June 20, 2025 · 10:58AM

Q1 2025 Portfolio Report

Time to check in on the Republic portfolio. Here's a breakdown of how Q1 2025 shaped up.

State of portfolio
Q1 2025

Total assets*

1,072 +29

Total Invested, Lifetime**

$962,876,521

Portfolio company	allocation	total invested	asset count
R/Portal	direct	$235,241,756	521
R/Capital	direct	$639,831,419	255
R/Europe	case-by-case	$58,129,398	209
R/Ventures	case-by-case	$29,653,828	87

* Republic operates a number of regulated entities globally that have facilitated offerings and/or deployed capital in over 1,000 early to late stage companies. Not all of these companies, however, tie into the Republic Note or distributions related thereto. Please review our latest filing for full disclosures and our Republic Note Disclaimer.

** Total amounts represent aggregate capital raised across Republic Portal and Republic Europe, plus investments made through Republic Capital and Republic Ventures. Republic Europe contributions of £44,943,011.83 were converted to USD at $1.29385 USD to 1 GBP exchange rate. The total invested amount excludes companies that have exited or been written off.

Portfolio additions

Portfolio company	Industry & Division	Amount
Arksen	Consumer R/europe	£72,613
Base8	web3 R/portal	$76,989
Coign	fintech R/Portal	$2,333,567
Cookaway	consumer R/europe	£39,133
Earth Funeral	enterprise R/ventures	$102,250
E-Vittles	consumer R/europe	£25,214
Fantacycling	consumer R/europe	£77,619
Fantasy Football Hub	consumer R/europe	£33,154
Figure AI	AI & ML R/ventures	$2,414,600
For The Creators	consumer R/europe	£86,100
Groundfloor	fintech R/Portal	$1,233,278
Healerverse	Health R/Portal	$53,772
HowNow(prev. Wonderush)	enterprise R/europe	£12,742
IP3	web3 R/Portal	$84,900
Lemonade Dolls	consumer R/europe	£119,287
ManiLife	consumer R/europe	£80,776
Metallobio	Health R/europe	£286,532
OceanSaver	consumer R/europe	£196,005
Origen Carbon	consumer R/europe	£197,629
Our Pets Life	consumer R/europe	£69,227
PARLA	consumer R/europe	£97,397
Plum	fintech R/europe	£70,439
Reality Games	consumer R/europe	£559,514
Samudra Oceans	consumer R/europe	£120,392
SharpMed	Health R/Portal	$212,860
SorbiForce	enterprise R/Portal	$389,639
Stamp Free	enterprise R/europe	£408,105
SunTrain	enterprise R/Portal	$112,400
Waken	consumer R/europe	£80,132
WAX & Killing Kittens	Consumer R/europe	£59,693
Wild Hydrogen	consumer R/europe	£306,682
Zero-Gravity	aerospace R/Portal	$280,425
32 Biosciences	Health R/Portal	$509,498

Portfolio deductions

Type	asset count
Liquidation	3
Write-off	2

Dividend pool

Total dividend pool total, Q1 2025

$1,730,000+

Growth in q1 2025

$19,461

Featured additions

Coign

Coign is a fintech credit card platform built for conservatives, offering 1% cashback and directing funds to user-selected conservative charities. Launched in 2022, it has processed over $148M in card spend and grown its valuation from $25M to $105M. Coign acquires users efficiently via conservative media channels and plans to expand into money market accounts and business credit cards. It targets a large, underserved demographic in the financial sector.

raised

$2,333,567

r/portal

fintech

Figure AI

Figure AI is a robotics company developing humanoid robots designed to operate in human environments. Its flagship, Figure 02, is deployed in industrial settings and features onboard AI for real-time learning. The company operates its own high-volume factory, has partnerships with BMW, Microsoft, and Nvidia, and is on the cusp of securing $1.5B at a $39.5B valuation. It aims to produce and deploy 100,000 humanoid robots over the forthcoming years.

raised

$2,414,600

r/ventures

AI & ML

Reality Games

Reality Games is a mobile gaming studio known for Landlord Tycoon and Monopoly World. The company holds exclusive rights to develop location-based Monopoly games with AR integration, providing unique "walk-to-earn" mechanics. With a proven track record and recent €4.3M funding, they aim for aggressive global growth, targeting $10B in revenue over the next five years.

