Marquee Investors Bring Series A Funding Round to $24 Million

PASADENA, Calif., Aug. 14, 2023 — Caelux, a pioneer in utilizing perovskites to make solar energy more powerful and cost-effective, enabling the next generation of solar innovation, today announced the closure of a $12M Series A3 funding round led by Temasek, a global investment company, with participation from Reliance New Energy Limited, Khosla Ventures, Mitsui Fudosan, and Fine Structure Ventures.

This round brings the company’s total amount raised for the Series A to $24 million. The funding will be allocated primarily to support the company’s factory ramp, research and development, and product launch, allowing Caelux to bring its more powerful, efficient, and affordable solar solution to market at a critical time of pressing environmental challenges.

The investment follows Caelux’s advancements in perovskite technology, creating a more near-term solution than previously thought possible and allowing for imminent deployment at scale. To bring this innovation to market, the company is building a manufacturing facility in Baldwin Park, California, and ramping up to reach 100MW of perovskite-coated glass.

“This funding round is a testament to the groundbreaking work we are doing at Caelux. Our advances in perovskite technology represent a seismic shift in the solar energy industry, providing more powerful, efficient, and cost-effective solar solutions,” said Scott Graybeal, CEO of Caelux. “This investment will support our mission to usher in the next generation of solar innovation, including our production of full-size perovskite sub-modules. We are excited to have attracted visionary, global investors to help us on our journey to multi-gigawatt scale.”

The company’s full-release product, Caelux™ One will be a major step forward in realizing the industry goal of greater than 30% efficient commercial tandem solar modules while meeting market requirements for durability. The advancements in scalability, efficiency, and reliability will lead to lower installation costs for developers and installers, increased revenue for module makers, and better returns at the project level by delivering more green energy at a lower cost compared to traditional crystalline silicon modules.

“Caelux is unlocking the promise of perovskite solar cells,” said Shyam Kamadolli, Managing Director at Fine Structure Ventures. “The company combines disruptive advancements in efficiency, reliability, and manufacturability to overcome the limitations the industry has encountered to date. We are thrilled to be working with Caelux to shape the solar energy industry and drive sustainable energy solutions for a better tomorrow.”

“Caelux’s approach to improving efficiencies by incorporating perovskites on glass is a bold and practical way to drive solar costs down & accelerate renewables growth,” said Rajesh Swaminathan, Partner at Khosla Ventures. “As an early backer of Caelux, we have been impressed with their progress from early technology development to building a pilot line with support from world-class partners and investors.”

To learn more about Caelux, visit www.caelux.com.

About Caelux:

Caelux‘s proprietary technologies improve the performance of any new crystalline silicon module, making solar energy more powerful and cost-effective. Headquartered in Pasadena, California, Caelux is at the forefront of the emerging science of perovskites, a special class of nanomaterials. Its flagship product, Caelux™ One, is an innovative product that integrates seamlessly into existing PV module manufacturing processes, boosting performance, reducing installed costs, and accelerating the proliferation of solar. For more information, visit www.caelux.com or connect on LinkedIn or Twitter.

Press Inquiries:
Kristen Aikey
JMG Public Relations
212-206-1645
[email protected]

SOURCE Caelux

DALLAS, Aug. 14, 2023 — Mammoth Holdings LLC, America’s premier express car wash platform, announced the recent opening of its newest location, Pitstop Car Wash in Theodore, Alabama. The new site, located just outside of Mobile, Alabama, aligns with Mammoth’s dual growth strategy of developing greenfield locations while also acquiring existing brands.

“We’re pleased to serve the town of Theodore with a state-of-the-art facility and world class customer service,” said Dave Hoffmann, Chairman and CEO of Mammoth Holdings. “The Theodore location is the company’s 6th greenfield opening this year and represents another step forward towards our goal of 500 sites.”

With 3 locations now in the Mobile market, the Theodore location is set to become a go-to destination for car owners in the area, providing convenience and top-notch service to every car and every customer. The site is the sixteenth Mammoth location under the Pitstop Car Wash brand.

Mammoth Holdings is the first car wash platform formed by industry insiders and has 118 operating locations. Mammoth is customer-focused operationally; operator-focused in its  approach to acquisitions; and seeks to be the partner-of-choice for car wash operators who desire liquidity, growth capital, and a tax-deferred equity investment opportunity. 

