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BRUSSELS, Belgium – February 2, 2026 – Verlinvest, the evergreen consumer-focused investment company, today announced that Pascal Houdayer and Indira Thambiah have joined its Board of Directors.

 

Pascal Houdayer,CEO of Boiron, brings over three decades of leadership experience across global health, wellbeing, beauty and consumer goods businesses, having built and scaled companies with a long-term, value-driven approach. He has held several CEO and Management Board positions, including President of Henkel Home Care and CEO of Henkel Beauty Care in Germany, CEO of NAOS (Bioderma, Esthederm, Etat Pur) in France, and Founder, Investor and CEO of Orveon Global (Laura Mercier, BareMinerals, BUXOM) in New York.

 

Indira Thambiah is a seasoned omni-channel retail executive and advisor, with over 25 years of experience across multi-site, direct-to-consumer and pure play retail, across a number of sectors from homewares to wellness businesses. She has held senior leadership roles at Asda, Argos, Currys in the UK and zulily in the US. She has served as CEO of several private equity and family-owned businesses, such as C.P Hart and Roofmaker.  She currently serves as an Independent Non-Executive Director and Chair of the Remuneration Committee at Card Factory Plc and Warpaint plc, and as Senior Independent Director at Vivobarefoot Ltd.

 

“I would like to thank Roberto Italia, CEO of Verlinvest, Stefan Descheemaeker, Chairman of the Board, and the Board for their trust,” said Pascal Houdayer. “I look forward to working closely with the team as Verlinvest continues to support the next generation of category-defining brands.”

 

“Verlinvest has built a distinctive platform grounded in long-term partnership and conviction,” said Indira Thambiah. “I’m excited to join the Board and contribute to the firm’s continued evolution.”

 

Roberto Italia, CEO of Verlinvest, welcomed the appointments: “We are delighted to welcome Indira and Pascal to Verlinvest’s Board. Their perspectives and experience will be highly valued as we remain committed to a long-term investment mindset and to supporting our portfolio companies in building purpose-driven businesses.”

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BRUSSELS, Belgium – February 2, 2026 – Verlinvest, the evergreen consumer-focused investment company, today announced that Pascal Houdayer and Indira Thambiah have joined its Board of Directors.
 
Pascal Houdayer,CEO of Boiron, brings over three decades of leadership experience across global health, wellbeing, beauty and consumer goods businesses, having built and scaled companies with a long-term, value-driven approach. He has held several CEO and Management Board positions, including President of Henkel Home Care and CEO of Henkel Beauty Care in Germany, CEO of NAOS (Bioderma, Esthederm, Etat Pur) in France, and Founder, Investor and CEO of Orveon Global (Laura Mercier, BareMinerals, BUXOM) in New York.
 
Indira Thambiah is a seasoned omni-channel retail executive and advisor, with over 25 years of experience across multi-site, direct-to-consumer and pure play retail, across a number of sectors from homewares to wellness businesses. She has held senior leadership roles at Asda, Argos, Currys in the UK and zulily in the US. She has served as CEO of several private equity and family-owned businesses, such as C.P Hart and Roofmaker.  She currently serves as an Independent Non-Executive Director and Chair of the Remuneration Committee at Card Factory Plc and Warpaint plc, and as Senior Independent Director at Vivobarefoot Ltd.
 
“I would like to thank Roberto Italia, CEO of Verlinvest, Stefan Descheemaeker, Chairman of the Board, and the Board for their trust,” said Pascal Houdayer. “I look forward to working closely with the team as Verlinvest continues to support the next generation of category-defining brands.”
 
“Verlinvest has built a distinctive platform grounded in long-term partnership and conviction,” said Indira Thambiah. “I’m excited to join the Board and contribute to the firm’s continued evolution.”
 
Roberto Italia, CEO of Verlinvest, welcomed the appointments: “We are delighted to welcome Indira and Pascal to Verlinvest’s Board. Their perspectives and experience will be highly valued as we remain committed to a long-term investment mindset and to supporting our portfolio companies in building purpose-driven businesses.”

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Pascal Houdayer

Verlinvest Strengthens Board Expertise with Two New Non-Executive Appointments

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FutureKind_2025

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Earlier this month we celebrated Verlinvest’s 30th anniversary with Futurekind: 30 Years of Heritage in Motion.

For three decades, Verlinvest has stood alongside visionary entrepreneurs who don’t just sell products, but create experiences, connections, and cultural movements. From clean beauty to conscious food, from healthcare to exciting entertainment and sports, the brands we back are redefining categories and reshaping consumer expectations.

In uncertain times, one thing remains constant: people seek connection and meaning. The conversations at Futurekind reminded us that resilience is built through collaboration, trust, and purpose. These values have shaped Verlinvest’s heritage and will continue to guide our future.

As we look ahead, we remain committed to building a multigenerational portfolio rooted in innovation, ambition, and long-term value. Our heritage is strong — but it is our future that excites us most.

Innovation, disciplined execution, and doubling down on values were the heartbeat of Futurekind. We left the event energized and inspired, with a few key takeaways:

“Pre-competitive collaboration is the unfair advantage purpose-driven businesses need right now.” – Hannah Jones, Board Member, Oatly

From Oatly and Tony’s Chocolonely’s call to collaborate on sustainability to Verlinvest’s emphasis on “acting with purpose and embracing progress,” the message was clear: long-term success depends on working together. True impact happens when brands stop competing on principles and start building collective solutions.

Collaboration as a Competitive Advantage

When Tom&amp;Co expanded into France, they discovered that success meant adapting their product mix — prioritizing cats over large dogs — and building credibility with local breeders and vets. In India, Purplle and Blue Tokai echoed the same lesson: winning customers means tailoring to cultural realities and state-by-state preferences.

As our CEO Roberto Italia put it, respecting the customer’s needs in every context is what builds enduring trust.

Think Local When Going Global

“In India, complexity isn’t a bug — it’s part of the business model.” – Arjun Anand, Managing Director and Head of Asia at Verlinvest

From scaling multisite healthcare clinics across Europe to navigating India’s regulatory and consumer landscape, leaders across our portfolio agreed: resilience means building systems that thrive in complexity. Instead of resisting turbulence, great businesses find ways to turn it into structure, efficiency, and ultimately, advantage.

Embrace Complexity, Don’t Avoid It

Lahori Zeera disrupted a Coke-and-Pepsi-dominated market by creating India’s fastest-growing homegrown beverage, now touching over 1 million retail points. Yepoda carved out a new clean K-beauty category in Europe. Tony’s Chocolonely reframed chocolate around fairness. Oatly went beyond transforming dairy and became a climate solutions company.

The common thread: enduring brands don’t just enter markets, they reshape them.

Define New Categories

Both Oatly and Tony’s stressed that sustainability, fairness, and long-term resilience are not just ethical positions, but business imperatives. Hannah Jones said: “Companies that think about purpose and sustainability are building the businesses that will survive and thrive.”

Verlinvest’s mantra of acting with purpose reflects this same commitment: purpose is not an add-on—it’s core to scaling brands that last.

Purpose Beyond Profit 

“The best way to predict the future is to create it — and that includes how we shape AI.” – Roberto Italia, CEO, Verlinvest

AI is no longer a side note — it is reshaping how brands are built.  Purplle’s Manish Taneja showed how data and algorithms are rewriting the rules of India’s beauty market, powering hyper-personalized product matches for millions while slashing customer acquisition costs. Numa went further, proving that AI isn’t just about efficiency — it can be a creative weapon, turning digital journeys into emotional brand stories at scale.

The lesson: brands that treat AI as an add-on will be left behind. The future belongs to those who fuse AI’s speed and scale with human vision, creativity, and trust.

-

These lessons from Futurekind remind us that while markets shift and technologies evolve, our compass remains steady: purpose, trust, and resilience. As we celebrate 30 years of Verlinvest, we are more convinced than ever that the best is yet to come.

Harnessing AI with Human Oversight

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Earlier this month we celebrated Verlinvest’s 30th anniversary with Futurekind: 30 Years of Heritage in Motion.
For three decades, Verlinvest has stood alongside visionary entrepreneurs who don’t just sell products, but create experiences, connections, and cultural movements. From clean beauty to conscious food, from healthcare to exciting entertainment and sports, the brands we back are redefining categories and reshaping consumer expectations.
In uncertain times, one thing remains constant: people seek connection and meaning. The conversations at Futurekind reminded us that resilience is built through collaboration, trust, and purpose. These values have shaped Verlinvest’s heritage and will continue to guide our future.
As we look ahead, we remain committed to building a multigenerational portfolio rooted in innovation, ambition, and long-term value. Our heritage is strong — but it is our future that excites us most.
Innovation, disciplined execution, and doubling down on values were the heartbeat of Futurekind. We left the event energized and inspired, with a few key takeaways:

“Pre-competitive collaboration is the unfair advantage purpose-driven businesses need right now.” – Hannah Jones, Board Member, Oatly
From Oatly and Tony’s Chocolonely’s call to collaborate on sustainability to Verlinvest’s emphasis on “acting with purpose and embracing progress,” the message was clear: long-term success depends on working together. True impact happens when brands stop competing on principles and start building collective solutions.

When Tom&amp;Co expanded into France, they discovered that success meant adapting their product mix — prioritizing cats over large dogs — and building credibility with local breeders and vets. In India, Purplle and Blue Tokai echoed the same lesson: winning customers means tailoring to cultural realities and state-by-state preferences.
As our CEO Roberto Italia put it, respecting the customer’s needs in every context is what builds enduring trust.

“In India, complexity isn’t a bug — it’s part of the business model.” – Arjun Anand, Managing Director and Head of Asia at Verlinvest
From scaling multisite healthcare clinics across Europe to navigating India’s regulatory and consumer landscape, leaders across our portfolio agreed: resilience means building systems that thrive in complexity. Instead of resisting turbulence, great businesses find ways to turn it into structure, efficiency, and ultimately, advantage.

Lahori Zeera disrupted a Coke-and-Pepsi-dominated market by creating India’s fastest-growing homegrown beverage, now touching over 1 million retail points. Yepoda carved out a new clean K-beauty category in Europe. Tony’s Chocolonely reframed chocolate around fairness. Oatly went beyond transforming dairy and became a climate solutions company.
The common thread: enduring brands don’t just enter markets, they reshape them.

Both Oatly and Tony’s stressed that sustainability, fairness, and long-term resilience are not just ethical positions, but business imperatives. Hannah Jones said: “Companies that think about purpose and sustainability are building the businesses that will survive and thrive.”
Verlinvest’s mantra of acting with purpose reflects this same commitment: purpose is not an add-on—it’s core to scaling brands that last.

