Jeremie Bacon

Today Isembard announced a $50m Series A fundraise led by Union Square Ventures, less than a year after Notion Capital led their Seed round. 💥This is a company right at the intersection of AI & supply chain sovereignty & they’re exceeding even our most optimistic expectations. By the end of the year they will have 25 factories across the UK, US, Germany, France & Ukraine. 💥Isembard is rapidly scaling its network of AI-first factories for precision manufacturing at the same time as market demand is accelerating. Macro forces (reshoring, rising defence spend, concentration risk in Asia, and the growth of neo-primes) are structurally increasing demand for fast, local, flexible manufacturing that the current industry is unable to deliver on. 💥The innovation is in the way the company builds and franchises factories as a product with tightly integrated units of machines, software, robotics, & process intelligence that turn design files into certified components with speed & reliability. 💥Their AI software platform, MasonOS, connects all sites into a single operating system, replacing fragmented shops with standardised, high-performance industrial nodes & enabling real-time quoting, predictable delivery, & low defect rates. By owning the full production stack, Isembard delivers premium manufacturing performance with the scalability & flexibility of a software platform. 💥We are at the top of the AI hype cycle and there are understandable concerns about the ROI on the vast sums of money being invested into this new super-cycle. But, the ROI for Isembard is both clear and compelling. They will deliver components 10x faster and at 50% of the cost of current suppliers. They will also build a de-centralised, global network of factories to meet the growing demand for national or regional sovereignty. 💥This is a company with a clear vision to disrupt a massive, fragmented $1.8tn component manufacturing market. Today marks another huge stride towards that vision. And they are only just getting started. We’re thrilled to be on this journey with Alexander Fitzgerald & the team & we’re also excited to welcome Rebecca Kaden & USV into the investor base. Notion Capital Union Square Ventures Alexander Fitzgerald Rebecca Kaden Maximilian Eichler Stephen Millard Britt Mulder

56

6 Comments

𝗖𝗼𝗻𝘁𝗶𝗻𝘂𝗮𝘁𝗶𝗼𝗻 𝗙𝘂𝗻𝗱𝘀 𝟭𝟬𝟭 𝗣𝗼𝘀𝘁 #𝟯: 𝗦𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗶𝗻𝗴 𝗖𝗵𝗼𝗶𝗰𝗲𝘀 𝗶𝗻 𝗖𝗼𝗻𝘁𝗶𝗻𝘂𝗮𝘁𝗶𝗼𝗻 𝗙𝘂𝗻𝗱 𝗧𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻𝘀 Continuation fund transactions are not one-size-fits-all—and choosing the right structure is as much about governance, liquidity, and investor dynamics as it is about asset profile. We outline here four commonly used structures, each with distinct trade-offs: 🔹 Single-Asset Continuation Funds Ideal for breakout companies requiring more time or capital. These deals offer targeted upside but come with concentrated exposure and often require robust pricing validation and LP election mechanics. 🔹 Strip Sales A partial sale of asset interests designed to lock in gains—without triggering a full LP election. These can be executed more quickly, but sponsors typically retain a meaningful residual position, which may reduce investor governance rights in the continuation vehicle. 🔹 Multi-Asset Vehicles Provide diversification across multiple portfolio companies. These require alignment of valuation, co-investor participation, and carry mechanics across a broader pool—adding administrative and disclosure complexity. 🔹 Full-Fund Rollovers Used near the end of a fund’s life when assets are illiquid or not ready for exit. These often include “status quo” reinvestment options and require careful LPA amendment to support continuation terms. At Ventura Fund Services, we translate these structural decisions into clear, auditable outcomes—tracking capital accounts, applying revised waterfall logic, and aligning rollover mechanics across legacy and new vehicles. 📩 Message our Fund Admin team to explore how we bring precision and reliability to continuation fund execution. #ContinuationFunds #PrivateEquityFunds #FundAdmin #ContinuationVehicles

13

Hot take: lot's of #LP's are growing underwhelmed with traditional venture investing. 💰 Fees are high given the level of engagement with the company operators. ❓ Access is opaque - LP's are unclear on the portco operations and outcomes. Outcomes are scattered - power law investing can certainly work, but many feel that venture capital investing is just a numbers game. There's another way. I'm biased, but I think it's better: #VentureStudios as an asset class. They blend: 🤜 🤛 Control and ownership 💡 Thematic focus 👬 Partnership with operators Studios offer a fund-like structure — but with more alignment, higher value conversion and less noise. If you're interested in understanding more about the studio model, we have resources to share. Please reach out and let's connect!

12

The announcement of Lila Sciences’ $235M Series A and $1B+ valuation marks a significant milestone, and it’s only the beginning. Lila is building a new model for discovery by combining AI and automated labs to accelerate breakthroughs in life sciences, chemistry, and materials. They are tackling some of the most significant opportunities in science and technology, and I couldn’t be more confident in Geoff and his team as they scale what’s ahead. I have had the privilege of knowing Geoffrey von Maltzahn for many years, and backing him once again through March Capital is both a professional and personal highlight. His leadership, vision, and ability to execute on transformational science give us great conviction in Lila’s future. Congratulations to Geoff and the entire Lila team on reaching this next chapter. I am honored to continue this partnership and look forward to what’s to come. Read more about Lila here: https://lnkd.in/gQfk6msT

59

3 Comments

Most people still think blockchain is a future technology. On the contrary - innovators are applying blockchain to mainstream use cases and solving key challenges today. As we head into Chicago AI Week, I’m looking forward to joining Sandra Ro 🇺🇦, CEO, Global Blockchain Business Council (GBBC) and other to discuss “The Future of Decentralized Intelligence.” Sandra and the Global Blockchain Business Council just released the 2025 “101 Real World Blockchain Use Cases” Handbook and it's a wonderful read to understand some of the real world applications of blockchain. This report catalogues how blockchain is solving consequential, global problems: - Authenticating supply chains to reduce waste and fraud in agriculture, energy, and pharma - Enabling sovereign identity for displaced communities, from refugee populations to gig workers - Tokenizing infrastructure and assets, unlocking liquidity in sectors like real estate and transportation - Securing data at the edge where AI, privacy, and decentralized systems converge Across AI, identity, finance, and logistics, the most resilient solutions are no longer centralized. They’re decentralized by design. This decentralization enables macro resiliency. Link to full report in comments.

58

5 Comments