Mammoth Holdings’ multi-brand portfolio includes Busy Bee Car Wash, Coastal Carwash, Finish Line Car Wash, In & Out Express Carwash, Jax Kar Wash, Lulu’s Express Car Wash, Marc-1 Car Wash, Mr. Squeaky Car Wash, Pals Carwash, Pitstop Car Wash, PureMagic Carwash, Silverstar Car Wash, Speedy Clean Car Wash, Suds Car Wash, Swifty Car Wash, Ultra Car Wash, Wash Me Fast, Wash-N-Go Express Car Wash, and Wiggy Wash.  

Mammoth has significant growth capital and is actively seeking acquisitions and development opportunities.

In October 2018, Mammoth partnered with Red Dog Equity LLC, an Atlanta-based private equity firm, which, through its partnership with Tom Pritzker’s family business interests (Advised by The Pritzker Organization), provides the equity for Mammoth Holdings’ corporate development initiatives. Monroe Capital and Morgan Stanley provide Mammoth Holdings’ debt financing.

About Mammoth Holdings
Headquartered in Dallas, Mammoth Holdings operates 118 conveyor car washes under the Busy Bee Car Wash, Coastal Carwash, Finish Line Car Wash, In & Out Express Carwash, Jax Kar Wash, Lulu’s Express Car Wash, Marc-1 Car Wash, Mr. Squeaky Car Wash, Pals Carwash, Pitstop Car Wash, PureMagic Carwash, Silverstar Car Wash, Speedy Clean Car Wash, Suds Car Wash, Swifty Car Wash, Ultra Car Wash, Wash Me Fast, Wash-N-Go Express Car Wash, and Wiggy Wash brands in Georgia, Alabama, Kentucky, Illinois, Utah, South Carolina, Mississippi, Louisiana, Indiana, Missouri, Tennessee, North Dakota, South Dakota, Iowa, Nebraska, and Florida. 

Mammoth Holdings was founded by Gary Dennis and Chip Hackett in 2002. To learn more, please visit mammothholdings.com. 

About Red Dog Equity LLC
Red Dog Equity LLC is a private equity firm that invests in lower middle-market companies poised for strong growth in partnership with driven, entrepreneurial business leaders (“Red Dogs”). To learn more, please visit reddogequity.com. 

About The Pritzker Organization
The Pritzker Organization is the merchant bank for the business interests of the Tom Pritzker family. Additional information can be found at pritzkerorg.com. 

SOURCE Mammoth Holdings

New funding brings total potential in securitized financing raised since 2020 to USD$490M

NAIROBI, Kenya, Aug. 13, 2023 — d.light, the global provider of transformational household products and affordable finance for low-income households, today announced a $30 million securitization facility has been successfully secured from the Eastern and Southern African Trade and Development Bank Group (TDB Group), with the capability to purchase up to $125 million of receivable assets .

d.light will use the capital to increase its existing securitized financing facility in Tanzania and scale up its low-cost Pay-Go personal finance service in the country so that more low-income people and households can purchase the company’s affordable, solar-powered household products.

d.light has now raised $490 million in total securitized financing since 2020. The financing facility in Tanzania will be anchored by TDB.

d.light CEO Nick Imudia said, “This new financing from TDB gives us the extra funding to reach more low-income families and households in Tanzania via our Pay-Go business, in a way that is affordable for our customers and sustainable for our business.”

“d.light and our lending partners are long-time pioneers in developing securitized finance as an innovative, scalable financing model for raising equity for off-grid solar that is guaranteed against current and future customer sales. We’ve successfully used the securitization model for several years in Kenya and now we and our partners are expanding it to Tanzania.”

Michael Awori, CEO of TDB, said, “Access to energy is critical to the sustainable development of the continent, especially for the most vulnerable off-grid communities. As one of the leading renewable energy financiers in the region, we are delighted to extend this second facility to d.light, this time in Tanzania. Globally, in 2022 alone the company reached over 1,677,216 people through PAY-GO model, created close to 2,000 jobs, and averted 1,329,371 tons of CO2 and black carbon emissions with solar replacing kerosene lamps. This is the kind of impactful track record TDB is keen to support.”  

d.light’s Imudia continued, “As a scalable method of financing, securitization is an important fiscal tool to help African countries achieve the United Nations’ Sustainable Development Goals for energy access. Expect further expansion of this facility by d.light into other major sub-Saharan African markets during 2023.”