“The best way to predict the future is to create it — and that includes how we shape AI.” – Roberto Italia, CEO, Verlinvest
AI is no longer a side note — it is reshaping how brands are built.  Purplle’s Manish Taneja showed how data and algorithms are rewriting the rules of India’s beauty market, powering hyper-personalized product matches for millions while slashing customer acquisition costs. Numa went further, proving that AI isn’t just about efficiency — it can be a creative weapon, turning digital journeys into emotional brand stories at scale.
The lesson: brands that treat AI as an add-on will be left behind. The future belongs to those who fuse AI’s speed and scale with human vision, creativity, and trust.
&#8211;
These lessons from Futurekind remind us that while markets shift and technologies evolve, our compass remains steady: purpose, trust, and resilience. As we celebrate 30 years of Verlinvest, we are more convinced than ever that the best is yet to come.

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Verlinvest 30th Anniversary - FutureKind

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Oatly

Numa

Tony's Chocolonely

Purplle

Toluna

Lahori (Zeera)

Blue Tokai Coffee Roasters

Faceland

Nesto

Yepoda

Tom &amp; Co

Roberto Italia

Axelle Henry

Gaby Fernández Scala

Futurekind: Verlinvest’s 30 Years of Heritage in Motion

<ul>
 	<li>The $75 million investment marks one of the largest single-specialty healthcare investments by private equity in India and Verlinvest’s largest commitment in Indian healthcare. The proceeds of the investment will be used to drive expansion via new greenfield centers and brownfield acquisitions, invest further into customer experience, and increase reach of the chain.</li>
</ul>
Mumbai, India, October 23, 2025— The Eye Foundation, the leading eye care chain in South India, announced today a ~USD 75 million investment from Verlinvest, one of the preeminent consumer-oriented investment firms in India. This marks one of the largest single-specialty healthcare deals in India. This minority investment signals the growing global interest in specialized, mission-driven health providers and single-specialty healthcare in the country. It further marks one of Verlinvest’s largest single commitments in the Indian healthcare services sector.

Founded and headquartered in Coimbatore, The Eye Foundation operates over 25 hospitals across Tamil Nadu, Kerala and Karnataka. The chain is known for its clinical excellence encompassing the entire gamut of eye diseases like cataract, retina, LASIK, glaucoma, ocular trauma and corneal transplants, and treats over one million patients annually through a mix of high-tech tertiary centers and well-equipped secondary centers.

"We are delighted to partner with Verlinvest to help us further expand The Eye Foundation in the coming years. This partnership enables us to bring cutting edge affordable eye care to underserved regions across India. As always, we remain committed to providing clinical excellence and patient-centric eye care to all segments of the society. This partnership will enable us to further grow our offerings and reach while maintaining the same high standards that patients associate with The Eye Foundation," said Dr Ramamurthy, Chairman of The Eye Foundation.

This investment underscores Verlinvest’s accelerated India strategy, where it aims to grow and double its average annual deployment in the Indian market across healthcare and consumer sectors. The consumer-sector specialist firm has maintained a steady annual deployment in excess of $100 million in the Indian market in recent years, and elevates that allocation meaningfully with this deal – signaling its direction in the coming years. This partnership with The Eye Foundation aligns with Verlinvest’s thesis of backing mission‑driven, category‑defining brands that elevate access and quality in underserved consumer segments; and is built on Verlinvest’s insight into the growing consumerization potential and customer experience excellence in the healthcare sector in India.

"We have formed a strong relationship with Verlinvest over the past year, and are excited to announce our partnership to further grow The Eye Foundation to bring the best quality eye care to more regions across India. We look forward to working closely with the Verlinvest team and leveraging our joint expertise to further strengthen The Eye Foundation.", said Dr Shreyas Ramamurthy, MD of The Eye Foundation.

"India has already shown strong returns for us to date and we believe it has further scope to consistently outperform most global markets. Growing our India investment footprint with this partnership with The Eye Foundation is a fantastic opportunity for us, as we see enormous potential in building high impact healthcare brands such as The Eye Foundation, which combine clinical excellence with differentiated customer experience.", said Arjun Anand, Managing Director &amp; Head of Asia, Verlinvest.

Veda Corporate Advisors were the exclusive financial advisors to The Eye Foundation and its promoters.

About The Eye Foundation

The Eye Foundation is one of South India’s top eye specialty hospitals, boasting a legacy of nearly four decades. Founded by Dr Ramamurthy &amp; Dr Chitra Ramamurthy, The Eye Foundation treats millions of patients through its super-specialty network spanning over 25 eye hospitals in multiple cities across Tamil Nadu, Kerala and Karnataka. Recognized for pioneering technology in ophthalmology, The Eye Foundation achieved several national firsts: introducing LASIK in 1997, launching bladeless LASIK (IntraLASE), the Constellation vitrectomy system, LensX laser-assisted cataract surgery (the first in Tamil Nadu and Kerala), SMILE refractive surgery, and phakic IOL implantation. All The Eye Foundation hospitals strictly comply with NABH standards, ensuring top-tier quality and patient care. Learn more at <a href="http://www.theeyefoundation.com">www.theeyefoundation.com</a>.

About Verlinvest

Verlinvest is an international, family-backed evergreen investment firm focused on building the next generation of consumer brands. Established in 1995, with offices in Brussels, London, New York, Singapore, and Mumbai, Verlinvest invests across FMCG, health, consumer technology and lifestyle sectors through three strategies: Platform, Growth and Venture (via V3 Ventures). With over €2bn in assets under management, Verlinvest has been active in India since 2010, backing over 25 consumer brands including Blue Tokai, Epigamia, Lahori Zeera, Veeba, Purplle, Ferty9 and Wakefit. Learn more at <a href="http://www.verlinvest.com/">www.verlinvest.com</a>.

&nbsp;

Verlinvest invests $75 million for a minority stake in The Eye Foundation, to grow the leading ophthalmology specialty chain of hospitals in India

<ul>
<li>The $75 million investment marks one of the largest single-specialty healthcare investments by private equity in India and Verlinvest’s largest commitment in Indian healthcare. The proceeds of the investment will be used to drive expansion via new greenfield centers and brownfield acquisitions, invest further into customer experience, and increase reach of the chain.</li>
</ul>
Mumbai, India, October 23, 2025— The Eye Foundation, the leading eye care chain in South India, announced today a ~USD 75 million investment from Verlinvest, one of the preeminent consumer-oriented investment firms in India. This marks one of the largest single-specialty healthcare deals in India. This minority investment signals the growing global interest in specialized, mission-driven health providers and single-specialty healthcare in the country. It further marks one of Verlinvest’s largest single commitments in the Indian healthcare services sector.
Founded and headquartered in Coimbatore, The Eye Foundation operates over 25 hospitals across Tamil Nadu, Kerala and Karnataka. The chain is known for its clinical excellence encompassing the entire gamut of eye diseases like cataract, retina, LASIK, glaucoma, ocular trauma and corneal transplants, and treats over one million patients annually through a mix of high-tech tertiary centers and well-equipped secondary centers.
&#8220;We are delighted to partner with Verlinvest to help us further expand The Eye Foundation in the coming years. This partnership enables us to bring cutting edge affordable eye care to underserved regions across India. As always, we remain committed to providing clinical excellence and patient-centric eye care to all segments of the society. This partnership will enable us to further grow our offerings and reach while maintaining the same high standards that patients associate with The Eye Foundation,&#8221; said Dr Ramamurthy, Chairman of The Eye Foundation.
This investment underscores Verlinvest’s accelerated India strategy, where it aims to grow and double its average annual deployment in the Indian market across healthcare and consumer sectors. The consumer-sector specialist firm has maintained a steady annual deployment in excess of $100 million in the Indian market in recent years, and elevates that allocation meaningfully with this deal – signaling its direction in the coming years. This partnership with The Eye Foundation aligns with Verlinvest’s thesis of backing mission‑driven, category‑defining brands that elevate access and quality in underserved consumer segments; and is built on Verlinvest’s insight into the growing consumerization potential and customer experience excellence in the healthcare sector in India.
&#8220;We have formed a strong relationship with Verlinvest over the past year, and are excited to announce our partnership to further grow The Eye Foundation to bring the best quality eye care to more regions across India. We look forward to working closely with the Verlinvest team and leveraging our joint expertise to further strengthen The Eye Foundation.&#8221;, said Dr Shreyas Ramamurthy, MD of The Eye Foundation.
&#8220;India has already shown strong returns for us to date and we believe it has further scope to consistently outperform most global markets. Growing our India investment footprint with this partnership with The Eye Foundation is a fantastic opportunity for us, as we see enormous potential in building high impact healthcare brands such as The Eye Foundation, which combine clinical excellence with differentiated customer experience.&#8221;, said Arjun Anand, Managing Director &amp; Head of Asia, Verlinvest.
Veda Corporate Advisors were the exclusive financial advisors to The Eye Foundation and its promoters.
About The Eye Foundation
The Eye Foundation is one of South India’s top eye specialty hospitals, boasting a legacy of nearly four decades. Founded by Dr Ramamurthy &amp; Dr Chitra Ramamurthy, The Eye Foundation treats millions of patients through its super-specialty network spanning over 25 eye hospitals in multiple cities across Tamil Nadu, Kerala and Karnataka. Recognized for pioneering technology in ophthalmology, The Eye Foundation achieved several national firsts: introducing LASIK in 1997, launching bladeless LASIK (IntraLASE), the Constellation vitrectomy system, LensX laser-assisted cataract surgery (the first in Tamil Nadu and Kerala), SMILE refractive surgery, and phakic IOL implantation. All The Eye Foundation hospitals strictly comply with NABH standards, ensuring top-tier quality and patient care. Learn more at <a href="http://www.theeyefoundation.com">www.theeyefoundation.com</a>.
About Verlinvest
Verlinvest is an international, family-backed evergreen investment firm focused on building the next generation of consumer brands. Established in 1995, with offices in Brussels, London, New York, Singapore, and Mumbai, Verlinvest invests across FMCG, health, consumer technology and lifestyle sectors through three strategies: Platform, Growth and Venture (via V3 Ventures). With over €2bn in assets under management, Verlinvest has been active in India since 2010, backing over 25 consumer brands including Blue Tokai, Epigamia, Lahori Zeera, Veeba, Purplle, Ferty9 and Wakefit. Learn more at <a href="http://www.verlinvest.com/">www.verlinvest.com</a>.
&nbsp;

<a href="https://www.verlinvest.com/insights/our-investment-in-the-eye-foundation/" target="_blank" rel="noreferrer noopener"></a>


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The Eye Foundation

Our investment in The Eye Foundation

<ul>
 	<li>This partnership expands Verlinvest’s Climbing platform, alongside The Climbing Hangar in the UK, to accelerate the growth of the sport globally.</li>
</ul>
BRUSSELS, Belgium, September 15, 2025<span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276}"> — Verlinvest, a global, family-backed, consumer-focused evergreen investment firm, has acquired a majority stake in Boulders, Denmark’s largest chain of bouldering gyms. The transaction is a significant development for Verlinvest’s Climbing Platform, following its 2024 investment in UK-based The Climbing Hangar, taking the combined business to 21 sites. The acquisition builds on Verlinvest’s ambition to build a high quality, geographically diversified reference brand for the sport that can broaden participation globally, whilst developing multiple revenue streams, beyond a traditional gym business.

