# Propel Venture Partners Source: https://propel.vc --- # About Propel Venture Partners is an early-stage venture capital firm backing the builders of the new economy. Money is central to how people and companies live, work, and interact with each other, and that relationship is changing. We back the entrepreneurs redefining it. Since 2016, we've invested in over 70 companies and raised over $436 million across five funds. We've seen founders succeed and fail. Our portfolio includes three public companies, ten generating more than $100M in annual revenue, and founders building across nine countries. We find people early and stay with them for the long run. We're small on purpose. We are two general partners with a tight team and one open office. When you take money from Propel, you work directly with the people who made the investment decision. # Frequently Asked Questions ## At what stage do you invest? We are most active at Pre-Seed and Seed stages, but can selectively invest later. If you're thinking about starting a company, are building already, or are live with customers, we want to meet. We invested pre-product or before meaningful revenue in 7 companies that now generate over $100M in annual revenue, including Groww, Guideline, Newfront, Nomad, Brave, Neon, and Hippo. ## What is your check size? Propel usually invests $500K to $5M as an initial investment. We can lead, co-lead, or meaningfully participate. ## What is your fund size? We are currently investing out of our fifth fund, a $100M vehicle. ## Do you follow-on? Yes. We've invested in our top-performing companies across the full lifecycle, with total follow-on investments ranging from $10M to over $50M. We are comfortable with concentration risk, have exceeded 15% of funds into individual portfolio companies multiple times, and cross-fund invest when appropriate. ## Where do you invest? In addition to the U.S., Propel has invested in companies founded in Brazil, Israel, India, Colombia, Chile, Argentina, and Mexico. While the majority of Propel’s capital has been deployed in the U.S., the team has invested more than $100M in South America. ## What is your investment process? We are a small team with two Managing General Partners and a tight investing team. We sit in an open office, and investment ideas are shared daily. We don't operate in silos, directing energy and the firm's resources towards what matters most. After an introductory meeting, we quickly move to identify what we need to learn. Follow-up meetings are used to validate understanding, get more of our team familiar with the opportunity, and to establish rapport between our fund and the founders. We can move in days or match whatever timeline founders prefer. ## What do you look for in investments? We back founders who see a future others don't - or who have the exceptional execution abilities to deliver it, and often both. Specifically, we look for founders with deep domain expertise, a clear insight into why now is the right time, and the ability to attract the talent, customers, and capital needed to build a category-defining company. Creating one of these businesses is extraordinarily rare and difficult, but some founders are built for it. We also look for founders who want investors as true partners on the difficult journey ahead. ## How do you work with companies after you invest? From the outset, we set up a WhatsApp channel connecting founders directly with our full team. We set a sync cadence that fits founders' needs - bi-weekly, monthly, or quarterly, but often chat more frequently. We actually read investor updates and pick up the phone when called. We like to be meaningful on the cap table so we can support founders with whatever they need, whether that's office space in San Francisco, navigating a difficult co-founder relationship, or unexpected personal matters. We don't hand you off to a specialist; you get us. --- # Team ## Jay Reinemann **GENERAL PARTNER** Jay is drawn to founders rebuilding financial services from first principles and to the systems, incentives, and infrastructure underneath them. He'd rather understand how something works than outsource the understanding. As a General Partner and co-founder of Propel, Jay has spent over two decades inside financial services and fintech. He started as a credit analyst and commercial loan officer, then spent nearly a decade at Visa across finance, business development, and Corporate Development and Strategic Alliances. He later joined BBVA as Executive Director of Corporate Development and Strategy, where he helped the bank act on digital transformation, led investments in Coinbase, DocuSign, Personal Capital, SumUp, and Taulia, and executed the $117M acquisition of Simple. Originally from Milwaukee and a University of Wisconsin-Madison graduate, Jay has lived in the Bay Area for 25 years. - LINKEDIN: https://www.linkedin.com/in/jayreinemann/ - X: https://x.com/JayReinemann - EMAIL: mailto:jay@propel.vc ## David Mort **GENERAL PARTNER** David enjoys investing as early as possible in ambitious founders across the globe. He's excited about opportunities to unlock the new economy, such as AI, financial technology, and energy and compute infrastructure. As a General Partner and co-founder of Propel, David has been investing since 2016. Originally from Milwaukee, he was drawn west by a desire to be closer to the startup capital, where he landed his first job at SVB Financial Group. At SVB, David supported