At Beringea, we like to think of ourselves as patient, intelligent capital - providing entrepreneurs with the funding and expertise to achieve their long-term ambitions.

2025 was a year to reflect on the value of this patient approach. In the U.K., we marked the 25th anniversary of the ProVen VCTs. Over the past quarter of a century of managing these funds, our U.K. team has navigated shifting economic cycles, invested more than £440m into over 130 growth companies, and grown the shareholder base to thousands of investors. In the U.S, we’ve managed the Michigan Growth Capital Partners family of funds since 2008, and today, we collectively manage a global portfolio of 69 companies.

The success of our investment strategy will always be defined by realizing the ambitions of entrepreneurs and delivering returns to our investors and shareholders - the exits and growth rounds achieved by our portfolio on either side of the Atlantic demonstrated the exceptional value that can be delivered through our approach at Beringea.

This article shares these highlights, as well as other key milestones for our team and portfolio. Thank you to the entrepreneurs, investors, and advisers that have supported us this year, and we look forward to maintaining this momentum with you all in 2026.

New investments: Welcoming innovators to the portfolio in 2025

2025 brought four additions to our global portfolio, each addressing critical market needs through innovative approaches:

• VRAI: In February, our U.K. funds led a £4.2 million Series A for VRAI, a simulation technology company working with defence and security clients including the British Army, Irish Defence Forces, BAE Systems, and Kongsberg. This investment leverages our transatlantic footprint to drive VRAI's expansion into the U.S., the world's largest market for immersive technologies in aerospace and defence.
• InvestNext: Also in February, Beringea U.S. led a $15 million Series B round in InvestNext, a Detroit-based real estate investment management platform that has become essential infrastructure for general partners and syndicators. Supporting over 1,600 GP clients and 70,000 global investors across 105,000 active investments, InvestNext delivers the compliance automation, investor management, and operational efficiency that real estate firms require in an increasingly regulated environment.
• Limitless Travel: In April, our U.K. funds led Limitless Travel’s £6.5 million Series A - this specialist travel company empowers people with disabilities to explore the world confidently and comfortably. Since its founding in 2015 by Angus Drummond, who was diagnosed with Muscular Dystrophy at age 22, Limitless has grown revenues by more than 350% since 2022 through delivering thousands of accessible holidays and cruises.
• Cycle Exchange: Our U.K. funds closed the year with a £2.4 million investment into Cycle Exchange, the UK’s leading resale platform for premium pre-owned bikes. The funding will enable Cycle Exchange to scale its UK presence, expand its refurbishment and servicing operations, and enhance its technology platforms.

Follow-on rounds: Doubling down on growth

Our commitment to providing patient capital throughout the entrepreneurial journey was demonstrated through substantial follow-on investments in 2025:

• Sovato: Beringea U.S. led Sovato's Series B round in November, bringing the company's total funding to $41 million. Co-founded by Dr. Yulun Wang - founder of former Beringea portfolio company InTouch Health, which was acquired by Teladoc in 2020 for more than $1 billion - Sovato is pioneering remote robotic surgery. The company's system-agnostic platform can remote-enable any surgical or diagnostic robotic system, addressing critical surgeon shortages and extending expert surgical care across vast distances.
• Farmer J: Our U.K. funds participated in a £17.5 million growth round in October to support Farmer J's continued expansion across the UK and its upcoming debut in New York. Since our initial £5.5 million investment in early 2024, this rapidly growing quick-service restaurant chain has proven the power of combining responsibly-sourced, healthy food with compelling hospitality.