Founded in 2009 in Copenhagen, Boulders welcomes over 60,000 visitors each month across 10 sites. Under the leadership of Ole Mørk and Martin Videbæk Petersen, the company has made climbing accessible to a broad audience, through state-of-the-art facilities, sustainability-led design, cafés, and a calendar of events that nurture its community. Its success is underpinned by an emphasis on quality, with routes refreshed weekly by one of Denmark’s top route-setting teams to keep the experience dynamic and engaging.

With Verlinvest’s backing, Boulders will accelerate its expansion across the Nordics and Germany, pursue selective acquisitions, and continue developing its community-focused offering. Ben Black and Olivia Gautier of Verlinvest will join Boulders’ Board.

Ole Mørk, Group CEO at Boulders said, “Over the past years we have built the leading Bouldering chain in Denmark. With the agreement with Verlinvest I am delighted that we jointly can take the next step and build the leading Bouldering chain internationally. We share the same values and ambitions, and I am excited to start this journey together.” 

 Ben Black of Verlinvest said: “Boulders is a pioneer in Denmark and a natural fit for our Climbing Platform. Alongside The Climbing Hangar in the UK, it brings a strong brand, loyal community, and proven ability to scale. Verlinvest’s experience with purpose-driven consumer brands, together with our network and expertise, can help accelerate growth. We look forward to partnering with Ole, Martin and the team to open new sites, and pursue M&amp;A with like-minded operators.” 

Boulders joins Verlinvest’s Climbing Platform, aligned to its strategy of developing niche, high-growth sports that have the potential to be mainstream and global at scale, with multiple revenue streams beyond traditional multi-site leisure players. Verlinvest has a proven track record of investing behind multi-channel sports &amp; entertainment brands on a global scale including K1 Speed, KaraFun and Baller League (via V3 Ventures).  <span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276}"> 

About Boulders

Boulders is Denmark’s largest chain of bouldering gyms, with 10 locations across Copenhagen, Aarhus, Odense and Aalborg. Each facility is combines sustainable design with state-of-the-art climbing walls and on-site cafés that create a vibrant atmosphere. Boulders is a community hub, where families, students and fitness enthusiasts come together to train and socialize. The company also hosts events, courses, kids’ programmes and its flagship Blocparty competition series, making climbing accessible and fostering an inclusive, active lifestyle. Learn more at <a class="Hyperlink SCXW218726565 BCX8" href="https://www.boulders.dk/" target="_blank" rel="noreferrer noopener">www.boulders.dk</a>. 

About Verlinvest 

Verlinvest is a global, family-backed evergreen investment company investing tickets up to €200m per investment. It identifies inflection points in consumer behaviour and partners with businesses driving consumer revolutions while having a positive impact on people and the planet. Established in 1995, with offices in Brussels, London, New York, Mumbai and Singapore, Verlinvest focuses on the FMCG, health, consumer technology and lifestyle categories, investing across three strategies: Platform, Growth and Venture. Its portfolio includes Oatly, Tony’s Chocolonely, K1 Speed, Insomnia Cookies, Vita Coco and Mutti, amongst others. More information at <a class="Hyperlink SCXW178312783 BCX8" href="http://www.verlinvest.com/" target="_blank" rel="noreferrer noopener">www.verlinvest.com</a>  

&nbsp;

Verlinvest strengthens Global Climbing Platform, acquiring majority stake in Boulders, Denmark’s largest Climbing Gym Operator 

<ul>
<li>This partnership expands Verlinvest’s Climbing platform, alongside The Climbing Hangar in the UK, to accelerate the growth of the sport globally.</li>
</ul>
BRUSSELS, Belgium, September 15, 2025<span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276}"> — Verlinvest, a global, family-backed, consumer-focused evergreen investment firm, has acquired a majority stake in Boulders, Denmark’s largest chain of bouldering gyms. The transaction is a significant development for Verlinvest’s Climbing Platform, following its 2024 investment in UK-based The Climbing Hangar, taking the combined business to 21 sites. The acquisition builds on Verlinvest’s ambition to build a high quality, geographically diversified reference brand for the sport that can broaden participation globally, whilst developing multiple revenue streams, beyond a traditional gym business.
Founded in 2009 in Copenhagen, Boulders welcomes over 60,000 visitors each month across 10 sites. Under the leadership of Ole Mørk and Martin Videbæk Petersen, the company has made climbing accessible to a broad audience, through state-of-the-art facilities, sustainability-led design, cafés, and a calendar of events that nurture its community. Its success is underpinned by an emphasis on quality, with routes refreshed weekly by one of Denmark’s top route-setting teams to keep the experience dynamic and engaging.
With Verlinvest’s backing, Boulders will accelerate its expansion across the Nordics and Germany, pursue selective acquisitions, and continue developing its community-focused offering. Ben Black and Olivia Gautier of Verlinvest will join Boulders’ Board.
Ole Mørk, Group CEO at Boulders said, “Over the past years we have built the leading Bouldering chain in Denmark. With the agreement with Verlinvest I am delighted that we jointly can take the next step and build the leading Bouldering chain internationally. We share the same values and ambitions, and I am excited to start this journey together.” 
 Ben Black of Verlinvest said: “Boulders is a pioneer in Denmark and a natural fit for our Climbing Platform. Alongside The Climbing Hangar in the UK, it brings a strong brand, loyal community, and proven ability to scale. Verlinvest’s experience with purpose-driven consumer brands, together with our network and expertise, can help accelerate growth. We look forward to partnering with Ole, Martin and the team to open new sites, and pursue M&amp;A with like-minded operators.” 
Boulders joins Verlinvest’s Climbing Platform, aligned to its strategy of developing niche, high-growth sports that have the potential to be mainstream and global at scale, with multiple revenue streams beyond traditional multi-site leisure players. Verlinvest has a proven track record of investing behind multi-channel sports &amp; entertainment brands on a global scale including K1 Speed, KaraFun and Baller League (via V3 Ventures).  <span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276}"> 
About Boulders
Boulders is Denmark’s largest chain of bouldering gyms, with 10 locations across Copenhagen, Aarhus, Odense and Aalborg. Each facility is combines sustainable design with state-of-the-art climbing walls and on-site cafés that create a vibrant atmosphere. Boulders is a community hub, where families, students and fitness enthusiasts come together to train and socialize. The company also hosts events, courses, kids’ programmes and its flagship Blocparty competition series, making climbing accessible and fostering an inclusive, active lifestyle. Learn more at <a class="Hyperlink SCXW218726565 BCX8" href="https://www.boulders.dk/" target="_blank" rel="noreferrer noopener">www.boulders.dk</a>. 
About Verlinvest 
Verlinvest is a global, family-backed evergreen investment company investing tickets up to €200m per investment. It identifies inflection points in consumer behaviour and partners with businesses driving consumer revolutions while having a positive impact on people and the planet. Established in 1995, with offices in Brussels, London, New York, Mumbai and Singapore, Verlinvest focuses on the FMCG, health, consumer technology and lifestyle categories, investing across three strategies: Platform, Growth and Venture. Its portfolio includes Oatly, Tony’s Chocolonely, K1 Speed, Insomnia Cookies, Vita Coco and Mutti, amongst others. More information at <a class="Hyperlink SCXW178312783 BCX8" href="http://www.verlinvest.com/" target="_blank" rel="noreferrer noopener">www.verlinvest.com</a>  
&nbsp;

Boulders

Ben Black

Julia Pedret

Olivia Gautier

Our investment in Boulders

<ul>
 	<li>This partnership will strengthen the company's mission to provide an active music experience through its proprietary technology, broad and curated song catalog as well as its omnichannel approach.<span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276}"> </li>
</ul>
BRUSSELS, Belgium, July 9, 2025 - KaraFun Group, a global leader in interactive music entertainment, has successfully secured investment from Verlinvest and Vendis Capital, two leading investors known for backing consumer-focused brands. The partnership comes as KaraFun Group continues to scale rapidly, offering the world’s largest proprietary song catalog featuring in-house recorded tracks in over 30 languages — all delivered in exceptional audio quality.<span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276}"> 

Founded in 2005 by brothers Jean-Baptiste and Bart Defossez, the French company set out to revolutionize karaoke through gamified, interactive experiences that include music trivia, live quizzes, and games that engage users in playful and social ways. KaraFun Group’s unique ecosystem spans B2C and B2Pro apps, B2B software for hospitality venues, and branded karaoke bars in France and Belgium.<span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276}"> 

Jean-Baptiste Defossez, Founder &amp; Executive Chairman at KaraFun Group, shared,“Together with the experienced teams at Verlinvest and Vendis Capital — renowned for scaling category-leading consumer brands across Europe, the US, and Asia — we will harness shared insights and networks to fuel data-driven, immersive karaoke experiences and drive rapid global adoption of our advanced music platforms. With more than 30 million karaoke nights powered worldwide, KaraFun Group has redefined the interactive music experience by combining state-of-the-art technology with curated design and hospitality. This partnership marks an exciting new chapter in bringing that vision to a wider global audience.” 

 

With a fast-growing user base across its different products, KaraFun Group is poised to lead the next evolution in global music engagement. In 2025, the company will accelerate international expansion and enhance its B2C and B2B karaoke solutions. Verlinvest and Vendis Capital will work closely with KaraFun Group’s leadership to support international expansion, enhance personalization across its digital platforms, and bring the company’s award-winning technology to new audiences and markets.<span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276}"> 

Raphael Thiolon, Managing Director at Verlinvest, said, “In a world where shared experiences and creative expression are more valued than ever, KaraFun Group is redefining how people connect through music. The brand is uniquely positioned to meet that demand by merging content, community, and cutting-edge user experience, in a way few others can. We see immense potential in KaraFun’s ability to scale across markets and formats, and we are proud to support the team’s vision of creating a seamless and comprehensive singing and karaoke experience for fun-loving consumers worldwide.”<span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276}"> 

Mathieu de Medeiros, Partner at Vendis Capital, added “We were deeply impressed by the KaraFun Group founders and their leadership team, who have built a truly global, product-driven business through an unwavering focus on user experience and continuous innovation. Their strategic vision and user-centric mindset have enabled product excellence and clear market differentiation, driving sustained growth. With strong momentum and a highly scalable platform, KaraFun Group is ideally positioned to accelerate its growth trajectory. We are proud to partner with Jean-Baptiste and his team to support the next stage of the company’s development and help them reach new heights”.<span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276}"> 

KaraFun Group is dedicated to both amateurs and professionals, with a user base across more than 50 countries. Backed by a highly engaged community that spends an average of 4 hours per month singing on the platform, KaraFun’s YouTube channel boasts over 3 million subscribers and more than 3 billion views, highlighting the scale and passion of their audience. 