Tanzania is the fifth most populous country in Africa and its population of 63.6 million people is spread out over a wide geographical area. According to the World Bank, only 40 percent of the population have electricity access: the majority currently don’t have grid connectivity and a reliable power supply. Tanzania was one of d.light’s first markets and it has been selling its products there since 2008, a year after the company was founded. It has an office in Arusha City, Tanzania, that employs over 50 full-time employees.

d.light’s finance facility in Tanzania works by leveraging the payments of d.light’s existing and future customers there for solar products purchased using its Pay-Go service. This is then used to raise funding to upscale the company’s activities and grow market share in the country.

“d.light’s distribution and after-sales service network serves some of the most remote and hardest to reach areas of Tanzania,” Imudia explained. “We will continue to grow our distribution footprint to enable more communities to benefit from our range of safe, reliable, and affordable solar-powered products.”

In April, d.light achieved the milestone of transforming the lives of more than 150 million people worldwide with its range of reliable, affordable solar-powered household products.

d.light and its lending partner African Frontier Capital (AFC) are using the incoming capital as the basis for a new financing vehicle, Brighter Life Tanzania 1 Limited (BLT1).

Eric De Moudt, AFC’s founder and CEO, commented, “We are very happy to announce the launch of our latest social impact securitization, BLT1, which further expands our industry leading off-balance sheet securitization structures into new jurisdictions for d.light and brings the total volume of local currency receivables being financed to almost USD500M.

“These social impact securitizations are helping d.light to bring financial inclusion and access to reliable and clean energy to millions of people while simultaneously helping to ensure a just and equitable energy transition that benefits everyone.”

About d.light

Founded in 2007 at Stanford in California, d.light is a global leader in making transformative products available and affordable to low-income families. d.light has sold nearly 30 million products, including solar lanterns, solar home systems, TVs, radios, and smartphones, impacting the lives of over 150 million people. Our vision is to transform the lives of one billion people with sustainable products by 2030. For further information, visit: https://www.dlight.com

Follow us at twitter.com/dlightdesign and https://www.facebook.com/dlightdesigninc.

About TDB

Established in 1985, the Eastern and Southern African Trade and Development Bank (TDB) is a regional development finance institution, with investment grade ratings and assets of USD 8.4bn. TDB serves 25 member states in its region, with the mandate to finance and foster trade, regional economic integration and sustainable development, through trade finance, project and infrastructure finance and asset management.

TDB is part of TDB Group, which also comprises the Trade and Development Fund (TDF), Eastern and Southern African Trade Advisers Limited (ESATAL), TDB Captive Insurance Company (TCI), and the TDB Academy.

About AFC

African Frontier Capital (Mauritius) LLC and its subsidiary companies are a dedicated impact investment group focused on bringing financial inclusion to people living at the bottom of the pyramid in a socially and environmentally sustainable way. For more information visit www.africanfrontiercapital.com or you can reach out to us on [email protected].

Photo – https://mma.prnewswire.com/media/2184321/Nick_Imudia.jpg

SOURCE d.light

RANCHO CUCAMONGA, Calif., Aug. 11, 2023 — To address the growing need for health care professionals in the region, Inland Empire Health Plan (IEHP) and University of La Verne are collaborating to create a brand-new resource: the IEHP Health Career Academy.

The not-for-profit health plan has committed $1.5 million to launch the academy under the University of La Verne Randall Lewis Center for Entrepreneurship, Innovation and Social Impact — a pillar of the university’s emerging education and innovation corridor located off D Street, between North Sultana and North Plum avenues in Ontario.

The academy’s goal is to fill critical workforce needs and retain talent to address health disparities within one of the fastest-growing population regions in the country. Funding will support the creation of certification for three critical frontline career fields: nursing assistants, medical assistants and central service technicians. The first program cohorts are expected to launch late spring 2024.

“This seed funding will support and enhance the great work University of La Verne is already doing to educate the next generation of frontline health care workers,” said Jarrod McNaughton, IEHP’s chief executive officer. “The new IEHP Health Career Academy will help to bolster the emerging workforce for the future of health care in the Inland Empire.”

The academy complements and aligns with the vision for the corridor, which will include programs that focus on entrepreneurship, law, public service, health equity, community well-being and educational advancement in historically underserved communities, according to the university.

