Many in the venture backed technology ecosystem will be nursing whiplash after living through the prior five years. The onset of the pandemic was followed by a couple years of exuberance which has now, after SPACs, cryptocurrencies, and software valuations have all tumbled, given way to the failure of the banking partner of choice to our industry and a new macro regime. That’s life in the early-stage technology ecosystem! Highs are high, lows are low, and the companies which win in the long run are those most adept navigating the volatility of their existence.

We have an exciting example from our portfolio, which has stayed the course and persisted through challenging exogenous conditions to build a business central to the continued evolution of the private markets. On March 23, 2023, JP Morgan announced it had entered into a definitive agreement to acquire Aumni, to bolster its suite of private market solutions. NFC led a Seed extension round in the company in 2019. That this transaction was completed in a time of significant stress and uncertainty in the banking system speaks volumes of the value CEO Tony Lewis and team have created since the company’s founding in 2018.

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