Decarbonization and emission tech startups raised $10.7B in venture funding through Q3 2022, per Pitchbook’s Carbon & Emissions Tech Report. The investment pace has defied the venture funding downturn. The funding is on track to surpass last year’s record-setting total of $13.6B. More: - The carbon and emissions sector has seen 517 deals in the year to date.
- Last year, 656 deals were completed in the sector.
- Pre-money valuations of startups in the sector have increased across all stages.
- Early-stage startups saw the most significant jump in pre-money valuations, which are up 84% since last year and now average $35M.
- The Inflation Reduction Act is projected to further boost venture investment for the industry.
- Notable deals closed in Q3 include Northvolt’s $1.1B convertible note financing, Xpansiv’s $400M late-stage round, and Monolith’s $300M Series D.
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Cryptocurrency platform FTX’s founder Sam Bankman-Fried reportedly reached out to investors over the weekend in a bid to raise fresh funding, per the WSJ. FTX will need to raise ~$8B to repay all customers. According to sources close to Bankman-Fried, the founder still believes he can raise enough capital to pay them back. More: - The WSJ couldn’t determine the deal terms Bankman-Fried offered investors.
- Bankman-Fried’s attempts to raise capital have been unsuccessful so far.
- He stepped down from his CEO role after FTX filed for bankruptcy protection last Friday.
- Earlier last week, Bankman-Fried was confident that he could raise between $3B to $4B in equity financing and the rest through debt.
- Before Binance agreed to buy FTX and then pulled out of the transaction, he reportedly had discussions with rivals Coinbase and Kraken, as well as hedge funds and venture capital firms.
- In a call with investors, he said that he would use his personal wealth to pay back customers and investors.
- According to early estimates, FTX has over 1 million creditors.
- FTX raised over $1.9B in total funding to date, the last of which was a $400M financing in January 2022 from Tiger Global, SoftBank, and others.
- In mid-2022, FTX was looking to raise an additional $1B from investors, with the hopes of closing the financing by September.
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Venture capital firm 10x Capital hired Dr. Russel Read as the firm's chief investment officer (CIO). Dr. Read is tasked with leading the firm's investment strategy as the firm expands from venture capital and private credit into private equity, fixed income, healthcare, real estate, infrastructure, and commodities. He will report to CEO Hans Thomas. More: - Prior to joining 10x, Dr. Read was the CIO at the California Public Employees Retirement System, CalPERS, where he was instrumental in growing the fund's assets under management by over $50B.
- He has formerly held the CIO roles at the Alaska Permanent Fund and the Gulf Investment Corporation and the deputy CIO role at Deutsche Asset Management.
- At Alaska Permanent Fund, Dr. Read grew the firm's assets under management by 25% to $65B.
- 10x will acquire a stake in C-Change Group, an infrastructure investment firm founded by Dr. Read.
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Global venture capital firm MassMutual Ventures (MMV) announced a $100M Climate Tech Fund (CTF). The firm intends to use the fund to invest in 15 to 20 early- and growth-stage climate tech startups. The firm is now managing over $1B in investment capital to date, including the new fund. More: - MassMutual primarily invests in digital health, fintech, enterprise SaaS, and cybersecurity startups globally.
- The Boston-based firm has offices in Europe and the APAC region.
- MMV last raised a $400M venture fund in April earlier this year.
- The new CTF fund will focus primarily on the U.S. but will also consider investments in Europe and the APAC region.
- Investments will be co-led by MMV’s managing directors, Karl Beinkampen and Doug Russell.
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Co-living housing developer Cohabs raised €110M ($114.4M) in fresh funding. The funding consists of €70M ($72.8M) in equity funding and the remaining €40M ($41.6) in convertible debt financing. The Belgium-based startup aims to use the proceeds to build a co-living rental and real estate portfolio with over 5,000 bedrooms. More: - Investors have agreed to inject an additional €250M in mid-2024, subject to the firm achieving its business targets.
- Cohabs intends to expand its co-living housing to 11 cities by the end of 2026.
- New participants in the current funding round include Ivanhoé Cambridge and the real estate arm of Belgium's Sovereign Fund.
- Existing backers Belfus Insurance, AG Real Estate, and Alphastone also participated in the funding.
- The firm had raised $88.7M in capital prior to the current funding.
Zoom out: - JLL's research shows that ~25% of Europe's co-living market is concentrated in 24 major cities.
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Early-stage venture capital firm Fiat Ventures received $25M in capital commitments toward its debut fund. The firm intends to back fintech startups that are catering to the 90% of Americans without significant savings or investment skills. The firm also invests in insurtech and proptech startups in pre-seed, seed, and Series A stages. More: - Fiat Ventures was established in 2021 by general partners Drew Glover and Alex Harris.
- The firm initially started as a marketing and strategic partnership firm.
- The firm typically writes checks ranging from $100,000 to $500,000 for about 2% to 2.5% equity in portfolio companies.
- Fiat intends to double and triple down its investments in successful portfolio startups.
- Invesco Private Capital was the anchor investor for the debut fund.
- Other limited partners who backed the fund include DAHG Capital Partners, Full Spectrum Capital, Temerity Capital Partners, Mountaineer Capital, and Permit Ventures, amongst others.
- The firm already has 25 companies in its portfolio, most notably Copper, Breeze, Here, Splitero, Sigo Seguros, StellarFi, and Sleek.
- 32% of current portfolio startups are led by founders from minority backgrounds, and another 22% are led by women.
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Quick Hits: - Apis Cor holds the current Guinness World Record for the largest 3D-printed building on Earth. Invest in the future of construction.*
- Climate Adaptive Infrastructure closed its debut fund at $825M. The firm targets investments into low-carbon real assets in clean energy, water, and urban infrastructure sectors. The firm also has a $200M co-investment program.
- Bulgaria nabbed the highest venture funding amongst the Southeast European countries. Startups in Bulgaria secured $244M in venture funding in YTD.
- Israeli venture firm OurCrowd is setting up an office in Abu Dhabi. OurCrowd’s expansion plan is supported by the Abu Dhabi Investment Office’s new $545M government incentive program.
- Deep carbonization startup Syzygy Plasmonics secured $76M in Series C financing led by Carbon Direct Capital. Aramco Ventures, Chevron Technology Ventures, Toyota Ventures, Horizon Venture, and others participated in the fundraiser.
- Clinical-stage biotech firm Curevo Vaccine closed its Series A-1 financing round with $26M in financing. RA Capital Management, Janus Henderson Investors, and Adjuvant Capital participated in the funding round.
- Secure high-performance cloud connectivity solutions provider CloudBrink received $25M in funding led by Highland and The Fabric.
*This is sponsored content.
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 |  | Karan Chafekar is a Management Consultant, Business enthusiast, and Licensed Pilot. | | | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
Powerful. Proven. Built for Devs. See how high-performance low-code is different. | |
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