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November 20, 2025 · 3:46PM

Q2 2025 Portfolio Report

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Our latest quarterly update is here. A look at where the Republic portfolio stands after Q2 2025.

State of portfolio
Q2 2025

Total assets*
1,110 +36
Total Invested, Lifetime**
$981,520,062
Portfolio company
ALLOCATION
Total invested
asset count
R/Portal direct
$247,309,350
538
R/Capital direct
$639,831,419
253
R/Europe case-by-case
$66,216,395
229
R/Venture case-by-case
$28,121,843
90

* Republic operates a number of regulated entities globally that have facilitated offerings and/or deployed capital in over 1,000 early to late stage companies. Not all of these companies, however, tie into the Republic Note or distributions related thereto. Please review our  latest filing for full disclosures and our Republic Note Disclaimer.

** Total amounts represent aggregate capital raised across Republic Portal and Republic Europe, plus investments made through Republic Capital and Republic Ventures. Republic Europe contributions of £48,297,881.63 were converted to USD at  $1.371 USD to 1 GBP exchange rate. The total invested amount excludes companies that have exited or been written off.


Portfolio additions

Portfolio company Industry & Division
Amount
Logo3RD ROCK
Consumer
R/europe
£11,345
LogoBeeHero
enterprise
R/ventures
$222,085
LogoBitterBrains
consumer
R/portal
$225,232.
LogoCOMPLiQ
ai
R/portal
$111,175
LogoCurrently Wine Co.
consumer
R/portal
$479,606
LogoDevon Rum Company
consumer
R/europe
£124,099
LogoEBar
consumer
R/europe
£298,680
LogoEcotone Renewables
enterprise
R/portal
$210,031
LogoEli Roth's The Horror Section
consumer
R/portal
$5,032,754
LogoExpend
fintech
R/europe
£9,113
LogoFreedom Chat
consumer
R/portal


$80,725
LogoFuelGems
enterprise
R/portal
$1,058,949
LogoHolly and Beau
consumer
R/europe
£5,153
LogoIgnota Labs (Formerly AbsoluteAi)
Health
R/europe
£89,207
LogoKeepr
enterprise
R/europe
£103,027
LogoKutt
consumer
R/portal
$105,858
LogoLaka Insurance
Fintech
R/europe
£106,268
LogoLaundryheap
consumer
R/europe
£48,449
LogoLick
consumer
R/europe
£576,464
LogoLND.
fintech
R/europe
£125,900
LogoLovetovisit.com
Consumer
R/europe
£22,782
LogoMachina Labs II
AI
R/ventures
$366,080
LogoMarine Power Systems
Enterprise
R/europe
£105,454
LogoMinviro
enterprise
R/europe
£128,697
LogoMizen
fintech
R/europe
£336,933
LogoMonorail
fintech
R/portal


$129,820
LogoMPower
enterprise
R/europe
£147,278
LogoMyCoachingTree
consumer
R/portal
$77,198
LogoNOQ
enterprise
R/europe
£12,925
LogoPoliTech AI
ai
R/portal
$112,459
LogoPopularium
ai
R/portal
$212,336
LogoPressman Film
consumer
R/portal
 $698,371
LogoRevolution Race Cars
consumer
R/portal
$230,117
LogoRideTandem
Enterprise
R/europe
£30,930
LogoRobert Rodriguez's Brass Knuckle Films
consumer
R/portal
$2,295,302
LogoSalford Rum
Health
R/ventures
$25,700
LogoSeqOnce Biosciences
enterprise
R/portal
$117,516
LogoSmart Soda
consumer
R/portal
$102,359 
LogoSoft Bar
consumer
R/portal
$130,905
LogoSon of a Tailor
consumer
R/europe


£219,872
LogoTransferGo
fintech
R/europe
£28,441
LogoUpside
consumer
R/portal
$125,003
LogoValla
Enterprise
R/europe
£69,923
LogoWayhome
enterprise
R/europe
£39,432
LogoWeb3 Enabler
Health
R/portal
$184,782
LogoWellious
consumer
R/ventures
$294,450
LogoWestchester SC
Health
R/portal
$347,092

Portfolio deductions

Type
asset count
Liquidation
3
Write-off
6

Dividend pool

Total dividend pool total, Q2 2025
$1,747,000+


Featured additions

Cover

Eli Roth's The Horror Section

Eli Roth’s new horror studio gives fans the chance to invest directly in the creator of Hostel, Cabin Fever, The Green Inferno, and Thanksgiving.
The studio already has a distribution partnership with Iconic Events (Terrifier 3) and a pipeline of new projects alongside Roth’s existing franchises.
Horror consistently delivers the highest ROI in film, and Roth’s track record—$474M at the box office on lean budgets.

Raised

$5,032,754

R/Portal
fintech
Cover

FuelGems

FuelGems is a nanotechnology company developing a patent-protected fuel additive that requires only micro-doses to treat gasoline, diesel, and biofuels.
Its additive reduces greenhouse gas emissions by up to 50%, cuts harmful pollutants, and improves engine life through enhanced lubrication.
Customers can achieve 9–20% fuel savings and ROI up to 1000%, with costs as low as cents per gallon treated.
Four of the biggest corporations in the world with combined annual revenue for 2022 revenue of over $400 billion are in pilot and pre-pilot stages with FuelGems.

Raised

$1,058,949

R/Portal
enterprise
Cover

Machina Labs II

Machina Labs II is an advanced manufacturing company using AI and robotics to enable tool-less, software-defined production of complex metal and composite parts.
Its platform eliminates the need for custom dies, cutting lead times from months to hours and lowering the cost of prototyping and production.

Raised

$366,080

R/ventures
ai
Cover

Mizen

Mizen is a French digital Islamic neobank that launched the country’s first halal payment account in November 2022. It has grown to 19,000 users by offering fully Sharia-compliant financial services, independently certified by a Sharia Board. The platform frees Muslims from Riba (interest) and plans to expand into products like halal-certified real estate financing.
As the first mover in France’s halal fintech space, Mizen addresses an underserved Muslim market with authentic, certified offerings.

Raised

$336,933

R/europe
fintech

That's it for Q2 2025.

What else would you like to see covered in these portfolio reports? Share your thoughts with us.

Discussion

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Profile picture of Sai Kurmana
Sai Kurmana
6 months ago
Hi — I hope you’re doing well. As an early investor in the Republic Note, I’ve been closely following the quarterly portfolio updates and have a couple of questions:

Could you please provide an updated status on the Republic Note dividend pool and expected dividend distributions? The dividend pool has grown steadily from about $970,000 in Q1 2024 to roughly $1.75 million by Q2 2025 but has not yet reached the $2 million payout trigger. What is the expected timeline for the first dividend distribution?

Additionally, I have observed a significant decline in the Note’s market value, from approximately $0.40 per Note at launch to around $0.04 currently. Given the portfolio’s growth to over 1,100 assets with nearly $1 billion invested across divisions, what specific actions is management taking to enhance the liquidity and investment value of the Republic Note for holders?

Thank you in advance for any clarity you can provide on these critical points.
3 likes Reply
Profile picture of Curt Bromm
Curt Bromm
6 months ago
Where are the funds in the note pool held at? Are the funds generating interest for note holders?
1 like Reply
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