Portfolio Update — April 2026

About This Update

This is the first edition of a recurring format — published monthly, or sooner if a material event occurs in any position. Each entry separates verified facts from editorial interpretation, includes a momentum score built from a transparent rubric, and ends with a single sentence on what would change my view. Research is AI-supported; all facts are sourced and cited.

Nothing here is investment advice. Equity crowdfunding investments are high-risk and illiquid.

Portfolio at a Glance

Total deployed: $2,786 across 7 positions.

The Momentum Indicator — Scoring Rubric

Each position carries a Momentum Score from -5 to +5, updated each reporting period. The score is built from observable, publicly verifiable signals only. It is directional — not a valuation estimate, not a return forecast.

Scores are assessed relative to the reporting period. Only new developments count.

1. Sugarfina — ▲ +4 Growing

What the data shows. In December 2025, Sugarfina completed the acquisition of Caffe Luxxe — a premium Los Angeles coffee brand — in a $24.5 million stock deal, covered by the Los Angeles Times and Daily Coffee News. Separately, a Series C Convertible Preferred Stock offering commenced in March 2025, raising over $3.6 million by June 2025 per SEC filings. The Series C remains active.

My read. Sugarfina is no longer purely a candy company — it is positioning itself as a broader luxury consumables platform. Whether the Caffe Luxxe acquisition proves to be a smart brand extension or a distraction from the core business is a judgment call I cannot make yet. The acquisition signals financial confidence; it does not confirm strategic wisdom.

What would change my mind. Evidence that the Caffe Luxxe integration is consuming management bandwidth at the expense of the core candy business, or a down round in the Series C, would shift this score downward.

2. COI Energy Services — ▲ +3 Growing

What the data shows. COI Energy was selected as a Startup Battlefield Top 20 finalist at TechCrunch Disrupt 2025 in October 2025. The company's platform allows businesses to sell unused electricity back to the grid. As of October 2025, COI had five pilot customers generating revenue and was expanding operations across multiple US states, with discussions underway to enter Switzerland as a solution provider by 2026. A prior SAFE round on Republic indicated an $18 million valuation.

My read. The TechCrunch Disrupt Top 20 recognition is the most significant public signal to date — independent validation from a credible outlet, not a company press release. The company has pilot revenue but is not yet at commercial scale. That is the honest state of play after four years.

What would change my mind. A first major commercial contract (not pilot) or a Series A raise would shift this to +4. Continued silence on revenue milestones beyond pilots would eventually push the score toward neutral.

3. Chi Chi's — ▲ +3 Growing

What the data shows. The first new Chi Chi's restaurant opened in St. Louis Park, Minnesota in October 2025 — the brand's first physical location after a 20-year absence. The opening generated coverage across food and lifestyle press including Today, Delish, and Penn Live. The StartEngine crowdfunding campaign closed with over $3.2 million raised at a stated valuation of $10.01 million. The company has a licensing agreement with Hormel Foods for retail products and is developing a franchise model for national expansion.

My read. This is a brand revival play, not a technology bet. The risk is execution — whether the team can translate nostalgia into a repeatable restaurant model and a franchise pipeline. The first location opening on schedule is the most important early signal, and it happened. Expansion plans are active, though specific site details have evolved since earlier campaign materials and should be treated as directional rather than confirmed.

What would change my mind. A second location opening in 2026 would push this to +4. A closure of the first location, or failure to attract franchise operators within 12 months, would push toward 0 or negative.

4. Numurus Technology — ▲ +3 Growing

What the data shows. Numurus announced a partnership with the Oregon UAS Accelerator in January 2026, providing its NEPI edge-AI software engine to unmanned systems startups. The company is also collaborating with the MATE ROV 2026 Competition. The StartEngine campaign raised over $492,000 at a valuation of $10.78 million.

My read. The defence and maritime autonomy sector is receiving significant government and private investment in 2025–2026. Numurus is well-positioned thematically, and the Oregon UAS Accelerator partnership is a smart distribution move — embedding the software into the next generation of autonomous systems companies rather than selling direct to end users. The key risk is the long sales cycle in defence. The accelerator partnership is a positive signal, but it is not a revenue contract.

What would change my mind. A confirmed government or defence contract would push this to +4 or +5. Loss of the Oregon UAS relationship or a pivot away from the maritime/defence thesis would prompt a reassessment.