category-defining companies through valuation and advisory services, while helping the bank identify top-performing companies. After SVB, David joined Jay at BBVA, in the Corporate Development and M&A team, where they backed Coinbase, DocuSign, SumUp, Taulia, and Personal Capital, and the $117M acquisition of Simple, an early leading neobank. David is a University of Wisconsin-Madison graduate and lives in the Bay Area with his wife and kids. - LINKEDIN: https://www.linkedin.com/in/davidjmort/ - X: https://x.com/David_Mort - EMAIL: mailto:david@propel.vc ## Braeden Norris **INVESTOR** Braeden is especially interested in AI in services, AI safety/security, insurance, and the financialization behind physical infrastructure. He likes finding people building in these spaces in niche online communities. At Propel, he works with founders across the firm's portfolio and helps identify the next generation of companies to back. Before Propel, he spent a summer at the Federal Reserve Bank of Chicago and worked at a fintech media startup. A Chicago suburbs native and University of Wisconsin-Madison computer science graduate, he now lives in San Francisco. - LINKEDIN: https://www.linkedin.com/in/braedennorris/ - X: https://x.com/braeden_norris - EMAIL: mailto:braeden@propel.vc ## Jenny Zhu **INVESTOR** Jenny is most engaged by those reshaping how money moves, institutions evolve, and markets function. In particular, she is focused on the building blocks of commerce, AI security, payments, and infrastructure. At Propel, she helps back the earliest stages of companies and rolls up her sleeves with founders as they grow. Before Propel, Jenny spent five years in investment banking at PWP, Broadhaven, and Lazard, advising PayPal, Ripple, Xpansiv, Franklin Templeton, and the FTX Debtors. A Dallas native and Columbia University graduate, she carried a decade-long soft spot for New York but is now based in San Francisco. - LINKEDIN: https://www.linkedin.com/in/jenny-zhu-3b819069/ - X: https://x.com/imjennyzhu - EMAIL: mailto:jenny@propel.vc ## Hunter Brasfield **CHIEF FINANCIAL OFFICER AND CHIEF COMPLIANCE OFFICER** Hunter is the Chief Financial Officer and Chief Compliance Officer at Propel, where he has managed the firm's finances and compliance since joining in 2024. Before Propel, he spent over five years running fund accounting at ACME Capital and began his career in audit at EY and Deloitte. A Tennessee native and Rhodes College grad, he now lives in the Bay Area. - LINKEDIN: https://www.linkedin.com/in/hunter-brasfield-b067a81/ - EMAIL: mailto:hunter@propel.vc --- # Portfolio ## Featured Investments - Akua (https://www.akua.la/) - BOND (https://bond.com.br/) - Azos (https://www.azos.com.br/) - Brave (https://brave.com/) - Brendi (https://brendi.com.br) - Cavela (https://www.cavela.com/) - ChargeAfter (https://chargeafter.com/) - Coinbase (https://coinbase.com/) - Conekta (https://conekta.com/) - Docusign (https://www.docusign.com/) - Earnest (http://earnest.com/) - Ease (https://www.ease.com/) - Embed - Fintoc (https://fintoc.com/cl) - Flieber (https://www.flieber.com/) - Grabango (https://grabango.com/) - Groww (https://groww.in/) - Guideline (https://www.guideline.com/) - Helius (https://helius.xyz/) - Hippo (https://www.hippo.com/) - IORQ (https://www.iorq.com.br) - Kamino (https://www.kamino.com.br/) - Kasisto (https://kasisto.com/) - Lemon (https://www.lemon.me/) - Neon (https://neon.com.br/) - Newfront (https://www.newfront.com/) - Noh (https://www.noh.com.br/) - Nomad (https://nomadglobal.com/) - Ocho (https://www.ocho.co/) - Opine (https://tryopine.com/) - Paceline (https://paceline.fit/) - Polaxys (https://www.polaxys.com/en) - Grep (https://grep.ai/) - Personal Capital (https://www.personalcapital.com/) - Prosper (https://www.prosper.com/) - Safebooks (https://www.safebooks.ai/) - Scanpay (https://scanpay.tech/) - Steady (https://www.steadyapp.com/) - SumUp (https://sumup.com/) - Tail (https://usetail.co/en) - Taulia (https://taulia.com/) - TravelBank (https://travelbank.com/) - Truora (https://www.truora.com/en) - TrustLayer (https://trustlayer.io/) ## Notable Exits - Coinbase: IPO - NASDAQ: COIN (https://coinbase.com/) - Docusign: IPO - NASDAQ: DOCU (https://www.docusign.com/) - Earnest: ACQUIRED - NAVIENT (http://earnest.com/) - Ease: ACQUIRED - EMPLOYEE NAVIGATOR (https://www.ease.com/) - Embed: ACQUIRED - FTX - Groww: IPO - NSE: GROWW (https://groww.in/) - Guideline: ACQUIRED - GUSTO (https://www.guideline.com/) - Hippo: IPO - NYSE: HIPO (https://www.hippo.com/) - Newfront: ACQUIRED - WTW (https://www.newfront.com/) - Personal Capital: ACQUIRED - EMPOWER (https://www.personalcapital.com/) - Taulia: ACQUIRED - SAP (https://taulia.com/) - TravelBank: ACQUIRED - U.S. Bank (https://travelbank.com/) --- # Privacy Policy Propel Venture Partners and its affiliates and its employees place a high priority on protecting sensitive personal information. We do not disclose users’ confidential information except as described in this Privacy Policy, permitted by you or required by law. Throughout this Privacy Policy the words “we,” “us,” and “our” refer to Propel Venture Partners Management Company LLC. and its affiliates, and the words “you” and “your” refer to the user visiting the Web Site and your institution or organization. This policy (together with our terms of use and any other documents referred to in it) sets out the basis on which any personal data we collect from you, or that you provide to us, will be processed