High-performance brand will harness $1bn esports market in 2021

Fnatic, the high-performance esports brand, has announced a $17m funding round led by one of the largest conglomerates in Japan, Marubeni Corporation (“Marubeni”). This investment will incorporate a strategic partnership to support Fnatic’s expansion into the growing Japanese esports sector, and the substantial Asia-Pacific market.

Marubeni’s investment in Fnatic builds upon twelve months of growth, including an 80% year-on-year increase in revenues year-to-date and expansion as a high-performance esports brand. Fnatic will now strengthen its position in the rapidly growing esports market, which Newzoo anticipates will generate $1.08bn in revenues in 2021.

The previous twelve months have also accelerated the growth of the global esports industry, particularly in cornerstone markets such as China and East Asia. Newzoo projects that the worldwide esports audience will grow to 474 million people in 2021, with 92.8 million enthusiasts in China alone. This global audience is expected to reach more than 577 million by 2024.

To tap into this global and growing market, Fnatic has recently strengthened its leadership team with the addition of Georgina Workman (Head of Studios, Previously Appear Here), Julien Dupont (Partnership development, previously Vitality/Havas), Oliver Royce (Head of Apparel, Previously Gymshark) and Patrick Foster (CFO, previously Getaround). It has also continued to develop its high-performance esports brand through expanding its digital and physical performance products - revenues from these ranges have increased by 91 per cent year on year in the first quarter of 2021.

The investment from Marubeni will also accelerate Fnatic’s growth in the substantial Asia-Pacific market with a new strategic partnership that will incorporate the expansion of Fnatic’s base of operations in Japan and support for Fnatic’s Rainbow 6 Siege team who plan to relocate to the country. The Japanese esports industry is a significant and growing market, expected to increase in value by more than 250 per cent between 2019 and 2023. More than 6.9 million people attended esports events in Japan in 2020, a 42 per cent increase on the previous year.

The current round includes a range of international family offices and institutional investors, alongside venture debt from Bootstrap. The round comes after Fnatic’s groundbreaking crowdraise in 2020, which was joined by more than 3,500 investors.

Fnatic CEO Sam Mathews said: “We’re so excited to have the strategic know-how of Marubeni leading this funding round. Marubeni’s knowledge of Japan’s business landscape will be a huge asset to Fnatic as we expand our commitment to APAC.”

Founded in 2004, Fnatic is the world’s leading high-performance esports brand, with more tier-1 tournament wins than any other organisation. This focus on performance has enabled the growth of Fnatic’s pioneering esports equipment line, which grew 52 per cent in 2020. Fnatic has also expanded its high-performance teams globally, with a worldwide squad of 40 pro gamers across 8 game titles, and more than 100 staff in 6 offices globally.

Fnatic secures $17m led by Marubeni to drive further global growth

Largest ever funding round for a Brighton-based company


MPB, the world’s largest reseller of photo and video kit, has raised £49.8 million in its latest funding round, led by Vitruvian Partners with participation from current investor Acton Capital, joining existing investors Mobeus Equity Partners, Beringea and FJ Labs.

Founded in Brighton in 2011, MPB is a standout driver of the creator economy grounded in a business model of circularity that delivers both economic and environmental sustainability. Recirculating 300,000 items of kit globally each year, MPB has transformed access to photo and video kit by offering a technology-based, customer-centric service that removes the risk and uncertainty attached to using many of its competitors.

Matt Barker, Founder and CEO, MPB said: “This funding round is a major milestone for MPB culminating a decade of strong performance and a vision to make great kit accessible and affordable. With the backing of Vitruvian Partners and those reinvesting in our business we can accelerate our US and European growth strategy at scale, profitably. Photography and videography are intrinsic to societies and cultures all over the world, and at MPB we have created a circular model that offers everyone the chance to be visual storytellers and content creators in a way that’s good for the planet.”

The used kit market is in a period of significant expansion as more consumers purchase sustainably in the circular economy. With established locations in the UK, US and Germany, MPB is well-positioned to take advantage of this growing trend. The new wave of funding will allow the company to focus on new product developments and technology that broaden the ways in which people can access kit, and bolster existing operations to bring more kit to more people.

Tom Studd, Partner at Vitruvian Partners, the independent growth-focussed private equity firm, said: “MPB has developed a unique tech-enabled platform to meet a market need, transforming access to photography kit to become a global leader in its field, whilst building a product that genuinely has a positive impact on the world. Matt and the team have achieved strong and profitable growth through recent launches in the US and Germany, and we’re delighted to partner with them for the next step of the journey. Vitruvian looks to back exceptional teams with unique products in large markets, and we believe Matt and the team fit those criteria perfectly.”

Vitruvian Partners, which has previously invested in successful circular companies including Vestiaire Collective as well as household names Carwow, Just Eat, Farfetch, Skyscanner and Trustpilot, becomes MPB’s largest shareholder and is supported in this round by existing investor, Acton Capital. Mobeus Equity Partners, which first invested in MPB during its Series A funding and remains MPB’s second largest institutional shareholder, has partially exited. Beringea and FJ Labs remain involved.

Sebastian Wossagk, Managing Partner at Acton Capital, said: “It’s always a privilege to watch companies like MPB grow and excel in their field. Matt and his team have already taken the first steps into internationalisation by opening locations in Brooklyn and Berlin, and we’re excited to support them as they pursue further expansion in both the US and Europe.”

Eyal Malinger, Investment Director at Beringea, commented on the news: “Matt and his exceptional team have built MPB into a go-to destination for photographers and videographers. Beringea’s support for MPB throughout this journey is testament to the vast opportunity of enabling enthusiasts to affordably, reliably and sustainably access high-quality equipment – this investment will accelerate the next chapter of MPB’s remarkable growth.”

