December 17, 2024 · 7:26AM

Q3 2024 Portfolio Report

We're back with the Q3 2024 Republic Note portfolio update. This report covers portfolio dynamics, the latest on the dividend pool status, and key updates from across Republic's global divisions.

Dividend pool
Q3 2024

dividend pool Total $1,680,00+	growth in q3 2024 +58.9%
84.2% towards the first distribution

 While our Q2 update highlighted crossing significant dividend pool milestones, the momentum hasn't slowed. Both Portal and Capital divisions have continued contributing new revenues, pushing our total to above $1.68M in Q3.

Q3 dividend pool contributions:

Portfolio company	Industry & Division	Amount
Avalanche	web3 R/capital	+$565,467
Oasys	web3 R/capital	+$41,429
LMNT	consumer R/Portal	+$4,487
Powertrucks USA	consumer R/Portal	+$1,721

State of portfolio
Q3 2024

Total assets*

1,015 +30

Total invested, lifetime**

$806,871,146

business arm	allocation	total invested	asset count
R/Portal	direct	$223,395,591	502
R/Capital	direct	$516,937,442	263
R/Europe	case-by-case	£33,447,696	174
R/Ventures	case-by-case	$23,962,124	76

Portfolio additions

Portfolio company	Industry & Division	Amount
Get On Board	enterprise R/Portal	$64,100
Hydro Wind Energy	enterprise R/Portal	$687,102
Zoop	enterprise R/Portal	$132,346
LUUM	enterprise R/ventures	$561,140
Open City	enterprise R/ventures	$200,000
Phoenix Boring	enterprise R/ventures	$96,000
Fusion Coolant	enterprise R/ventures	$225,350
The Coconut Cult	consumer R/ventures	$352,940
Vahan AI	AI & ML R/ventures	$300,000
Small Door	health R/ventures	$200,000
Journey Clinical	health R/ventures	$100,000
Agant	fintech R/europe	£235,600
allplants	consumer R/europe	£65,876
Artscapy	fintech R/europe	£75,290
Beans Coffee Club	consumer R/europe	£38,654
CarCloud	enterprise R/europe	£144,721
ClearWatt	enterprise R/europe	£191,605
COAT Paints	consumer R/europe	£316,893
Crua Outdoors	consumer R/europe	£114,953
Female Invest	consumer R/europe	£883,780
Fеtch	fintech R/europe	£17,436
Freckl	enterprise R/europe	£111,931
Fussy	consumer R/europe	£251,347
JimJams	consumer R/europe	£90,997
Launched	enterprise R/europe	£91,175
Mirror Margarita	Enterprise R/europe	£137,898
MishiPay	enterprise R/europe	£148,647
Much Better Adventures	consumer R/europe	£186,654
Shorts Boy Distillery	consumer R/europe	£102,062
Snakehive	consumer R/europe	£62,443.
Solent Automation	enterprise R/europe	£112,857
Speakspots	consumer R/europe	£176,433
Spirits of Virtue	consumer R/europe	£79,199
Stir Cambridge	consumer R/europe	£181,760
Superbutler	enterprise R/europe	£123,697
Tala Thrive	health R/europe	£104,765
The Deli Society	consumer R/europe	£25,452
Vinterior	consumer R/europe	£279,613
Wavepiston	consumer R/europe	£277,633
Whitebox Cocktails	consumer R/europe	£153,253
Wowzabox	consumer R/europe	£83,622

Portfolio deductions

type	count
Liquidation	3
Write-off	12

Featured additions

Pressman Film

In September, we’ve launched Republic Film, opening the doors for retail investors to own a piece of Hollywood. The news were covered by reputable outlets like Bloomberg, LA Times, Decrypt and others.

In its first week, Pressman Film raised over $500,000 smashing their initial target. With funds from this campaign Pressman Film is aiming to fund 6 productions involving its existing intellectual property as well as new stories. Given the raise involves development, investors may be able to recoup their investment with a premium as soon as a film goes into production.