by us. Please read the following carefully to understand our views and practices regarding your personal data and how we will treat it. By visiting our site you are accepting and consenting to the practices described in this policy. INFORMATION ABOUT US For the purpose of applicable data protection legislation, the data controller of your personal dates Propel Venture Partners of 900 Kearny Suite 620 San Francisco, CA 94133 United States. INFORMATION WE COLLECT ABOUT YOU We may collect information about you in a range of forms, including personal data. As used in this Privacy Policy, “personal data” refers to personal data, personal information or similar information governed by applicable privacy legislation, including, without limitation, the General Data Protection Regulation 2018 (and any successor legislation); this includes any information which, either alone or in combination with other information we hold about you, identifies you as an individual, including, for example, your name, postal address, email address and telephone number. Each time you visit our site or interact with the emails we send to you, we may automatically collect the following information: Technical information including the Internet protocol (IP) address used to connect your computer to the internet or mobile device operating system name and version Information about your visit, including the URL clickstream to, through and from our site (including date and time); pages, resources you viewed or searched for; page response times, errors, length of visits to certain pages, page interaction, and methods used to browse away from the page; Information we receive from other sources. We may receive information about you if you use any of the other websites we or any of our group companies operate or the other services we provide. We are also working closely with third parties (including, for example, analytics providers, search information providers, social media websites) and may receive information about you from them. THE LEGAL BASIS FOR PROCESSING YOUR DATA We may process your data because: we are legally obliged to e.g. to confirm your identity; the processing is necessary for the performance of the contract with you to provide our services, or it is in ours or a third party’s legitimate interests to do so. In some instances, we will rely on your consent to process Personal Data and where we do this, it will be flagged to you at the time. HOW WE USE THE INFORMATION COLLECTED Generally. We may use your Personal Information or Usage Information that we collect about you: (1) to provide you with information or services or process transactions that you have requested or agreed to receive, including to send you electronic newsletters; (2) to enable you to participate in a variety of the Web Site’s features; (3) to process any inquiry, including verifying your information is active and valid; (4) to improve the Web Site or create new service offerings, to customize your experience on the Web Site, or to serve you specific content that is most relevant to you; (5) to contact you with regard to your use of any of the Web Site and, in our discretion, changes to the Web Site and/or any of the Web Site’s policies; (6) for internal business purposes; and (7) for purposes disclosed at the time you provide your information or as otherwise set forth in this Privacy Policy. Contact Us. Please note that information submitted to the Web Site via a “contact us” or other similar customer inquiry function may not receive a response. We will not use the information provided by you in a customer inquiry communication to contact you for marketing purposes unrelated to your request unless you agree otherwise. DISCLOSURE OF YOUR INFORMATION We may share non-Personal Information, such as aggregated user statistics, with third parties. We may share your Device Identifiers with third parties along with data related to you and your activities. We do not share your Personal Information with third parties for those third parties’ direct marketing purposes unless we have given you the choice to consent or withhold consent to such sharing at the time you provide your Personal Information, in which case we will honour your choice. If we de-identify data about you, it is not treated as Personal Information by us, and we may share it with others freely. In addition, we may share the information we have collected about you, including Personal Information, as disclosed at the time you provide your information and as described below or otherwise in this Privacy Policy. Propel.vc may also disclose your information as follows: (a) When You Request Information From or Provide Information to Third Parties. You may be presented with an option on our Web Site to receive certain information and/or marketing offers directly from third parties or to have us send certain information to third parties or give them access to it. If you choose to do so, your Personal Information and other information may be disclosed to such third parties and all information you disclose will be subject to the third-party privacy policies and practices of such third parties. (b) Third Parties Providing Web Sites on Our Behalf. We may use third-party vendors to perform certain services on behalf of us or the Web Site, such as hosting the Web Site, designing and/or operating the Web Site’s features, tracking the Web Site’s activities and analytics, and enabling us to send you special offers or