F Partners Co-Investment Opportunities - 16 October 2024

Author

Chad Fox
October 16, 2024

F Partners is a Private Investment Office investing in proprietary deal flow across the Private Markets. Co-invest with Single Family Offices, UHNWI and other Professional Investors. 

For any deals included in this email, reply to this email for an introduction.

Opportunity: Medium Rare Inc.

UPDATE - Snoop Dogg signed! Read full update through Company Update Link below.

Deal Type: SPV

SPV Lead: Brand Velocity Group - Retired NFL Star Eli Manning is a Partner at the Firm

BVG is seeking approximately $24M of equity to acquire 33% ownership in Medium Rare Inc.

Medium Rare is leading event company that sits at the intersection of sports and entertainment, and delivers three distinct verticals (Live Events, Talent Management, and Brand Activations), which creates a flywheel effect of complementary business segments that appeal to talent, brands, and consumers alike. In a few short years, the Company has built a reputation as being one of the premier and most creative live entertainment and promotions companies in the market, growing at a ~64% CAGR from 2019 – 2023. This year, the Company expects to do $29.7M of revenue.

Delivering a unique model, the Company produces its events in joint partnership with A list celebrity talent partners, and designs crafted, bespoke events tailored entirely around the talent’s interests and personality. They further align interests by sharing 50% of an event’s profits with the talent, who in turn, serve as a built-in marketing engine to build event buzz, engage sponsors, and drive significant media attention. Talent also serves as the principal brand advocates, which has been instrumental to the Company’s growth to date.

Opportunity: The Pave

Deal Type: Rollup / Holding Company - Road Paving

The Pave is raising $30-50 million and has already acquired its platform company in Phoenix, AZ, with plans for 6 more acquisitions.

We bought our first company for 3.8x multiple of EBITDA. 

What sets The Pave apart is our ability to play in a space that’s too large for a first-time buyer, yet too small for middle-market private equity. We’re targeting companies generating between $10-30 million in revenue, with 17-25% net profit margins per job, doing private commercial work. Many of these companies are fragmented, operating with outdated technology, poor sales processes, and minimal customer acquisition strategies. As baby boomer owners retire, often without a clear succession plan, we’ve built a machine to identify and acquire on- and off-market paving companies in the Southwest.

Our focus is singular: The Pave buys paving companies generating between $1-10 million in EBITDA, backed by investor equity. This focus creates trust with brokers and sellers, who want to work with us.

Check size is flexible for F Partners Co-Investors.

Opportunity: Dexory

Deal Type: Direct

Dexory is a real-time data solution for the logistics industry. They developed a digital twin platform powered by autonomous robots that delivers insights on warehouse operations.

They provide full visibility and insights to drive millions in cost savings and uncover new revenue opportunities for supply chain operators. With no manual intervention, downtime or infrastructure changes, DexoryView can be easily deployed and scaled across large warehouse portfolios within days.

They’ve signed over 30 global T1 logistics brands and over 50 warehouses, just one year after launch across Europe, North America, the Middle East, and Asia Pacific. Customers include: - 3PLS like GXO, Maersk, DB Schenker - Manufacturers like GE Appliances, Stellantis, Denso - Retailers like Boots, Vente Unique.

They recently raised a substantial round this summer and launched a new US office with a fantastic local team while still growing at pace in Europe. Now looking for commercial & strategic partners to support international expansion.

Opportunity: THIA

Deal Type: Direct

THIA is the best kept secret in AI enterprise solutions.

THIA builds AI-powered applications for enterprise and counts Riot Games, Boeing, KPMG, Booz Allen and several branches of the US government as clients.

Raising up to $5m in a SAFE round.

Opportunity: Mangusta Capital

Deal Type: Fund

Opportunity:Mangusta Capital Fund 1

Mangusta Capital is a venture capital firm dedicated to investing in artificial intelligence and consumer disruption, with a mission to support and accelerate innovative businesses shaping the future. The firm invests in Seed through Series B companies in consumer and vertical AI businesses. 

Co-Founder and Managing Partner, Kevin Jiang is a Silicon Valley native and tenured investor with wide-ranging experience from Goldman Sachs to Apollo Global Management, and most recently a founding member of the Investment Team at Softbank's Vision Fund.

We have closed a $50M anchor commitment from the Del Vecchio family (Founder of Luxottica) and are finalizing limited allocation for a close in November 2024.

