Dealflow | May 10, 2024

The Week’s Dealflow: May 10, 2024

The team at


ImpactAlpha’s deal news coverage for the week:

Agrifood tech. Kenya’s iProcure, used by a million farmers, may be the next African funding crunch casualty… S2G Ventures and At One Ventures backed Miraterra to help farmers monitor soil health.

Clean technologies. Ion Energy, a Thai distributed solar energy provider, scored $3 million in Series A funding from Solar United Network Group and Beacon Venture Capital… TPG Rise Climate acquired renewable fuels storage and delivery company Olympus Terminals… Zanskar snagged $30 million for AI-based geothermal energy exploration.

Climate finance. KKR and Hannon Armstrong Sustainable Infrastructure Capital, or HASI, have teamed up to launch CarbonCount Holdings, which will invest up to $2 billion in US-based “climate positive projects” over the next 18 months… The UN kicked off a $100 million fund to protect displaced communities from climate shocks.

Electric vehicles. Atlanta-based EnviroSpark raised $50 million to expand its EV charging network in the US… Movener clinched $2 million from SQM Lithium Ventures, the venture capital arm of Chilean lithium producer SQM, to retrofit diesel-powered trucks into hybrid-electric trucks.

Financial inclusion. MAA General Assurance Philippines enlisted backers to strengthen microinsurance… Mumbai-based Infinity Fincorp Solutions secured $26 million in a round led by Jungle Ventures to expand access to “easy credit” to electricians, plumbers, hairdressers and other freelancers and microenterprises in India.

Fund news. Bluefront Equity’s second sustainable seafood fund secured $50 million from returning investors, including Cambridge Associates, Norwegian family office Havfonn and impact fund of funds manager Cubera… Invest Appalachia closed $35.5 million to invest in Central Appalachia.

Gender-lens investing. Alitheia IDF, the $100 million African gender-lens fund of Alitheia Capital and IDF Capital, invested $4.5 million in Nigeria’s Seamfix, which provides digital identity verification to governments, financial institutions and other partners… EU guaranteed Co-op Bank of Kenya’s $25 million loan to support female-led businesses… The IFC committed up to €100 million in subordinated debt to Turk Ekonomi Bankasi to provide financing for women-owned climate and agrifood small businesses in Turkiye.

Inclusive health. Acclinate raised $7 million in Series A funding, backed by Baltimore-based Latimer Ventures, to work with pharmaceutical companies to conduct more diverse clinical trials to drive health equity… Backpack Healthcare (formerly Youme Healthcare), a Black woman-led venture based in Baltimore, raised $14 million from Collab Capital, Rethink Education, Genius Guild and others to provide inclusive mental health services to Medicaid-enrolled youth. 

Low-carbon transition. Carbonfact, a Paris-based carbon management software developer, snagged $15 million in Series A financing to help fashion brands track and lower their carbon footprints.

Sustainable agriculture. Brazil’s Smartbreeder, which uses data and AI to help companies adopt more sustainable agricultural processes, raised $2.9 million from EcoEnterprise Fund… Breakthrough Energy Ventures led a $26.5 million funding round for ArkeaBio, a Charlestown, Mass.-based agri-biotech company developing a “methane vaccine” for livestock.

Waste to value. Chilean startup Reuse raised $4.5 million to refurbish electronics in Mexico… Infinity Recycling closed its Circular Plastics Fund at €175 million ($188 million) to invest in companies converting plastic waste into virgin-grade commodities.