perform other administrative services. We may provide these vendors with access to user information, including Device Identifiers and Personal Information, to carry out the services they are performing for you or for us. Third-party analytics and other service providers may set and access their own Tracking Technologies on your Device and they may otherwise collect or have access to information about you, potentially including Personal Information, about you. We are not responsible for those third-party technologies or activities arising out of them, nor are we responsible for the effectiveness of or compliance with any third parties’ opt-out options. (c) To Protect the Rights of Propel.vc and Others. To the fullest extent permitted by applicable law, we may also disclose your information if we believe in good faith that doing so is necessary or appropriate to (i) protect or defend the rights, safety or property of Propel.vc or third parties (including through the enforcement of this Privacy Policy, our Terms of Use, and other applicable agreements and policies); or (ii) comply with legal and regulatory obligations (e.g., pursuant to law enforcement inquiries, subpoenas or court orders). To the fullest extent permitted by applicable law, we have complete discretion in electing to make or not make such disclosures, and to contest or not contest requests for such disclosures, all without notice to you. (d) Affiliates and Business Transfer. We may share your Personal Information with our parent, subsidiaries and affiliates. We also reserve the right to disclose and transfer all such information: (i) to a subsequent owner, co-owner or operator of the Web Site or applicable database; or (ii) in connection with a merger, consolidation, restructuring, the sale of substantially all of our interests and/or assets or other corporate change, including, during the course of any due diligence process. KEEPING YOUR DATA SECURE We will use technical and organizational measures to safeguard your personal data. While we will use all reasonable efforts to safeguard your personal data, you acknowledge that the use of the internet is not entirely secure and for this reason, we cannot guarantee the security or integrity of any personal data that are transferred from you or to you via the internet. If you have any particular concerns about your information, please contact us (see ‘Contact us’ below). WHERE WE STORE YOUR PERSONAL DATA Our Web Site is operated and hosted in the United States and intended for users located worldwide. Propel Venture Partners may send your data outside the jurisdiction from which it originated or was collected, including, but not limited to the United States. The data protection laws in the United States may differ from those of the country in which you are located, and your Personal Information may be subject to access requests from governments, courts, or law enforcement in the United States according to laws of the United States. By using the Web Site or providing us with any information, you consent to the transfer to, and processing, usage, sharing and storage of your information, including Personal Information, in the United States as set forth in this Privacy Policy. SOCIAL MEDIA Any information received by us via the use of social media functions shall be stored and used strictly in accordance with this privacy policy. How long do we keep your personal information? We keep your personal information for as long as we need to for the purposes for which it was collected or (if longer) for any period for which we are required to keep personal information to comply with our legal and regulatory requirements. YOUR RIGHTS You have the right to ask us not to process your personal data or to restrict our processing of your personal data (including for marketing purposes). You can do so at any time by contacting us at hello@propel.vc. You also have the right to ask us to correct any mistakes or inaccuracies in your information which we hold at any time by contacting us at hello@popel.vc. Please state the site(s) it is in reference to. Our site may, from time to time, contain links to and from the websites of our partner networks, and affiliates. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites. ACCESS TO INFORMATION You have the right to obtain a copy of the personal data we hold about you. You can make your request here. Once we have received your request and verified your identity we will respond as soon as possible and in any event within one month. COOKIES Our website may use cookies to distinguish you from other users of our website. This helps us to provide you with a good experience when you browse our website and also allows us to improve our site. A cookie is a small text file written to your hard drive that contains information about your account and use of this site. Cookies do not contain any personal information about users. Cookies enable us to collect useful information and to improve your experience when accessing and using our site. The cookies we use on our site include: GOOGLE ANALYTICS – We use this service to improve your experience across the sites. This service runs in the background and drops one or more cookies to your computer, or handheld device. It helps us measure how you interact with our website’s content by tracking your user journey and site interactions. The cookies store non-identifiable information about your browsing history, we use this data to analyze