raised

$2,414,600

r/europe

consumer

32 Biosciences

A life sciences company that transforms gut microbiome science into diagnostic and therapeutic solutions. Combining the expertise of leading microbiome researchers and cutting-edge NIH-funded research, 32 Biosciences is developing the first standardized, quantitative diagnostic tool for gut microbiome health, GB-0001, and therapeutics like CS-0003.

raised

$509,498

r/portal

health

Groundfloor

Groundfloor is a pioneering real estate investing platform that democratizes access to real estate crowdfunding. With a minimum investment of just $10, it allows both accredited and non-accredited investors to invest in short-term, high-yield real estate-backed debt. Groundfloor is SEC-qualified and offers fractional ownership, innovative tools, and no management fees. It currently has over 270,000 users and $300 million in assets under management.

raised

$1,233,278

r/portal

fintech

That’s a wrap for our Q1 2025 portfolio update.

We're always looking to improve—what topics or insights would make these updates more valuable for you? Let us know in the comments.

Discussion

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12 days ago

Where can I get the downloadable version of the current portfolio?. It has been available in the past.

0 Like Reply

@james-hollinger Hi James! You can find the full portfolio in PDF format here: uploads.republic.com/p/documents/attachments/original/000/017/291/17291-1751469569-305402b376460044af8c7cd13e815fd41636d8b8.pdf

12 days ago

0 Like

12 days ago

15 days ago

its been trying to say the least with transparency out of this crowd. I'm not satisfied with the wallet, the valuation of Note and a number of other nuances. They did however get my immediate attention with the tokenization of some leading tech companies. Cathie Woods has ARKVX fund which allows exposure to these companies. Republic has a close association to INXDF which if the tea leaf reading is correct will be their avenue to the market place and a liquidity event for basically all of crowdfunding. ATS and RWA are the apparent future. Buckle up, do your research and hold on tight, it's not too far around the corner in my opinion.

1 like Reply

@roger-evans-1 Hi Roger! Appreciate the support and yes, we're very focused on delivering innovation on the tokenization front! The Mirror tokens represent exactly the kind of innovation we believe positions Republic for the future of digital assets. Would love to know more about your wallet experience. Would love to know more about your wallet experience - we're always working on improvements

12 days ago

0 Like

12 days ago

22 days ago

Invest, Invest, Invest. I have for many years now. Where are the dividends, dividends, dividends ? Show me the money, I am ready to cash out.

0 Like Reply

23 days ago

Offerings on republic portal have been far fewer than in prior years and not keeping up with other competitors (StartEngine & Wefunder). What is Republic doing to catch up?

3 likes Reply

@nathan-bridgman Hi Nathan! Thanks for your question. I've been holding off on replying before the big news drop: Mirror tokens.
In case you missed it, these are a new type of digital asset tied to the performance of the world's most valuable private companies, like SpaceX and Anthropic.
To address your question directly, there are two key factors. First, we've always prioritized quality over quantity. We’re the most selective platform on the market, so there’s less deals by design.
Second, we're dedicating significant resources to developing cutting-edge investment products like Mirror tokens and new verticals like sports and film, with more innovative offerings coming soon.
Republic is looking ahead at opportunities that are future-proof and can serve our community in evolving market conditions.

10 days ago

0 Like

10 days ago

@polina-kalashnikova-1 I was already familiar with mirror tokens. Sure, they’re cool and likely a great solution to increasing access to private companies, but in the context of the Republic Note, I think I’m correct that mirror tokens have ZERO impact on the republic note. Part of the benefit of the republic note is the increased diversification. If only few companies are raising on republic each quarter, its exposure to fewer companies. I think many other note holders and republic investors would agree that the offerings on the republic website have been severely lacking recently.

10 days ago

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10 days ago

@nathan-bridgman Hi Nathan! You're right - Mirror tokens don't contribute to the Note, but Note holders do get priority access to those deals.
The Note's strength comes from exposure across our broader portfolio, not just Republic Portal deals. While Portal offerings have been lighter, it's by design - we maintain the most rigorous due diligence standards in the market and only move forward with deals that meet our quality bar.

7 days ago

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7 days ago