BETA Capitalization Report v210603 Manufacturing VC deals

KEYWORDS: Beta Technologies, 24M, Furiosa, Yoto, Nourished, Viken Detection, Battery Technology, electric vehicle, grid storage, manufacturing

DEALS OTHER HIGHLIGHTED

Below is detail on 24M deal, but here are a few other deals highlighted.

Beta Technologies:

The company raised $425.62 million of Series A venture funding in a deal led by Fidelity Management & Research on May 24, 2021, putting the company’s pre-money valuation at $1.03 billion. Amazon.com also participated in the round. The funding will be used to refine the company’s electric aircraft’s propulsion system and controls, as well as to build out manufacturing space, including expanding its footprint in Vermont on land at the Burlington International Airport.

Furiosa:

The company raised KRW 80 billion of Series B venture funding from Naver, DSC Investment and Aion Asset Management on May 31, 2021, putting the company’s pre-money valuation at KRW 180 billion.

Yoto:

The company raised GBP 12.02 million of Series A venture funding in a deal led by Acton Capital on May 11, 2021, putting the company’s pre-money valuation at GBP 44.51 million. Emerge Education(VC), Global Founders Capital, JamJar Investments, Caddie Venture, MPL Ventures and Sir Hossein Yassaie also participated in the round.

Nourished: 

The company raised GBP 8 million of Series A venture funding in a deal led by ADM Ventures and Cibus Fund on May 10, 2021, putting the company’s pre-money valuation at GBP 42.9 million. Henkel Tech Ventures, RiverPark Ventures and Apater Capital also participated in the round. The funds will be used to develop the portfolio further, adding lines for kids and personalized protein bars to the range this year along with production expansion to the US.

Viken Detection:

The company raised $6.44 million of Series D venture funding from undisclosed investors on May 24, 2021, putting the company’s pre-money valuation at $50 million.

DEAL PROFILED (M24)

M24, announced on May 17 it has raised a $56.8 million Series E to commercialize its simple, capital-efficient, low-cost SemiSolid™ manufacturing process and expand its technology development programs for grid storage and electric vehicle applications.

The financing was led by global trading company ITOCHU Corporation and as a part of the financing, Hiroaki Murase, General Manager of the Sustainable Energy Business Department, of ITOCHU will join 24M’s Board of Directors. Also participating in the round were new investors Fujifilm Corporation and Mirai Creation Fund II along with previous investors, including Kyocera Corporation, Global Power Synergy Public Company Ltd (GPSC) and North Bridge Venture Partners.

24M’s innovative SemiSolid™ manufacturing platform delivers market-leading price-performance. SemiSolid™ electrodes use no binder, mixing electrolyte with active materials to form a clay-like slurry with unique attributes. As a result, the 24M process eliminates the need for a significant amount of inactive materials and capital-intensive processes like drying and electrolyte filling, thus dramatically reducing manufacturing cost.

About 24M:

24M answers the world’s need for affordable energy storage by enabling a new, more cost-effective solution — SemiSolid™ lithium-ion technology. By re-inventing the design of the battery cell as well as the manufacturing method, 24M solves the critical, decades-old challenge associated with the world’s preferred energy storage chemistry: reducing its high cost while improving its safety, reliability and performance. Founded and led by some of the battery industry’s foremost inventors, scientists and entrepreneurs, 24M is headquartered in Cambridge, Mass.

About CFO:

Mr. Richard Chleboski serves as Chief Financial Officer at 24M. He serves as Chief Financial Officer at TeraDiode. He also serves as the President at RIAJ Enterprises. He was the Chief Executive Officer and a Board member at Bandgap Engineering. He co-founded Evergreen Solar in 1994. In December 2007, he assumed the position of Vice President of Strategy and Business Development. Prior to that, he served as Vice President of Worldwide Expansion since February 2006. He also served as the Company’s Chief Financial Officer and Treasurer for 12 years. He also served as a Director from June 1995 to May 2003. He worked at Mobil Solar Energy Corporation for seven years where he was the Strategic Planner focusing on developing long-range business plans working with strategic partners. Prior to becoming Strategic Planner, he was a Process Engineer responsible for innovating the operation of Mobil Solar’s manufacturing line as the expert on its performance. He received a B.S. in Electrical Engineering from the Massachusetts Institute of Technology and an M.B.A. from Boston College.

