Blue Heron Capital

InVitro Capital is a venture studio that creates, builds, and exits companies in the AI and B2B space. With a primary focus on Healthcare and SaaS, Invitro has developed a unique recipe to de-risk startup innovation and help aspiring exceptional entrepreneurs identify and capitalize on promising opportunities. At InVitro, we believe that the best startups are built by teams with deep domain expertise and a passion for solving real-world problems. That's why we invest in and partner with entrepreneurs who have a proven track record of success and a vision for the future. We provide our portfolio companies with the operational muscles and support they need to succeed, including: Seed funding. Access to our network of mentors and advisors. Expertise in tech, marketing, sales, and business development. Help with go-to-market strategy. We also have a unique approach to exits. Instead of waiting for a large tech company to come knocking, we actively work with our portfolio companies to develop and execute their own exit strategies. This allows us to maximize returns for our investors and give our entrepreneurs the freedom to pursue their next big idea

Andra’s team has helped accelerate the technological evolution of the world we live in by investing in the future. We support the growth of some of the most promising global companies to shape a brighter future. 30+ years of Silicon Valley technology investments and operational leadership experience* $100B+ Andra’s investments in technology and enterprise software companies representing $100B+ in value 140+ transactions with technology industry leaders* *Figures reflect years of industry experience and transactions for Partners at prior firms. Investors, Technologists, Operators, Entrepreneurs Our team brings deep domain expertise, extensive operational experience, decades of investment experience, financial markets sophistication, and a strong network of relationships The Andra AdvantageSeasoned Silicon Valley Investors: 30+ years of experience investing in technology companies across multiple stages of a company's lifecycle Operational Experience: 20+ years of experience founding and scaling technology unicorns and driving companies to exits Strategic Ecosystem: Global investor network that helps portfolio companies fuel growth through strategic partnerships Track Record: Proven track record of deal execution, value creation and investment expertise Investment Philosophy We strive to achieve superior and consistent returns by funding exceptional companies identified through our five core investment principles: Execute our powerful and unique investment thesis and process for each fund strategy that allows us to effectively identify and evaluate investment targets Select disruptive companies with enduring technology moats and strong business models that can scale efficiently irrespective of macroeconomic cycles Maintain valuation discipline, investing at levels that fit our risk parameters and returns profile Perform strong fundamental research bottom up research and documentation of every investment using our proprietary methodology Employ a portfolio approach to mitigate risk through sector and time diversification Investment StrategiesLate Stage Open-end fund focused on leading, pre-IPO technology companies with an exit horizon of 2-3 years. Target Company CharacteristicsTechnology category leaders in large and fast-growing markets Sustainable and scalable unit economics with a clear path to profitability Seeking capital to fuel growth and establish market dominance prior to an exit event Technologically differentiated business models that can create defensible moats Growth-Stage Closed-end fund focused on leading, disruptive, fast-growing private technology companies with an exit horizon of 5-8 years. Target Company CharacteristicsEmerging technology leaders in large markets ripe for disruption Proven product-market fit with scalable and viable unit economics Entering the hyper-growth phase of scaling their business Technologically differentiated business models that can create defensible moats Target VerticalsArtificial intelligence Data and analytics Cloud infrastructure Networking Cybersecurity FinTech Consumer Software B2B and B2C marketplaces Digital health

We help entrepreneurs succeed. It has been our mission from day one. We challenge existing paradigms of how things are done in the normal VC world. Our experience of actually being in the thick of the action day in, day out with Founders and their companies, actively pushing them towards their end game - wherever it might be - has taught us it pays off. To be active. To be present. To be hands on. To apply everything we know in every interaction, every task. Whatever it takes. We believe in People. Great people. They have been the center of attention since we started investing intensively in 2018. We invest in people in everything we do: in problems affecting potentially millions of people on a global scale, in deeply committed and talented founder teams, and in the strength, experience and know-how of our team and its ability to help our founders and portfolio companies succeed on their journeys. It’s all about People We partner with the most talented entrepreneurs – bringing to the table industry know-how, relentless dedication and money to move startups fast forward. What we look for We back start-ups and founder teams when we’re sure that our operational skillset, experience, and network will bring an original vision to life. From pre-seed to venture to expansive growth with best-in-class founders at every stage of the journey. While we like to keep an open mind, and only invest in companies that improve people and businesses’ everyday lives, we don’t want to invest our time (or money) in companies working within industries or sectors, which we consider bad for people. Our industry focus may change from time to time depending on emerging macro-economic, socio-economic, and technological trends. But based on a combination of our experiences, current capabilities, and interesting megatrends we see in the market, we focus our investments within technology-driven companies and with a soft focus on Digital health and SaaS products. What do you invest in? We invest in people in everything that we do: In real life challenges affecting potentially millions of people and businesses on a global scale and in deeply committed and talented founder teams of people uniquely qualified and motivated to grasp the problem and build tomorrows most powerful solutions. Tech companies, with software driven business-models. At our core we remain agnostic of what industries, we could potentially make investments in. Having said that there will be industries, where we will not be investing. While we like to keep an open mind, we also see the value in focusing our attention on a few, more specific industries. We are currently focused on digital health and enterprise software (B2B SaaS).

