Portfolio updates

This is such an exciting development for us. With eatclever, we have acquired the virtual brand delivery market leader across Germany, Austria and Switzerland, which is a tremendous opportunity to increase our presence in central Europe. We’re thrilled to bring eatclever’s excellent selection of brands under the Peckwater umbrella. In the past 12 months we’ve greatly accelerated our international expansion, boosted by our Series A funding round last summer. We’re now in seven new markets and working with hundreds of new clients – kitchen operators across Europe. The DACH market is a promising new arena for us, and this acquisition further cements our position as Europe’s leading virtual food brand operator.

Sam Martin Co-founder and COO of Peckwater Brands

Peckwater Brands expands further into Europe

Since we backed Peckwater Brands in 2021, the business has continued to go from strength to strength.

Peckwater launched less than three years ago but has rapidly built an offering of virtual food brands found on third-party delivery platforms such as Deliveroo and Just Eat.

The business has acquired Hamburg-based eatclever, which serves the DACH region, covering Germany, Austria and Switzerland. The deal adds a further 100 sites to its portfolio.

The international expansion has been fuelled in part by a £15 million Series A funding round completed in June 2022, backed by Pembroke VCT, Stonegate Group, SBI Investments and Fuel Ventures.

This acquisition is the company’s second in six months having bought Honest Food Company from Delivery Hero in September 2022. Following the latest acquisition, Peckwater and the brands under its ownership will operate across 12 countries spanning Europe, North America and Asia.

Having been named as an Official Supporter for the Paris 2024 Olympic and Paralympic Games last year, OnePlan continues to go from strength to strength. The innovative platform launched only four years ago yet has helped create over 25,000 events worldwide.

OnePlan has announced a new partnership with World Obstacle, another International Federation. The business is soon to establish a partnership with USA Triathlon, extending its reach and impact within the sports industry. The event tech business also won Best Festival Technology at the 2022 Event Technology Awards for the third year running.

There are many reasons why Hackney Gelato is the UK’s fastest-growing ice cream brand – strong team, fantastic new product development and numerous new listings. But the main reason why Hackney Gelato is a step ahead of the rest is that before its products were sold in shops, they were served in restaurants.

The brand’s first customers were chefs. Top chefs are precise and demanding. The gelato therefore had to be exceptional to make it onto their menus. And it still is today, proven by the brand’s 40 Great Taste Stars and number one ranking for ice cream brands on Ocado.

Since 2015, Smartify has been the go-to destination for arts and culture lovers to learn more about the artwork they’re looking at. The museum app, which can instantly identify over three million artworks, doubled its revenue in 2022 and expanded the business by offering merchandise.

Smartify has launched a new version of the app, implementing a brighter and more accessible design. The new tech includes an updated analytics engine with a revamped dashboard that gives Smartify’s partners more control over their collections.

The business launched an audio guide for the Royal Academy of Arts’ major exhibition, Spain and the Hispanic World. Smartify has provided a bring-your-own-device solution that makes the guide transaction as smooth as possible: fully integrating with ticketing and using QR codes to make the walk-up transaction quick and easy.

The business has also expanded its offering to include merchandise, selling art prints and limited editions, from some of the biggest cultural institutions around the world. Whether you are looking for a Van Gogh to hang in your living room or a new hoodie for the winter, Smartify have got you covered.

Dropless is one of the fastest growing mobile fleet repair, maintenance and valeting businesses in the UK. The business has developed the technology, techniques and workforce to bring the car servicing industry into the modern era with a digital and sustainable approach. They recently closed a successful £1 million Seedrs funding round, which was overfunded by 116%.

Dropless is continuing with its strategy shift towards an increased focus on B2B. An agile and tech driven way of working, combined with excellent customer service and environmental credentials make Dropless stand out from its competitors. The rapid service delivery minimises downtime for fleet customers and facilitates extensive cost savings and improved customer satisfaction. B2B revenues have as a result increased eightfold in the last 12 months.

The successful shift to B2B demonstrates the company’s ability to be agile and ensures the business moves towards more robust and scalable income streams.

We are looking forward to seeing what the remainder of 2023 brings for Dropless as it continues its impressive sustainable growth.

