Looking Back to Progress Forward
As we say goodbye to 2022 and welcome the new year with all it has to offer, I look back with gratitude for yet another year of record growth. I am more thankful than ever for new and long-standing relationships with our clients, carriers, and partnerships, as well as the burgeoning team we’ve built at PIUS, that has come into its own over the past year. Given our dedication to growth-stage companies, we recognize how exceptional this type of sustained advancement is.
New Sectors and New Records (Again)
PIUS kept pace with projections made at the year’s midway point, doubling our revenue and total loan amounts year-over-year. We have also extended our proprietary financing to several new and exciting sectors – including agricultural technology, property technology, and medical device technology.
While the details of some of these deals are not yet public, over the course of the year, PIUS helped secure flexible, non-dilutive financing, providing growing technology companies with working capital to scale their businesses. Below are some of the year’s highlights, among others:
- $25 million in a third funding for Tigo Energy, the worldwide leader in Flex MLPE (Module Level Power Electronics)
- $50 million for Cooks Venture, the largest pasture-raised poultry company in the U.S. committed to regenerative agricultural practices and the only with its own breeding line
- $30 million in a second funding for Blast Motion, the leader in swing analysis, player development and remote coaching
- $25 million in the second financing for C3 Nano, the performance leader and innovator of nanowire-based technologies for transparent conductors
- $10 million for ConXtech, construction technology company and developers of revolutionary structural steel building system, ConX®
Leadership and Team Updates
Early in 2022, Alexis Coyle re-joined the PIUS team as Chief Operating Officer, where she oversees all technology, finance, and underwriting aspects of PIUS’ business. Alexis previously worked with PIUS from 2018 to 2021 as a senior director, and in that role, she was instrumental in developing PIUS’ CLip Notes program, providing growth-stage technology companies with a comprehensive financing solution.
Over the course of the year, we were fortunate to bring our entire team together twice, with off-site meetings in Charleston, South Carolina in April, and Boulder, Colorado in August. We met over several days to discuss strategy and engage with key partners. As a fully virtual company, we’ve perfected working across time zones and utilizing tools like Zoom, but it’s always nice to get everyone in one room to connect face-to-face – particularly after a more-than-two-year hiatus due to the pandemic.
I was also honored to be recognized by Intellectual Asset Management (IAM) this past September, when I was included in the IAM Strategy 300, which recognizes executives leading the way in the development and implementation of world-class intellectual property (IP) value creation programs.
Merge with Gallagher
Perhaps the most significant news of the past year was PIUS being acquired by Arthur J. Gallagher & Co. As a Gallagher company, PIUS will have access to significant additional resources, allowing us to scale at a greater pace. While PIUS’ growth over the past year was certainly impressive, we expect to see continued and accelerated growth as we head into 2023 with Gallagher.
Moving into 2023
PIUS is heading into the new year with a stronger workforce and considerably greater resources than ever before. We are eager to meet with growth-stage companies in emerging markets and further expand PIUS’ reach into additional technology sectors, while continuing to provide clients with a complete end-to-end financing solution and services.
As we eagerly plan for 2023, I must note that none of this would have been possible without the hard work and expertise of the PIUS staff, and I would like to express my deepest appreciation. I thank you all for your many contributions to PIUS’ 2022 success.
On behalf of the entire PIUS team, we wish you health, happiness, and success in 2023 and look forward to our continued mutual growth.