Next time Republic investors see credits roll, they might just spot their own investment at work.

consumer

r/portal

raised

$1,847,871

Since this deal closed on November 23, 2024, it's not counted in our Q3 asset total.

CYBR

A global leader in AI-driven cybersecurity, delivering protection against hackers and ransomware to keep businesses secure. The company has been profitable since day one, and has an extensive pipeline for multi year contracts.

AI & ML

r/portal

raised

$364,340

Adept Materials

Adept Materials is an advanced materials company working to increase the durability, comfort, and energy efficiency of buildings. Adept’s patented technology advances moisture, humidity, and thermal management.

In Q3, they announced a $4M seed round, led by DR Horton and Pulte Group, two of North America’s largest homebuilders.

enterprise

r/ventures

raised

$407,554

Currensea

Currensea is the UK’s first Direct Debit Travel Card, which connects directly to users’ existing bank accounts but eliminates the banks' charges abroad.
The company had smashed its £1.7M crowdfunding target, reinforcing its position in the FinTech space back in July 2024.

fintech

r/europe

raised

£1,506,708

Peaks

A Dutch fintech platform that makes investing easy, accessible and fun. And investors agree - they blew past their £1M target to raise £1.3M+ from over 2,000 backers.

fintech

r/europe

raised

£1,160,019

That’s a wrap for our Q3 portfolio update.

Question for our Note holders: what would you add or remove to make these updates more valuable for you? Let us know in the comments below.

*Total assets include holdings across Republic's 4 divisions: Portal, Capital, Ventures, and Europe. Only two business arms of Republic are contractually obligated to contribute to the Note — Republic US Funding Portal and Republic Capital, while others may contribute case-by-case basis.
** 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 £33,447,696.85 were converted to USD at 1.2763 exchange rate.

Discussion

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4 days ago

During the call, it was mentioned that the team is interested at looking to expand where Note can be made available. Who can I contact regarding that?

0 Like Reply

@jia-jian-lee feel free to email note-support@republic.co

4 days ago

1 like

4 days ago

19 days ago

Can you provide an estimated dividend distribution amount (when you reach $2MM) on a per unit holding basis of Note? Thank you!

0 Like Reply

@mark-gordon-2 you simply divide $2M by the number of outstanding Notes - ~297M ≈ $0.0067 per Note

Sorry for the delay in response.

4 days ago

0 Like

4 days ago

23 days ago

Would love to see a hyperlink or scroll over button within "Portfolio Deductions" so it's easy to see the specific deductions.

2 likes Reply

In addition, a lesson learned write up will be great. Maybe a summary that covers all but a detailed coverage on 1 or 2 of them would be very useful for us.

23 days ago

1 like

23 days ago

@nathan-byrd @thanigai-ranganathan The startups usually send or post their update to investors only, so these links will only work for investors:

Cool Beans
republic.com/cool-beans-emily-raymond-final-investor-update-dear-investors-as-we-shared-with

BuildStream
republic.com/buildstream-terry-clarke-buildstream-is-closing-down-hello-everyone-i-wanted-to

Parlay
republic.com/parlay-keith-frankel-notice-of-discontinuation-this-message-is-to-inform-you

Bandwagon
republic.com/bandwagon-harold-hughes-bandwagon-update-winding-down-hey-folks-i-wrote-and

Most "lessons learned" are quite similar: lack of business traction and inability to raise a subsequent round.
I've asked chat gpt to summarize the letter from Keith Frankel, for example:
"Parlay App, Inc. (d/b/a Parative) has ceased operations effective immediately. Despite a strong 2023, significant customer churn and platform issues in 2024, including losing their largest client, made securing Series A funding unfeasible. Attempts to raise capital from major investors recently fell through, leaving no viable financing options. The company is now winding down, parting with employees, and notifying customers. The founder expresses deep regret for not achieving the envisioned outcomes and thanks stakeholders for their trust and support."