patterns and trends to help improve your experience. The data Google Analytics stores about you: Non-identifiable data such as visits, pages views, time on site, and the journey you take through the site. For more details on Google Analytics please visit their website WARMLY We use Warmly on our website to support visitor engagement features and better understand how visitors interact with our site. Warmly may use cookies and similar technologies to collect technical information and online activity information, such as IP address, browser and device information, pages viewed, time spent on pages, referral URLs, and interactions with website widgets, chat features, or forms you choose to use. Information collected through Warmly may be processed by Warmly on our behalf in accordance with their privacy practices. MANAGING COOKIES If you wish to restrict or block the cookies which are set by our site, you can do this through your browser settings. The “help” function within your browser should provide information about this. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or parts of our site. CHILDREN’S ONLINE PRIVACY PROTECTION ACT We understand the importance of protecting children’s privacy in the interactive world. We are a general audience service and do not use the Web Site to knowingly collect personal information from children under the age of thirteen (13) that requires parental notice and consent under the Children’s Online Privacy Protection Act (“COPPA”) without such parental consent. If you are a child under 13 years of age, you are not permitted to use the Site and should not send any information about yourself to us through the Web Site. In the event that we become aware that we have collected personal information from any child, we will dispose of that information in accordance with COPPA and other applicable laws and regulations. If you are a parent or guardian and you believe that your child under the age of 13 has provided us with personal information without COPPA-required consent, please contact us. CHANGES TO OUR PRIVACY POLICY Any changes we may make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by email. Please check back frequently to see any updates or changes to our privacy policy. COMPLAINTS If you have any complaints about the way we use your personal information please contact us and we will try to resolve the issue. CONTACT US Questions, comments, and requests regarding this privacy policy are welcomed and should be addressed to hello@propel.vc. INFORMATION FOR CALIFORNIA RESIDENTS This section applies only to California residents. It describes how we collect, use and share Personal Information of California residents when we act as a “business” as defined under the California Consumer Privacy Act of 2018 (“CCPA”), and their rights with respect to their Personal Information. For purposes of this section, “Personal Information” has the meaning given in the CCPA but does not include information exempted from the scope of the CCPA. For example, this section does not apply to information we collect from you in the course of communicating with you in your capacity as an employee, controlling owner, director, officer or contractor of an organization (i.e., company, partnership, sole proprietorship, non-profit or government agency) in the context of performing due diligence on, or providing or receiving products or services to or from, such organization. In addition, this section does not apply to information governed by the Gramm-Leach-Bliley Act. In some cases we may provide a different privacy notice to certain categories of California residents, such as job applicants, in which case that notice will apply instead of this section. As a California resident, you have the following rights as of January 1, 2020: You can request the following information about how we have collected and used your Personal Information during the past 12 months: The categories of Personal Information that we have collected. The categories of sources from which we collected Personal Information. The business or commercial purpose for collecting and/or selling Personal Information. The categories of third parties with whom we share Personal Information. Whether we have disclosed your Personal Information for a business purpose, and if so, the categories of Personal Information disclosed to each category of third party recipient. Whether we’ve sold your Personal Information, and if so, the categories of Personal Information received by each category of third party recipient. You can request a copy of the Personal Information that we have collected about you during the past 12 months. You can ask us to delete the Personal Information that we have collected from you. You are entitled to exercise the rights described above free from discrimination as prohibited by the CCPA. You may submit a request to exercise your right to information, access or deletion by emailing hello@propel.vc. We reserve the right to confirm your California residency to process your requests and will need to confirm your identity to process your requests to exercise your information, access or deletion rights. Government identification may be required. You may designate an authorized agent to make a request on your behalf. In order to designate an authorized agent to make a request on your behalf, you must provide a valid power of attorney, the requester’s valid government-issued identification, and the authorized agent’s