Family Office Growth News — February 2024 Edition

Welcome to the February 2024 Edition of Family Office Growth News!

As we continue our journey through 2024, we're thrilled to bring you the latest developments and perspectives in the Series A ecosystem and world of Family Offices. In this issue:

• Series A Wealth Watch: This month, we're showcasing three diverse companies ranging from 3D creation tools, sports entertainment, and SecOps.
• Interview with BISWANATH PATNAIK : An esteemed, global figure in sustainable investment and philanthropy, Dr. Biswanath shares his insights on investing and his strategic vision for a greener future.
• Family Office Monthly Pulse - February 2024: Our picks for the latest industry insights and content for the month of February.

As always, we begin with our Series A Wealth Watch.

Receive Family Office Growth News and other valuable insights directly to your inbox by subscribing to our newsletter. ??

Series A Wealth Watch

In our February 2024 edition we spotlight Polycam , LimaCharlie , and WIT Sports .

Polycam — 3D Creation Kit for iOS and Android Developers

• On February 10, 2024, Polycam , a leading developer of 3D creation tools accessible via iPhone and Android, successfully secured an $18 million Series A funding round.
• The round was led by Left Lane Capital and Adjacent , with notable contributions from Adobe Ventures and an impressive roster of angel investors, including executives from YouTube and Sequoia Capital .
• Innovation and Growth: Leveraging advanced computer vision and AI, Polycam is at the forefront of 3D creation and editing, offering tools that simplify the generation of photorealistic 3D assets. With a robust base of nearly 100k paid subscribers and exponential revenue growth, Polycam is setting new standards in the 3D capture and editing landscape.
• Mission and Vision: Co-founded by Chris Heinrich and Elliott Spelman , Polycam aims to democratize 3D creation by emphasizing AI-first, cloud-first, and collaboration-first principles. Drawing parallels with the revolutionary impact of the 伊士曼柯达 's Brownie camera on photography, Polycam aspires to make 3D capture as accessible as traditional photography once was.
• Future Directions: This funding will enable Polycam to further refine its innovative tools, expand its offerings, and enhance AI foundation models for 3D reconstruction.
• X-Factor: With a commitment to pushing the boundaries of the 3D creation market, Polycam aims to empower a new generation of creators and industries with cutting-edge technology.

WIT — Elevating Fan Engagement to New Heights

• On February 14, 2024, WIT, a trailblazing digital activation platform for sports and entertainment, announced the successful closure of its Series A funding round, led by McCarthy Capital .
• Foundation and Growth: Founded in 2021 by Vaidhy Murti , WIT has revolutionized fan experiences, creating immersive digital engagements that have featured on ESPN and Sunday Night Football , including an arcade-style game for the NFL's Super Bowl LVII halftime commercial.
• Impact: WIT's platform facilitates the creation of sleek, branded digital campaigns swiftly, fostering deeper connections with fans while gathering valuable first-party data.
• Future Vision: With the fresh influx of capital, WIT plans to scale its operations, further product innovation, venture into new market segments, and bolster its team. An upcoming Fan AI product launch highlights WIT's commitment to remaining at the forefront of digital fan engagement.
• X-Factor: WIT distinguishes itself by offering a seamless solution for sports teams and brands to amplify their fan engagement digitally, backed by a rapid growth trajectory and an innovative approach to capturing fan interest and data.

LimaCharlie — Reinventing SecOps with Cloud Innovation

• LimaCharlie , hailing from Covina, California, announced a $10.2 million Series A funding round on February 14, 2024.
• Collaborative Investment: Joining Sands Capital in this funding endeavor were CoFound , Long Journey , Lytical Ventures , Myriad Venture Partners , StoneMill Ventures , and Strategic Cyber Ventures , all united in their belief in LimaCharlie's vision and potential.
• Mission and Momentum: Since its inception in 2018, LimaCharlie has been at the cutting edge of the SecOps industry, providing a cloud platform that empowers security operations with unparalleled efficiency and scalability.
• Vision for the Future: LimaCharlie's commitment to reshaping the security landscape has garnered the support of visionary investors like Lucas Nelson of Lytical Ventures, who praises the company's innovative approach to advancing the security sector.
• X-Factor: With its unique vision and the backing of a strong consortium of investors, LimaCharlie is poised to make significant strides in SecOps, promising a more secure and efficient digital world.