Startups are a risky business and it's totally expected that some, even many, will not make it. However the fact that hundreds of Republic portfolio companies are still going strong (or at least are still alive) are a testament to our "highly selective" strategy — in stark contrast to a few other platforms out there.

21 days ago

1 like

21 days ago

23 days ago

Did the republic Europe project appears on republic site?

0 Like Reply

@kai-leung-huen yes you can navigate to Republic Europe by clicking on the "globe" dropdown or going straight to europe.republic.com

21 days ago

0 Like

21 days ago

25 days ago

Great job approaching the dividend goal. One big hurdle is the access to the token. The entire premise of using a token is to allow the free trade of said token at anytime. It’s imperative to get the token listed on more exchanges (both centralized and decentralized). I’d understand dividends being payable through INX but secondary sales should be allowed anywhere. Otherwise it defeats the purpose of using a token. Thanks!

2 likes Reply

@noah-dolinko this is holding the price of the note down too

25 days ago

0 Like

25 days ago

@noah-dolinko @luke-nwizu we are in total agreement. Efforts are under way. But listing securities on a "regular" crypto exchange or DEX is currently technically not possible. We are pushing the crypto securities market forward, together with and thanks to investors like you.

21 days ago

1 like

21 days ago

25 days ago

May you name specifically the Portfolio Deduction(s) of the Republic Note Pool???

4 likes Reply

View 2 more replies

@george-andrew-simons-cdp Yes, this would help at Tax time to declare capital losses.

25 days ago

0 Like

25 days ago

Hello @george-andrew-simons-cdp - Does it matter for us as note holders? I thought loss/ gain comes into play for us only based of the purchase/ sale price of the notes when we sell the notes. Am I missing something here?

23 days ago

0 Like

23 days ago

@thanigai-ranganathan I am asking the question as an investor in some of the companies that did funding on republic that I invested in.

23 days ago

0 Like

23 days ago

@james-hollinger - That makes sense, thanks!

21 days ago

0 Like

21 days ago

@george-andrew-simons-cdp @james-hollinger We stop tracking companies in the Note portfolio when they have communicated their intention to wind-down to us, but this doesn't always mean the wind down process is complete.
From the Portal side, this includes 5 assets: Cool Beans, BuildStream, Parlay, Bandwagon, Salone Monet

22 days ago

0 Like

22 days ago

@jens-rothenborg Hi Jens, (1) there's no consideration of the time held in the dividends formula; it's a one-off event that's based on the snapshot at a given time (in this way similar to stocks). (2) We do have plans for an airdrop (what we call Sharedrop because Notes are securities and can't be distributed other than via a regulated securities offering) ! Nothing specific planned re: burn yet.

25 days ago

1 like

25 days ago

28 days ago

Why don't you answer my emails? am I blocked and cannot trade gamma and? you took my money to develop your business despite my country. and now you won't let me trade with you? If you're a man, answer my email or here!

1 like Reply

@arman-yeszhanov Hi Arman, as far as I was informed you have been in communication with our customer service and we answered your emails. Unfortunately Kazakhstan is not on the list of supported countries on INX, the only platform where at this moment the Note is trading. We do not have control over INX policies. We are looking to list Note in more places and have more avenues for investors to trade. But there's no guarantee a specific country will be supported on other platforms either.

28 days ago

1 like

28 days ago

@peter-green A liquidity pool on an avalanche dex would be great for this.

27 days ago

2 likes

27 days ago

hello! You're wrong. you are deceiving me along with this exchange. you refer to each other. give me a report on what has been done in my situation over the YEARS. give me an official answer that the exchange does not solve these problems. I will write to the law enforcement agencies. you collected money without permission from the citizens of this country. and now you're not letting the citizens of this country trade. Your comments in the mail are answered once a year, whereas I ask a question weekly.

17 days ago

0 Like

17 days ago