Merak Ventures

The most powerful ideas, companies, and industries aren’t created overnight. With a community built on collective experience and fueled by curiosity, Slow understands the entrepreneurial journey. Investing at the center of technology and on the edges of science, society, and culture, Slow gives curious founders the resources, connections, experiences, and empathy required to build strong, sustainable companies. We are generalists and invest in early stage teams and ideas ranging from Social Networking to Consumer Brands to SaaS, and Crypto. We believe - and have seen proven time and again - that great things frequently take time to inflect, and believe that our number-one job is to back great founders on their journey. In the last ~decade we have invested in the earliest rounds of over 500 companies, including… Consumer-Ish Nextdoor Private social network for your neighborhood Hipcamp Discover and book the best campsites in California Postmates Same day urban delivery platform Birchbox Subscription commerce for beauty products Allbirds Environmentally friendly footwear. Casper Digitally introduced brand of mattresses. Birdies Fashionable women’s slippers. BarkBox Subscription commerce for dogs Even Interest-free credit to keep your paycheck steady. Citizen People protect each other Good Dog Find puppies from responsible breeders. Fintech-Y Robinhood Mobile stock brokerage Venmo Social payment app Teamshares employee ownership for small business. Eco One balance to save, spend, and make money HM Bradley Unlock your money’s potential VGS Payment data security & compliance infrastructure Human Interest 401(ks) for SMBs Astra The Automation Platform for Money Movement Wax Insurance Protect your passion SaaS-Ie Airtable Modern database software. Domino Data Lab Enterprise data science platform. Frontapp Customer management platform Tonkean Next generation management platform. Otter AI-powered voice translation app. OpenPhone Mobile app for a business phone number Slack Work messaging Amplio Risk prediction & component sourcing Consumer-Medical-Ish Ro Direct-to-consumer telehealth. Livongo Health Personalized Tools for Chronic Condition Management Plume Gender-Affirming Hormone Therapy From Anywhere Pillpack Simplified Pharmacy Fairsquare Medical Your Medicare One-Stop-Shop Wheel powering virtual care Brightside online treatment for depression and anxiety Embark Dog DNA & health testing Flossy For patients without dental insurance Creator-Y Juice Banking trusted by the best creators Stem distribution and payments for musicians Human DAOs lead by creators Pearpop creator collaboration on demand Real-World-Ish Astra Lower cost rocket launches. Common Technology-enabled residential operator. Running Tide Automated ocean harvesting technologies. Zipline Global on-demand delivery. Metropolis mobile commerce and modern parking Pollen Own your network Crypto Solana Scalable blockchain infrastructure. Klaytn The Ground for All Blockchain Services Chia A new blockchain and smart transaction platform Aleo Where Applications Become Private. Algorand A pure proof of stake blockchain platform. Diem A trusted and innovative financial network. Ampleforth The rebasing currency. Lightning Labs layer-two bitcoin. Fold Wallet Bitcoin wallet. River The best place to buy, sell BTC And Many More….

We are an early-stage venture capital fund investing in founders with highly technological B2B software solutions, from Seed to Series A all across Europe, North America and LatAm. DEEP UNDERSTANDING OF TECH We are here to fuel your startup’s growth so we will help you bring your ideas to life (alongside your BP, of course). Our track record speaks for itself. We have succesfully developed and implemented technological solutions around the world, granting us a clear vision on how to make this happen and how to not make this happen too. We will pass on these insights to you, sparing you unncessary hurdles.sparing you unncessary hurdles. YOUR VISION, YOUR WAY We will equip you with the necessary tools, connections, know-how, and expertise to develop your business plan while keeping a very straightforward approach. We won’t tiptoe around delicate issues as our ultimate goal is to see you succeed, just as much as you do. WHATEVER THE PLACE We are surrounded by enablers. A handpicked group of tech-leading professionals at your disposal ready to assist you in forging key partnerships, expanding into international markets, and providing deep insights into the world of technology, business and investment on a global scale. MORE THAN A VC As a fund originating from a corporate, we possess an extensive network that reaches far beyond the venture capital ecosystem. Our aim is to assist you in cultivating strong partnerships with other corporations to create synergies that not only benefit our own relationship but also add strategic value to your business. SUSTAINABLE, OF COURSE We are conscious about the importance of working towards a more sustainable future, firmly believing that technology is the cornerstone to build a better world. That is why we actively consider startups that align with this mindset. WHAT WE ARE LOOKING FORSTAGE: Seed-Series A SECTOR: B2B SaaS LOCATION: EU, North America & LatAm TICKET SIZE: €1M - €4M VERTICALS WE INVEST INAGTECH & CLIMATE TECH AI / ML & DATA FINTECH & INSURTECH TELECOM & CONNECTIVITY DIGITAL HEALTH METAVERSE & WEB3

