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ImpactAlpha’s deal news coverage for the week:
Climate finance. A climate tech exit for Heaten returned cash to Azolla Ventures and other investors… Equator Africa secured a $5 million commitment from the International Finance Corp. to invest in early stage climate tech ventures in Africa, bringing its total raised to $54 million… The US International Development Finance Corp. earmarked $25 million for Acre Impact Capital to support climate-smart infrastructure in Africa.
Coral reefs. New Ventures in Mexico announced seven companies that will participate in its MAR+Invest 2024 Acceleration Program, which supports startups helping to protect and conserve the Mesoamerican Reef.
Electric vehicles. The Department of Energy’s Loan Programs Office approved a loan guarantee of $1 billion for EVgo Swift Borrower to build 1,100 new EV charging stations, with a combined 7,500 ports, in the US.
Energy transition. Blue Energy raised $45 million for modular, underwater nuclear power plants… KoBold Metals, a Berkeley, Calif.-based company that uses AI to dig up lithium, cobalt and other metals critical to the energy transition, raised $491 million… New York-based investment firm KKR provided $450 million in debt to Powin and Peregrine Energy Solutions to bolster their energy storage projects… Sustainable data center ventures in Brazil and Spain landed funding to scale.
Financial inclusion. Singapore-based Surfin scored $12.5 million from Insignia Venture Partners to provide financial services including payments, remittances and wealth management to underserved customers… UK-based digital remittance payments startup Zepz raked in $267 million.
Green batteries. Form Energy, a maker of iron and air-based batteries for long-duration energy storage, raised $405 million, backed by Capricorn, Coatue, TPG Rise Climate, Breakthrough Energy Ventures, Energy Impact Partners and other big-name climate investors… Swedish EV battery maker Northvolt filed for bankruptcy protection for a business unit managing construction at its Skelleftea plant, amid a deepening cash crunch.
Inclusive finance. Catalytic fund for African social development aims to close financing gaps… Ethiopia-based private equity firm Renew Capital backed ChipChip to enable consumers and businesses to buy fresh produce from local smallholder farmers through collective purchasing… RSF Social Finance lent $13.5 million to sustainable food and recycling enterprises.
Investing in health. Maven raised $125 million to expand digital health services for women and families… Town Hall Ventures, Rethink Impact and Emerson Collective backed a $30 million equity round for Eleanor Health, a Waltham, Mass.-based provider of outpatient addiction treatment… Transform Health Fund closed $111 million to invest in better quality, affordable healthcare in Africa.
Nature-based investing. Amazonia Impact Ventures, a UK-based fund manager investing in nature conservation and biodiversity in the Amazon, secured $1 million from a Geneva-based family office (see, The Liist).
Small business lending. British International Investment launched a $25 million risk-sharing facility with Ecobank Sierra Leone to spur local currency lending to small businesses… Citi made a $15 million social trade loan to boost small business lending in El Salvador… Lafayette Square made its first loan as a specialized small business investment company to Capital City, a minority and family-owned business that sells mambo sauce, a specialty in Washington, DC.
