Q2 Wrapped
Generative AI dominated the headlines over Q2 and brought some optimism back to the tech sector. The NASDAQ returned 32% during the first half of the year, while just eight stocks — Meta, Apple, Amazon, Netflix, Alphabet, Microsoft, NVIDIA, and Tesla — contributed approximately 80% of the S&P 500’s 17% return over the same period. While there is undoubtedly “hype” around GenAI, we are already seeing our portfolio companies benefit from its use in everything from product development, sales, and marketing, to performance management.
Broader economic sentiment appears to be more positive compared to the cautious tone that prevailed following the failures of Silicon Valley Bank and Signature Bank at the end of Q1. As we look to the second half of the year, we expect to see ongoing push-pull between caution and optimism as markets digest more economic data, corporate earnings reports, and central bank guidance.
We remained active in deploying capital throughout the quarter, welcoming EduFund, Griffin, Turbine and nyra health to our portfolio, and increasing our commitment to HelloBetter.
Catch up on our highlights below for all the latest news and perspectives and where to meet us next ⬇️
👋 Welcome to the MMV portfolio
Edufund
EduFund offers an effortless way for parents to save and plan for their child’s education.
Founded in 2020 by Eela Dubey and Arindam Sengupta, EduFund is India’s first full-stack planning product that allows parents the unique opportunity to save for the future, take education loans, and avail a scholarship for all their short-term and long-term education needs. Edufund’s app also provides access to courses offered through its partnerships with ed-techs, counseling services and immigration. We led their $3.5M round, alongside DSP Investment Managers, Anchorage Capital Partners, and Kunal Shah.
Griffin
UK’s first full-stack BaaS platform with a banking license.
Launched in 2017 in London, and founded by David Jarvis and Allen Rohner, Griffin is an API-first UK bank and full-stack Banking as a Service (BaaS) platform. Its comprehensive product suite is tailored to serve fintechs, payment services providers and brands looking to embed finance offerings. Griffin enables seamless digital finance experiences by providing deposit, safeguarding and interest-bearing savings accounts, access to the UK’s major payment rails and direct banking. FX payments, credit, secured lending and cards will follow. We led their $13.5M fundraise, alongside Seedcamp, EQT Ventures, and Notion Capital. Find out more about why we invested here.
Nyra Health (formerly myReha)
A digital therapy platform for neurological patients.
Vienna-based nyra health is a digital therapy platform for neurological patients. The company’s flagship therapy app provides therapy plans for each user, focusing on their individual needs in speech and cognition to maximise the potential of their rehabilitation process. The app combines industry leading machine learning models that analyse speech patterns and provide accurate, immediate feedback on pronunciation with adaptive cognitive games to create personal therapy training plans to improve an individual’s memory, speech and attention.
nyra health was founded in 2020 by Philipp Schöllauf, a medical doctor specialised in neurology, Mario Zusag, a machine learning researcher previously working at Google AI and IBM Research, and Moritz Schöllauf, a lawyer with a background in regulatory affairs. We co-led their €4.5m seed round alongside Wellington Partners.
Turbine
A cell simulation platform bringing the right drug to every patient in need.
Founded by Szabolcs Nagy, Daniel Veres, and Kristóf Szalay, Turbine is a simulation-driven drug discovery company delivering population targeted cancer therapies. Turbine’s platform overcomes the limitations of traditional drug discovery approaches by combining cell simulation and machine learning to uncover novel cancer therapies and the patients most likely to benefit from them. Turbine’s unique approach has tremendous potential to guide biopharma R&D in a new direction using actionable insights gathered from deep expertise in the simulation of biological mechanisms. We participated in their oversubscribed Series A round, joining investors MSD (Merck), Mercia Asset Management PLC, Delin Ventures, Accel in India and XTX Ventures.
🗞️ Portfolio news
HelloBetter
We led the extension of HelloBetter’s Series A round, propelling their product commercialization efforts and boosting the expansion of their digital therapeutics offering throughout Europe and the United States. HelloBetter has just recently achieved a significant milestone by obtaining a “Breakthrough Device Designation” from the FDA for their flagship product, HelloBetter Panic, paving their way to offer their therapy programs on prescription in the US in the future.
Daye
Daye has received significant funding from the European Innovation Council (EIC), among others, to further close the gender gap in funding for medical research and medical innovation, with a particular focus on gynecological health.
Microsec
Congratulations to MicroSec for their impressive achievement of winning the ABB Electrification Startup Challenge in the Services category. Their hard work in cybersecurity for substations and critical infrastructure has earned them a well-deserved partnership with ABB as a strategic partner and customer moving forward.
💼 Portfolio Jobs
Looking to take your career to the next level? We have more than 50 thriving companies in our portfolio with over 700 open positions across a wide range of job functions and locations. Click here to explore.
🥳 Team News
Max joined our team in London as an analyst focusing on investments and portfolio support in Europe with a particular emphasis on the DACH region. Welcome to the team, Max!
🎤 Community
FinTech / Crypto
During the quarter we were able to connect with many startups and fellow investors. Alongside our friends at Albion and Outward Ventures, we hosted a Fintech mixer in London. Alix was in Amsterdam in June for Money2020, and Carlos went to Hong Kong in April to attend the first Hong Kong Web3 Festival.
Health
We were also very active in attending conferences and meetups in the health space. Yara attended the UKRI Healthy Ageing Challenge and ZINC Healthy Ageing showcase where she also participated in an investor panel on Longevity & Healthy Ageing. She went to the Intelligent Health UK Summit and even saw some familiar faces — Tamas and Sophie from Xund. Cheryl and Weijian went to Digital Health Fest in Melbourne. Of course, we also went to Bits & Pretzels HealthTech in Munich and attended the Frontier Award ceremony for Back To The Future star Michael J. Fox who was honored for his commitment to finding a cure for Parkinson’s disease.
Catch the MMV team
There are plenty of opportunities to meet us in person and get to know our team in the coming months. We will be attending the Intelligent Health Summit in Basel, Bits & Pretzels in Munich, SaaStock in Dublin, Web Summit in Lisbon and Slush in Helsinki. In Asia, we will be attending Coinfest Asia in Bali, Korea Blockchain Week in Seoul, and Tech in Asia in Jakarta.
🗞️ More about us
To learn more about us, check out our website, follow our blog on Medium, and follow us on LinkedIn.