MPB secures £49.8m investment fuelling circularity in the global creator economy

The data indexing and discovery platform provider has secured further funding and appointed Danny Reeves as CEO

Exonar, the world leading data indexing and discovery platform, has today announced that it has secured further funding from Beringea U.K., Downing Ventures, Winton Ventures, and angel investors. The continued backing of its investors reflects building momentum as Exonar taps into the vast and growing need for enterprises to map, index, analyse and protect the data that they hold.

The digital transformation of the global economy is creating greater volumes of data than many businesses can currently manage. In 2020, 

 that the amount of data stored worldwide would reach 44 zettabytes, meaning that the volume of data in the global economy would have increased tenfold since 2013.

This growth has also been accelerated by the rise in digital adoption during the pandemic. In the UK, 

 that adults now spend more than a quarter of their day online, creating a vast amount of data for companies to process. As a result, many companies struggle to make sense of the deluge of data that they collect. According to 

research by industry analysts at Forrester

, between 60-73 per cent of data collected by enterprises sits dormant.

A primary problem for companies looking to manage and analyse the data that they hold is indexing and discovery. Exonar enables enterprises to rapidly map the information held throughout their organisation, creating an instant view of all structured, semi-structured and unstructured data, supporting the creation of inventories, security of sensitive data, regulatory compliance and ultimately data intelligence.

As the need for data indexing and discovery accelerates, the funding secured from its supportive investor base will enable Exonar to harness a substantial pipeline and further develop its market-leading product. Exonar is already used by enterprise leaders including Lloyds Banking Group, Arrow Global, global pharmaceutical firms and providers of national infrastructure.

Exonar has also recently appointed Danny Reeves, an experienced leader in software and data, as CEO. Danny brings more than 30 years’ experience in the field of information technology and in senior roles at technology-led businesses, including periods as CEO of Romonet CBRE, and as CIO at Balfour Beatty, the global engineering firm. Danny will provide leadership and expertise as Exonar enters an important phase of its scale-up journey.

Danny Reeves, CEO of Exonar, commented: “Today every company on earth is a data company and the ability to see all data, in absolute detail, in one place, regardless of source and type, has been the one constant that has held us all back from maximising the true value of our data strategies, until now! I am delighted to be part of the Exonar Team, as we enable our customers to truly know and leverage their data, in ways previously not possible, on behalf of the people they serve.”

Stuart Veale, Managing Partner of Beringea and Board Director of Exonar, commented: “The volume and complexity of data held by the modern enterprise means that indexing and discovery is now pivotal to digital strategy. Our backing of Exonar is testament to the strength of its technology and the scale of the market opportunity – under Danny’s leadership, the business has the potential to drive greater security and competitiveness for its growing roster of enterprise clients.”

“The Exonar management team intrinsically understand the data challenges of their customers as they themselves have come from CIO and CTO roles – this is crucial for enabling success. Exonar is delivering workable data strategies for their customers who have nothing but the highest praise for the work that is being done. In a world of ever-increasing data, Exonar is simplifying the road map of understanding it better and we’re delighted to work with them as they go from strength to strength,” adds Mike Kennedy, Portfolio Director at Downing Ventures.

Exonar builds momentum to enable enterprises to tackle data deluge

Crowdfunding initiative further engages global fans and esports audience

, a leading global esports brand first backed by Beringea UK in 2019, today announces that it has raised $10 million in an internal round led by Beringea UK with participation from existing investors Unbound, LVL1 Group, JHD as well as key management. The funding will be used to support the global growth of its pioneering esports brand and drive the success of its leading high-performance teams. Fnatic has now raised nearly $35 million across its various funding rounds.

Building on the momentum of this investment round, Fnatic has also announced that it has launched a crowd equity campaign with Crowdcube, the world’s largest crowdfunding platform. Through this campaign, Fnatic will provide a unique opportunity for its growing fanbase to invest in the business and play a part in its mission to seek out and level up the next generation of gamers. This campaign offers a chance for its fanbase to help shape the future of Fnatic.

“We’ve been looking to conduct a crowdfund campaign for a while,” said Sam Mathews, founder and CEO of Fnatic. “This investment provides the perfect opportunity for our community, friends and enthusiasts to join our established investors and own a piece of Fnatic. Crowdfunding is a dynamic and increasingly popular way to fundraise as it provides an opportunity to transform our active and engaged community into investors by giving them the chance to get closer to our journey than ever before. We’re very excited to be working directly with our audience, partnering with them to shape the future of Fnatic, and of entertainment, sports and gaming performance.”

This crowdfunding campaign reflects Fnatic's ambition to innovate and continuously enhance gaming performance while making it accessible to all. The proceeds of this campaign will be directly allocated to initiatives that will foster the advancement of Fnatic's mission to seek out and level up the next generation of gamers. Esports viewership and gaming has boomed in the past year, and this campaign offers investors the opportunity to both support a leading global esports brand and to play an active role in furthering the growing esports movement.

This past year saw viewership of esports skyrocket. Over the past three years, Fnatic has been ranked consistently as one of the most viewed teams among western esports fans and is the second most watched team of 2020 with over 110 million hours watched, to date. As one of the most globally recognised and successful esports brands with total cash winnings nearing $16 million across 903 tournaments, Fnatic continuously sets the bar through community activations and innovative brand partnerships with world renowned brands such as BMW, Gucci, OnePlus, AMD, Monster, Hisense and more.

“Esports is an industry experiencing explosive growth, and yet in many ways is still in adolescence,” said Karen McCormick, Chief Investment Officer of Beringea. “Having evaluated the industry from many angles, Fnatic was a relatively simple investment decision given the premier status of the brand, consistency as a true performance company, and growth and engagement of the fan base. The business has also become a global leader in a very capital efficient way, building a standout team while maintaining a clear focus on economics and profitability.”

