ImpactAlpha’s deal news coverage for the week:
Agrifood investing. Egypt’s Cartona raised an $8.1 million extension to its Series A financing round to digitalize informal retailers… India’s Agrizy scored $9.8 million to digitalize agricultural processors… Investors committed $11 million to catalyze financing for nutritious food in Africa.
Clean tech. Asia Development Bank, International Finance Corp. and Germany’s DEG invested a combined $275 million in Fourth Partner Energy, an Indian clean energy firm that builds and finances solar, wind, hybrid, battery storage and e-mobility projects… MCJ Collective invested in The Nuclear Company’s nuclear power plant development. The Kentucky-based company was started by Jonathan Webb, founder of the now-defunct high-tech greenhouse grower AppHarvest… Zap Energy clinched $130 million amid a hot streak for fusion energy startups.
Electric vehicles. Saudi Arabia’s Public Investment Fund invested another $1.5 billion in troubled EV maker Lucid Motors. The sovereign wealth fund, which has a majority ownership stake in California-based Lucid, has committed to buying 50,000 of the company’s electric vehicles.
Fund news. Bill Gates’ Breakthrough Energy Ventures raised $839 million for its third climate fund, according to an SEC filing… Helios inked $200 million for Africa climate fund… Maia Capital Partners, based near Johannesburg, secured R1 billion ($54 million) from South African pension funds for its inaugural debt impact fund to drive inclusive economic growth in South Africa… UK-based investment manager M&G injected $100 million into responsAbility’s Asia-focused climate investment strategy, which blends capital for clean energy and battery storage, energy efficiency and other low-carbon projects.
Good jobs. JFF Ventures, through its second workforce tech fund, invested in Pace AI, a Boston-based language platform for immigrant workers (see, “JFF Ventures aligns venture capital with a national nonprofit to invest in the future of work”)… New York-based Spring Health raised $100 million in Series E financing for mental health as an employee benefit. The round, led by Generation Investment Management, values Spring Health at $3.3 billion.
Green infrastructure. South Africa-based AIIM scoops up nearly $1 billion for sustainable infrastructure… The US Department of Energy awarded $2.2 billion for eight grid-resilience projects in 18 US states that will add new transmission lines, optimize existing ones and create 5,000 green jobs.
Inclusive finance. Citibank provided a $22 million loan to Banco Industrial to lend to small and mid-sized businesses in Guatemala… Djoin raised seed funding to modernize Indonesia’s microfinance institutions.
Solar energy. Indian agtech startup Oorja raised $1.5 million in early stage equity financing from Acumen, Artha Impact’s Elea, Echoing Green and other investors to provide solar irrigation systems to smallholder farmers… Solar crowdfunding and ‘purpose rounds’ expand impact options for retail investors… Sunwealth scored $5 million from Inclusive Prosperity Capital for ‘high-impact’ solar projects… Upaya Social Ventures notched an exit from portfolio company Resham Sutra, a Delhi-based social enterprise that provides solar-powered machinery to India’s silk artisans.
