Dealflow | June 14, 2024

The Week’s Dealflow: June 14, 2024

The team at


ImpactAlpha’s deal news coverage for the week:

Circular Economy. Aepnus Technology raised $8 million to recycle battery waste… MIT-spinoff SiTration snagged $11.8 million to recover critical metals from mining waste streams.

Climate finance. LeapFrog backed Battery Smart to swap batteries for two- and three-wheelers in India… KPTL venture fund will expand Amazon bioeconomy investments beyond Brazil… Nexus PMG backed Kansas-based Saola Energy to help owners and operators of large renewable fuels plants reduce their carbon intensity… Nickel-hydrogen battery maker EnerVenue raised $308 million in a new equity round.

Energy transition. Galvanize Climate Solutions and Lightrock invested in London-based renewable energy provider Octopus Energy. Octopus also inked a deal with Gresham House Energy Storage Fund to connect its batteries to Octopus’s energy platform… Wavemaker Impact backed Singapore-based Octayne to convert farm waste to biofuels in Indonesia.

Financial inclusion. First Circle inked two deals for inclusive and secure digital finance in Africa… Brazil’s Kanastra raised $20 million from Kaszek, Valor Capital, Quona Capital, QED Investors and other investors to provide financial back-office infrastructure.

Fund news. Climate advisory firm Pollination rolled out an early-stage fund for climate and nature-focused startups. It’s targeting $150 million and will focus its investments in Australia… Raven Indigenous Capital landed backing for its outcomes-based finance fund… Washington State Investment Board eyes $400 million allocation to TPG Rise Climate Fund II.

Impact tech. Colombian HR tech startup Magneto raised a $7 million seed round from ALIVE Ventures, Pashin, Impact Ventures PSM and Latin Leap… France’s Kelvin raised €4.7 million ($5.1 million) in equity as well as non-dilutive financing for its AI-powered home energy auditing software… Zeal Capital Partners led an $8 million Series A round for women-led Rising Team, which offers online tools fostering healthier work cultures… Indonesia’s eFishery secured $30 million in debt from HSBC Indonesia to sell its automatic feeders to smallholder fish and shrimp farmers. 

Inclusive finance. Blue Earth Capital provided $16 million in credit to Samunnati to extend financing and advisory services to smallholder farmers in India… Fibe raised $90 million from TPG Rise Fund, Trifecta Capital, Amara Partners and other investors to expand its lending in India… Selcom has acquired a 65% stake in Access Microfinance and will use its digital infrastructure to help Access Microfinance reach more underserved small businesses.

Investing in health. Chile’s FarmaLoop raised $900,000 to curb pharmaceutical waste and help chronic disease patients reduce their drug spending costs.

Low-carbon transition. Aymium secured $210 million to produce biocarbon as an alternative to coal… UK-based Qargo, which provides low-carbon transport management services to European logistics companies, scored £11 million ($14 million) in a round led by Balderton Capital.