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ImpactAlpha’s deal news coverage for the week:
Climate finance. Harbinger, a Los Angeles-based manufacturer of medium-duty electric vehicles, raised $100 million in Series B funding, backed by Capricorn’s Technology Impact Fund, Overture Climate, The Coca-Cola Company’s sustainability fund, ArcTern Ventures and other investors… Investor network Resilient Earth Capital backed Climate First Bank, a Florida-based community bank. Resilient Earth didn’t disclose the size of its investment… Oakland, Calif.-based Brimstone finalized a $189 million loan with the Department of Energy’s Loan Programs Office to help defray costs for a first-of-a-kind plant for decarbonized cement, smelter-grade alumina – the core ingredient for aluminum – and other products.
Edtech. Owl Ventures led the $10 million seed round for Tel Aviv-based Jotit to provide K-12 schools with its digital handwriting tablets. Recent studies have shown that writing by hand, as opposed to typing on a keyboard, enhances learning and memory.
Energy transition. EQT, through its EQT Transition Infrastructure fund, acquired Scale Microgrids, a New Jersey-headquartered company that builds, finances and owns distributed energy assets for data center owners, universities, hospitals and other clients… New Orleans-based PosiGen, which is financing rooftop solar and energy efficiency upgrades for low-income homeowners, secured an additional $200 million from Brookfield Asset Management… Origis Energy secured $290 million in debt financing from Natixis Corporate and Investment Banking and $125 million in tax equity from Advantage Capital for its Swift Air Solar project, a zero-emission solar plant in Texas that will supply power to a local Direct Air Capture facility.
Financial inclusion. Remittance app LemFi landed $53 million to build financial services for African immigrants… World Vision’s VisionFund raised $10 million through a bond issuance to extend credit to women and other underbanked groups in 25 emerging markets.
Fund news. Belgium’s Capricorn Partners raised €51 million ($52.6 million) in a first close for its second health tech fund, which invests in early and growth-stage companies driving access to personalized and value-based healthcare in Europe… Heading for Change backed five fund managers that put a gender lens on climate investing… Scoop: Hamilton Lane launched third impact fund… WRI backed Barka Fund to invest in locally-led land restoration in Africa… Zurich-based responsAbility secured $350 million for its Asia-focused climate fund that invests renewable energy and energy efficiency, battery storage, green mobility and the circular economy. The fund is targeting a $500 million final close by year’s end.
Green infrastructure. Norfund allocated 235 million Norwegian kroner ($20.5 million) to Meridiam’s Urban Resilience Fund, a blended-finance fund that invests in clean energy, waste management and green transport infrastructure in African cities… Private equity firm Apollo is acquiring New York-based Argo Infrastructure Partners, an investor in renewable energy, digital infrastructure and other sustainable infrastructure. The acquisition will add $6 billion in assets and a team of 20 to Apollo’s Sustainability and Infrastructure strategies group… Waste-to-energy startup Sistema.bio scooped up $7.75 million from African venture fund Novastar to help meet demand for renewable energy and regenerative agricultural solutions.
Investing in health. Evergreen Nephrology raised $130 million from Rubicon Founders, Oak HC/FT, K2 HealthVentures and others to expand access to value and outcomes-based care for US patients with kidney disease… Oxford Cancer Analytics snagged $11 million in Series A equity, led by Toronto-based impact fund manager Cross-Border Impact Ventures, to commercialize its liquid-biopsy blood tests for early cancer detection.
Return on inclusion. Raven Indigenous Capital Partners invested in Indigenous-led FetchGoat, a software developer that helps businesses manage logistics and deliveries. “They strive to create employment opportunities for Native Americans in the logistics and supply chain industry – an area where representation has historically been lacking,” the Raven team wrote on LinkedIn.
Small business. FinMaq raised $29 million in debt and equity to provide equipment financing to Colombia’s small businesses… Mumbai-based Infinity Fincorp raised $35 million in a funding round led by Jungle Ventures to provide small loans to tea shop owners, vegetable vendors, electricians and other small businesses overlooked by India’s traditional lenders.
Water. Chromafora raised €22.5 million to remove ‘forever chemicals’ from wastewater… South African startup landed $1.6 million to help businesses manage energy and water usage.