Committed to making interactive and enjoyable experiences accessible to all, KaraFun Group also features Jamzone, an app which allows professional musicians, bands and music-lovers to play along to a selection of current hits and classics and completely customize the experience according to the needed key and tempo.<span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276}"> 

About KaraFun Group 

Founded in 2005 by brothers Jean-Baptiste and Bart Defossez, KaraFun Group is an interactive music entertainment company created by music lovers, for music lovers. With a unique proprietary catalog, KaraFun Group is a global leader in karaoke and backing track solutions. The France-based company serves users in more than 50 countries through its portfolio of music platforms—KaraFun, Jamzone, and Karaoke Version—and B2B software powering private karaoke rooms and hospitality venues worldwide. KaraFun Group also operates branded karaoke bars across Paris, Lille, and Brussels. More information is available at <a href="https://www.karafun.com/">www.karafun.com</a> 

 

About Verlinvest 

 

Verlinvest is an international, family-backed evergreen investment company. We identify inflection points in consumer behaviors and partner with the businesses that are driving these consumer revolutions forward while having a positive impact. Established in 1995, with offices in Brussels, London, New York, Singapore, and Mumbai, Verlinvest focuses on the FMCG, health, consumer technology and lifestyle categories, investing across three strategies: Platform, Growth &amp; Venture. The company has over €2bn in AuM and counts brands such as Oatly, Vita Coco, Tony's Chocolonely, Purplle.com, K1 Speed, Mutti and Who Gives A Crap among our portfolio, alongside alumni <a href="https://protect-us.mimecast.com/s/n8WXC82x52CO1GMjhM2-_A?domain=nam12.safelinks.protection.outlook.com">Chewy.com</a>, Sula, Vitaminwater and Remy Cointreau. Further information is available at <a href="http://www.verlinvest.com/">www.verlinvest.com</a>.  

 

About Vendis<span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276}"> 

Founded in 2009, Vendis Capital is an independent private equity firm specializing in the consumer goods and services sector in Europe. In partnership with experienced entrepreneurs and managers, Vendis aims to invest in small to medium sized consumer companies to help them realize their potential for growth and value creation. Vendis invests in France, Belgium, the Netherlands, Germany and in the Scandinavian countries. More information is available at <a href="http://www.vendiscapital.com/">www.vendiscapital.com</a>.<span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}">

KaraFun Group partners with Verlinvest and Vendis Capital to scale the future of karaoke 

<ul>
<li>This partnership will strengthen the company&#8217;s mission to provide an active music experience through its proprietary technology, broad and curated song catalog as well as its omnichannel approach.<span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276}"> </li>
</ul>
BRUSSELS, Belgium, July 9, 2025 &#8211; KaraFun Group, a global leader in interactive music entertainment, has successfully secured investment from Verlinvest and Vendis Capital, two leading investors known for backing consumer-focused brands. The partnership comes as KaraFun Group continues to scale rapidly, offering the world’s largest proprietary song catalog featuring in-house recorded tracks in over 30 languages — all delivered in exceptional audio quality.<span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276}"> 
Founded in 2005 by brothers Jean-Baptiste and Bart Defossez, the French company set out to revolutionize karaoke through gamified, interactive experiences that include music trivia, live quizzes, and games that engage users in playful and social ways. KaraFun Group’s unique ecosystem spans B2C and B2Pro apps, B2B software for hospitality venues, and branded karaoke bars in France and Belgium.<span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276}"> 
Jean-Baptiste Defossez, Founder &amp; Executive Chairman at KaraFun Group, shared,“Together with the experienced teams at Verlinvest and Vendis Capital — renowned for scaling category-leading consumer brands across Europe, the US, and Asia — we will harness shared insights and networks to fuel data-driven, immersive karaoke experiences and drive rapid global adoption of our advanced music platforms. With more than 30 million karaoke nights powered worldwide, KaraFun Group has redefined the interactive music experience by combining state-of-the-art technology with curated design and hospitality. This partnership marks an exciting new chapter in bringing that vision to a wider global audience.” 
 
With a fast-growing user base across its different products, KaraFun Group is poised to lead the next evolution in global music engagement. In 2025, the company will accelerate international expansion and enhance its B2C and B2B karaoke solutions. Verlinvest and Vendis Capital will work closely with KaraFun Group’s leadership to support international expansion, enhance personalization across its digital platforms, and bring the company’s award-winning technology to new audiences and markets.<span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276}"> 
Raphael Thiolon, Managing Director at Verlinvest, said, “In a world where shared experiences and creative expression are more valued than ever, KaraFun Group is redefining how people connect through music. The brand is uniquely positioned to meet that demand by merging content, community, and cutting-edge user experience, in a way few others can. We see immense potential in KaraFun’s ability to scale across markets and formats, and we are proud to support the team’s vision of creating a seamless and comprehensive singing and karaoke experience for fun-loving consumers worldwide.”<span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276}"> 
Mathieu de Medeiros, Partner at Vendis Capital, added “We were deeply impressed by the KaraFun Group founders and their leadership team, who have built a truly global, product-driven business through an unwavering focus on user experience and continuous innovation. Their strategic vision and user-centric mindset have enabled product excellence and clear market differentiation, driving sustained growth. With strong momentum and a highly scalable platform, KaraFun Group is ideally positioned to accelerate its growth trajectory. We are proud to partner with Jean-Baptiste and his team to support the next stage of the company’s development and help them reach new heights”.<span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276}"> 
KaraFun Group is dedicated to both amateurs and professionals, with a user base across more than 50 countries. Backed by a highly engaged community that spends an average of 4 hours per month singing on the platform, KaraFun’s YouTube channel boasts over 3 million subscribers and more than 3 billion views, highlighting the scale and passion of their audience. 
Committed to making interactive and enjoyable experiences accessible to all, KaraFun Group also features Jamzone, an app which allows professional musicians, bands and music-lovers to play along to a selection of current hits and classics and completely customize the experience according to the needed key and tempo.<span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276}"> 
About KaraFun Group 
Founded in 2005 by brothers Jean-Baptiste and Bart Defossez, KaraFun Group is an interactive music entertainment company created by music lovers, for music lovers. With a unique proprietary catalog, KaraFun Group is a global leader in karaoke and backing track solutions. The France-based company serves users in more than 50 countries through its portfolio of music platforms—KaraFun, Jamzone, and Karaoke Version—and B2B software powering private karaoke rooms and hospitality venues worldwide. KaraFun Group also operates branded karaoke bars across Paris, Lille, and Brussels. More information is available at <a href="https://www.karafun.com/">www.karafun.com</a> 
 
About Verlinvest 
 
Verlinvest is an international, family-backed evergreen investment company. We identify inflection points in consumer behaviors and partner with the businesses that are driving these consumer revolutions forward while having a positive impact. Established in 1995, with offices in Brussels, London, New York, Singapore, and Mumbai, Verlinvest focuses on the FMCG, health, consumer technology and lifestyle categories, investing across three strategies: Platform, Growth &amp; Venture. The company has over €2bn in AuM and counts brands such as Oatly, Vita Coco, Tony&#8217;s Chocolonely, Purplle.com, K1 Speed, Mutti and Who Gives A Crap among our portfolio, alongside alumni <a href="https://protect-us.mimecast.com/s/n8WXC82x52CO1GMjhM2-_A?domain=nam12.safelinks.protection.outlook.com">Chewy.com</a>, Sula, Vitaminwater and Remy Cointreau. Further information is available at <a href="http://www.verlinvest.com/">www.verlinvest.com</a>.  
 
About Vendis<span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276}"> 
Founded in 2009, Vendis Capital is an independent private equity firm specializing in the consumer goods and services sector in Europe. In partnership with experienced entrepreneurs and managers, Vendis aims to invest in small to medium sized consumer companies to help them realize their potential for growth and value creation. Vendis invests in France, Belgium, the Netherlands, Germany and in the Scandinavian countries. More information is available at <a href="http://www.vendiscapital.com/">www.vendiscapital.com</a>.<span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}">

KaraFun

Anaïs Jollivet

Alanah Pelkmans

Raphael Thiolon

Our investment in KaraFun Group

<ul>
 	<li>New financing will be used to drive the brand’s retail expansion and accelerate global footprint</li>
</ul>
Berlin, March 2025 – <a href="https://yepoda.co.uk/">Yepoda</a>, the leading K-Beauty brand known for combining Korean skincare innovations with clean and sustainable formulations, has successfully closed its Series B funding round. The round is led by Verlinvest, the global, consumer-focused, evergreen investment firm, with continued participation from existing investors <a href="https://www.v3.ventures/">V3 Ventures</a> and <a href="https://www.jamjarinvestments.com/">JamJar Investments</a>.

The new funding will be used to accelerate Yepoda’s growth, especially the brand’s recent Europe-wide roll-out into Sephora, and to support its launch into the U.S. while continuing to drive Yepoda’s industry-leading focus on product innovation. “We are excited to welcome Verlinvest as our investor in this next phase of growth. Their experience in growing strong, sustainable consumer brands is exactly the support Yepoda needs to scale our impact and to make high-quality, effective, and fun K-Beauty more accessible to customers worldwide,” said Sander Joonyoung van Bladel, Co-founder &amp; CEO of Yepoda.

Since its founding in 2020, Yepoda has become one of the leading K-Beauty brands in the Western market. The company has grown to more than €65m in revenue in 2024 with more than 1 million loyal customers across France, Italy, Spain, the UK and Germany, achieving 120%+ YoY profitable growth.

Verlinvest, known for backing iconic and category-defining consumer brands, recognizes Yepoda’s potential to become a global leader in the beauty industry. <a href="https://www.verlinvest.com/team/ben-black/">Ben Black</a>, of Verlinvest, commented: “We are delighted to be backing Sander and Veronika in accelerating Yepoda’s growth internationally and bringing K-Beauty to a wider audience. We are excited to welcome Yepoda to our growing beauty portfolio, and continue the relationship alongside Verlinvest’s venture fund, V3 Ventures, and our partners at JamJar Investments.”

Following a successful launch in the U.S. at the end of 2024, the brand is set to further expand its footprint and deepen its retail partnerships, including its new collaboration with Sephora which is rolling out in March 2025 to more than 100 stores in Europe. This list includes some of Sephora’s most prestigious European flagship stores such as the location on Champs-Elysées in Paris, France, and on Corso Vittorio

Emanuele in Milan, Italy. As the brand continues to scale, Yepoda is also advised by Chris Good, former Estée Lauder Group President.

+++

About Yepoda
In 2020, the K-Beauty brand Yepoda was founded by Sander Joonyoung van Bladel and Veronika Strotmann, with the mission of introducing cutting-edge K-Beauty innovations to the Western market. What sets Yepoda’s formulations apart is combining Korean beauty innovations with a strong commitment to the brand’s values. All products of the clean beauty brand are developed and made in Korea, based on the best natural and active ingredients and have a strong commitment to sustainability. All Yepoda skincare products are vegan, cruelty-free, and sustainably packaged. Furthermore, 1% of the company's revenue is donated to selected environmental initiatives via a partnership with 1% for the Planet.