Are you a Seed or Series A founder with a compelling story to tell? DM Ryan Austin now for a chance to be featured in our next edition.

Be the sustainable change: Dr. Biswanath's Green Vision

In the dynamic world of sustainable investment, BISWANATH PATNAIK stands as a formidable figure. As the Founder and Chairman of Finnest Group , a Global BNP Group Company, he directs early-stage investments towards sectors primed for growth and positive change, such as renewable energy, healthcare, and smart cities.

Dr. Biswanath's transition from a seasoned banker to a pioneer in renewable and sustainable energy sectors encapsulates a journey of ambition, foresight, and effective action.

"Our commitment at FinNest is to see AI, renewable energy, and smart technology as symbiotic forces reshaping our world," he states, underscoring the foundational ethos of his mission. FinNest has earmarked over $10 billion USD for projects that not only promise returns but also foster community development and environmental stewardship.

Global mission, local impact

Dr. Biswanath's vision extends well beyond traditional boundaries, with investments impacting diverse communities from India to Poland and the UK. A notable example of this expansive vision is the investment of approximately $54 million in November 2023 to establish EV and hydrogen manufacturing units in Odisha.?

This venture is a testament to FinNest's comprehensive strategy, aiming for significant advancements towards sustainability.

"Our mission is global, but our impact is local. By focusing on IT-enabled solutions for energy conservation and the development of sustainable infrastructure, we're not just investing; we're transforming communities.”?

This global perspective underscores FinNest Investment's philosophy: impact investment that respects and utilizes local contexts to drive global sustainability.

Broadening Horizons: Pioneering Sustainability Across Borders

The expansion of FinNest Investment into new arenas like sports, healthcare, and smart cities signifies Dr. Biswanath's holistic view of sustainability.?

"Our foray into these sectors is driven by a belief in the interconnectedness of all things. Sustainable practices in sports, healthcare, and urban development can catalyze broader societal shifts towards green living.”

Projects in Dubai, Japan, and India are not just investments but are part of a larger narrative of sustainable development that transcends cultural and geographic boundaries.

Empowering Family Offices: A Blueprint for Sustainable Investment

Dr. Biswanath's advice to family offices is practical, emphasizing the critical role of human capital: "The caliber of your team directly influences your capacity to drive change."?

For family offices looking to venture into sustainable investments, Dr. Biswanath suggests a meticulous approach.

"Begin with identifying projects that not only offer financial returns but also align with your values. Sustainability is a broad field; find your niche and leverage your investments to make a tangible impact."

This strategy of targeted, principle-driven investment enables family offices to contribute meaningfully to the transition towards a sustainable future.

Philanthropic Endeavors

Dr. Biswanath's philanthropic endeavors reflect a deep commitment to making a meaningful impact, highlighted by his active support for UNESCO and contributions to various Indian causes. As the Chairman of the Social Action Foundation's international committee in Delhi, he directs efforts towards providing vocational training and education to underprivileged children.

A testament to his commitment is his recent pledge of approximately $30 million towards constructing a Jagannath Temple in London, one of the most significant contributions to a temple project outside India. Reflecting on the importance of such initiatives, Dr. Biswanath states, "The future we envision is not guaranteed. It is sculpted by the decisions we make today," emphasizing the critical role of philanthropy in shaping a sustainable and equitable world.

FinNest: Be the Sustainable Change.

Dr. Biswanath's journey and leadership at FinNest serve as a beacon for sustainable investment, demonstrating how strategic foresight and commitment can drive significant environmental impact.

"Our choices today shape our world tomorrow. It's imperative for investors and family offices to embrace their role in sculpting a sustainable future."

For more on Dr. Biswanath and FinNest, visit www.finnest.co.uk.

Looking to elevate your startup? Arondight Advisors is your gateway to the Family Office & UHNWI community. Connect with us today. ??