Since Crowdcube was founded in 2011, it has helped more than 1,120 raises successfully fundraise. With more than 900,000 members, a total of £1bn has invested on the platform to date. In good company, notable businesses that have successfully raised through Crowdcube include Revolut, BrewDog, Monzo, Carwow, Freetrade and Mindful Chef. Fnatic plans to raise £1 million ($1.3m) through this campaign, which will be open to the public on November 19th. For more information, please visit 

Fnatic raises $10 million and launches crowdfunding to accelerate high-performance esports

Experienced member of the Beringea team will take the role of Investment Manager

Beringea, the transatlantic venture capital investor, has announced the promotion of Mark Shepherd to Investment Manager, further strengthening its London-based investment team.

Mark joined Beringea in January 2019, bringing experience in growth investing and consulting having begun his career at Javelin, the retail and consumer strategy consultancy, and Phoenix Equity Partners, the growth-focused private equity firm.

In the past twelve months, Mark played a pivotal role in Beringea’s £3m investment into Commonplace – a leading digital platform for community engagement – as well as a follow-on investment into DeepCrawl, the analytics platform for technical SEO. Mark has also focused on expanding Beringea’s network among investors and entrepreneurs based in Ireland.

As Investment Manager, Mark will be responsible for sourcing and analysing new deals, due diligence on potential investments, managing deal execution processes, and monitoring and advising portfolio companies. He currently holds observer roles with a range of companies in the portfolio including Simplestream, Zoovu, Commonplace, DeepCrawl and My 1st Years.

Karen McCormick, Chief Investment Officer, commented: “We are delighted to have strengthened our investment team through this promotion. Mark has already built a substantial network throughout the European venture capital and entrepreneurial ecosystems, delivering significant value for Beringea and our portfolio companies. We are immensely proud of the contribution made by Mark and our entire investment team to our ongoing growth and success.”

“I am thrilled to have been promoted to the role of Investment Manager, enabling me to further build on my experience of investing and supporting the next generation of leading entrepreneurs. I am excited to continue my journey with Beringea, helping to further build our profile across Europe and beyond,” commented Mark Shepherd, Investment Manager.

Beringea strengthens UK investment team with promotion of Mark Shepherd

Awards recognise firms transforming the private equity industry by supporting increased gender diversity

Beringea has been award International General Partner of the Year at the 2020 Annual LP/GP Awards hosted by Private Equity Women Investor Network (PEWIN).

PEWIN, the pre-eminent organization for senior-level women investment professionals in private equity, has announced the winners of its 2020 LP/GP awards. The awards were presented at PEWIN’s 12th Annual All Members Virtual Meeting. It was their first virtual meeting with over 200 members attending.

The PEWIN annual awards program recognizes outstanding organizations who are transforming the private equity industry by supporting increased gender diversity in three categories: Female Founded Firm of the Year, Limited Partner of the Year and General Partner of the Year, and in two regions: North American and International. The firms are nominated by PEWIN membership and voted by the PEWIN Steering Committee. In past years, these awards have recognized the following outstanding institutions: 1315 Capital, Avante Capital Partners, Luminate Capital Partners, Scale Venture Partners, The Carnegie Corporation of New York, The Maryland State Retirement and Pension System, The Riverside Company and The Teacher Retirement System of Texas.

Kelly Williams, Founding Chair and co-CEO of PEWIN said of the awards, “PEWIN is so pleased to recognize Kinzie Capital, Development Partners International (DPI), Maryland State Retirement and Pension System, Hamilton Lane, TPG and Beringea, each of whom are leading by example in their support, promotion and amplification of the outstanding women investors who exist in the global private equity industry. Through the efforts of each of these firms, it is our hope that the amount of assets under management by women in the industry will continue to increase, as they demonstrate the outstanding returns achieved by women investors especially during these unprecedented times.”

Beringea recognised as International GP of the Year at PEWIN Awards 2020

First ever TV commercial made remotely by Popular Pays creators

Producing a 30-second national television commercial could take $1 million, a studio full of actors, and hours of shooting and edit time. New social media platforms like TikTok could require immense research and observation by brands before launching content. Or, it could just take access to thousands of content creators in their homes, allowing brands to quickly procure both advertising and social content that’s faster-to-market, more relevant, and at a lower acquisition cost than traditional methods.

That’s the immense value proposition Chicago-based 

 offers its customers, among them some of the world’s largest consumer brands. The immediate shift in behavior resulting from the pandemic in March 2020, including consumers spending more time on social media and the prohibition of mass gatherings in production studios, meant that advertisers had to quickly change the commercial production model. Popular Pays’ Aana Leech, marketing director, recalls: “Popular Pays has always thought a combination of scalable software and access to a network of content creators is the future of advertising, so I think the transition would have happened eventually. The pandemic just pushed more traditional advertisers along. They’re realizing that on Popular Pays, they can find great content that’s cheaper, faster and more scalable.”

New tools, like Popular Pays’ free TikTok Search Tool, let customers try social media networks with less risk and more access to creators. First movers can take advantage of the power of the platform, go from concept to content quickly, evaluate performance, and change course quickly if necessary. TikTok Search incorporates filters that range from number of followers (starting at 5,000), average views and average number of likes to make discovery quick and easy. Profiles that match a brand's needs can then be saved to make future activation seamless.

Popular Pays Co-Founder and CEO Corbett Drummey says his team “wanted to give brands and agencies an easy way to discover talent on TikTok since there are so many amazing creators on their platform. The reason we're so excited to release this tool is that it gives people a frictionless and free entry point for brands to start testing the waters."

