Oakley Capital PROfounders Fund III

Strategic report / Venture Funds

PROfounders III:
Early-stage investing

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PROfounders Fund III focuses on early-stage, venture capital investments in entrepreneur-led, private businesses, backing disruptive business models that leverage technology to improve and transform customer experiences.

 

Venture Funds / PROfounders III portfolio

OCI commitment

€30m

OCI is one of a number of investors that have invested in PROfounders, whose fund size is €77m and at 31 December 2024 the fair value of OCI's investment is £5.1m.

nilo.health

nilo.health, a German mental health solution for employees, achieved steady growth in 2024 despite some headwinds from customers downsizing in the tech sector. In the period, Nilo Health completed the merger with Likeminded, the number 2 player in the market, in a strategic move to expand market reach and enhance operational capabilities.

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Frontnow

Based in Germany, Frontnow offers generative AI tools for e-commerce retailers. The company secured a convertible loan with lead investors Peak Capital and is now advancing fundraising discussions with external investors in relation to a further equity round.

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Dash Games

Founded by experienced games veterans, Dash is a London-based studio working to build free-to-play mobile games. At the start of 2025, the team re-worked the UX of the Puzzle Punks game. With user acquisition already tested in some markets, the game is now making its push into top-tier markets, including the UK and US.

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Scaleup Finance

Scaleup is a fractionalised CFO proposition for fast-growing SMEs, with operations in Denmark and the UK. Scaleup has introduced a new AI product, 'Nume', which is the world’s first AI CFO for startup founders. With the launch of Nume, the company is actively engaging with internal investors as part of a prospective funding round aimed at accelerating its growth and impact.

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Inceptron

Inceptron is a Swedish software company that facilitates FPGA (Field-programmable gate array) programming as seamlessly as CPUs (central processing units) or GPUs (graphics processing units), reducing operational costs for AI models. The company is advancing core product development and is in discussions with a handful of potential customers.

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Isla Care

A platform for clinicians to securely receive, review and store rich media data directly from patients. At the beginning of 2025, Isla Care secured two new contracts along with incremental upsells on existing agreements. The company continues to demonstrate strong user engagement with 4.2K active clinicians using the platform in January.

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QA.tech

Based in Sweden, QA.tech specialises in training and deploying 'AI agents' for automated quality assurance testing of software. PROfounders Fund III led a €3 million seed round in Q2 2024, joined by two co-investors, Curiosity and byFounders. The company has refined its Go-To-Market strategy to target larger customers who already have a quality assurance team in house. It signed its first of such big deals in February and is filling the pipeline with new opportunities

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ClimeFi

Based in France, ClimeFi (previously named Carbon X) helps companies reach their net-zero targets by facilitating access to high-quality and permanent carbon removal solutions. PROfounders Fund III participated in a €3.65 million round led by Redstone Ventures in Q2 2024. At ClimeFi all of their existing customers have extended and broadened their contracts, even if winning new customers is slow in the current political climate.

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