9º Clean: Energy, Logistics & Batteries. Agro/Food tech - 6th May

Analyst reports:

• PitchBook Analyst Note: Applications for Synthetic Biology in Agriculture. Modifying the genetic codes of plants sounds like the experiments of a mad scientist, but it could in fact be the key that unlocks the future of farming. That’s according to our latest analyst note, which explains how synbio startups are revolutionizing the agriculture industry. (Pitchbook)
• Q1 2023 - Agtech Report. Agtech investors are concentrating on larger deals in later-stage companies that seem like safe bets as overall funding keeps dropping, according to our latest report on the space. (PitchBook)

Startups raising funds

• Origin by Ocean, a Finnish developer of algae-based fuel alternatives, raised €7.5m in seed funding from Voima Ventures, Lifeline Ventures, Batofin and Security Trading. Link
• Frontline Wildfire Defense, an SF-based developer of smart sprinklers and a wildfire tracking app for homeowners, raised $6.4m in seed funding (mostly debt) led by Echelon. Link
• Nosh.bio, a Berlin-based fungi protein startup, raised €3.2m in seed funding. Earlybird led, and was joined by Clear Current Capital, Grey Silo Ventures and Good Seed Ventures. Link
• Redaptive, a Denver-based energy efficiency-as-a-service startup, raised $264m in Series E funding. Linse Capital led, and was joined by CPP Investments, Honeywell and CBRE. Link
• Partanna, a Bahamas-based concrete decarbonization startup, raised $12m in pre-seed funding at a $190m post-money valuation from Cherubic Ventures. Link

M&A and Private equity deals

• KKR agreed to invest another $250m into Serentica Renewables, an Indian decarbonization platform for hard-to-abate industries. Link
• Danone Manifesto Ventures acquired a minority stake in Imagindairy, an Israeli developer of animal-free dairy proteins via precision fermentation. Link
• True Green Capital Management acquired a majority stake in CleanChoice Energy, a Washington, D.C.-based company that helps consumers and businesses switch to renewables. Link
• Blue Whale Materials, a lithium-ion battery recycler owned by Ara Partners, acquired Eclipse Energy, a Greenfield, Ind.-based battery testing and evaluation lab. Link

IPO & SPAC

• Prospect Energy Holdings, a clean energy SPAC, filed for a $300m IPO. Link
• Joby Aviation (NYSE: JOBY), a Santa Cruz, Calif.-based electric aircraft maker that went public via SPAC in 2021, raised $180m in equity funding from insider Ballie Gifford. Link

Inverstors raising funds:

• Mitsubishi and Mitsubishi UFJ Financial Group are launching a $1b decarbonization fund targeting U.S. and European startups in floating offshore wind power and renewable aviation fuels, per Nikkei. Link
• Gigascale Capital has launched to invest in early-stage climate startups. Its founders are Mike Schroepfer (ex-Meta CTO), Victoria Beasley (Prelude Ventures) and Evaline Tsai (Fine Structure Ventures). Link
• Cowen Healthcare Investments raised $556m for its fourth fund. Link

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