Popular Pays doesn’t just offer tools for digital media creation. When COVID-19 put traditional advertising shoots on hold, brands like Frito-Lay were challenged with shifting their messaging and getting production scheduled to fulfill their media buy for summer. The ad team at Frito-Lay leveraged Popular Pays’ network of creators and to successfully select and collaborate with 25 unique creator partners, supplying 118 video assets. The 

 was produced in just six weeks, or half the time it might normally take, at one-third of the typical cost compared to an average production studio.

“Since COVID-19 hit, we’ve seen a big validation of our software and creator communities’ value to major advertisers. The Frito-Lay spot was the first-ever TV commercial made remotely by our creators, and it had blockbuster results. The quality was impeccable, and ad recall and attention paid was really high,” said Leech. She expects to see more major brand advertisers take advantage of this style of ad creation during the pandemic and beyond, as Popular Pays continues to expand its platform to allow customers to connect, collaborate, and track the work with influencers and content creators one-to-one or at scale.

Popular Pays’ content creation platform proves value to advertisers during pandemic and beyond

Beringea's Chief Investment Officer joined CNBC Squawk Box and Ian King Live on Sky News to discuss investment and technology trends

Karen McCormick, Beringea's Chief Investment Officer, recently joined CNBC and Sky News as a guest commentator, examining the trends and technologies currently shaping the venture capital industry.

Karen first joined Geoff Cutmore, host of CNBC's Squawk Box Europe to discuss the state of the European venture capital market. As well as highlighting the vital need for greater diversity in the industry, Karen discussed the potential strengths of technology start-ups and scale-ups in Europe.

"One of the advantages for European start-ups is that - by definition - they have been more capital efficient than their US counterparts…so there are advantages for European venture capital right now," Karen commented.

Karen was later interviewed by Sam Worthington on Ian King Live, the flagship business programme of Sky News. Sam and Karen discussed the current health of global markets as well as the trends shaping the digital economy and the retail sector.

Karen noted: "COVID-19 has accelerated many trends. On the positive side, technologies that take two years to adopt in normal times now take two weeks to be adopted in these times of crisis. However, it has also had a negative impact on the retail sector, accelerating many of the challenges facing shopping malls and large retailers."

Karen McCormick, CIO, interviewed on CNBC and Sky News

Beringea is a Michigan venture capital firm that provides capital to early stage businesses which have great potential. It’s not a loan, but it is an investment, where we gain partial ownership in the business in return for our money. We tend to invest a lot of money, $3 million to $10 million, and in return the companies use that capital to keep growing and eventually allow us to find another investor to buy our share of the company, hopefully for more money than we initially invested. Simply put, this is the process venture capital investors go through when investing in and then selling investments in growing small businesses.

Innovation is what makes investing in small businesses exciting, and we know some of the best ideas come from young people! At Beringea, we want to know what creative, new business ideas YOU have, and we’re offering $3,500 in prize money for the best start up business plans from Michigan high school students—no strings attached!

The Beringea Start-Up Business Plan Competition provides an opportunity to create a startup business plan and submit it to our venture capital professionals for feedback and possible prize money (not an investment)! During this pandemic school break, you might have more time for enrichment activities, and we hope you take advantage of this fun project that exercises your entrepreneurial brain!

Beringea Start-Up Business Plan Competition Submission Document Guidelines

. To enter, create and submit a complete business plan of your Big Idea! Acceptable formats include Word, Google Docs, PowerPoint or PDF documents. 

Your entry must be received by May 31, 2020 at 

Student(s) Name (1-3 students can submit one business plan), email addresses

Name of high school teacher, email address

High School Name, City, State, and Zip Code

One-page summary of your startup business concept (can be any type of business but should show a potential for growth with a large addressable market).

Describe the problem your startup business’ product or service solves.

Who are the target customers? Why will they be attracted to your solution?

What is the single, clear, compelling reason why your product/service is different and worth buying?

Describe the top features of the product/service that solve the problem. What about your product/service will customers find new or different?

How will you reach your potential customers?

Who are the competitors to this product or service? Is it easy or difficult for new competitors to join the market, and why?

How much will you charge for your product or service, and how much do you project you’ll sell in the first year?

What are the costs to make, market and distribute this product or service, and how many employees might you need?

Where do you see the business’ sales and profitability in the next year?

Feedback will be provided for every plan by a Beringea investment professional. The best business plan submission as judged exclusively by the Beringea investment team will be awarded $2,500 in prize money, the runner-up will be awarded $1,000, and both will be featured on our social media channels (publicity release must be signed, by winning team members and/or a parent/guardian for children under age 18). 

All entries must be received by May 31, 2020 at 

 or by mail at Beringea, 32330 W. 12 Mile Rd., Farmington Hills, Michigan, 48334, Attn: Business Competition.

RULES FOR ENTRY: All entrants must be enrolled high school students, 

 at least age 13, in the State of Michigan for the 2019-2020 school year. No more than three students may enter together, and prize money will be awarded by team to the first name listed on the submission, not by individual student. If winner does not respond within 10 days or fails to qualify for any reason under the rules, an alternate winner may be chosen.

Please, no business concepts related to vice industries (alcohol, drugs, pornography, etc.).

DISCLAIMERS: Relatives of Beringea employees or relatives of Beringea portfolio company employees are not eligible. Business plan submissions are not property of Beringea and may be used freely for other purposes by the applicants at any time. Business plan submission does not constitute an offer for investment review or otherwise guarantee any formal investment or exclusive relationship between Beringea and the entrants. All entries are subject to these official rules and by entering this contest, participants agree to be bound by these official rules, including all eligibility requirements. Decisions made by the sponsor regarding interpretation of the rules and the administration of the contest, including the selection of winners, are final and binding. Contest is governed by the laws of the State of Michigan, U.S.A.

