Dealflow | June 21, 2024

The Week’s Dealflow: June 21, 2024

ImpactAlpha
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ImpactAlpha

ImpactAlpha’s deal news coverage for the week:

Alternative protein. Tender Food scored $11 million for plant-based alternative meats.

Energy transition. BII committed $15 million to Meridiam to spur renewable energy development in Tanzania.

Financial inclusion. Public benefit corporation PayJoy raised $25 million to provide “fair and responsible” digital and cash loans to customers accessing formal financial services for the first time.

Green chemicals. Solugen landed a $214 million federal loan guarantee to scale sustainable chemicals production.

Green infrastructure. Crux, a marketplace for trading US tax credits for green infrastructure projects, closed an additional $9 million for its Series A round from energy developers Clearway Energy Group, EDF Renewables, Intersect Power, Pattern Energy and other investors (see, “Marketplaces for federal tax credits unlock capital for green projects”)… FLO, a North American EV charging network operator and equipment developer, secured $136 million in Series E equity funding led by Export Development Canada… Transition VC, Ritz Venture Capital, Union Square Ventures and other investors backed a $12 million equity round for Unigrid Battery, a San Diego-based startup making sodium-ion batteries.

Impact funds. Chicago-based Nurse Capital raised $1 million for a pilot fund that will invest in startups that “disrupt the nursing care ecosystem, impact healthcare delivery, and empower nurse entrepreneurs” to bring business ideas to fruition… MIT spin-out VC fund The Engine raised $398 million for its third fund to invest in climate tech, health innovation and other tough tech… New York-based Collaborative Fund raised $125 million to invest in early-stage climate, health and food businesses.

Inclusive finance. Accion invested $17.5 million to boost Amartha’s microlending in Indonesia… London-based AgDevCo provided a €9 million ($9.6 million) mezzanine loan to Cote d’Ivoire’s cashew nut processor Cashew Coast… Mumbai-based Arthan Finance scored 500 million rupees ($6 million) from Incofin’s India Progress Fund and the Dell Foundation to expand microlending in India’s underserved regions.

Investing in health. Egypt’s iSupply raised $2.5 million to streamline pharmaceutical distribution while integrating small and mid-sized distributors into the supply chain… Houston issued a $104 million bond to bolster health services.

Low-carbon transition. Downforce Technologies raised $4.2 million to measure carbon stored in soil… BTG Pactual Timberland Investment Group in Brazil inked an agreement to provide Microsoft with eight million carbon-removal credits through 2043. The credits will be generated through the Timberland Investment Group’s $1.2 billion reforestation and land restoration strategy in Latin America.