Exits: Celebrating successful partnerships

Three notable exits in 2025 marked successful conclusions to years of partnership and value creation:

• Lupa Foods: In January, Beringea’s U.K. funds completed a successful exit of their investment in Lupa Foods, a leading supplier to the UK food industry. The business was acquired by Geia Food, a Nordic food concept provider. Beringea delivered a 5.2x cash-on-cash return over the course of the investment, which saw Lupa Foods grow to more than £45m in revenues.
• ATLAS Space Operations: In July, ATLAS - the Traverse City-based pioneer in Ground Software as a Service for satellite communications - agreed to be acquired by the parent company of York Space Systems. Beringea U.S. first invested in ATLAS in 2020, and the acquisition represents a significant validation of the company's vision and execution.
• Micro-LAM: Beringea U.S. portfolio company Micro-LAM was acquired by IDEX (NYSE: IEX) in July for $90 million in cash consideration, plus a potential earnout of up to $12 million. Having first invested in Micro-LAM's Series B in 2020, we're proud to have supported founder and CEO Dr. Deepak Menon through this successful exit.

Portfolio milestones: Recognizing ambition and achievement

Beyond new investments and exits, 2025 saw continued momentum throughout our existing portfolio companies:

• Genomenon acquired The Jackson Laboratory's Clinical Knowledgebase, establishing a first-of-its-kind view of the genome encompassing both germline and somatic variants.
• Dentologie, the "world's friendliest dentist" brand, continued expanding beyond its Chicago base, bringing its reimagined dental experience to four neighborhoods in Seattle.
• Optilogic partnered with General Motors, the world's largest automotive company, to solve complex global supply chain decisions with real-time results monitoring.
• Authenticx launched a groundbreaking suite of AI models revolutionizing healthcare contact centers by detecting reportable events with unmatched accuracy.
• DASH Water and MOTH were both recognized at The Grocer Gold Awards 2024, with DASH crowned Soft Drink Brand of the Year and MOTH named Drinks Brand of the Year.

The Beringea Scale-Up Academy: Supporting leadership teams

Throughout 2025, we delivered a busy program of events for portfolio company leadership teams through the Beringea Scale-Up Academy. These sessions bring together founders and executives to share insights, collaborate on challenges, and learn from experts across critical growth topics.

This year’s sessions included a masterclass on accelerating B2B sales with Natasha Christie-Miller, Chair of Sifted and Director of ProVen Growth & Income, a coaching workshop with Dave Bailey of Founder Coach, and a new programme of events dedicated to deploying artificial intelligence within scaling businesses, “AI in Action”.

Beringea milestones: Strengthening the firm

2025 also brought important developments for Beringea as a firm:

• Team growth: Harry Thomas was promoted to Partner and Head of Portfolio, recognizing his critical contributions to value creation across our U.K. portfolio since joining in 2013. Harry has been instrumental in leading investments in companies like Andersen EV and MOTH, and currently serves on the boards of WiredScore, My 1st Years, Social Value Portal, and MOTH.
  
  Additionally, Ben Bernstein, Principal at Beringea U.S., was named to the "30 in Their Thirties" list by dBusiness, recognizing emerging leaders in Metro Detroit.
  
• VCT anniversaries: April marked the 25th anniversary of ProVen VCT, one of the U.K.'s longest-standing Venture Capital Trusts. As one of the largest and most experienced VCT managers, we've played a key role in an industry that has now raised more than £12.5 billion to back UK entrepreneurs since its inception in 1995 - and we will mark the 25th anniversary of our second U.K. fund, ProVen Growth & Income, in 2026!
  
• Continued fundraising in the U.K.: The ProVen VCTs raised an additional £30m to continue backing growth companies throughout the U.K., and the funds recently launched a new offer to raise up to £40m.

As we reflect on 2025, we're grateful to the entrepreneurs who continue to inspire us with their vision, resilience, and execution. Their success is our success, and we look forward to the chapters ahead.

For information, please visit www.beringea.com. If you would like to know more about our U.S. investment activities, please email info@beringea.com and contact us at info@beringea.co.uk for our U.K. investment team.

In the United States of America, Beringea operates as an SEC-registered investment advisor, Beringea, LLC. This communication is intended solely to provide information regarding Beringea’s potential financing capabilities for prospective portfolio companies and does not constitute an offer of investment management or investment advisory services by Beringea or any of its affiliates.