5. FanHub — ▲ +3 Growing

What the data shows. FanHub's Crowdcube campaign in October 2025 closed at a pre-money valuation of £15 million, building on a prior $3 million US funding round. The platform reaches over 205,000 match-going fans across UK football leagues. A partnership with Greggs — one of the UK's most recognisable food brands — was announced in late 2024.

My read. FanHub is the most directly relevant position to my professional background in sports business. I have disclosed that alignment in the original deal memo. The Greggs partnership is a meaningful commercial signal — it suggests the platform has enough scale and demographic reach to attract household brand advertisers. My familiarity with this space means I may be more optimistic about FanHub's prospects than a neutral observer would be. Readers should weight that accordingly.

What would change my mind. A second major brand partnership or evidence of expansion into European football leagues would push this to +4. User growth stalling below 250,000 or loss of the Greggs relationship would push toward +2.

6. Koios Medical — ▲ +3 Growing

What the data shows. In March 2026, Koios Medical joined the Harrison.ai Open Platform Ecosystem, alongside three other AI partners. The company has also formed partnerships with iCAD and RamSoft — two established players in medical imaging software — which provide distribution and clinical integration pathways. The WeFunder campaign has raised over $1.14 million at a $90 million valuation as of April 2026, with a share price of $4.69.

A note on FDA clearance: Koios DS received FDA clearance for breast and thyroid AI-assisted analysis, but public records indicate this clearance predates the current reporting period. It is part of the company's foundational story, not a new 2026 development.

My read. The Harrison.ai, iCAD, and RamSoft partnerships are the real story in this reporting period. Distribution through established medical imaging channels is how early-stage medical AI companies avoid the long, expensive direct-to-hospital sales cycle. The $90 million valuation is high and deserves scrutiny — a pre-revenue medical AI company needs to execute at a high level to grow into that number. Investors considering this position should weigh that dilution risk carefully.

What would change my mind. Evidence of first commercial revenue from a healthcare system would push this to +4 or +5. A down round or failure to convert the Harrison.ai partnership into active deployments would push toward +2.

7. tapouts — ▲ +4 Growing

What the data shows. tapouts is a children's mental health coaching platform providing structured group coaching sessions for kids. Since launching in 2023, the company has reached $5.5 million in annual recurring revenue (ARR) and delivered close to 30,000 live group sessions to over 200,000 kids. Revenue grew 174% year-over-year from 2024 to 2025. The company has raised $7.4 million to date from institutional investors including Joyance Partners, Satori Neuro, and M Venture Partners. The WeFunder campaign has raised over $1 million at a $60 million valuation. SBC invested at the Early Bird $50 million cap — a 17% structural discount to the current round price.

My read. This is the strongest revenue story in the portfolio at the time of investment. $5.5 million ARR with 174% year-over-year growth is not a speculative bet — it is a company with demonstrated product-market fit in a large, underserved market. The key risks are churn (subscription businesses live and die by retention), competition from larger mental health platforms, and whether the group coaching model scales without degrading quality. The $60 million valuation is high relative to ARR — roughly 11x — but not unusual for a SaaS company growing at this rate in a category with strong tailwinds.

What would change my mind. Evidence of high churn or declining session attendance would be the most important negative signal. A Series A raise at a higher valuation from a named institutional investor would push this to +5.

Portfolio Summary

All seven positions are showing positive momentum. No positions are in distress. The two most notable developments this period are Koios Medical's ecosystem partnerships (Harrison.ai, iCAD, RamSoft) and tapouts' demonstrated revenue traction ($5.5M ARR, 174% growth). Sugarfina's $24.5 million acquisition of Caffe Luxxe is the most strategically interesting development — and the most ambiguous.

Most of these positions will not produce returns for 5–8 years. The purpose of this update is not to suggest that value has been created or destroyed in the short term — it is to track whether each company is moving in the right direction and making decisions consistent with the original investment thesis.

Next update: May 2026, or sooner if a material event occurs in any position.

Research is AI-supported. All facts are verified against primary sources including Business Wire, Daily Coffee News, SEC EDGAR, TechCrunch, Insider Media, Oregon UAS Accelerator, WeFunder and StartEngine campaign pages, and KingsCrowd analyst reports. Source quality labels available in the full PDF version of this report.