RELEASE and LIMITATION OF LIABILITY: Neither Beringea, nor its agents, officers, directors, employees, agencies, or attorneys, are responsible for, or shall have any liability to any contestants, and contestants release all such parties from any liability of any kind including without limitation: (a) any liability arising from the contest; (b) prizes awarded as part of the contest; (c) incomplete, lost, late, damaged, illegible or misdirected e-mail and/or postal mail; (d) hardware or software failures of any kind; (e) lost or unavailable network connections; (f) failed, incomplete, garbled or delayed computer transmissions, whether any of the foregoing are caused by users or by any of the equipment or programming associated with or utilized in the contest, or by any technical or human error which may occur in the processing of submissions, which may limit a contestant’s opportunity to participate in the contest; or (f) Beringea’s current or future investments, including investments of a similar nature to those submitted as part of the contest.

Beringea U.S. holds startup business plan competition for Michigan high school students

Michigan Venture Capital Association (MVCA) has appointed Michael Gross, managing director at Beringea U.S., as chairman of the organization’s board of directors. Gross will assume the position previously held by Tom Shehab of Arboretum Ventures whose term expired in 2019.

In his role at Beringea, Gross is responsible for investment sourcing, deal execution and portfolio management, with a focus on healthcare, technology enabled services, and sustainability. He also serves as a board director for several of Beringea’s portfolio companies. He has previously served as an MVCA board member and member of the MVCA advocacy committee.

“Michigan Venture Capital Association has had an important role in growing the state’s entrepreneurial ecosystem for almost two decades thanks to the strong leadership and vision of my predecessors. In 2020, we’ll build on the momentum our organization has created in order to continue Michigan’s emergence as a thriving venture capital center of excellence. I’m looking forward to working closely with my colleagues on the board, as well as with MVCA staff and our partners at entrepreneurial and economic development organizations, to ensure the robust capital continuum our community provides to Michigan’s high-growth, high potential companies stays strong,” said Gross.

“Michael has great passion for advancing Michigan’s investment and entrepreneurial ecosystem and I am excited about his leadership,” says Ara Topouzian, MVCA Executive Director. “I am anticipating a great year for the Michigan ecosystem and our organization is looking at some new opportunities that will greatly benefit from Michael’s guidance with our board of directors.”

Michigan Economic Development Corporation

Beringea U.S. managing director Michael Gross appointed chairman of MVCA board of directors

Michigan Governor Gretchen Whitmer installs new Michigan Strategic Fund board

recently named by Governor Gretchen Whitmer to the board

 of the Michigan Economic Development Corp.'s 

 was created by P.A. 270 of 1984 and has broad authority to promote economic development and create jobs.

Charlie is founder and senior managing director of Beringea, a growth equity investment firm with offices in London and Detroit. He is directly responsible for all the Firm’s activities. In addition, he oversees Beringea’s U.S.-based funds, which provide growth capital and/or mezzanine financing to exceptional high growth, high potential businesses. These activities include identifying, analyzing, making and exiting investments, as well as providing ongoing direction and strategic advice to portfolio companies. Since the Firm’s founding, Charlie has served on numerous portfolio company boards, and is currently a director at 

, a nonprofit that improves the lives of Detroit’s neediest citizens through shelter, food, medical care, volunteer efforts and education. He has chaired philanthropic events for Children’s Hospital of Detroit and the University of Michigan, among others.

Charlie graduated from the University of Michigan with a B.B.A. and an MBA.

Beringea's Charlie Rothstein named to MEDC's Michigan Strategic Fund

New offering - Event Genius by Festicket - will create a unique end-to-end events platform delivering everything from ticketing and accommodation to data insights and cashless payments

, the world’s largest platform for music festival experiences, is announcing the acquisition of UK-based multi-award winning ticketing and cashless POS platform, 

. The sale also includes the consumer facing brand, 

The new offering, known as Event Genius by Festicket, will create an end-to-end platform for organisers and fans alike, providing the most complete offering in the live entertainment industry. The platform will bring together technology and expertise including ticketing, accommodation, travel & packages, marketing, data insights & analytics, access control, POS and cashless payment services, fan engagement tools and more to plug a gap in the market that no other organisation has addressed to date.

Festicket, which was recently ranked by the Financial Times as the 80th fastest growing company in Europe, empowers music fans to discover and book tickets and travel packages for over 2,000 music festivals worldwide. Its seamless two-sided marketplace brings together a network of nearly 6,000 accommodation and travel suppliers to create unique festival experiences for millions of festival-goers from around the world.

The acquisition will help deliver on Festicket’s mission to become the world's largest two-sided platform for live events and build on recent success stories such as its exclusive UK and European partnership with 

Founded by Managing Director, Reshad Hossenally, Event Genius offers complete event solutions to some of Europe's best known events including Wales Rally GB, Motion Bristol, Annie Mac’s Lost & Found Festival, Summer Daze, Ibiza Rocks and BPM Festival.

To date, Festicket, Event Genius and Ticket Arena have collectively served more than 4.5m customers from over 120 countries. Following the acquisition, Festicket will roll out the combined solution worldwide to festivals, concerts, clubs, sports, family attractions and more.

Zack Sabban, CEO and co-founder at Festicket, commented: “The acquisition transforms Festicket’s product set. In Event Genius, we have found a company that shares our mission to be a disruptive force in the live entertainment market and - ultimately - to bring the best possible experiences to fans. Reshad and the team have built a great product they have good reason to be proud of, and I look forward to welcoming them to the Festicket family”.

Reshad Hossenally who will join Festicket as Chief Supply Chain Officer explains: “The Event Genius mission has always been to utilise technology to bring event organisers and consumers a better experience, regardless of the size or type of event. Couple this with Festicket’s global marketplace and supplier network and we have something truly unique for the events industry.”