K-Beauty brand Yepoda secures series B funding round led by Verlinvest

<ul>
<li>New financing will be used to drive the brand’s retail expansion and accelerate global footprint</li>
</ul>
Berlin, March 2025 – <a href="https://yepoda.co.uk/">Yepoda</a>, the leading K-Beauty brand known for combining Korean skincare innovations with clean and sustainable formulations, has successfully closed its Series B funding round. The round is led by Verlinvest, the global, consumer-focused, evergreen investment firm, with continued participation from existing investors <a href="https://www.v3.ventures/">V3 Ventures</a> and <a href="https://www.jamjarinvestments.com/">JamJar Investments</a>.
The new funding will be used to accelerate Yepoda’s growth, especially the brand’s recent Europe-wide roll-out into Sephora, and to support its launch into the U.S. while continuing to drive Yepoda’s industry-leading focus on product innovation. “We are excited to welcome Verlinvest as our investor in this next phase of growth. Their experience in growing strong, sustainable consumer brands is exactly the support Yepoda needs to scale our impact and to make high-quality, effective, and fun K-Beauty more accessible to customers worldwide,” said Sander Joonyoung van Bladel, Co-founder &amp; CEO of Yepoda.
Since its founding in 2020, Yepoda has become one of the leading K-Beauty brands in the Western market. The company has grown to more than €65m in revenue in 2024 with more than 1 million loyal customers across France, Italy, Spain, the UK and Germany, achieving 120%+ YoY profitable growth.
Verlinvest, known for backing iconic and category-defining consumer brands, recognizes Yepoda’s potential to become a global leader in the beauty industry. <a href="https://www.verlinvest.com/team/ben-black/">Ben Black</a>, of Verlinvest, commented: “We are delighted to be backing Sander and Veronika in accelerating Yepoda’s growth internationally and bringing K-Beauty to a wider audience. We are excited to welcome Yepoda to our growing beauty portfolio, and continue the relationship alongside Verlinvest’s venture fund, V3 Ventures, and our partners at JamJar Investments.”
Following a successful launch in the U.S. at the end of 2024, the brand is set to further expand its footprint and deepen its retail partnerships, including its new collaboration with Sephora which is rolling out in March 2025 to more than 100 stores in Europe. This list includes some of Sephora’s most prestigious European flagship stores such as the location on Champs-Elysées in Paris, France, and on Corso Vittorio
Emanuele in Milan, Italy. As the brand continues to scale, Yepoda is also advised by Chris Good, former Estée Lauder Group President.
+++
About Yepoda 
In 2020, the K-Beauty brand Yepoda was founded by Sander Joonyoung van Bladel and Veronika Strotmann, with the mission of introducing cutting-edge K-Beauty innovations to the Western market. What sets Yepoda’s formulations apart is combining Korean beauty innovations with a strong commitment to the brand’s values. All products of the clean beauty brand are developed and made in Korea, based on the best natural and active ingredients and have a strong commitment to sustainability. All Yepoda skincare products are vegan, cruelty-free, and sustainably packaged. Furthermore, 1% of the company&#8217;s revenue is donated to selected environmental initiatives via a partnership with 1% for the Planet.

<div style="padding: 20px; font-size: 14px; background-color: #f9f9f9;">
 Heading with paragraph – To edit this block click the pencil icon
</div>

Our investment in Yepoda

Written by Raphael Thiolon and Ben Black

 
<h1>What Are the Key Consumer Trends in China in 2024?</h1>
 

In late October, we spent time with our portfolio companies active on the ground in China, including Oatly, Cible Skin and Red Sun Senior Care, and catching up with friends old and new. Whilst the consumer and economic environment is highly complex, and has visibly deteriorated, we saw a number of propositions and entrepreneurs flourishing – and the prize at stake is undeniably substantial for the winners.

 
<h1>How Is Deflation Impacting Consumer Spending in China?</h1>
 

Deflation is real in China and very evident. Price compression in all channels, heavy discounting and overstock of higher ticket price products are all visible, alongside multiple luxury malls with Western brands and very few shoppers to fill them. However, despite a post-COVID growth slowdown denting consumer confidence, Expenditure and Disposable Income have rebounded to c.5-7% YoY growth and 8-9% reported respectively. House prices are on a downward trajectory, but household balance sheets remain relatively strong given consumer caution. 900 million people and c.60% of consumer expenditure is within Tier 3 cities and lower which is driving growth as infrastructure investments, urbanisation, ecommerce penetration and lower cost domestic-production in new sectors (such as Electric Vehicles) are opening-up productivity gains, and unlocking massive latent consumer power. The prize remains huge over the long-term.

 

In that context, see 4 of our Key Observations:

 
<ol class="wp-block-list" start="1">
 	<li style="list-style-type: none;">
<ol class="wp-block-list" start="1">
 	<li>Less is More is the new motto; driven by the Common Prosperity ideology and consumers’ shift from ostentatious Luxury Products towards more Experiential &amp; Healthier living</li>
</ol>
</li>
</ol>
 
<ol class="wp-block-list" start="1">
 	<li style="list-style-type: none;">
<ol class="wp-block-list" start="1">
 	<li>The Unstoppable rise of Digital-First Coffee chains – now going global</li>
</ol>
</li>
</ol>
 
<ol class="wp-block-list" start="1">
 	<li style="list-style-type: none;">
<ol class="wp-block-list" start="1">
 	<li>Grocery retail is bifurcating, with both Club/Membership Warehouses, and specialist offline chains in growth</li>
</ol>
</li>
</ol>
 
<ol class="wp-block-list" start="1">
 	<li style="list-style-type: none;">
<ol class="wp-block-list" start="1">
 	<li>Senior Care again a top priority post COVID, as China’s demographic challenges are mounting</li>
</ol>
</li>
</ol>


&nbsp;

 
<h1 class="wp-block-heading">Why Chinese Consumers Are Shifting to Experiential and Healthier Living</h1>
&nbsp;

For the first time in 30 years, Chinese consumers are facing a tough economic environment and clouded future outlooks, therefore reducing their overall consumption. In parallel, the government has made it clear that its ultimate goal is now Common Prosperity, ie a more distributed and conscious enrichment of its population, after two decades where the top 1% accumulated fantastic business success and wealth, and making it very visible to others. Status and Luxury still matters in China, and will continue to do so, but it seems we are entering a new phase, more akin to some Western markets, where success needs to be celebrated more discretely, but also where sophisticated consumers will be accumulating less goods and spending more on unique experiences, travel, and health.

 

This has contributed, since the beginning of 2024, to a massive, unexpected and unprecedented slowdown in luxury spend, with some Western brands experiencing astonishing drops in store visits and revenues (Gucci China sales are down over -35% in Q3 2024 vs last year ; premium beauty is declining YoY for the first time ever). However, this challenging environment will only widen the gap between winners and losers, and some brands / categories more aligned towards Chinese consumers’ new aspirations are still thriving. Arc’Teryx jackets can be found throughout Beijing’s fancy restaurants and Shanghai’s crowded streets, and the Canadian premium technical outwear brand is nearing USD 1bn retail sales in China, an impressive tenfold increase in 5 years. Some luxury, purely aspirational high-end skincare brands are suffering double-digit revenue declines, but science-based, efficacy-focused brands like SkinCeuticals or Cible Skin are still growing at double-digit rates in China today. Consumers are less interested in brand promises, and more likely to turn to cheaper domestic offerings, and hence foreign brands truly need to deliver unique, differentiated products which fit their needs.

 

Sports, outdoor activities &amp; wear, pet, cultural &amp; social entertainment, aesthetic beauty, mental wellness, health-enhancing products &amp; services are all categories poised to continue to grow in China above Western rates, and we remain very excited about mission-driven brands that can sell a different value proposition and product set to increasingly discerning Chinese consumers.

 
<h1 class="wp-block-heading">The Rise of Digital-First Coffee Chains in China - Going global</h1>
 

Whilst coffee consumption remains low by global standards (c.20 cups per capita in China, vs Japan at c.350 per year), smaller-format, digital-first coffee chains built around mobile ordering and with simpler operating models offering better value to customers are expanding at a rate hard to fathom in other geographies.

 

Market leader, Luckin’ Coffee now operates over 21,300 stores, up c.12,000 in the past 18 months. Similarly Cotti, launched in Oct 2022 by former Luckin’ Coffee executives, just opened it’s 10,000th store globally – in context that’s roughly opening the size of Tesco’s global estate every year. This compares to Starbucks with c.7,500 stores in China and c.32,000 in 80 countries globally built in 43 years since founding. Digital first players are offering high-speed, value for money, and a constant stream of Limited Time Offer innovations to drive consumer excitement and adoption. Luckin’ Coffee currently has a cumulative user-base of a staggering 230 million people – equivalent to the population of the world’s 5th largest country. With recent expansion into SE Asia, and US under exploration, we expect the landscape to rapidly shift with these new juggernauts emerging…

 
<h1 class="wp-block-heading">How Grocery Retail in China Is Bifurcating Between Membership Warehouses and Specialist Chains</h1>
 

Whilst overall FMCG growth is flat to slightly declining, channels are shifting. Traditional supermarkets, hypermarkets and ecommerce models and losing out with declining growth, with Club, Convenience and Content-based ecommerce gaining share. Membership Warehouses such as Sam’s Club (Walmart) &amp; CostCo continue to proliferate in Tier 1 cities serving the upper middle classes, even whilst traditional supermarkets see double-digit YoY declines. Sam’s Club first opened in 1996, now operating out of c.50 stores serving over 4 million families with $11bn in sales, with c.50% coming from online. Outside Tier 1 cities, there is an observable expansion of specialist snacking discount models such as MHMM group (Super Ming &amp; Busy For You brands), which has surpassed 10,000 stores with a direct procurement model cutting cost and offering value back to end-consumers.

 

Both models, serving different ends of the demographic spectrum and growing rapidly highlight the massive opportunity for models driving efficiency through scale/direct sourcing in capturing margin that can ultimately be passed onto an end consumer. At both ends of the demographic spectrum, ‘value’ is critical and being articulated in different ways to unlock new opportunities.

 
<h1 class="wp-block-heading">What Are the Demographic Challenges Driving Growth in China’s Senior Care Industry?</h1>
 

New births in China fell by 6% in 2023, while preschool enrolments dropped by a stunning 11%, leading to the closure of 14,000 kindergartens across the country. Despite the Chinese government’s efforts to boost natality, China is now posting one of the world’s lowest birth rate (trending towards 1), which means the country’s population is now declining, and will be ageing fast. The current difficult macro is only exacerbating the issues, with young females even less inclined to have babies, as they fear for their jobs, purchasing power, and overall future prospects.

 

In this context, the need to support seniors is becoming more acute, because single children cannot take care of both parents at home in cities and apartments that have become increasingly expensive, but also because the rising Chinese life expectancy leads to a higher prevalence of dementia, Alzheimer’s and other acute diseases that require 24/7 assistance in specialized homes. The authorities are realizing this, and it has become a priority to both increase the number of available beds / facilities, but also improve the quality of care &amp; life in existing nursing homes, to make both children and parents more comfortable around the sensitive decision to move dependent seniors in. To some extent, solving the senior care issue in China is also a prerequisite to then fixing the dropping birth rate and overall population decline. We therefore expect a lot more capital and investor attention towards all type of products &amp; services designed for seniors, as 1/3 of the Chinese population (450 million people) will be aged 60 or above by 2040, and this generation will be a lot wealthier than the previous one.

