Quarterly Update - Sep 2024
- Xavier Van Hove
- Sep 5, 2024
- 2 min read
Featured new deals
Porotech, the world’s most advanced microLED and optical computing company, is our largest venture debt done to date. It is a a great illustration of our unique business model: we have known Poro for 2 years, initially through an R&D loan. This has given us unrivalled insights into the company and its prospects.
We look forward to continuing our partnership, supporting the business as it continues to grow.
We have now done our second loan with Future Forest Company, whose mission is to fight climate change. Future forest planted over a million trees in 2023 and is on course to match that this year, taking carbon out of the atmosphere, naturally. This will provide the company and its investors with significant returns through monetisation of its carbon credits.
Repayments
iKnowa, the Property Management and Retrofit Services Platform, has now repaid us in full, marking our second full repayment of a venture debt loan made prior to our fund launch.
As with all our investments , we remain close to management Allar Klein and Keano Chang and look forward to their continued success.
Pipeline
Q3 looks to be exceptionally busy, with several potential deals in sectors as diverse as ice-cream manufacturers to SaaS businesses. Being in London, Fintech remains well represented in the deals we see, but we had not yet found one we liked enough to fund. This may change in Q3.
We remain exclusively focused on tech, helping the UK growth economy prosper.
Business & Market update
The demand for venture debt has increased significantly this year, in part due to valuation reductions, but more often due to dilution concerns by founders. The supply/demand dynamics therefore remain very healthy.
Last year's tech crunch forced us to temporarily shelve our fund launch, but we are now back on track; several anchor investors have expressed renewed interest, and the fund setup is nearly finalized with the PPM fully drafted.
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