Festicket acquires Event Genius and Ticket Arena

The Beringea Scale-Up Academy will support founders from both its U.K. and U.S. portfolios through a programme of events and insights

Beringea, the transatlantic venture capital investor, has announced the launch of its inaugural portfolio programme: The Scale-Up Academy.

The programme has been designed to support leaders from the Beringea portfolio on both sides of the Atlantic as they tackle the challenges of scaling up. The Academy will be shaped around an annual series of events considering specific issues encountered by the leaders of scale-up companies, from talent and hiring to fundraising and international expansion.

Beringea will harness its extensive network across the entrepreneurial and investment industries to provide portfolio leaders with access to insights from influential guest speakers that have encountered and overcome the challenges faced during the scale-up journey.

The Academy launched with a roundtable discussion with CEOs and founders from Beringea’s U.K. portfolio examining the challenges and opportunities of transatlantic growth. The discussion focused in particular on expansion into the US market and raising investment from American funds.

The first speaker at the event was Simon Leesley, Vice President and UK Managing Director of Stitch Fix, an American-founded online personal styling service that listed on NASDAQ in 2017 at a valuation of $1.6bn. Simon led Stitch Fix’s expansion into the UK in 2018 and he shared his insights into the contrasts in talent, go-to-market strategy, and consumers trends between the two countries.

This session was followed by a discussion with Joshua Kaplan, Chief Operating Officer and General Counsel of Checkout.com, a global payments provider founded in the UK. Joshua is part of the leadership team that recently raised $230m in a round led by Insight Partners and DST Global, ranking as the largest ever Series A secured by a European fintech company.

Joshua spoke alongside Michael Labriola, partner in the Washington office of American law firm WSGR and an adviser to the $230m funding round, as well as Stephen Nundy, partner at Lakestar, an early investor in Skype, Spotify and Facebook, and a current investor in SoFi and Airbnb. Stephen, Joshua and Michael discussed with the portfolio the outlook and approach of American investors backing European technology companies.

Stuart Veale, Managing Partner of Beringea, commented: “Beringea seeks to support entrepreneurs throughout their scale-up journey – we understand that it is a critical time for any business, when substantial challenges and opportunities will emerge. The Scale-Up Academy will enable entrepreneurs to overcome these barriers to scale and build international success stories.”

Beringea announces the launch of the Scale-Up Academy

Two of the UK's most experienced ingredient sourcing businesses combine expertise

, a member of Beringea UK's portfolio, has announced that it will be merging with Compleat Food Network, combining the expertise of two of the UK’s most experienced ingredient sourcing businesses.

With an annual turnover approaching £40m per annum, the new company will offer a comprehensive product range to a larger customer base and is intent on developing exciting opportunities to work with both customers and suppliers on future growth initiatives.

The two management teams will combine as one board, ensuring continuity and consistency across all existing arrangements and future operations. Simon Bell becomes CEO of the new company, with Tim Scarborough as Commercial Director, Manish Mandavia as Finance Director and Liz Pedder as Non-Executive Director.

Simon Bell, CEO, commented: “Our two businesses share a commitment to product quality and customer service, which will continue to be at the heart of everything we do, and we look forward to enhancing our offer to customers and creating new opportunities for our suppliers.”

Tim Scarborough, Commercial Director, added: ”This is an exciting time to be joining forces with a company that shares our ethos and passion, and represents a great opportunity to use our combined strengths to meet diverse customer needs in an ever-changing environment.”

The businesses will continue to operate unchanged in the short term while dedicated project teams look to combine and optimise the new company’s culture and operations over the coming months. Once this has been successfully undertaken, the company will release further details of our exciting plans for the future.

Beringea UK portfolio company Donatantonio Ltd acquires Compleat Food Network

This new funding will help Poq drive growth in the UK and Europe, as well as in the US, where the company plans to open offices

 has announced the completion of a £9.5 million Series B funding round, led by Smedvig Capital, with significant participation from long-term investor Beringea and additional investment from existing investor Revolt Ventures. This round brings the total amount raised by Poq so far to £16.5 million.

As the pioneer in the ‘apps-as-a-service’ space, Poq has built a SaaS platform that enables any retailer to launch and maintain an app in record time, and at a fraction of the price of using a traditional app development agency. The company counts House of Fraser, Missguided, Pretty Little Thing, Holland & Barrett, Hotel Chocolat, Fragrance Direct and Made.com among its clients, and has grown annual recurring revenue by 400 per cent since its Series A in 2016.

This new funding will help Poq drive growth in the UK and Europe, as well as in the US, where the company plans to open offices. The US market currently accounts for 20 percent of the company’s revenue, with US clients ranging from a national department store chain, to online multi-hundred million dollar fast-fashion brands. The completion of its Series B round also sees Poq bolster its senior leadership team, with its first appointment being former Just Giving chairman Jonathan McKay, who joins as chairman.

Oyvind Henriksen, CEO and co-founder of Poq, commented: “Apps play a huge role in ensuring that customers stay engaged with and loyal to a brand. Our research proves that shoppers actually spend, on average, more than three and a half times more in e-commerce apps than they do on equivalent mobile websites. The contribution of apps to mobile commerce is so significant that it is imperative for retailers to adapt to the latest technologies available in order to remain competitive.

“We’re incredibly excited to bring on board Smedvig Capital, with its large experience in enterprise SaaS, and are grateful to receive continued support from our long-term investors Beringea and Revolt Ventures. This will help us grow in the US market, and has also allowed us to welcome Jonathan to the team as chairman. Jonathan’s wealth of experience in scaling up technology businesses has already proved to be invaluable to us, and we’re confident that his leadership and experience will dramatically accelerate our growth.”

Jonathan McKay, Chairman at Poq, said: “The energy and pace of growth at Poq made it an intriguing company for me to join. App commerce truly is the future, and the huge interest from the US market represents a fantastic opportunity to help Poq scale its operations even more rapidly. I’m thrilled to be bringing my experience to this exciting phase in the company’s journey.”

