We’re proud to share the successful exit of our portfolio company Swiftly, following a strategic investment led by Cove Hill Partners in late May. This new chapter will enable Swiftly to accelerate its product roadmap and further strengthen its position as a leader in helping transit agencies and operators in the US and around the world deliver better public transportation services. 

The company will continue to be led by Co-founder and CEO Jonny Simkin, along with the current leadership team. 

We first partnered with Swiftly in April 2019, co-leading their $10 million Series A round. At that time, the company served just 50 agencies with a simple tool focused on transit time data and operational insights. The vision, however, was clear: build the operating system for public transportation. 

Six years later, following a Series B round in late 2020 joined by JMI Equity, as well as the acquisition of Hopthru in mid-2024, Swiftly has grown into a global data platform. Today it serves over 190 transit agencies across 12 countries, including more than half of the 25 largest US agencies by bus ridership. Its platform supports over 11,000 transit professionals in improving service for 2.4 billion passenger journeys each year. 

While the current success is evident, it has been no less than a rollercoaster. During the COVID period, with public transport usage collapsing, it wasn’t clear how or when recovery would come. Later, as normal life and mobility needs resumed, the broader tech market was in turmoil. It is a credit to Jonny and the rest of the team that, through difficult decisions made in late 2022 and early 2023, Swiftly emerged stronger, leaner, and on a clear path to profitable growth. 

We have been fortunate to be part of this journey. We supported Jonny and European Director Joaquin in successfully expanding into Europe, winning major contracts in cities like Paris and Madrid. On a more personal note, I have truly enjoyed working with Jonny, first as a board member and later through regular catch-ups, all that despite a nine-hour time difference. 

Now, after six years of partnership, Aster is fully exiting its position in Swiftly. We are proud of the progress made and thankful to have played a role in the company success. 

To Jonny and the entire team: thank you and congratulations. We wish you continued success in this exciting next phase.

Want to Discuss Your CVC Strategy?

We know from experience that the strategic value of a CVC can fluctuate over time and often depends on the vision and commitment of current leadership. If you’re facing internal discussions or uncertainty about the viability of your CVC, don’t hesitate to reach out — we’d be happy to support you.

📸 Entretien avec un VC #21 – Convertible Bonds, BSA AIR, Equity… How to Invest in Startups? With Jean-Marc Bally, Managing Partner @Aster Capital

📸 Aster team

By optimizing the participation of distributed and front-of-the-meter (FTM) energy assets, such as commercial and industrial (C&I) energy storage and demand response systems, as well as grid-scale storage, GridBeyond has paved the way for a more resilient and sustainable energy future.

Huge congrats to Michael Phelan and Richard O’ Loughlin. We can’t wait to witness your future successes!

Fabio Lancellotti (Aster) speaking at VivaTech event

🌍 Europe’s key role: unleashing sustainable innovation

Europe possesses a wealth of skills and technologies that can drive sustainable innovation forward. However, the pace of change in Europe must be accelerated. Breakthrough Energy stressed the need for a Complexity Reduction Act, similar to the IRA in the US, to overcome the slow progress. Speed is relative, and Europe must rise to the challenge.

💪 Shifting ambitions: Breaking free from old dependencies

Transition away from Russian gas and the consequent emergence of new dependencies, such as China for solar panels and wind turbines, highlights the need for careful navigation as Europe charts its course. There needs to be an ambition to reduce vulnerability by avoiding over-reliance on few sources or countries.

💰 Unlocking technology advancement: Focusing joint efforts

While scaling existing technologies is crucial, it is equally vital to invest in the development of missing, breakthrough components. The main challenges lie in scaling renewable energy infrastructure, addressing long-term energy storage and the need for more substantial funding backing bold initiatives.

🃏 Looking into the next decades: Reshuffling the cards

The era of fossil fuels has defined a particular power paradigm, but the transition to alternative energy sources can reshape the dynamics in play. The global South possesses abundant solar and wind resources, as well as minerals, that should be strategically harnessed. However, as Europe strives for energy security, it must prioritize the creation of a robust and diversified infrastructure.

By embracing independence, building resilience, and unlocking technological advancement, Europe is poised to overcome the challenges of its energy transition and seize the opportunities that lie ahead.

Once again, thank you to Ann Mettler, Tim Gould and Nicolas Lefevre-Marton for sharing the floor with our very own Fabio Lancellotti.

From left to right: Marie Capitaine (TotalEnergies), Benoit Savattier (TotalEnergies), Antoine Delafargue (TotalEnergies), Jean-Marc Bally (Aster), Chama El Shamy (Aster)

Tailor-made support to meet the seller’s expectations

Following a competitive process, Aster was chosen by TotalEnergies to take over most of the assets of its CVC arm, TotalEnergies Ventures. The portfolio is made up of minority stakes in about twenty companies, mainly located in Europe and the United States. This deal allows Aster to notably demonstrate once again its international experience, its expertise in technologies and innovative solutions contributing to carbon neutrality, and its capacity to support start-ups in their respective growth projects.

Aster is also pleased to welcome North Sky Capital as an investor in the specially created FPCI fund (Fonds Professionnel de Capital Investissement), and endowed with a significant share to support the portfolio companies in their future financing needs. For its part, TotalEnergies will maintain a close relationship with Aster and will be interested in the future performance of the FPCI. Jean-Marc Bally, Managing Partner of Aster “this unprecedented operation testifies confidence in the Aster model and in our ability to develop solutions fully tailored to the needs of our subscribers”.

This announcement is a concrete step towards the building of a broader approach to support players interested in transferring and monitoring their venture capital investments.

The ambition to develop a secondary activity

With this solid first experience, Aster positions itself as a new entrant in the private equity secondary market. Aster can offer several liquidity and/or support solutions tailored to a smooth transition, and above all aligned with the evolving needs of the strategy and positioning of venture capital players, including in particular industrial corporates looking for liquidity or a new balance for their CVC activities and investment portfolios.

According to Fabio Lancellotti, Partner at Aster, “the economic context, combined with the cyclicality of venture capital investments, create opportunities to take over minority positions held directly by players wishing to reposition themselves on their core activities. We want to energize the secondary market with a constructive, tailor-made approach adapted to the strategic changes of large corporates, particularly industrial ones”.

Beyond the secondary buyout of assets, Aster is able to articulate multiple and varied approaches to come to a proposal adapted to each context, and to each team. Whether it is an on-the-spot audit, the takeover of management -directly or via a service provider role-, or even the sale, the options are numerous to best serve the interests of players wishing to reorient or stop their initiatives in the venture capital area.