valid government issued identification. We cannot process your request if you do not provide us with sufficient detail to allow us to understand and respond to it. In certain cases we may decline your request as permitted by law. We collect Personal Information in the following categories specified by the CCPA: Identifiers, such as your name and contact details. Professional or employment information, such as your job title, professional affiliations and employment history. Online identifiers, such as the device data described above in the section entitled INFORMATION WE COLLECT ABOUT YOU Internet information, such as the online activity data described in the section entitled INFORMATION WE COLLECT ABOUT YOU Sensory information in the form of security camera footage taken in our offices. Inferences derived from any of the foregoing. Information you voluntarily provide to us, such as in free-form webforms, may contain other categories of personal information not described above. We collect this information from you or “other sources” described above in the section entitled INFORMATION WE COLLECT ABOUT YOU We use this information for the business/commercial purposes described above in the section entitled HOW WE USE THE INFORMATION COLLECTED. We disclose this information to third parties as described above in the section entitled DISCLOSURE OF YOUR INFORMATION. Based on our current understanding of the CCPA, we do not “sell” your Personal Information as defined in the CCPA. --- # Terms of Use Effective Date: April 20 2020 You should carefully read the following terms and conditions (the “Terms”). The Terms govern your use of this website (this “Site”), including the content, materials and information available on or through this Site. ‍ Propel Venture Partners Management Company LLC. is providing this website as an information service to the internet community. By using this Site, you acknowledge that you have read, understood and agree to the Terms. If you do not agree to abide by these Terms, do not use this Site. ‍ IMPORTANT LEGAL INFORMATION ABOUT PRIVACY The terms and conditions of Propel.vc’s Privacy Policy, which is available here, apply to your use of this Site, form an integral part of your agreement with us, and are incorporated by reference into these Terms of Use. You should read the Privacy Policy carefully before you use this Site because by using this Site you will be agreeing to everything in these Terms of Use, including the terms contained in our Privacy Policy. ‍ ACCESSING THIS SITE By using the Site, you agree not to: (1) take any action that imposes an unreasonable load on the Site’s infrastructure, (2) use any device, software or routine to interfere or attempt to interfere with the proper working of the Site or any activity being conducted on the Site, (3) attempt to decipher, decompile, disassemble or reverse engineer any of the software comprising or making up the Site, (4) delete or alter any material posted on the Site by Propel.vc or any other person or entity, or (5) frame or link to any of the materials or information available on the Site. ‍ NO OFFER, SOLICITATION OR ADVICE The purpose of this Site is limited to providing you with general information about us. 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In the event any provision of these Terms is determined to be invalid or unenforceable, such provision shall be deemed severed from the remainder of these Terms and replaced with a valid and enforceable provision as similar in intent as reasonably possible to the provision so severed, and shall not cause the invalidity or unenforceability of the remainder of these Terms. ‍ CHANGES TO THESE TERMS We may revise these terms of use at any time by amending this page. Please check this page from time to time to take notice of any changes we make, as they are binding on you. 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The posts are not directed to any investors or potential investors, and do not constitute an offer to sell or a solicitation of an offer to buy any securities nor should it be construed as an offer to provide investment advisory services. The content of any public Propel social media accounts should not be construed as or relied upon in any manner as investment, legal, tax, or other advice. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. Certain information shared on these social media platforms has been obtained from third-party sources, including from portfolio companies of funds managed by Propel. While taken from sources believed to be reliable, Propel has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation. Any investments or portfolio companies mentioned, referred to, or described are not representative of all investments in vehicles managed by Propel and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results. A list of investments made by funds managed by Propel is available here: propel.vc/investments. Past results of Propel’s investments, pooled investment vehicles, or investment strategies are not necessarily indicative of future results. As for its investments in any cryptocurrency or token project, Propel is acting in its own financial interest, not necessarily in the interests of other token holders. Propel has no special role in any of these projects or power over their management. Additional important information about Propel, including our Form ADV Part 2A Brochure, is available at the SEC’s website: adviserinfo.sec.gov.