Jonathan Lerner, Managing Director at Smedvig Capital, said: “We have been following Poq for a long time, and have watched its blue-chip client list and top-quality team grow at a fantastic pace. We are very excited to join Oyvind, Michael, and the rest of the Poq team as they continue building the clear category leader in the fast-growing app commerce space. ”

Eyal Malinger, Investment Director at Beringea, said: “We have been continuously impressed with Poq’s fast-paced expansion. Poq’s ability to scale at such a rate is a true demonstration of the sheer agility of the platform, and the retailers that it has so quickly attracted are impressive proof of the demand for the company’s revolutionary service. The fast-growing demand for the Poq platform in the US is hugely exciting, and Beringea is pleased to continue supporting Oyvind, Michael, and the Poq team on their journey to global success.”

App commerce company Poq closes £9.5 million Series B

 Reese Witherspoon Launches Plus-Sized Draper James Collection with Eloquii

(Glamour) When Reese Witherspoon launched Draper James in 2015, shoppers responded instantly, and overwhelmingly, with two distinct messages: Love the clothes. And: Wish you made them in more sizes. “They were on my social media, on Draper James’ social media, saying, ‘We need more inclusive sizing,’ ” Witherspoon, 42, recalls. Her own friends echoed the sentiment, saying, “ ‘OK, girl, I love your clothes, but you’ve got to have the sizes that include every girl.’ And I heard them, you know?” 

Thus began a yearlong process of figuring out how to expand her initial offering of sizes 0 to 14. (Two thirds of American women are a size 14 or above, after all.) Witherspoon started with a deep dive into the research and then connected with Eloquii, known for its chic, size-inclusive pieces and reasonable prices. “They know how to design to a body [in a way] that makes women feel good,” she says. It was the perfect complement to her own mission with Draper James: “making pretty easy.”

And now Draper James x Eloquii features 30 pieces in sizes 12 to 28—belted shorts, crisp pencil skirts, and that trademark Draper James item, the punchy sundress. The collection will be available at 

—“three female-led companies,” Witherspoon points out. We got the details on how it all came together.

Reese Witherspoon launches plus-sized Draper James collection with Eloquii

Bringing a personal touch to plus-size fashion

(New York Times) “I sat in on hundreds of meeting with designers, and this customer was never part of the conversation,” said Mariah Chase, an industry veteran and the chief executive of 

, an e-commerce site devoted to plus sizes. “Once I understood the sheer size of the population and the dearth of merchandise, it blew my mind.”

D3O develops ground breaking impact protection solutions and is a market leader in protective wear and shock absorbing materials

, the UK-based impact protection company, has opened a new operating base in Blacksburg, VA as part of the company’s expansion in North America. Located within the Virginia Tech Corporate Research Center (VTCRC), a research park for high-technology companies, the new D3O office will serve as the regional hub for sales, marketing and development functions in North America.

Bill Van Mullekom, SVP D3O LLC, said: “This move firmly marks our commitment to delivering the best in impact protection technologies to our customer base across North America.

“Not only will it enable us to work more efficiently with our existing commercial Partners but will also support and facilitate strategic partnerships with independent research and testing institutions across the US as we continue to drive growth through innovation.”

D3O develops ground breaking impact protection solutions and is a market leader in protective wear and shock absorbing materials. The Group currently supplies leading brands in the electronics, sport, motorcycle, industrial workwear, law enforcement and military protection markets.

Applications include shock absorbing liners used by Schutt Sports in Football, Baseball and Lacrosse helmets as well as D3O® TRUST helmet pads used by 3M in military combat helmets.

The latest material development from D3O Lab is a liquid additive that enhances the impact protection properties of thermoplastic rubber (TPR) while maintaining flexibility and comfort. The new D3O iA technology, which launched in September in Indianapolis at the National Safety Congress Expo, primarily will target PPE glove brands in North America to offer back of hand protection for oil and gas and construction workers.

D3O also announced a long-term strategic partnership with DuPont to co-develop a new material which will target the industrial, workwear and electronics’ markets. The material, D3O® powered by DuPontTM Hytrel®, incorporates both smart and durable material properties and further expands D3O® thermoplastics capabilities.

D3O expands global footprint with new operating base in U.S.

Delphinus Announces First Patient Enrolled in Clinical Project Comparing SoftVue™ and Mammography in Dense Breast Tissue

(BUSINESS WIRE)--Delphinus Medical Technologies, Inc., the leader in advanced breast ultrasound technology, announced today that the SoftVue™ Discover Breast Ultrasound Prospective Case Collection project has launched, enrolling the first patient. Qualified participants will undergo screening digital mammography as well as SoftVue 3D whole breast ultrasound exams. Information gathered from the project will compare SoftVue imaging to digital mammography to determine the effectiveness of detecting additional cancers with SoftVue that are not seen with mammography alone, particularly in women with dense breast tissue.

The project will enroll 10,000 asymptomatic women with dense breast tissue at several centers in the U.S. More than 40 percent1 of women nationwide have dense breast tissue, which is unrelated to weight or breast size. Because dense breasts can mask potential cancers on mammography, the sensitivity for detecting cancer is lower in women with dense breasts. Studies have shown that in dense breasts, ultrasound can detect cancers not seen on mammography. However, traditional handheld ultrasound exams can be time consuming and often operator dependent. They also have a high rate of false positives, resulting in unnecessary biopsies and added cost to the healthcare system.