“The new IEHP Health Career Academy will help address the critical shortage of frontline health care workers and accelerate professional training and certification in new and emerging subdisciplines requiring technological and interdisciplinary expertise in addressing patient and community challenges,” said University of La Verne President Devorah Lieberman.

One highlight of the new academy will be the Earn-to-Learn program, which provides students the opportunity to pursue necessary field certification while working in related entry-level positions and earning experience and pay. This model is a “practical way of alleviating a burden by providing a more financially inclusive and accessible education,” according to both entities. Participants can also receive entrepreneurial skills in the healthcare industry to support related start-up businesses, officials said.

About IEHP

With a mission to heal and inspire the human spirit, Inland Empire Health Plan (IEHP) is one of the top 10 largest Medicaid health plans, the largest not-for-profit Medicare-Medicaid plan in the country and for the third year in a row, certified as A Great Place To Work®. In its 27th year, IEHP supports more than 1.6 million Riverside and San Bernardino County residents enrolled in Medicaid or IEHP DualChoice (those with both Medi-Cal and Medicare). Today, IEHP has a growing network of 7,000 providers and 3,000 team members who are fully committed to the vision: We will not rest until our communities enjoy optimal care and vibrant health. To learn more, visit iehp.org.

About University of LaVerne

The University of La Verne is a nonprofit comprehensive institution offering a wide-range of liberal arts and professional programs incorporating the same core values it was founded on in 1891 – lifelong learning, ethical reasoning, civic and community engagement, and diversity and inclusivity. With more than 70 percent of students from underrepresented groups, the federally designated Hispanic-Serving Institution is among the most diverse small private universities in the nation. The Southern California-based university has five colleges and offers classes at the historic La Verne campus, through regional campuses, and online. The University of La Verne is nationally recognized and consistently holds rankings on the U.S. News & World Report National University, Best Value Schools, Top Performers on Social Mobility, and Best Online Programs lists.

SOURCE Inland Empire Health Plan (IEHP)

WUHAN, China and SAN DIEGO, Aug. 11, 2023 — Neurophth Therapeutics, Inc. (“Neurophth”), a China’s leading gene therapy company for ophthalmic diseases, announced the closing of nearly 95 million USD in Series C+ financing. The round was co-led by Yangtze River-CMB International Industry Fund, Wuhan Optical Valley Financial Holding Group, Wuhan Hi-Tech Holding Group, Hubei KTLC and Guangzhou Jinkong Fund. Additionally, several prominent investment firms participated, including CMG-SDIC Capital, Silicon Paradise Asset Management and Yangtze River Industry Fund. The raised funds will be directed towards advancing clinical trials for Neurophth’s core products, enhancing the firm’s R&D capabilities and expanding its pipeline. 

Neurophth completed its Series C financing in 2021, co-led by CMG-SDIC Capital and Sequoia Capital China, with further investment from Sunshine Life Insurance and China Merchant Bank International Capital. This follows the closing of Series B financing co-led by Guofang Capital and InnoVision Capital, with additional capital from Oriza Holdings, Harvest Capital, Grand Mount Capital, Sequoia Capital China and Northern Light Venture Capital. In early 2020, the firm finalized its Series A financing, co-led by Sequoia Capital China and Fosun, following the conclusion of its angel round of funding in August 2018, co-led by Miracle Light Venture, the venture arm of BGI Genomics, with additional investment from BOHE Angel Fund and Northern Light Venture Capital.

In early 2023, Neurophth’s leading candidate NR082 (rAAV2-ND4) marked a historic milestone as the first gene therapy drug to complete patient enrollment for a Phase III clinical trial in China. Additionally, the company concluded the enrollment of the first patient for Phase I/II clinical trials in the US. NFS-02, Neurophth’s second candidate and the world’s sole gene therapy targeting ND1-LHON, is under development and has received IND approval from both the China National Medical Products Administration (NMPA) and the US Food and Drug Administration (FDA). Currently, Neurophth is conducting a global multi-center clinical trial of the drug candidate.  

“We’re honored to have earned the trust of top investment institutions in the biopharmaceutical sector,” said Professor Bin Li, Founder, Chairman and CEO of Neurophth. “Since the beginning of this year, we’ve made substantial progress in the clinical trials of our products. We plan to keep focusing on developing gene therapies for ophthalmic patients worldwide. With the support of our investors and our technological acumen, we’re positioned to accelerate our clinical trials and R&D of new drugs, delivering gene therapies to patients more quickly.”

