagery at scale, and to be able to adapt several pieces of clothing on any model, with natural renderings and precise fitting. Veesual works with leading brands and retailers in Europe including premium (Claudie Pierlot), kids fashion (Sergent Major and DPAM), and popular fashion (La Redoute and Gemo).

While brands are working to reflect diversity for e-commerce shoppers by featuring models of different ethnicities, ages and body types, it can be extremely costly to shoot individual products on various models. Veesual’s Switch Model experience allows customers to choose a model they identify with while simultaneously accelerating online sales and reducing returns for brands.

“We are thrilled to be the first US brand to partner with Veesual on this innovative new virtual try-on tool,” notes Blair Silverman, Vice President of E-commerce at EILEEN FISHER. “EILEEN FISHER is committed to inclusivity, designing clothes that cater to every body shape. Navigating online shopping poses challenges, particularly in predicting how garments fit diverse body types. Our collaboration with Veesual addresses these challenges head-on and we are proud to be launching a tool that is sure to be a new standard for e-commerce.”

While 3D-based try-on technology can be expensive and time-consuming, 2D image solutions offer a scalable and cost-effective solution for brands that engage shoppers. According to recent data published by Insider Intelligence, by 2026 e-commerce is expected to total over $8.1 trillion and 24% of retail purchases are expected to take place online. Veesual enables brands to create a more seamless and inclusive shopping experience for customers and in turn, yield higher sales and a lower return rate, allowing them to capture a larger percentage of online sales.

“We are proud to invest in Veesual, in order to accelerate its commercial roll-out and pursue its technological developments, as well as its international expansion,” said François Robinet, Managing Partner of AVP. “We believe in Maxime and his team’s vision. They have demonstrated a strong ability to execute and understand market challenges by offering fashion brands solutions to optimize their customer experience. With a presence on both sides of the Atlantic, AVP’s teams will be able to support Veesual in the next stages of its development.”

To support aggressive growth in the US, Veesual is working to recruit more senior talent and will open its first US office in New York in 2025. In addition to e-commerce, Veesual aims to create value for brands by displaying generated images on their acquisition and retargeting channels.

“The global fashion ecosystem is undergoing a seismic shift right now. The industry is increasingly focused on sustainable production, a better, more relevant buying experience and upcycling as a new standard. At Veesual, we’re meeting those changes by drastically improving how shoppers buy online which creates a more inclusive retail experience while also improving fit and reducing waste,” said Veesual Co-Founder and CEO, Maxime Patte. “This fundraise is critical for our plans as we scale in the United States with brands who are pioneering the augmented shopping experience. We anticipate significant growth in 2024 and beyond.”

About AVP

AVP is a global venture capital firm specializing in high-growth, technology-enabled companies, managing more than $2 billion in assets across four investment strategies: Venture, Growth, Late Growth, and Fund of Funds. Since its establishment in 2016, AVP has invested in more than 60 technology companies in Venture and Growth stages in the US and Europe. With offices in New York, London, and Paris, AVP supports companies in expanding internationally and provides portfolio companies with tailored business development opportunities to further accelerate their growth. AVP operates under AXA IM- Alts, the alternative investment business unit of AXA IM.

For more information, visit axavp.com
Contact: Sébastien Loubry, Partner Business development (sebastien@axavp.com)

About Veesual

Founded in 2020, Veesual was developed when co-founders Maxime Patte and Damien Meurisse recognized the limited means of fashion brands to visually engage diverse customers online. The platform offers solutions that leverage the power of images to create inclusive experiences that engage all customers. Globally, brands including Claudie Pierlot, Sergeant Major and La Redoute use Veesual. To date, these partnerships have outperformed expectations, with a 75% average increase in conversation rate and a more than 20% increase in average order value for shoppers who engaged with one of Veesual’s solutions. Veesual, a Techstars portfolio company, was part of Station F’s Founders program and has raised $7.5M to date. For more information, please visit https://www.veesual.ai/.

About EILEEN FISHER, Inc.

EILEEN FISHER has been making a system of simple, timeless clothes for nearly 40 years. A socially conscious company, EILEEN FISHER designs its clothing to be part of a responsible lifecycle, starting with sustainable materials, then taking back its clothes to be resold (Renew) or remade into something entirely new (Waste No More). The company became a B Corp in 2016, which means it voluntarily meets high criteria for social and environmental performance, accountability and transparency. The company’s clothes are sold online at eileenfisher.com, in more than 50 EILEEN FISHER stores in North America and over 500 department and specialty stores globally. Good-as-new pieces are resold at eileenfisherrenew.com, in two EILEEN FISHER Renew stores, and select EILEEN FISHER retail stores nationwide.

Media Contact

Courtney Page
Rally Point PR courtney.page@rallypoint.pr

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