F Partners Co-Investment Opportunities - 2 October 2024

Author

Chad Fox
October 02, 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.

Private Equity

Opportunity: Medium Rare Inc. (Project FunHouse)

Deal Type: Single Asset SPV

Sponsor: 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 Many of these companies are fragmented, operating with outdated technology, poor sales processes, and minimal customer acquisition strategies.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.

Venture Capital

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: 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: Lightning Ventures

Deal Type: RUV

Deck and Invest Here:  https://angellist.com/i/RIAVN

Lightning Ventures is the launchpad for the most promising Bitcoin and open-source projects, backed by a worldwide network of believers.

Lightning Ventures is building the future of inclusive global investing, democratizing access to the most innovative Bitcoin and open-source technology startups. They're revolutionizing early-stage investing by bridging the gap between visionary tech founders and passionate retail investors worldwide. Not just a platform; they're building an ecosystem catalyzing the future of Bitcoin, open-source, finance, and technology. They're building the 'Republic for Bitcoin and Open-Source Companies', reshaping how the world invests in groundbreaking technologies.

Lightning Ventures has been at the forefront of Bitcoin-focused venture capital since 2021. They've deployed over $8 million into 40+ Bitcoin and Bitcoin-adjacent companies, including industry leaders like Strike, Swan Bitcoin, and Unchained Capital. This experience has uniquely positioned us to launch Thunder Funder and address the critical gaps in early-stage Bitcoin investing. Lightning Ventures is the world’s largest Bitcoin-focused investing network, filled with amazing folks with varying superpowers. 

Thunder Funder is not just another investment platform. It's a revolution in Bitcoin and open-source startup funding - a bridge connecting visionary builders with passionate retail investors who believe in the transformative power of Bitcoin technology. As the world's first Regulation Crowdfunding portal dedicated to Bitcoin and open-source projects, they're democratizing access to the most exciting innovations in the space, empowering both accredited and non-accredited investors to shape the future of finance and technology.

They're raising for LTNG Ventures Inc., the parent company of both entities. That investment can be viewed here: https://angellist.com/i/RIAVN

Opportunity: Sapien

Deal Type: SPV

We are excited to launch a co-invest opportunity in the Series A for Sapien, the fastest growing decentralized Data Labeling Platform driving more accurate AI model training across enterprise use cases including education tech, autonomous vehicles, and LLM model training.

Sapien is disrupting the rapidly growing AI data preparation platform for data labeling and tagging with a differentiated task-completion model

Sapien is founded and backed by generational founders and investors. CEO, Trevor Koverko (founder of Polymath, $75mm VC backed, 8 figures revenue, $1B market cap) believes that the lack of quality data is the bottleneck for all future AI development and Sapien is his solution to this critical problem. We’re incredibly excited to back an outstanding repeat unicorn founder building essential infrastructure for enterprises adopting AI technology. 

The Company is on track to generate over $8 million in revenues by the end of this year, starting at zero at the beginning of CY2024. The company has best-in-class gross margins of 96% and clear path to carve out their portion of this $17B market from incumbents like Scale AI ($14B Valuation). Sapien has also completed the famed AI-focused HF0 incubator with outstanding demo day interest from Silicon Valley VCs. The incubator is extremely selective, only accepting repeat Unicorn Founders.

Sapien is raising a $15M Series A funding round after their $5M seed raise in April. We underwrite a 8x base case return with optionality to reach 20x outcome in a Unicorn scenario (see Scale AI as an immediate comparable). Notable company backers include Soma Capital, Cypher Capita, and Animoca Ventures.

SPV Lead: Mangusta Capital

Network Partners

Ligo Partners is a single-family office run by Alec Andronikov (Principal) and Cindy Mihalova (Chief Investment Officer), based between Miami and New York.

Ligo Partners co-invest with our discrete and invitation-only consortium of like-minded investors into disruptive tech-focused deal flow sourced directly from family offices and top venture capital firms worldwide.

In parallel, Ligo Partners invests in tech debt financings; tech secondaries; roll-up strategies with a tech component; off-market real estate opportunities, and investment funds that have successfully demonstrated at least a 1x DPI metric from prior performance.

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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