ImpactAlpha’s deal news coverage for the week:
Accelerators. Santiago, Chile-based startup accelerator Imagine made the first three investments of its first fund, which is investing in Latin American startups focused on the future of work and future of finance.
Catalytic capital. Brookfield closed on $2.4 billion for its Catalytic Transition Fund for emerging markets. The fund, which launched with $1 billion from the United Arab Emirates’ Alterra fund, secured backing from Canadian pension fund manager CDPQ, Singaporean sovereign wealth fund GIC, Prudential and Temasek.
Climate finance. Anchored by Altérra, TPG and Brookfield raised billions for climate opportunities in emerging markets… Ghana’s Kofa raised £6.2 million ($8 million) to expand its EV battery swapping network through a partnership with clean energy project developer PASH Global… New York-based Ecovative secured $28 million in growth equity to expand its fungi-based bacon alternative and vegan leather alternatives.
Electric mobility. Colombia’s Banco Finandina raised $39.3 million from IDB Invest and other investors for its first sustainable bond issuance, which will invest in micro electric mobility and EV adoption… Obvious Ventures led a $40 million Series B equity round for Pyka, which makes electric drones for use in crop spraying and cargo delivery… Zeno raised $9.5 million from Lowercarbon Capital, Toyota Ventures and other investors to make and sell electric motorbikes for the East African market.
Energy transition. Dandelion Energy raised $40 million from GV, Collaborative Fund, Breakthrough Energy Ventures and other investors to provide geothermal heating at scale through partnerships with home builders and multifamily developers… Macquarie Asset Management will take a $1.7 billion stake in DE Shaw Renewable Investments, a developer, operator and owner of utility-scale solar, wind and battery projects in the US… Off-grid solar provider Yellow Malawi secured $2 million in a mixed-currency loan from Acumen’s Hardest to Reach fund.
Financial inclusion. Dutch impact investor Goodwell Investments made its first investment in Uganda, in Agent Banking Co., a provider of digital financial services in underserved communities… Kaleidofin clinched $13.8 million to bank India’s informal borrowers… Koltin, a Mexican insurance tech venture providing affordable private health insurance to seniors, raised $7.3 million in a round led by New York-based Left Lane Capital.
Green infrastructure. Cariqa raised $1.1 million to boost EV charging in Europe… ImpactA secured $5 million from Prosper Africa for sustainable infrastructure.
Low-carbon transition. MetOx landed $25 million for high-efficiency transmission wire… New York-based Air Company raised $69 million in Series B funding, backed by Lowercarbon Capital, to make sustainable aviation fuel and other products from captured CO2… The Frontier network of corporate carbon credit buyers inked an offtake agreement with CarbonRun to buy $25.4 million in carbon removal credits generated through “river liming.”
Nature-based investing. Cerulean Ventures closed a $10 million fund for nature and biodiversity… Climate Asset Management raised more than $1 billion for nature-based real assets… Solar Impulse Venture Fund, a joint venture of BNP Paribas Asset Management and the Solar Impulse Foundation, has raised €150 million ($167 million), its minimum target for the SFDR Article 9 “ecological transition” fund. A final close is expected by year end.
Ownership economy. KKR raised $4.6 billion for its Ascendant Fund, its first middle-market buyout fund. “Employee ownership will be central to each of our investments,” said KKR’s Pete Stavros. Ascendant, which focuses on North America, has done six deals including Canadian dental care chain 123Dentist and Missouri-based Marmic Fire & Safety.
Recycling waste. Circulate Capital backed Cirklo to expand plastic recycling in Brazil… Cyclic Materials raised $53 million, with backing from Climate Investment, to build recycling plants for rare earth minerals in the US and Europe… IDB Lab extended a $3.2 million loan to help Colombian recycling company GAIA Vitare expand its facilities and upgrade its machinery.
Small businesses. Evocabank landed $10 million to capitalize Armenia’s small businesses… Singapore’s ABC Impact invested $30 million in Aye Finance, a financial services firm providing credit to India’s micro and small businesses.
Returns on inclusion. Mission Driven Finance seeks to help new impact managers get going.
