HERMESA

Happy 5th Birthday to Team Byway! HERmesa first invested in Byway’s pre-seed round 4 years ago and we are so impressed how far Cat Jones and team have come on their mission to make flight-free travel mainstream. That’s why HERmesa investors turned out in great numbers at Byway’s 5th birthday party yesterday to celebrate in style with the team and the many supporters and partners. We are proud to be part of the journey and excited to see Byway continue to transform the travel industry. Deborah Gruenberger Wibke Stoffers Kate Marston Tatyana Staneva Reema Desai Glenda Levin Emma Blackburn

We are a network of operators at HERmesa and always incorporate relevant experts in due diligence. For our recent investment in Sourcerie, it was critical to get to conviction on the team. And we were fortunate to be able to call on Adele Lim, a seasoned HR, finance and strategy executive with a wealth of experience in the design and delivery of talent and leadership assessments and strategic people planning for companies of all sizes including blue chip multinationals, to lead our deep dive into the team and deal. Q: Adele, what impressed you about Sourcerie? A: Having been in finance, people and culture for over 20 years in international corporate, hiring and building teams and having climbed the learning curve of the startup scene, I’m super impressed by how Kristin Cardwell and Alex Beyer work as a power duo, to bring Sourcerie to this stage of fundraising. Between them they bring a wealth of startup and scaleup experience across tech, ecommerce, and consumer. With Sourcerie, they successfully pivoted the original business by combining research, team strengths, talent and network. Pre-money valuation is great, market and innovation potential pretty sizable, but most importantly for me, the team has a strong foundation under the leadership of the co-founders. Q: Is there a key highlight or insight from the diligence process that you can share? A: HERmesa’s due diligence process has always been comprehensive. When we sensed this to be an active existing market and ‘red ocean’, we ramped up our deep dive into both team and deal risks. The outcome of this process was much deeper understanding and clarity on the opportunities, resulting from well understood risks.  While there are existing insights and research solutions that serve consumer companies, it's still a largely archaic industry, ripe for disruption and not fit for e-commerce first businesses. And there are little to no players properly serving the mid-market segment, which is growing. Sourcerie's fundamentals are strong, particularly early product market fit. Even when we put the scenarios under more conservative terms, the deal stacks up, and the anticipated payout with a sustainable build for long term growth is only 7 years. This is exciting. Q: What excites you the most about HERmesa's investment in Sourcerie? A: Seeing the company step into this next phase of growth with the right support behind it. With a founding CTO now fully on board, product development will accelerate, and the tech and product team will be able to build and scale at a much faster pace. I am proud to be part of the HERmesa community, dedicated to backing underfunded founders - especially women - who are building transformative companies. I am a big believer in supporting passionate innovators with a clear purpose. This is what makes this investment especially meaningful, and I’m excited to see Sourcerie drive real impact.

HERMESA are thrilled to announce that we recently completed an investment in customer community and intelligence platform Sourcerie as part of their over-subscribed pre seed extension that also saw follow-ons from lead investors Playfair Capital and Vorwerk Ventures. Sourcerie count fabulous consumer brands such as The INKEY List | B Corp, Kitsch and Blueland amongst their customers. We sat down with co-founder Kristin Cardwell to talk about the fundraise and why she wanted HERmesa on her cap table. Q: What are some of the key things the funds from this round will enable you to do? A: This round has propelled us forward in three key areas: - First, we’re rolling out our upgraded 2.0 platform to all of our existing customers. We built this platform hand-in-hand with our earliest brand customers, retaining 100% of them, and earning top CSAT scores. Now, we’re focused on making our platform and service even more scalable and repeatable, so we can maintain that high satisfaction as we grow. - Second, we’ve brought our incredible CTO, Ben (ex Palantir, Netcraft, Optimal Labs, & Oxford CS), on board full-time. A world class engineer in data systems, applied AI, and complex analytics, Ben’s leadership is already accelerating product development and scalability. - Finally, this round has helped us to accelerate our commercial traction as we move from finding product-market-fit, to serving more and more customers. Q: Why did you want HERMESA on your cap table? A: For us, this was about more than capital - we were already oversubscribed and closing our round when we spoke with HERmesa. Alex and I are deeply committed to driving more female generated wealth, so bringing more women onto our cap table was a no-brainer. Beyond that, we value diverse operators-turned angels - individuals with hands-on experience, deep industry insight, and extensive networks that align with our ICP. For this reason, the collective expertise of the HERmesa network makes them a valuable strategic partner as we scale. Q: What has been your experience working with HERmesa so far? A: Our experience with HERmesa has been incredibly positive. From the very first conversations, we were struck by the caliber of their angel investors - each with an impressive track record. Their engagement and thoughtfulness throughout the process reinforced why they are such a strong network to have on board. As founders, rigorous due diligence isn’t just a test - it sharpens our thinking and strengthens how we structure strategy for our own team. We’re excited to have HERmesa on board, and to be able to leverage their expertise and connections to accelerate our growth. 