We invest at an early stage in exceptional SaaS and Cloud founders who are at the point of product market fit and are ready to grow fast and go far. If you have the ambition to lead your category or create a new one, and your product solves critical business issues with signs of real market potential, then we can support your journey. Deep SaaS and Cloud expertise. There’s never been a better time to invest in European SaaS and Cloud. We’re open to investment opportunities of any category, but we specialise in these areas: Cloud Computing The future won't be powered on technologies of the past – and it certainly won't be on-premise. The cloud is more widely used and continues to grow its capability and penetrate deeper layers of the enterprise. Computing Cloud companies provide enabling technologies and help their customers harness opportunities in front of them, often hidden in dense data and fragmented systems scattered across digital and physical locations. They’re often developer-first and product-led. Keywords: Datalakes, OSS, DataOps, MLOps, Dev Tools, API, Virtualisation, Containers, Encryption, Decentralisation, Kubernetes, NoSQL, Search Technologies, Serverless, Headless, Deep Tech, AI Portfolio examples: Element, FiveAI, Forest Admin, Scortex & Wercker. Modern Enterprise Modern enterprises want to innovate and deliver on digital transformation to stay relevant and remain market leaders. This requires continuous innovation to become more agile and efficient. Modern enterprise solutions are a critical layer of operational functionality which deliver better experiences to customers. Keywords: RPA, CX, WFH/WFA, BI, Cyber, Low code/no code, Mobile Portfolio examples: Acin, Apperio, BRYTER, Claimsforce, Dixa, Glofox, HeyJobs, NewVoiceMedia, Panaseer, TestGorilla, Topia, Tradeshift, Triptease, Upvest, Vizolution, Vortexa & Workable Industry OS Business leaders don't have time to waste on complex or dated software. They want to do everything in a single, OS-like solution along with a marketplace of partner apps to further grow and customise functionalities and embed payments. And users of those tools expect the software to be beautiful like their everyday consumer platforms such as Facebook, Instagram, and Uber. Keywords: Vertical Saas, T-shaped SaaS, Subscription + Payments, Passion Economy, B2B2C, D2C, Disintermediation of commerce Portfolio examples: Adfenix, Avrios, Brightpearl, Easol, Glofox and Mews. Future Finance The financial playing field is evening out as incumbents struggle to innovate and initiatives such as Open Banking and PSD2 enter the scene. We see a new wave of financial services and insurance products emerge to offer great user experiences and a new generation of products. Keywords: Payments, InsurTech, FinTech, DeFi, Open Banking, RegTech, Anti-Fraud, KYC, Compliance Portfolio examples: Currencycloud, Claimsforce, Dealflo, Demyst, Futrli, GoCardless, Paddle, Stable, Upvest and YuLife. Fulfil your potential. We strive to give founders what they need to succeed. We provide a platform of insights, networks and expertise that nurtures leadership, promotes talent and shares knowledge and learnings from across our portfolio to support founders on their extraordinary journeys. Founder-friendly principles. We believe how we behave is as important as what we do. Our team follows a set of guiding principles to keep everyone focused on the destination while having fun on the journey. Have fun, make money: For us there is no point in one without the other. We’re friendly and informal, but driven by a relentless hunger to win. We intend to deliver tremendous returns to our investors but have fun while we’re doing it. Challenge everything: We hold no regard for the status quo. Boundaries are there to be broken. We are open to challenge, and challenge openly, fueled by a belief in a diversity of views and a desire to learn. Do the right thing: We treat everyone the same and aim to show empathy and understanding to all, no matter our differences. We do what we say we will and expect the same in return. (ie Don’t be a dick). Play the long game: We aim to build powerful partnerships, lasting relationships and long term value. We don’t just invest in companies - we invest in people, in relationships and in the overall eco-system for the benefit of all.