Opportunity: Kyte

Deal Type: Direct

Kyte is a modern full-stack approach to car rentals with $43mm in top line revenue. Ex Uber team bringing the Uber Magic to Car Rentals.

$3m available in $15m round. Backed by Anthemis, Valor Equity Partners, InterAlpen Partners, DN Capital, Citi Ventures, Hurst, FJ Labs, 1984 Ventures and more.

Opportunity: Solideon

Deal Type: Direct

Peter Thiel-backed software transforming manufacturing with autonomous factories.

Solideon empowers off-the-shelf robotics with proprietary software, enabling flexible manufacturing capable of 3D-printing and assembling complex parts without human intervention.

The company has secured over $50M in LOIs and is already converting it into hard contracts and recognized revenue.

Customers include Lockheed Martin, Northrop Grumman, Sierra Nevada Corp, Naval Sea Systems Command, and Fenix Space with many more in the pipeline.

$2mm is left in a $7mm pre-seed round led by 8090 Industries. Investors include Thiel-backed 1517 Fund, Boost VC, Stellar Ventures, 10X Founders among others.

Opportunity: Rebag

Deal Type: Direct

Rebag is a $160mm GMV leading online luxury platform, backed by General Catalyst and FJ Labs.

Rebag is the leading online platform for second-hand luxury. Utilizing their proprietary pricing software CLAIR (similar to "Kelley Blue Book" for Luxury) and unique algorithms for the recognition and identification of luxury goods, the firm has revolutionized a $50B market.

The company’s managed marketplace focuses on the resale of handbags, accessories, jewelry, and watches of the top luxury brands including Louis Vuitton, Hermes, Chanel, Rolex, Van Cleef, and Cartier.

Rebag recently launched a transformative partnership with Bloomingdales as the dedicated pre-owned vendor to power Bloomingdales.com and operate selling and buying concessions across 5 Bloomingdales stores. 

Founded by Rent the Runway and Goldman Sachs Alumni, Rebag has 2X revenue since 2020, generating $160mm in 2024 GMV.

$3mm is open in a $10mm pre-exit SAFE. Investors include General Catalyst, FJ Labs and Novator.

Opportunity: Sunday

Deal Type: Direct

Sequoia-backed intelligent lawn-care platform, transforming a $130B industry.

Sunday is the world’s first intelligent outdoor home platform. Representing the 3rd largest “crop” in the US and a $130B industry, the sector has seen minimal innovation in the last century and is flooded with harmful, toxic products.

Sunday uses soil and climate data specific to your neighborhood, and sends you the perfect nutrient mix for your yard specifically. This bespoke approach leverages a proprietary tech-stack to take the guesswork out of lawn care, and creates the dream backyards for their 134k subscribers.  

Currently on track to finish the year at $53M in net revenue, at a 60% gross margin, Sunday is launching products within the Pest and Garden sectors, expanding their presence as this generation's go-to outdoor home brand. 

There is $5M left in a $15M Series C+ with Sequoia and Bond both participating. Other investors include Forerunner Ventures and Tusk Venture Partners. 

Opportunity: FutureProof

Deal Type: Direct

FutureProof

Using machine-learning technology to price property-specific climate resilience measures, the company reduces losses and incentivizes property owners to invest in resilience. FutureProof is on a mission to enable financial and physical resilience to climate disasters.

 The firm creates value throughout the insurance value chain. 

Policyholders in resilient structures benefit from better-priced coverage; brokers use FutureProof’s API and unique pricing to win new business in less time; and carriers and reinsurers improve return on capital based on the firm’s risk selection.

Currently scaling very rapidly, they went from 0 to 14 insurer contracts in only 2 months, with revenues increasing substantially over this short period.

Current partnerships include Chubb, National General (an Allstate company), Florida Power and Light (a subsidiary of NextEra and a distribution partner for FutureProof), and several others. 

$500k open in a convertible note, backed by Innovation Endeavors, Blackhorn, MS&AD, Axis, and others.  

Network Partners

For any deals included in this email, reply to this email for an introduction.

Resources for investors and founders:

  • Deal Memos

  • Investor Relations

  • Pitch Practice

  • Deck/Deal Room Review

  • Custom Deal Sourcing

Advisory hours 🗓

Chad Fox is an advisor to entrepreneurs and family offices through his firm F Partners. Chad has a global network that spans from North America to the Middle East and can help you with formation, fundraising, business development, and all the challenges that come with building an early-stage company. He is a qualified lawyer, angel investor, and venture capitalist.

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