To READ MORE click “continue reading”

Continue reading “BETA Capitalization Report v210603 Manufacturing VC deals”

Deals that closed and Investor Network Nights deal

INVESTOR NETWORK UPDATE:

Investor Network Nights to pre-view several deals that are semi-finalist.  Webinar Jan. 9th and register at GoToWebinar URL:

https://attendee.gotowebinar.com/register/3441837879236909568

Today we profile Keller Williams Commercial deals.  Mark Huhes, Managing Director, for KW Commercial will provide a commercial deal at 20% loan to value.  Mr. Hughes has over 30 years of experience covering all aspects of commercial real estate brokerage, development, marketing, finance, and management. He has made extensive development and civic contributions to San Diego County.

DEALS THAT CLOSED:

Blue Equity has acquired a controlling stake in The Antilles Group Ltd., the licensed user of Shell brands in the country of Jamaica, from the Rubis Group (Paris: RUI). No financial terms were disclosed.www.blueequity.com

Corridor Capital has acquired three California-based specialty manufacturing companies from Churchill ESOP Capital PartnersWetmore Tool & Engineering Inc. (China), US Industrial Tool & Supply(Gardena) and Arvan Inc. (Gardena). No financial terms were disclosed. www.corridorcapital.com

Dyal Capital Partners, a private equity fund managed by Neuberger Berman Group, has acquired a minority stake in Scopia Fund Management, a hedge fund manager with approximately $3.4 billion of assets in long/short equity strategies. No financial terms were disclosed. http://www.nb.com

H.I.G. Capital has completed a recapitalization of Big Tex Trailer Manufacturing, a Mt. Pleasant, Texas–based maker of open utility, equipment, horse, livestock and cargo trailers and truck beds. No financial terms were disclosed. www.bigtextrailers.com

Irving Place Capital has acquired a minority equity stake in Rag & Bone, a New York-based maker of high-end men’s and women’s apparel. No financial terms were disclosed. Peter J. Solomon & Co. served as placement agent. www.rag-bone.com

Koch Eye Associates, a portfolio company of Candescent Partners, has acquired Eye Health Vision Centers, a provider of vision health services in Southeastern Massachusetts. No financial terms were disclosed. Candescent led the round, and was joined by co-investors Eagle Private Capital, First New England Capital, Bay Capital, Pine Street Capital Partners and Plexus Capital. www.kocheye.com

NEX Performance Films, a portfolio company of Mason Wells, has acquired Charter Films Inc., a manufacturer of plastic films. No pricing terms were disclosed. US Bank led senior debt financing and Northwestern Mutual Life Insurance Co. provided mezzanine financing. www.nex-films.com

Potpourri Group Inc., a portfolio company of American Capital, has acquired Cuddletown Inc., a Portland, Maine-based multi-channel retailer of high-end bedding products. No financial terms were disclosed. www.cuddledown.com

PRV Aerospace, an Everett, Wash.-based portfolio company of Court Square Capital Partners, has acquired Astro Star Inc., a City of Industry, Calif.-based maker of components and assemblies for the commercial and military aerospace industries. No financial terms were disclosed, except that debt financing was provided by GE Antares Capital and Ares Capital. www.prvaerospace.com

RLJ Equity Partners has acquired R. Thompson Trucking Inc., a provider of trucking and other transportation services in Virginia and North Carolina, from Linx Capital Partners. No financial terms were disclosed. www.thompsontruckinginc.com

Rock Hill Capital Group has acquired Core International LLC, a Houston, Texas-based maker of rubber components like oilfield elastomer products. No financial terms were disclosed. www.oilpp.com

Segulah has agreed to acquire Beerenberg Holding AS, a provider of maintenance services for the onshore and offshore oil and gas industries with a focus on the Norwegian Continental Shelf, from Herkules Capital. No financial terms were disclosed, except that Beerenberg’s 2012 revenue was approximately $267 million. www.segulah.se

Welsh, Carson, Anderson & Stowe has acquired GetWellNetwork, a Bethesda, Md.-based provider of interactive patient care solutions. No financial terms were disclosed. GetWellNetwork had raised over $17 million in VC funding from firms like Valhalla Partners, GrosvenorFunds, Johnson & Johnson Development Corp., Point Judith Capital and Village Ventures. www.getwellnetwork.com

Investor Network by JD

 

Happy Investing and Networking,

JD Morris

 

JD Morris

Visit me on LinkedIn: www.linkedin.com/in/jdmorris