We partner with founders who have experience and expertise in industrial automation, healthcare, and enterprise spaces and are building the next industry game changer. We invest in Pre-Seed, Seed, and Series A companies anywhere in the United States and Canada. ‘VALUE ADD’ IS MORE THAN ASKING ‘HOW CAN WE BE HELPFUL’ Whether it’s customers and revenue, talent, partners, or investors, we help bring a variety of diverse perspectives to the table to help our companies succeed. Our CXO Network , consisting of 44 C-level executives from Global 1000 Corporates and other major institutions, consistently generates valuable insights and customer connections and has created many sources of revenue for our companies. THE DNA OF THE FUND IS ROOTED IN THE TEAM’S TECHNICAL AND ENTREPRENEURIAL BACKGROUND As former technical operators who have previously built and exited companies, we know what it takes to build successful enterprises and how to overcome challenges specific to those building technology startups.

If you want to build a company with $100M+ revenues – reach out to us! We strive to be the most helpful VC onboard Inovo offers a unique benchmark for world-class startups. We’ve seen many success stories, and we are willing to spend our time helping you figure out things like: How can I scale my business? Which investor should you go to at this round? How fast should my startup grow? What do I need to validate to make the investors in the next round excited? How to set up a company in the US? What does it mean for my culture? What do you need to do operationally to make it happen? How do I build an advisory board? How do I find a good, trusted lawyer and accountant. 👩🏽‍💻 Recruitment We help founders find, evaluate and convince ”A players” to join your startup We have a full-time recruiter working for our portfolio Over 100 candidates have been hired thanks to our introductions and engagement in recruitment processes 💰 Investors Over 70 international co-investors in our portfolio's financing rounds. Over 200 intros handled on behalf of our portfolio companies for follow-on funding. 🤝🏽 Customers Over 30 tech unicorns who we can introduce our companies to Over $2M ARR in contracts based on our introductions 👨🏽‍🎓 Advisors Over 20 world-class advisors work with our portfolio companies to help them grow faster Over half of our portfolio companies work permanently with advisors or angels we have introduces them too We also have partnership programmes for our portfolio companies that can save you $100k+ in different software credits. What do we search for 💰 Investment ticket: €0.5m - €4m This is our first ticket size. We do follow-ons up to €10m for individual portfolio companies, and we can do €100-250k ”discovery tickets” in special cases. 🌱 Stage: ~Seed We invest mainly at the Seed stage (occasionally earlier or later). Our ticket allows us to make some Pre-Seed and Series A investments too. 🌍 Geo: CEE + diaspora We have a GEO focus, invest in startups all over Central and Eastern Europe, and founders from this region who are building startups anywhere in the world. The CEE region includes the following countries: Ukraine, Poland, Romania, Czech Republic, Hungary, Serbia, Bulgaria, Slovakia, Croatia, Bosnia and Herzegovina, Albania, Lithuania, North Macedonia, Slovenia, Latvia, Kosovo, Estonia, Montenegro. ⚙ Industry: Multi-vertical We aren’t limited to a single sector or business model. However, we are strong in certain areas like: Developer Tools (Maciej), AI/Machine learning (Maciej), Data Science (Karol), Healthcare (Michal), SaaS enabled marketplaces (Michal), B2C and B2B2C (Michal), B2B Enterprise (Tomasz) 💙 What makes us excited YOU:-) We are excited by ambitious founders, large markets, and products that clients love and are just 10x better than anything else on the market. Our Values Founders First We put our founders & companies ahead of ourselves. When we have a decision to make we will act in the best interest of the Founders. Go Big or Fail Forward We aim high and do not compromise for less. We prefer ambitious projects with 100x return potential that have a risk of failure rather than 2-3x “certain return” projects. Commit & Deliver Results If you commit to a task or a project, deliver with high quality results. This value is about putting focus on “delivering results”. It’s not about checklist of tasks that you have to do, but doing your best to achieve the goals - often in a non-standard way. Data Beats Opinion Our decisions are driven by the numbers and data. When we have a decision to make we will look at the market data, benchmarks, and historical data to choose the right thing.

We support our businesses with our time, energy, and experience. Healthcare Services$1-10M EBITDA 20%+ YoY growth Teams who deliver quality outcomes, reduce costs & have big visions Multi-site services including de novo and acquisition growth Potential to expand continuity of care with ancillary services B2B Software$2-10M ARR 40%+ YoY growth Momentum and vision Strong gross & net revenue retention Industry expertise & team chemistry Here’s How We Do It We meet teams and businesses where they are, and imagine a bigger and brighter future by building the right systems, processes, teams and culture. And all of that starts with the right experience, the right support, and the right relationship The Right ExperiencePartners are former executives with a combined 125+ years of experience Learn from our personal operating experience and experience with our portfolio companies We stick to what we know: technology and healthcare 60+ investments, 25+ successful exits and approaching $1B AUM The Right SupportFinancial runway so you can stay focused on your business, not your next fundraise Recruit the right people from board level to senior leadership and throughout the organization Perfect your expansion strategy with the support of our industry leading service partners Join the Fulcrum network of executives at our annual retreat and beyond The Right RelationshipThe right balance of input and autonomy Engaged partners acting as a sounding board Operators that have been in tough situations and don’t overreact and overcorrect when challenges occur Professionals who will help you imagine greater goals and help you achieve them throughout our investment and after