Focused on the rising consumption story in India and Indian SaaS companies catering to a global market. CONSUMER TECH Backing tech native businesses for India’s internet users and middle-class. AgriTech EdTech HealthTech SOFTWARE AS A SERVICE (SAAS) Backing product-led SaaS startups that can reach a global scale. Automation, Collaboration and Intelligence Vertical SaaS SaaS enabled marketplaces FINTECH Backing companies which manage finances in the most tech efficient way Vertical neo banks, lending Embedded Finance, infra APIs Insurtech Alternative investing DEEPTECH Backing companies solving deep engineering problems Artificial Intelligence Robotics / Drones Space tech and Semiconductors OUR APPROACH We invest in people rather than companies. From great entrepreneurs emerge great brands and companies. We are good listeners and that is a trait needed in our profession to grow. We have a non-intrusive approach and we completely believe in the entrepreneurs we have backed. An entrepreneur can think of us more as a resource and a sounding board. WHAT WE LOOK FORWe prefer to invest in mission driven founders who have relevant work experience and domain expertise Significant growth potential over the next 3 to 5 years. We prefer backing founders with at least 4-5 years of prior experience. Differentiated products or services that have strong ‘moats’ built around it. HOW WE INVESTWe invest in pre-seed and seed rounds. We invest ~US$ 250K per startup in the first round and then in follow-on rounds We are open to investing through convertible structures and instruments, however, we prefer straight equity. We generally prefer to co-invest along with other VC funds and micro VC funds In a larger round of fundraising – we co-invest with our select Limited Partners.

SCOR Ventures is the venture investment arm of SCOR Reinsurance, responsible for both investing in and creating partnerships with startups across the insurtech landscape. Since 2017 we have built a global portfolio across three theses: (1) investing in tech-driven underwriting companies (MGAs, carriers) and distributors, (2) software solutions that benefit SCOR and/or our clients, and (3) companies that help people live healthier lives. Our investment scope includes both investments and commercial (re)insurance relationships with startups. We predominantly invest at late Seed / Series A and are interested in a broad range of B2B and B2B2C solutions across MedTech, wellness, wearables, data platforms, and software / AI platforms. What we’re looking for We invest across three thesis areas: Thesis 1: we invest and partner in the ‘Insurers of the Future’: tech-driven underwriting companies (MGAs, carriers) that offer multiple points of digital and business model differentiation across P&C and L&H. We provide direct access to SCOR expertise and our global network to help portfolio companies scale and/or access (re)insurance capacity. With a proven track record of supporting innovative underwriting propositions across multiple lines of business, we understand product development, program structuring, underwriting, pricing and distribution and thus have the capabilities to optimise partnerships between insurtechs and business partners. We predominantly invest at late Seed / Series A. We are class of business agnostic and have partnered with companies across a broad variety of personal and specialty lines. Thesis 2: we invest and partner in software solutions that benefit SCOR and/or our clients. We provide a broad understanding of the interests and pain points of insurers across the world, and the potential to connect companies with insurers through SCOR’s client services initiatives. We predominantly invest later stage vs. Thesis 1 (typically Series A-B) but have occasional appetite for Seed. We prioritise companies: developing data, tools, and methods for obtaining, understanding, pricing and transferring large portfolios of pre-aggregated risks, high-value individual risks such as energy facilities and construction mega-projects, and MGA/coverholder business delivering economically valuable additional services offering a visible outcome which can be used to boost client management or reduce risks. Focus areas include front-end (e.g., underwriting & pricing) policy administration, modelling, risk analytics, and claims developing platforms where insurance has not previously been embedded / distributed, but where SCOR Ventures sees substantial opportunities to close the global protection gap – e.g., marketplaces, “super apps”, b2b fintech, employee benefits working to solve climate and ESG challenges to support the net zero transition and cut emissions for SCOR and SCOR clients. Focus areas include ESG reporting, climate risk analysis and data, carbon offsetting as a solution, circular economy, diversity, equity, and inclusion (DEI) tech, and supply chain transparency. We also see several opportunities in the green insurance product space including solar production or maintenance guarantees, wind input parametric products, solar physical asset damage, cat-bond / ILS and insuring carbon credit projects. Thesis 3: We invest at the intersection of health and technology and partner with companies that help people live healthier lives, deliver in-force or claims outcome improvements, develop new business or