 
<h1 class="wp-block-heading">How Entrepreneurs and Investors Can Thrive in China’s Changing Market</h1>
 

With a newly elected and emboldened Trump Administration in the US, hawkish on China, adding further complexity to an already highly uncertain domestic backdrop; we look forward to seeing how the next 18 months unfolds and how entrepreneurs at home and abroad adapt accordingly to capture the huge Chinese consumer prize at stake.

Key Consumer and Market Trends From The Ground in China

Written by Raphael Thiolon and Ben Black
 
<h1>What Are the Key Consumer Trends in China in 2024?</h1>
 
In late October, we spent time with our portfolio companies active on the ground in China, including Oatly, Cible Skin and Red Sun Senior Care, and catching up with friends old and new. Whilst the consumer and economic environment is highly complex, and has visibly deteriorated, we saw a number of propositions and entrepreneurs flourishing – and the prize at stake is undeniably substantial for the winners.
 
<h1>How Is Deflation Impacting Consumer Spending in China?</h1>
 
Deflation is real in China and very evident. Price compression in all channels, heavy discounting and overstock of higher ticket price products are all visible, alongside multiple luxury malls with Western brands and very few shoppers to fill them. However, despite a post-COVID growth slowdown denting consumer confidence, Expenditure and Disposable Income have rebounded to c.5-7% YoY growth and 8-9% reported respectively. House prices are on a downward trajectory, but household balance sheets remain relatively strong given consumer caution. 900 million people and c.60% of consumer expenditure is within Tier 3 cities and lower which is driving growth as infrastructure investments, urbanisation, ecommerce penetration and lower cost domestic-production in new sectors (such as Electric Vehicles) are opening-up productivity gains, and unlocking massive latent consumer power. The prize remains huge over the long-term.
 
In that context, see 4 of our Key Observations:
 
<ol class="wp-block-list" start="1">
<li style="list-style-type: none;">
<ol class="wp-block-list" start="1">
<li>Less is More is the new motto; driven by the Common Prosperity ideology and consumers’ shift from ostentatious Luxury Products towards more Experiential &amp; Healthier living</li>
</ol>
</li>
</ol>
 
<ol class="wp-block-list" start="1">
<li style="list-style-type: none;">
<ol class="wp-block-list" start="1">
<li>The Unstoppable rise of Digital-First Coffee chains – now going global</li>
</ol>
</li>
</ol>
 
<ol class="wp-block-list" start="1">
<li style="list-style-type: none;">
<ol class="wp-block-list" start="1">
<li>Grocery retail is bifurcating, with both Club/Membership Warehouses, and specialist offline chains in growth</li>
</ol>
</li>
</ol>
 
<ol class="wp-block-list" start="1">
<li style="list-style-type: none;">
<ol class="wp-block-list" start="1">
<li>Senior Care again a top priority post COVID, as China’s demographic challenges are mounting</li>
</ol>
</li>
</ol>

&nbsp;
 
<h1 class="wp-block-heading">Why Chinese Consumers Are Shifting to Experiential and Healthier Living</h1>
&nbsp;
For the first time in 30 years, Chinese consumers are facing a tough economic environment and clouded future outlooks, therefore reducing their overall consumption. In parallel, the government has made it clear that its ultimate goal is now Common Prosperity, ie a more distributed and conscious enrichment of its population, after two decades where the top 1% accumulated fantastic business success and wealth, and making it very visible to others. Status and Luxury still matters in China, and will continue to do so, but it seems we are entering a new phase, more akin to some Western markets, where success needs to be celebrated more discretely, but also where sophisticated consumers will be accumulating less goods and spending more on unique experiences, travel, and health.
 
This has contributed, since the beginning of 2024, to a massive, unexpected and unprecedented slowdown in luxury spend, with some Western brands experiencing astonishing drops in store visits and revenues (Gucci China sales are down over -35% in Q3 2024 vs last year ; premium beauty is declining YoY for the first time ever). However, this challenging environment will only widen the gap between winners and losers, and some brands / categories more aligned towards Chinese consumers’ new aspirations are still thriving. Arc’Teryx jackets can be found throughout Beijing’s fancy restaurants and Shanghai’s crowded streets, and the Canadian premium technical outwear brand is nearing USD 1bn retail sales in China, an impressive tenfold increase in 5 years. Some luxury, purely aspirational high-end skincare brands are suffering double-digit revenue declines, but science-based, efficacy-focused brands like SkinCeuticals or Cible Skin are still growing at double-digit rates in China today. Consumers are less interested in brand promises, and more likely to turn to cheaper domestic offerings, and hence foreign brands truly need to deliver unique, differentiated products which fit their needs.
 
Sports, outdoor activities &amp; wear, pet, cultural &amp; social entertainment, aesthetic beauty, mental wellness, health-enhancing products &amp; services are all categories poised to continue to grow in China above Western rates, and we remain very excited about mission-driven brands that can sell a different value proposition and product set to increasingly discerning Chinese consumers.
 
<h1 class="wp-block-heading">The Rise of Digital-First Coffee Chains in China &#8211; Going global</h1>
 
Whilst coffee consumption remains low by global standards (c.20 cups per capita in China, vs Japan at c.350 per year), smaller-format, digital-first coffee chains built around mobile ordering and with simpler operating models offering better value to customers are expanding at a rate hard to fathom in other geographies.
 
Market leader, Luckin’ Coffee now operates over 21,300 stores, up c.12,000 in the past 18 months. Similarly Cotti, launched in Oct 2022 by former Luckin’ Coffee executives, just opened it’s 10,000th store globally – in context that’s roughly opening the size of Tesco’s global estate every year. This compares to Starbucks with c.7,500 stores in China and c.32,000 in 80 countries globally built in 43 years since founding. Digital first players are offering high-speed, value for money, and a constant stream of Limited Time Offer innovations to drive consumer excitement and adoption. Luckin’ Coffee currently has a cumulative user-base of a staggering 230 million people – equivalent to the population of the world’s 5th largest country. With recent expansion into SE Asia, and US under exploration, we expect the landscape to rapidly shift with these new juggernauts emerging…
 
<h1 class="wp-block-heading">How Grocery Retail in China Is Bifurcating Between Membership Warehouses and Specialist Chains</h1>
 
Whilst overall FMCG growth is flat to slightly declining, channels are shifting. Traditional supermarkets, hypermarkets and ecommerce models and losing out with declining growth, with Club, Convenience and Content-based ecommerce gaining share. Membership Warehouses such as Sam’s Club (Walmart) &amp; CostCo continue to proliferate in Tier 1 cities serving the upper middle classes, even whilst traditional supermarkets see double-digit YoY declines. Sam’s Club first opened in 1996, now operating out of c.50 stores serving over 4 million families with $11bn in sales, with c.50% coming from online. Outside Tier 1 cities, there is an observable expansion of specialist snacking discount models such as MHMM group (Super Ming &amp; Busy For You brands), which has surpassed 10,000 stores with a direct procurement model cutting cost and offering value back to end-consumers.
 
Both models, serving different ends of the demographic spectrum and growing rapidly highlight the massive opportunity for models driving efficiency through scale/direct sourcing in capturing margin that can ultimately be passed onto an end consumer. At both ends of the demographic spectrum, ‘value’ is critical and being articulated in different ways to unlock new opportunities.
 
<h1 class="wp-block-heading">What Are the Demographic Challenges Driving Growth in China’s Senior Care Industry?</h1>
 
New births in China fell by 6% in 2023, while preschool enrolments dropped by a stunning 11%, leading to the closure of 14,000 kindergartens across the country. Despite the Chinese government’s efforts to boost natality, China is now posting one of the world’s lowest birth rate (trending towards 1), which means the country’s population is now declining, and will be ageing fast. The current difficult macro is only exacerbating the issues, with young females even less inclined to have babies, as they fear for their jobs, purchasing power, and overall future prospects.
 
In this context, the need to support seniors is becoming more acute, because single children cannot take care of both parents at home in cities and apartments that have become increasingly expensive, but also because the rising Chinese life expectancy leads to a higher prevalence of dementia, Alzheimer’s and other acute diseases that require 24/7 assistance in specialized homes. The authorities are realizing this, and it has become a priority to both increase the number of available beds / facilities, but also improve the quality of care &amp; life in existing nursing homes, to make both children and parents more comfortable around the sensitive decision to move dependent seniors in. To some extent, solving the senior care issue in China is also a prerequisite to then fixing the dropping birth rate and overall population decline. We therefore expect a lot more capital and investor attention towards all type of products &amp; services designed for seniors, as 1/3 of the Chinese population (450 million people) will be aged 60 or above by 2040, and this generation will be a lot wealthier than the previous one.
 
<h1 class="wp-block-heading">How Entrepreneurs and Investors Can Thrive in China’s Changing Market</h1>
 
With a newly elected and emboldened Trump Administration in the US, hawkish on China, adding further complexity to an already highly uncertain domestic backdrop; we look forward to seeing how the next 18 months unfolds and how entrepreneurs at home and abroad adapt accordingly to capture the huge Chinese consumer prize at stake.

Key Consumer and Market Trends in China 2024

<ul>
 	<li>Strategic investment marks Summer Discovery’s further expansion into the U.K. and Europe, broadening student access to prestigious universities globally</li>
</ul>
NEW YORK, N.Y., November 11, 2024 — <a href="https://www.summerdiscovery.com">Summer Discovery</a>, the largest provider of premier academic and experiential enrichment programs for students in partnership with elite universities, announced today that it is acquiring <a href="https://oxfordsummercourses.com">Oxford Summer Courses</a>, a U.K.-based company specializing in academic enrichment summer programs in the U.K. This strategic acquisition expands Summer Discovery’s global footprint and strengthens its offerings for students around the world.

Summer Discovery has a long history and heritage of academic excellence and supporting students’ personal growth. The company was founded in 1966 by Judy and Mike Musiker and quickly became the market leader of pre-college, enrichment, and academic summer programs for students from grades 1 – 12. Bob and Jimmy Musiker took over the business from their parents and then sold it to Verlinvest, the family-backed evergreen investment firm, remaining as engaged minority owners and board members.

Summer Discovery’s current portfolio of university partners now includes over 50% of Ivy League and over 15 top elite public and private universities across the U.S. The company is now targeting Europe as its next growth frontier. Earlier this year, Summer Discovery launched its enterprise partnership division, seeking to forge partnerships with leading brands across various industries, creating opportunities for collaboration and innovation.

Adriane Thorpe, CEO of Summer Discovery said: “We are thrilled to welcome Oxford Summer Courses to Summer Discovery and look forward to integrating and growing their exceptional summer programs together. This acquisition aligns with our shared vision of providing students with transformative academic summer experiences, while also supporting our strategy of continued growth and innovation in the industry.”