In contrast, SoftVue is a fast, fully automated, and gentle system that conducts scans while a woman lies on her stomach on a padded table, with her breast supported in a warm water bath. A 360-degree ring transducer images the entire breast in a single pass, moving from the front of the breast to the chest wall. The entire scan takes about two to four minutes per breast and there is no radiation exposure or compression of the breast. Unlike handheld ultrasound, SoftVue can provide multiple distinctive tissue qualities to radiologists, allowing them to differentiate possible cancers from normal to benign findings.

“Dense breast tissue can mask or hide cancer, making it more difficult for mammography to detect cancer. And while ultrasound has been shown to be effective in detecting cancer in dense breasts, there’s a need for advanced technology like SoftVue that enables fast and comfortable whole breast ultrasound with fewer false positives," said Mary Yamashita, MD, assistant professor of clinical radiology at USC Norris Comprehensive Cancer Center and the national principal investigator of the Discover Breast Ultrasound project. “This important research will help us confirm the efficacy of the SoftVue system and potentially help establish new standards of care in dense breast tissue cancer screening.”

Delphinus President and CEO Mark J. Forchette added, “Our company’s singular focus is to transform early detection of breast cancer with our breakthrough SoftVue imaging technology. We are excited to launch the Discover Breast Ultrasound project, working with leading radiologists and breast cancer specialists to demonstrate the value of our novel whole breast ultrasound technology, and its ability to improve early detection of breast cancer combined with mammography.”

The Discover Breast Ultrasound project is recruiting participants at centers that include: USC Norris Comprehensive Cancer Center; Mt. Sinai Medical Center; Beaumont Hospital - Dearborn; Elizabeth Wende Breast Care; Southcoast Health Imaging; St. Elizabeth Hospital, part of Ascension; and Weinstein Imaging. Data from this study will support the company’s submission of a PMA application to the U.S. Food and Drug Administration for a supplemental screening indication for women with dense breasts in combination with mammography. SoftVue has already received two 510(k) clearances from the FDA for diagnostic breast ultrasound imaging and is not intended for use as a replacement for screening mammography. The technology is currently only in use at participating sites.

For more information about the Discover Breast Ultrasound project, visit 

Delphinus announces first patient enrolled in clinical project

The acquisition by NetCall will allow for an expansion of the company's offerings to clients in the public and private sectors

Beringea has announced the acquisition of portfolio company MatsSoft - a 'low-code' company that enables brands like Vodafone, Nationwide, ITV and the Department for Education to build web and mobile applications with minimal coding.

Founded in 2008, MatsSoft has built up an impressive roster of clients, and was named one of "The 14 Providers that Matter Most" in Forrester's first low-code Wave Report. The deal sees Netcall - a multichannel customer engagement solutions provider - acquire 100% of the equity in MatsSoft. The acquisition will allow Netcall to extend its offering to clients in the public and private sectors, as well as access the rapidly growing low-code market, which Forrester predicts will grow to over $21 billion in the next five years.

Beringea has supported the growth of MatsSoft over the last six years, investing over £2 million via its ProVen VCTs in 2011 and 2012. Today's deal allows Beringea to realise its investment, delivering healthy returns for its investors.

Speaking of the deal, Rob Dagger, Investment Manager at Beringea said: "MatsSoft was one of the first providers in the now rapidly expanding low-code market. The impressive management team and flexibility of the MATS platform to support a wide range of business applications has allowed the company to secure big name clients across a range of industries. It's been great to work alongside them and Beringea is delighted to have been able to support the growth of the company over the last six years.”

Netcall's press release can be found below.

Netcall and Low-code software provider MatsSoft join forces to help organisations drive digital transformation

Hemel Hempstead, UK, 7 August 2017 - Netcall plc and MatsSoft Ltd, provider of the leading cloud Low-code platform, MATS®, has today announced that the companies have joined forces, with Netcall plc acquiring MatsSoft.

The enlarged company of more than 225 staff and 700 customers creates a new force in helping customers digitally transform their businesses and improve customer engagement.

The MATS Low-code software development platform enables rapid delivery of enterprise-grade business applications with a minimum of hard coding and upfront investments. This addresses the growing gap between the demand of organisations for business applications and the resources available to deliver these solutions.

Thereby the platform helps companies innovate faster and increase speed to market. Increasingly organisations use Low-code platforms to drive digital transformation, competitive differentiation as well as improve customer engagement.

MatsSoft is named one of “The 14 Providers That Matter Most” in the Low-code Wave published by Forrester Research. According to Forrester, companies report that their Low-code platforms helped them accelerate development by five to 10 times.

Since launching in 2008, MatsSoft has won a significant amount of backing from high profile analysts, customers, partners and investors. The company’s customers include Vodafone, HPE, Nationwide Building Society, ITV and The Department for Education to name a few. It also received funding from growth capital investor Beringea in 2011.

Henrik Bang, Netcall’s CEO, commented: “We are today taking a big step forward in delivering on our strategy of helping organisations improve customer engagement and are thrilled to have MatsSoft as a part of Netcall. We see a great opportunity in offering MATS capabilities to our customers across the public and private sectors, as well as expanding into new markets and growing MatsSoft’s international customer base.

"The acquisition will enhance our ability to deliver a unique and powerful set of capabilities and applications that will help our customers accelerate the transformation of their customer engagement. Furthermore, this acquisition increases our cloud presence and will give Netcall access to the fast growing Low-code market which, according to Forrester, is rapidly being adopted by organisations across the private and public markets.”

Martin Scovell, MatsSoft’s CEO, added: ‘’As recognised Low-code pioneers, MatsSoft has focused on developing a platform which helps people throughout an organisation make improvements and innovate faster. We have always recognised the strategic importance of customer engagement within transformation initiatives and the exciting combination of MatsSoft and Netcall will strengthen our combined proposition”.

Beringea UK sells investment in MatsSoft

Over Beringea's four-and-a-half-year holding period, Third Bridge saw 6x revenue growth

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Insights and updates.