It is time to meet another HERMESA Member of the Month! We are thrilled to introduce Ncheta Dasilva. Tell us about yourself! I’ve been a finance director for creative agencies for over 10 years, flitting between large networks to founder-led independents, each requiring differing mindsets and attitudes. I’ve co-led a DeFi Investing club for over 2 years, curating investment themes from whitepapers, strategies & research methodologies for the wider SheFi network. My passion for fitness and wellness led me to run a sustainable activewear brand 7 years ago, working with London’s manufacturing district and a global charity supporting survivors of war. Q: What brought you to angel investing and HERmesa? A: The power of networks ultimately. I joined Andy Ayim MBE ’s Angel Investing School during covid, after a fellow panellist on speaking engagement I was on recommended it. HERMESA was one of the angel networks recommended by Andy, the HERmesa mission really resonated with me, and I’ve been a member ever since. I’m excited about the future plans revealed at the recent AGM! Q: Can you share a key highlight or learning on your angel investing journey so far? A: I’ve loved the option to collaborate with fellow investors during the due diligence process at HERmesa. I’ve participated in deep dives of some potential deals with subject matter experts and the insights gained have been invaluable in determining whether or not to write a cheque. I love the opportunity of learning together. Q: Can you tell us about your investment thesis and some of the companies you have invested in? A: It’s certainly evolved over the years. But first and foremost, it’s my conviction in the founder(s)’ vision and in their ability to execute and deliver on their mission.  The mission must solve a painful problem in markets with high growth potential. I have invested in Anya, Code First Girls and some recently closed deals yet to be announced 😉. Q: What would you say to others who are thinking about becoming angel investors? A: If you’ve done your research on the risks involved with your capital and are willing to take long-term implicit bets on innovative start-ups that align with your world views, then go ahead. Joining a syndicate or investment group can be a great way to learn the ropes and build networks with other investors and entrepreneurs.

We run a thorough due diligence process at HERMESA, and our sector experts play a vital role in assessing and validating opportunities. For our recent investment in By Rotation, we had the perfect sector expert in accomplished retail executive  Stephanie Wetmore! ✨   Stephanie was recently an international consultant for The RealReal, the world’s largest luxury consignment marketplace. Previous to that, she was the Managing Director of a luxury footwear brand Piloti Shoes Inc. where she led the turnaround effort and successful sale and now advises companies across luxury, retail and sports on strategy and branding. She is also HERMESA’s retail and consumer sector expert. Q: What impressed you about By Rotation? A: I was immediately struck by how effectively By Rotation has distinguished itself in the competitive second-hand fashion marketplace. In just a few years, the platform has grown to over 400k users with more than 100k designer fashion listings. This remarkable success can be attributed to the vision and dedication of its founder, Eshita Kabra. Her passion for the brand is evident in the vibrant community she has built through authentic, organic engagement. Additionally, I was impressed by the company's diverse cap table, as well as the depth of expertise within its Board. Q: Is there a key highlight or insight from the due diligence investment process that you can share? A: I was thoroughly impressed by Eshita’s exceptional ability to run a lean and efficient business. Unlike its competitors, By Rotation’s streamlined operational model enables a strong focus on community engagement and organic brand awareness, solidifying its position as the 'world’s largest shared wardrobe.' This agile model, combined with Eshita’s unique approach to fostering community connections, empowers By Rotation to expand rapidly into new markets with minimal operational overhead. Q: What excites you the most about HERmesa's investment in By Rotation? A: Our investment positions us at the heart of an exciting and rapidly growing market. While fashion resale has long been established, the rental market is emerging as a dynamic and transformative segment within the industry. With projections estimating it will reach $167 billion by 2030, growing at an impressive CAGR of 24.5%, the opportunities in this space are immense. By investing in this market, we are not only supporting a sustainable and environmentally conscious business model but also aligning ourselves with a forward-looking industry poised for significant expansion. This strategic investment reflects our confidence in the rental market’s potential to reshape the future of fashion while driving both financial and social impact.

HERMESA is excited to announce that we recently completed an investment in peer-to-peer fashion rental platform By Rotation, the world’s largest shared wardrobe. Eshita Kabra and team, welcome to the HERMESA portfolio! We are thrilled to support you. HERmesa sat down with By Rotation Founder Eshita Kabra to talk about the fundraise and why she wanted HERMESA on the cap table. Q: What are some of the key things the funds from this round will enable you to do? A: We're excited to continue scaling By Rotation up in the UK, US and more recently - launch in the Middle East. We're also looking to build out another revenue stream in our business through technology - watch this space! Q: Why did you want HERmesa on your cap table? A: HERmesa has a very high calibre of experts that co-invest together in some of the best early stage deals. I was especially excited to have Stephanie Wetmore on our deal who has years of international experience working in the secondhand luxury space in particular which is highly relevant to us. Q: What has been your experience working with HERMESA so far? A: I've been hugely supported, encouraged and given the room to grow since we brought HERmesa on-board, and I feel like I have found myself a new network of experts who are cheerleading By Rotation in further fields!