add to SCOR’s Knowledge Center capabilities, and assist our clients to transform their offerings. We predominantly invest at late Seed / Series A and are interested in a broad range of B2B and B2B2C solutions across MedTech, wellness, wearables, data platforms, and software / AI platforms. How we operateIntegrated in the wider SCOR business: Direct access to the entirety of SCOR’s capabilities brings unique added value to our portfolio companies. SCOR’s core business has experts in nearly every country, line of business, and functional area, while SCOR Partners bring a broad range of client services, marketing and product development expertise. Mandate: focused on key markets in North America, EMEA and LATAM, with selective deployment in APAC and Africa. Stage and ownership: We invest Seed to Series B. We typically seek greater than 5% ownership at first investment, which may include a board seat (we have led or co-led half of our investments to date). Our investment is intended to make SCOR a meaningful contributor but leave founders room to manage their cap table. We look for a long-term investment and / or commercial relationship but do not seek a fast exit or to ultimately acquire portfolio companies. Partnership approach: we are active supporters of the companies we work with, assisting with technical input, recruitment, capital optimisation and more. The material growth of many insurtech MGAs and carriers has led to increasing demand for (re)insurance capacity; SCOR is a transparent, long-term partner. Insurtechs in SaaS and services segments, meanwhile, have benefited from SCOR’s long-standing client relationships, while SCOR benefits from bringing knowledge, links, and expertise regarding services with genuine value to our clients. We bring value to our portfolio companies by connecting them with other partner companies, as well as with founders and distribution leads in our network. Why partner with SCOR VenturesWe believe in fewer, deeper relationships over the long term. We are flexible and collaborative in our approach, tailoring a solution to your specific needs, in partnership with other insurers, reinsurers, and investors involved in your company as appropriate. We underwrite most major lines of business and geographies globally. We have a global network including insurance licenses but not a competing retail insurance arm. Insurers are our clients, so working with us does not limit your options to associate with insurers. In selected circumstances, we can offer access to Lloyd’s or SCOR’s insurance licenses in the U.S., Europe, Asia, Brazil, South Africa, and other markets. We look to move quickly with direct access to decision makers, whilst leveraging resources and expertise to ensure our partners can build relationships with the appropriate parts of our organization.

We invest in companies that leverage differentiated technologies and scalable business models to generate financial returns and drive innovation. We believe technology will meaningfully transform all sectors of the economy, from property development, to HR processes, to new cyber security challenges. We support the growth of leaders at the forefront of these transformations. THE AVP PLATFORM PROVIDES A UNIQUE AND DIFFERENTIATED VALUE PROPOSITION ARTICULATED AROUND 3 MAIN PILLARS: A multi-stage investment remit with independent, cross-fertilized strategies A global investment platform A unique network of LPs including AXA & Equitable, key partners for business development AVP is a $1bn venture capital firm Investing in seed and early stage companies through AVP Early Stage, and in growth stage companies through AVP Capital. We partner with exceptional founders who are building great companies. In our early stage investments, we look for product-market fit and initial traction. In our growth-stage investments, we seek companies with attractive unit economics, a robust customer base, and significant revenue growth. Our relationship with AXA means unique access for our portfolio companies to:Some of the world’s best risk managers, financial advisors, and data scientists AXA’s distribution networks and client base AXA’s strong global franchises and different lines of expertise – Property & Casualty, Life & Savings, Health, and Asset Management – provide a distinctive business portfolio. AVP’s expertise in our target sectors, global footprint, and relationship with our anchor investors AXA and Equitable and other LP allow us to meaningfully help our portfolio companies realize their potential. AVP’s value proposition is tailored for entrepreneurs, case by case, to create and deliver value. AVP portfolio companies will have preferred access to AXA’s resources, including the buying power and distribution capabilities of a €100B revenue company with 107 million customers. SEVERAL PILLARS TO SUPPORT COMPANIES: Global presence and ability to help companies scale internationally Introductions to AXA and our broader network as a potential customer, partner, distributor, or even strategic partner Strong expertise in several fields (enterprise software, marketplaces, fintech, consumer technologies and all insurance / asset management related verticals) Access to AXA and Equitable’s deep expertise in insurance and asset management, as well as the specialized expertise of our other LPs.