The partnership with Oxford Summer Courses furthers Summer Discovery’s expansion into Europe by adding additional U.K. locations to its network. Oxford Summer Courses delivers high-quality academic programs at prestigious U.K. institutions, including the University of Oxford, the University of Cambridge, and renowned boarding schools like Eton College. The integration of Oxford Summer Courses will diversify Summer Discovery’s offerings, enhancing students' academic and personal growth on a global scale.

These pre-college summer programs deliver measurable outcomes by bolstering students’ college applications, enabling them to leverage real-world experiences that demonstrate passion, commitment, and academic excellence.

Harry Hortyn and Rob Phipps co-founders and CEO of Oxford Summer Courses said: “We are very excited to partner with Summer Discovery and to continue our focus on high-quality educational opportunities worldwide. Summer Discovery has cemented itself as a leading summer travel provider for kids and students and we are thrilled to take our business to the next level with Verlinvest’s experienced team by our side.”

Alexander Rosenthal, Director in Verlinvest’s New York office said: “Summer Discovery has expanded its partnerships and programs considerably over the past few years, by focusing on delivering an incredible experience for students at premier universities. The acquisition of Oxford Summer Courses will bring prestigious U.K. programs into the Summer Discovery portfolio and supports our ambitions to be the largest summer academic program provider globally. This acquisition is a testament to Verlinvest’s unique commitment to embrace partnerships with founders and to back businesses driving consumer revolutions.”

The group will leverage Verlinvest’s experience growing companies successfully within its lifestyle portfolio in the U.S. and Europe to execute an ambitious expansion plan focused on collaborating with founders of educational summer programs globally. Verlinvest has previously backed businesses in adjacent sectors, including recent investments in K1 Speed and Insomnia Cookies. Oxford Summer Courses’ co-founders and CEOs Harry Hortyn and Rob Phipps will remain in leadership roles throughout the transition.

Leading premier academic program provider Summer Discovery expands into the U.K. with acquisition of Oxford Summer Courses, continuing its global growth story with backing from long-standing investor Verlinvest

<ul>
<li>Strategic investment marks Summer Discovery’s further expansion into the U.K. and Europe, broadening student access to prestigious universities globally</li>
</ul>
NEW YORK, N.Y., November 11, 2024 — <a href="https://www.summerdiscovery.com">Summer Discovery</a>, the largest provider of premier academic and experiential enrichment programs for students in partnership with elite universities, announced today that it is acquiring <a href="https://oxfordsummercourses.com">Oxford Summer Courses</a>, a U.K.-based company specializing in academic enrichment summer programs in the U.K. This strategic acquisition expands Summer Discovery’s global footprint and strengthens its offerings for students around the world.
Summer Discovery has a long history and heritage of academic excellence and supporting students’ personal growth. The company was founded in 1966 by Judy and Mike Musiker and quickly became the market leader of pre-college, enrichment, and academic summer programs for students from grades 1 – 12. Bob and Jimmy Musiker took over the business from their parents and then sold it to Verlinvest, the family-backed evergreen investment firm, remaining as engaged minority owners and board members.
Summer Discovery’s current portfolio of university partners now includes over 50% of Ivy League and over 15 top elite public and private universities across the U.S. The company is now targeting Europe as its next growth frontier. Earlier this year, Summer Discovery launched its enterprise partnership division, seeking to forge partnerships with leading brands across various industries, creating opportunities for collaboration and innovation.
Adriane Thorpe, CEO of Summer Discovery said: “We are thrilled to welcome Oxford Summer Courses to Summer Discovery and look forward to integrating and growing their exceptional summer programs together. This acquisition aligns with our shared vision of providing students with transformative academic summer experiences, while also supporting our strategy of continued growth and innovation in the industry.”
The partnership with Oxford Summer Courses furthers Summer Discovery’s expansion into Europe by adding additional U.K. locations to its network. Oxford Summer Courses delivers high-quality academic programs at prestigious U.K. institutions, including the University of Oxford, the University of Cambridge, and renowned boarding schools like Eton College. The integration of Oxford Summer Courses will diversify Summer Discovery’s offerings, enhancing students&#8217; academic and personal growth on a global scale.
These pre-college summer programs deliver measurable outcomes by bolstering students’ college applications, enabling them to leverage real-world experiences that demonstrate passion, commitment, and academic excellence.
Harry Hortyn and Rob Phipps co-founders and CEO of Oxford Summer Courses said: “We are very excited to partner with Summer Discovery and to continue our focus on high-quality educational opportunities worldwide. Summer Discovery has cemented itself as a leading summer travel provider for kids and students and we are thrilled to take our business to the next level with Verlinvest’s experienced team by our side.”
Alexander Rosenthal, Director in Verlinvest’s New York office said: “Summer Discovery has expanded its partnerships and programs considerably over the past few years, by focusing on delivering an incredible experience for students at premier universities. The acquisition of Oxford Summer Courses will bring prestigious U.K. programs into the Summer Discovery portfolio and supports our ambitions to be the largest summer academic program provider globally. This acquisition is a testament to Verlinvest’s unique commitment to embrace partnerships with founders and to back businesses driving consumer revolutions.”
The group will leverage Verlinvest’s experience growing companies successfully within its lifestyle portfolio in the U.S. and Europe to execute an ambitious expansion plan focused on collaborating with founders of educational summer programs globally. Verlinvest has previously backed businesses in adjacent sectors, including recent investments in K1 Speed and Insomnia Cookies. Oxford Summer Courses’ co-founders and CEOs Harry Hortyn and Rob Phipps will remain in leadership roles throughout the transition.

Alexander Rosenthal

Florence Gusbin

Summer Discovery Acquires Oxford Summer Courses

<ul>
 	<li>Partnership to invest in the growth of the UK’s leading climbing brand through new site rollout and M&amp;A, with plans to scale the business globally</li>
</ul>
LONDON, UK, October 15, 2024 —Verlinvest, a global, family-backed, consumer-focused evergreen investment firm, has led a significant investment in The Climbing Hangar, the leading UK bouldering gym operator, alongside the Founder and existing management team. This strategic partnership will provide capital and resources to enable The Climbing Hangar to accelerate its growth by building new sites in the UK, acquiring high-quality existing operations and deepening its brand and climbing community.

The Climbing Hangar was founded by Ged MacDomhnaill, offering a high-quality climbing experience in a welcoming environment at democratic price points through bouldering gyms across the UK. The brand has grown rapidly over the last few years, building on the increasing popularity of climbing and its appeal as both a sport and fitness activity, which is accessible and inclusive for all age groups, genders and demographics.

Since launch, Ged has successfully scaled the business to nine sites and 20,000+ members across the UK, with a focus on offering an accessible, enjoyable environment – appealing to experienced climbers and beginners alike – to champion penetration of the sport and welcome a new generation of enthusiasts.

The Climbing Hangar partners with Shauna Coxsey MBE, Olympian and the UK’s most successful female competition climber, and leads several community initiatives, including Refugees Rock and Hangar Women Rock to encourage participation in the sport. As part of the partnership, Verlinvest and Ged will seek to play a leading role in elevating the sport as a whole to project it into the mainstream while preserving its action sports identity.

Ged MacDomhnaill, CEO and Founder of The Climbing Hangar, said: “I am very proud of The Climbing Hangar’s achievements over the last few years and am excited to welcome Verlinvest as a partner as we look to accelerate the growth of the business. With its consumer experience and understanding of building communities and brands, Verlinvest is the perfect partner to help us continue to widen climbing’s appeal and enrich the sport in doing so. We look forward to inspiring more people and continuing to professionalise the delivery of the sport through data and new technologies, which this new partnership will enable.”

Ben Black of Verlinvest said: “As a consumer investor, we actively seek growth propositions that drive healthy and exciting alternatives for consumers. The Climbing Hangar represents the new generation of bouldering gyms democratising the sport, widening accessibility and raising the quality of the climbing on offer for all. We are delighted to partner with Ged and the team and will actively seek M&amp;A opportunities with other likeminded partners to build the business on an international scale.”

Verlinvest has a proven track record of successfully developing consumer brands and multi-site businesses on a global scale including K1 Speed, Tony’s Chocolonely, Oatly and Insomnia Cookies. The firm’s investment in The Climbing Hangar demonstrates an ongoing commitment to nurturing and developing niche and high-growth sports that have the potential to be mainstream and global at scale, with multiple revenue streams beyond traditional multi-site leisure players.

About The Climbing Hangar

The Climbing Hangar is a movement, dedicated to growing climbing in a sustainable way to bring the world more communities that champion fun, inclusivity and pushing individual limits together—no matter your skill level. Since opening, The Climbing Hangar has become the leading UK bouldering gym operator with a mission to bring chalky joy to the masses.

With innovation and disruption at the forefront, The Climbing Hangar co-founded the Women’s Climbing Symposium, gained UN recognition for its project with refugees and asylum seekers and has delivered global activations with Adidas and grass roots events with The North Face, Vivo Barefoot and Kendal Mountain Film Festival, amongst others. The Climbing Hangar is the first private equity-backed climbing operator in the UK. It currently has nine sites across the UK and a crew of over 200 individuals committed to sharing their passion for climbing.

About Verlinvest
Verlinvest is a global, family-backed evergreen investment company investing tickets up to €200m per investment. It identifies inflection points in consumer behaviour and partners with the businesses that are driving consumer revolutions forward whilst having a positive impact on people and the planet. Established in 1995, with offices in Brussels, London, New York, Mumbai and Singapore, Verlinvest focuses on the FMCG, health, consumer technology and lifestyle categories, investing across three strategies: Platform, Growth and Venture. Its portfolio includes Oatly, Tony’s Chocolonely, K1 Speed, Insomnia Cookies, Vita Coco and Mutti, amongst others.