Really thoughtful post about fundraising expectations (of founders & investors) vs the amount of money you really need to raise leveraging AI to build your startup. Sharing both for HERMESA angel education as well as for founders following us...

It is time to meet another HERmesa Member of the Month! We are thrilled to introduce you to Jami Jenkins ✨ Q: Tell us about yourself. A: I started working as a stock trader in 2007, and as I made gains in the stock market, I diversified into real estate, and then wanted to further diversify into new currencies and new asset classes, so venture capital and the fantastic start-up investment opportunities in the UK with EIS and SEIS were the perfect next step. Since 2014, I have invested in about 35 businesses and in 2018 I joined Ascension, a leading Seed to Series A VC, as a Venture Partner. Q: What brought you to angel investing and HERMESA? A: I learned about HERmesa through working with Ascension. The concept of women investors coming together to support female founders seemed exactly what the world needed yesterday, now and always! Women are very hard workers, sensible, seem to leave no stone left unturned and anyway I noticed that I was always leaning toward female founders with each of my investments, so why not join a group like HERMESA and show support at scale? Q: Can you share a key highlight or learning on your angel investing journey so far? A: One of my biggest problems is getting so excited about a founder, business, team, product that I constantly reinvest. While that can be a good approach, one has to remember that most startups fail, and I have had to suffer the bitter loss of money alongside disappointment that these wonderful ideas won't come fully to fruition. My lesson learned is to spread the investment, diversify, and try to give as many amazing women and ideas a chance as the budget allows. Q: Can you tell us about your investment thesis and some of the companies you have invested in? A: My investment thesis is simply to invest in "do I want this to exist in the world and do I believe in the team." Through HERmesa I have invested in CheMastery Group Ltd, a hardware solution which innovates the entire INDUSTRY of chemistry, and Valla, a legaltech, DIY platform which empowers people with the tools and support they need to stand up for themselves. Outside of HERmesa, I have invested in AI, IoT, fintech, legaltech, ecommerce and my two particular favorites - clean energy and health. My portfolio covers the United States, Europe, the UK, New Zealand, and Australia. Q: What would you say to others who are thinking about becoming angel investors? A: I would say keep in mind the disclaimer: "investments of this nature can lead to complete loss," but, if you have some  extra money, and you want to be part of something bigger than yourself, support good ideas & good people, and try to throw your oar and your money into the change you want to see in the world - then why not go for it? With EIS & SEIS in the UK, the risk is mitigated and the tax reward is immediate. You increase your network and get exposed to people and ideas which help you develop personally, too. In this sense, there never is a complete loss.

Great post from HERMESA member Deborah Gruenberger about the failure of her first angel investment. Thoughtful insights about the risks of investing at a very early stage. To mitigate this risk, all experts tell us to build a portfolio of investments - as Deborah has done - so the eventual winners compensate for the inevitable losers.

HERMESA are a community of operators-turned-angel investors and leverage our members’ sector expertise to screen, diligence and support companies. For our most recent investment, into Béa Fertility, we had the amazing support of our very first mother-daughter investor duo, Natalie and Phoebe! Phoebe Greenwold is a chartered accountant by training and an investment analyst with experience investing in early-stage startups and listed equities. Natalie G. is a specialist obstetrician at UCLH and founder of Medical Aid Films, a charity focused on using animation to prevent infant and maternal mortality in low resource areas. Both are passionate about women’s health. Q: What impressed you about Béa Fertility? A: We were inspired by Bea’s mission to increase accessibility to fertility care by offering a much more affordable first line alternative to existing solutions. The opportunity for defensible intellectual property within the company, combined with the substantial end-market potential, particularly excited us. Bea’s approach of enhancing well-established fertility treatment protocols while prioritising users' needs, enabling them to access care conveniently from the comfort of their own homes, impressed us. Q: Is there a key highlight from the due diligence process that you can share? A: We were greatly impressed by Tess Isabelle Cosad’s resilience and determination, which was evident throughout the process and when digging into the journey of Bea Fertility thus far. Tess isn’t afraid to make tough decisions, and it was clear she has a deep understanding of the market dynamics she’s looking to expand into. Q: What excites you the most about HERMESA's investment in Béa Fertility? A: Bea Fertility has the potential to disrupt the fertility industry and create an entirely new category within it. We’re excited about the meaningful impact Bea could have in transforming fertility care and making a real difference in people’s lives.