Family Office Monthly Pulse: February 2024

A snapshot into this month's insightful reports, articles, and upcoming events.

1. Family Office List MasterClass Featuring Ron Diamond: "Unlocking the Secrets of Family Offices"

Hosted by Danielle Patterson , a recent webinar with Ronald Diamond , the founder of Diamond Wealth , offered valuable insights into the evolving landscape of family offices. Diamond, who advises over 100 family offices, discussed their growth, challenges, and the future of wealth management.

Key Insights:

1. Growth Trend: The sector's rapid expansion, particularly post-2000, underscores a shift towards strategic wealth management. Sustainability across generations remains a critical challenge, emphasizing the need for adaptability and strategic governance.
2. Patient Capital: Family offices' ability to invest with a long-term view gives them a unique advantage, allowing for strategic partnerships and investments that align with family values and goals, rather than short-term gains.
3. Impact Investing: There's a noticeable shift towards impact investing, driven by a generational change in investment philosophy. Family offices are increasingly leveraging their wealth for positive social outcomes alongside financial returns.
4. Educational and Collaborative Initiatives: Programs like the Family Office Initiative at the University of Chicago Booth School of Business highlight the sector's move towards shared learning and networking, aiming to equip family offices with essential tools and knowledge for effective wealth management.

Diamond's discussion points to a future where family offices not only manage wealth but also contribute significantly to societal change through strategic investment practices.

?? Watch the full MasterClass here

2. KKR Insights: Family Offices Embracing Alts Amid Turbulence

In the evolving landscape of global capital markets, characterized by a dip in activity, a recent KKR survey highlights a notable trend among top Chief Investment Officers within its family office network. Contrary to the broader market’s cautious stance, these CIOs are gearing up to increase their stakes in Alternative investments in 2024, eyeing the illiquidity premium as a strategic lever for wealth compounding and tax-efficient capital growth. With a pronounced focus on Private Credit, Infrastructure, and Private Equity, these family offices are adjusting their portfolios, moving away from Public Equities and Cash to fund these ventures.

Our top five takeaways from the KKR 2023 Family Capital Survey:

1. Increased Allocation to Alternatives: Family offices plan to increase their exposure to alternative investments in 2024. The average allocation to alternatives is 52%, a rise of 200 basis points from 2020.
2. Shift Towards Real Assets: There's a notable shift towards real assets, including real estate, infrastructure, and commodities. The allocation to real assets has increased by more than 200 basis points in 2023, reaching 15% of total assets, up from 13% in 2020 and 11% in 2017.
3. Preference for Private Credit, Infrastructure, and Private Equity: CIOs are most focused on increasing exposure to Private Credit, Infrastructure, and Private Equity. To fund these investments, there's an intention to reduce allocations in Public Equities and Cash.
4. Growth Mode and Strategic Partnerships: Many family offices are in major growth mode, adding investment, risk management, and product expertise. They are looking to partner with the "right" GPs across regions and sectors where they may not have as much in-house knowledge.
5. Leveraging Long-Term Focus for Competitive Advantage: There's a clear desire among CIOs to leverage their long-term focus and operating expertise to build competitive advantage versus more passive pools of capital across the global capital markets.

?? Download the full report here

?? Don't miss out on next month's pulse! Subscribe now.

Closing

Thank you for reading the February 2024 edition of Family Office Growth News.

As we forge ahead into the year, we're eager to bring you more exclusive interviews, comprehensive analyses, and the freshest insights into Series A investments and family office strategies.

We encourage you to share your thoughts and feedback – whether through a comment below or a direct message to Ryan Austin.

Stay tuned for our upcoming editions, where we'll continue to spotlight industry pioneers and emerging trends. ??

Best regards,

Ryan Austin

Founder, Arondight Advisors

Email: [email protected]

Disclaimer:?This publication is created and distributed by Arondight Advisors and may not be construed as investment advice. This newsletter does not provide an analysis of any company’s financial position and is not a solicitation to purchase or sell securities in any company. Arondight Advisors is an investment research and marketing firm, and not a registered broker dealer.