Verlinvest acquires majority stake in leading UK bouldering gym operator, The Climbing Hangar, alongside founder and management

<ul>
<li>Partnership to invest in the growth of the UK’s leading climbing brand through new site rollout and M&amp;A, with plans to scale the business globally</li>
</ul>
LONDON, UK, October 15, 2024 —Verlinvest, a global, family-backed, consumer-focused evergreen investment firm, has led a significant investment in The Climbing Hangar, the leading UK bouldering gym operator, alongside the Founder and existing management team. This strategic partnership will provide capital and resources to enable The Climbing Hangar to accelerate its growth by building new sites in the UK, acquiring high-quality existing operations and deepening its brand and climbing community.
The Climbing Hangar was founded by Ged MacDomhnaill, offering a high-quality climbing experience in a welcoming environment at democratic price points through bouldering gyms across the UK. The brand has grown rapidly over the last few years, building on the increasing popularity of climbing and its appeal as both a sport and fitness activity, which is accessible and inclusive for all age groups, genders and demographics.
Since launch, Ged has successfully scaled the business to nine sites and 20,000+ members across the UK, with a focus on offering an accessible, enjoyable environment – appealing to experienced climbers and beginners alike – to champion penetration of the sport and welcome a new generation of enthusiasts.
The Climbing Hangar partners with Shauna Coxsey MBE, Olympian and the UK’s most successful female competition climber, and leads several community initiatives, including Refugees Rock and Hangar Women Rock to encourage participation in the sport. As part of the partnership, Verlinvest and Ged will seek to play a leading role in elevating the sport as a whole to project it into the mainstream while preserving its action sports identity.
Ged MacDomhnaill, CEO and Founder of The Climbing Hangar, said: “I am very proud of The Climbing Hangar’s achievements over the last few years and am excited to welcome Verlinvest as a partner as we look to accelerate the growth of the business. With its consumer experience and understanding of building communities and brands, Verlinvest is the perfect partner to help us continue to widen climbing’s appeal and enrich the sport in doing so. We look forward to inspiring more people and continuing to professionalise the delivery of the sport through data and new technologies, which this new partnership will enable.”
Ben Black of Verlinvest said: “As a consumer investor, we actively seek growth propositions that drive healthy and exciting alternatives for consumers. The Climbing Hangar represents the new generation of bouldering gyms democratising the sport, widening accessibility and raising the quality of the climbing on offer for all. We are delighted to partner with Ged and the team and will actively seek M&amp;A opportunities with other likeminded partners to build the business on an international scale.”
Verlinvest has a proven track record of successfully developing consumer brands and multi-site businesses on a global scale including K1 Speed, Tony’s Chocolonely, Oatly and Insomnia Cookies. The firm’s investment in The Climbing Hangar demonstrates an ongoing commitment to nurturing and developing niche and high-growth sports that have the potential to be mainstream and global at scale, with multiple revenue streams beyond traditional multi-site leisure players.
About The Climbing Hangar
The Climbing Hangar is a movement, dedicated to growing climbing in a sustainable way to bring the world more communities that champion fun, inclusivity and pushing individual limits together—no matter your skill level. Since opening, The Climbing Hangar has become the leading UK bouldering gym operator with a mission to bring chalky joy to the masses.
With innovation and disruption at the forefront, The Climbing Hangar co-founded the Women’s Climbing Symposium, gained UN recognition for its project with refugees and asylum seekers and has delivered global activations with Adidas and grass roots events with The North Face, Vivo Barefoot and Kendal Mountain Film Festival, amongst others. The Climbing Hangar is the first private equity-backed climbing operator in the UK. It currently has nine sites across the UK and a crew of over 200 individuals committed to sharing their passion for climbing.
About Verlinvest 
Verlinvest is a global, family-backed evergreen investment company investing tickets up to €200m per investment. It identifies inflection points in consumer behaviour and partners with the businesses that are driving consumer revolutions forward whilst having a positive impact on people and the planet. Established in 1995, with offices in Brussels, London, New York, Mumbai and Singapore, Verlinvest focuses on the FMCG, health, consumer technology and lifestyle categories, investing across three strategies: Platform, Growth and Venture. Its portfolio includes Oatly, Tony’s Chocolonely, K1 Speed, Insomnia Cookies, Vita Coco and Mutti, amongst others.

The Climbing Hangar

Verlinvest acquires leading UK bouldering gym operator, The Climbing Hangar

<ul>
 	<li>Partnership to accelerate brand’s growth across geographies and product categories </li>
 	<li>Funding round in partnership with Anicut Capital and A91 Partners</li>
</ul>
Mumbai, August 31, 2024: Verlinvest, a global, family-backed evergreen investment firm, has led a significant investment of US$35 million in Blue Tokai, India’s leading specialty coffee and bakery brand. This strategic partnership will empower Blue Tokai to deepen its presence in existing metro markets and expand into new Tier I &amp; II cities in India over next three years.  The Series C funding round also saw participation from existing investors Anicut Capital and A91 Partners.

Founded in 2013, Blue Tokai is pioneering India’s specialty coffee movement. Led by co-founders Matt Chitharanjan, Namrata Asthana and Shivam Shahi, Blue Tokai has more than doubled its store count in the last year to 130 outlets currently, delivering a range of specialty coffee products and artisanal bakery goods. The newly acquired funds will be used to expand to over 350 locations in the next 30-36 months, drive new product innovation, and expand to new channels.

Arjun Anand, Managing Director &amp; Head of Asia, Verlinvest said, “We are thrilled to partner with Blue Tokai in their mission to bring specialty coffee to millions across India. Matt, Namrata, and Shivam have brilliantly crafted a cult brand known for its exceptional products and customer experience. Together, we are committed to elevating Blue Tokai to new heights, creating India’s leading coffee chain and delighting consumers with unparalleled quality and service."

Matt Chitharanjan, Co-founder and CEO, Blue Tokai said, “With this latest funding, we have the opportunity to bring our passion for coffee to even more people.  We will utilize these funds to accelerate our expansion across all channels – from our own cafes to B2B and B2C platforms.  By introducing innovative coffee product offerings through new producers, we will enable ourselves to reach new consumers with varied offerings and continue delivering consistent coffee experiences.  Our focus remains to provding exceptional coffee experiences while fostering sustainable growth.”

Verlinvest has a proven track record of successfully scaling consumer brands in India, including Lahori, Epigamia, Heads Up For Tails and Wakefit. The firm’s investment in Blue Tokai demonstrates the ongoing commitment to the Indian market, which presents strong growth opportunities in the consumer ecosystem. This partnership is also further illustrative of Verlinvest’s focus on supporting high-quality F&amp;B brands globally, including notable investments with Insomnia Cookies and Tony’s Chocolonely.

About Verlinvest
Verlinvest is an international, family-backed evergreen investment company. We identify inflection points in consumer behaviors and partner with the businesses that are driving these consumer revolutions forward while having a positive impact. Established in 1995, with offices in Brussels, London, New York, Singapore, and Mumbai, Verlinvest focuses on the FMCG, health, consumer technology and lifestyle categories, investing across three strategies: Platform, Growth &amp; Venture. The company has over €2bn in AuM and counts brands such as Oatly, Vita Coco, Tony's Chocolonely, BYJU’s, Purplle.com, Mutti and Who Gives A Crap among our portfolio, alongside alumni Chewy.com, Vitaminwater and Remy Cointreau.

About Blue Tokai
Established in India in 2013 as a roastery to cater to a small community of artisanal coffee seekers, Blue Tokai Coffee has grown into a leading specialty coffee company in the country. Renowned for its commitment to sourcing the finest beans from local producers, Blue Tokai has cultivated a new appreciation for coffee among Indian consumers. With a strong focus on quality, sustainability, and exceptional customer experience, the brand has expanded to over 130 cafés, offering its products online, through B2B channels, and with a steady vision to triple its offline presence in the next two years. By offering a curated selection of freshly roasted coffee, brewed to perfection, Blue Tokai continues to shape the specialty coffee landscape in India.

Verlinvest acquires significant stake in Blue Tokai with USD 35 million investment

<ul>
<li>Partnership to accelerate brand’s growth across geographies and product categories </li>
<li>Funding round in partnership with Anicut Capital and A91 Partners</li>
</ul>
Mumbai, August 31, 2024: Verlinvest, a global, family-backed evergreen investment firm, has led a significant investment of US$35 million in Blue Tokai, India’s leading specialty coffee and bakery brand. This strategic partnership will empower Blue Tokai to deepen its presence in existing metro markets and expand into new Tier I &amp; II cities in India over next three years.  The Series C funding round also saw participation from existing investors Anicut Capital and A91 Partners.

Founded in 2013, Blue Tokai is pioneering India’s specialty coffee movement. Led by co-founders Matt Chitharanjan, Namrata Asthana and Shivam Shahi, Blue Tokai has more than doubled its store count in the last year to 130 outlets currently, delivering a range of specialty coffee products and artisanal bakery goods. The newly acquired funds will be used to expand to over 350 locations in the next 30-36 months, drive new product innovation, and expand to new channels.

Arjun Anand, Managing Director &amp; Head of Asia, Verlinvest said, “We are thrilled to partner with Blue Tokai in their mission to bring specialty coffee to millions across India. Matt, Namrata, and Shivam have brilliantly crafted a cult brand known for its exceptional products and customer experience. Together, we are committed to elevating Blue Tokai to new heights, creating India’s leading coffee chain and delighting consumers with unparalleled quality and service.&#8221;

Matt Chitharanjan, Co-founder and CEO, Blue Tokai said, “With this latest funding, we have the opportunity to bring our passion for coffee to even more people.  We will utilize these funds to accelerate our expansion across all channels – from our own cafes to B2B and B2C platforms.  By introducing innovative coffee product offerings through new producers, we will enable ourselves to reach new consumers with varied offerings and continue delivering consistent coffee experiences.  Our focus remains to provding exceptional coffee experiences while fostering sustainable growth.”

Verlinvest has a proven track record of successfully scaling consumer brands in India, including Lahori, Epigamia, Heads Up For Tails and Wakefit. The firm’s investment in Blue Tokai demonstrates the ongoing commitment to the Indian market, which presents strong growth opportunities in the consumer ecosystem. This partnership is also further illustrative of Verlinvest’s focus on supporting high-quality F&amp;B brands globally, including notable investments with Insomnia Cookies and Tony’s Chocolonely.

About Verlinvest
Verlinvest is an international, family-backed evergreen investment company. We identify inflection points in consumer behaviors and partner with the businesses that are driving these consumer revolutions forward while having a positive impact. Established in 1995, with offices in Brussels, London, New York, Singapore, and Mumbai, Verlinvest focuses on the FMCG, health, consumer technology and lifestyle categories, investing across three strategies: Platform, Growth &amp; Venture. The company has over €2bn in AuM and counts brands such as Oatly, Vita Coco, Tony&#8217;s Chocolonely, BYJU’s, Purplle.com, Mutti and Who Gives A Crap among our portfolio, alongside alumni Chewy.com, Vitaminwater and Remy Cointreau.

About Blue Tokai
Established in India in 2013 as a roastery to cater to a small community of artisanal coffee seekers, Blue Tokai Coffee has grown into a leading specialty coffee company in the country. Renowned for its commitment to sourcing the finest beans from local producers, Blue Tokai has cultivated a new appreciation for coffee among Indian consumers. With a strong focus on quality, sustainability, and exceptional customer experience, the brand has expanded to over 130 cafés, offering its products online, through B2B channels, and with a steady vision to triple its offline presence in the next two years. By offering a curated selection of freshly roasted coffee, brewed to perfection, Blue Tokai continues to shape the specialty coffee landscape in India.

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Verlinvest acquires leading UK bouldering gym operator, The Climbing Hangar

Verlinvest partners with Blue Tokai, leading specialty coffee brand in India

Futurekind: Verlinvest’s 30 Years of Heritage in Motion

Our investment in Boulders

Our investment in Yepoda

Summer Discovery Acquires Oxford Summer Courses

Verlinvest partners with Blue Tokai, leading specialty coffee brand in India

Verlinvest Strengthens Board Expertise with Two New Non-Executive Appointments

Our investment in The Eye Foundation

Our investment in KaraFun Group

Key Consumer and Market Trends in China 2024

Verlinvest acquires leading UK bouldering gym operator, The Climbing Hangar