2022 has been an exceptional year for LYMA. After 18 months of regulatory compliance the LYMA Laser was granted U.S. FDA clearance in May – the first ever, clinic-grade beauty laser to be cleared by the FDA for home use. On the day of launch LYMA received over $1.5 million of orders and the device is now a firm favourite for Hollywood A-listers including Kate Hudson, Kim Kardashian and Naomie Harris. The demand from the US exceeded expectations and has raised awareness of the brand to help drive 100% growth in the year.

During 2022, LYMA achieved B-Corp certification, the first beauty device manufacturer to achieve this. It has won numerous awards, including ELLE Future of Beauty and Marie Claire’s Best Luxury Skincare Device, while also winning categories in Ebony magazine and Harper’s Bazaar.

It has also been a strategic year in the development of the business. LYMA has scaled up the team, implemented a global supply chain infrastructure and accelerated new product development. Looking ahead to 2023, LYMA will be launching additional products to support its ambition to become the world’s first superbrand of wellness.

BOAT International is operating well beyond pre-pandemic levels, with events and bookings accelerating through to 2023. This includes the Monaco B2B events and the BOAT International Party, which were both sponsored by Neom at £1.4 million. Events are expanding rapidly with 39 executions scheduled for this year.

In 2022, BOAT reported the highest full-year revenue since 2008. The business has already forecast 2023 to deliver high-revenue growth, mainly due to the additional event offerings, including a new on-water event in the Caribbean. Digital revenues are accelerating with a focus on more creative solution sales, including a new luxury revenue stream which builds engaging visual stories through spectacular web content.

Cydar Medical is poised to enter a pivotal stage. We are actively leveraging our one-of-a-kind platform and capabilities to rapidly expand our intelligent surgical maps offering through additional value-add capabilities and the growth of our user base. As we strive to realise our vision of creating a comprehensive ecosystem of products, tools and services to elevate healthcare delivery, Cydar’s technology platform will be the foundation for a future of successful surgeries.

2022 was a transformative year for Cydar Medical, a cloud-based surgical software company with a global reach. By leveraging cutting-edge artificial intelligence technology, Cydar provides novel integrated solutions to every step of the patient journey in image-guided minimally invasive surgery (MIS).

This year, Cydar successfully completed a Series A funding round, raising over £9.3 million, including a £3 million cornerstone investment by Pembroke. With these funds, Cydar will be able to expand its capabilities and further propel its 3D surgical maps product, Cydar EV Maps, internationally.

This year, Cydar will complete the development of more advanced product features, using AI to allow clinicians anywhere to access insights from past procedures globally to better inform and optimise patient care decisions.

In January 2023, Cydar appointed Ken Hitchner as Non-Executive Chairman. He brings over 30 years of strategic healthcare advisory experience, having held a number of senior positions at Goldman Sachs, including Global Head of its healthcare banking activities.

For the third year running, Popsa was included in the prestigious ‘Deloitte’s Top 50 UK fastest growing companies’ list – a fantastic achievement by the whole team.

In November last year, the business launched Popsa for Web, allowing customers to order Christmas ornaments. Product development is happening rapidly: the Photo Tiles product is now live on this platform and Photobooks will be launched in Q2 2023.

In December 2022, Popsa recorded its most profitable month ever, beating the previous most profitable month – November 2022! The US continues to be its largest market.

Secret Food Tours continues to impress with significant growth after having mothballed during Covid-19. The business has beaten its pre-pandemic numbers by 40% so far and is aiming to grow another 50-70% this year.

Secret Food Tours recently acquired one of its competitors in Miami, Art Deco Tours and Little Havana Tours, and is successfully integrating it into the business.

The business plans to expand further by launching in several new cities around the world, including Milan and Seattle, while searching for more acquisition targets.

The business launched partnership schemes with Vodafone and the Nextdoor app. The Vodafone partnership proved very successful in providing customer traffic to Popsa’s recently launched web app.

Most importantly, Popsa continues to strengthen its drive to be a first-party data company. Customers are augmenting their photo library data by manually adding personal data to the Popsa platform, such as birthdays, anniversaries, and the names and relationships of people close to them. The company calls this the ‘Popsa Experience Graph’ and anticipates this could evolve into something as powerful as Facebook’s social graph over time.