“We extend our sincere gratitude to leading investment firms for acknowledging Neurophth’s past accomplishments and future potential. This round of financing is expected to bolster clinical trials for our key products while helping expedite the development and commercialization of new drugs,” stated Neurophth CFO Su Zhang. “To address the unfulfilled needs of patients, we will remain steadfast in our commitment to increasing R&D investments, enhancing technological capabilities and broadening the pipeline.”  

“Unwavering support from our investors provides a solid foundation for Neurophth’s continuous growth,” stated Eric Lin, Secretary of the Board and Senior Vice President of Neurophth. “The firm is committed to advancing the gene therapy sector through ongoing innovation and R&D of new drugs, aiming to become a global leader in ophthalmic gene therapy, in line with our investors’ support and expectations.”  

“We fully recognize Neurophth’s strength and potential in the gene therapy field, evidenced by their swift progress and outstanding achievements in technology R&D and clinical trials,” noted Yangtze River-CMB International Industry Fund. “This financing round has also received strong support from the state-owned platform Donghu New Technology Development Zone. In the future, we along with various state-owned platforms will further collaborate with Neurophth to support the company’s innovative development on a global scale. We anticipate Neurophth’s continued growth and development of pioneering gene therapies that will benefit patients worldwide.”

“With a strong commitment to the biomedical and healthcare industries, Guangzhou Jinkong Fund provides comprehensive support to exceptional companies across various segments,” commented Huang Cheng, Chairman of Guangzhou Jinkong Fund. “As a distinctive provider of gene therapies, Neurophth boasts significant product advantages, a leading gene therapy R&D platform and cutting-edge CMC production technology. In addition, the founder, Bin Li, contributes a wealth of scientific knowledge and clinical experience. Given the substantial unmet clinical need for ophthalmic diseases and the considerable market potential, we are highly optimistic about Neurophth’s prospects for growth.”

“CMG-SDIC Capital is thrilled to continue our participation in Neurophth’s latest financing,” mentioned the life science team of CMG-SDIC Capital. “We fully acknowledge Neurophth’s leadership in China’s gene therapy sector and plan to continue our partnership with Neurophth to foster the company’s growth and further the development of the industry. We look forward to the launch of Neurophth’s therapies, which will have the potential to benefit patients globally.”

About Neurophth

Neurophth is China’s leading gene therapy company for ophthalmic diseases. With subsidiaries in China (Wuhan, Shanghai and Suzhou) and the US (San Diego, CA), Neurophth is striving to develop genomic medicines for patients suffering from genetic diseases globally. Our AAV platform has been successfully validated through data from an investigator-initiated retinal gene therapy study. The significant findings from the research have been published in Nature-Scientific Reports, Ophthalmology and EBioMedicine. Our most advanced investigational gene therapy drug candidate, NR082, used for the treatment of Leber’s hereditary optic neuropathy (LHON) associated with mtND4 mutation (ND4-LHON), has been granted orphan drug designation (ODD) by the U.S. FDA and the European Medicines Agency (EMA). It is the first Chinese gene therapy drug to receive Investigational New Drug (IND) approval for clinical trials from both China’s NMPA and the FDA. Neurophth has completed patient enrollment for the Phase III clinical trial in China and established several clinical research centers in the U.S. Recently, our second gene therapy drug candidate NFS-02 has been granted IND clearance from the FDA and NMPA and is undergoing a global multi-center clinical trial. The company’s pipeline also includes autosomal dominant optic atrophy, optic neuroprotection, vascular retinopathy, and other preclinical candidates. To learn more about us and our growing pipeline, please visit www.neurophth.com.

About Yangtze River-CMB International Industry Fund

Hubei Yangtze River-CMB International Industry Fund Management Co., Ltd (“Yangtze River-CMB”), a wholly-owned subsidiary of CMB International, manages Yangtze River-CMB International Industry Fund. The fund has built a strategic presence in a number of high-tech sectors, including medical technology, renewable energy and intelligent manufacturing. Utilizing capital as a key catalyst, the firm remains committed to facilitating the rapid growth of high-tech companies.  

About Guangzhou Jinkong Fund

Guangzhou Jinkong Fund Management Co., Ltd (“Guangzhou Jinkong Fund”), a subsidiary of Guangzhou Finance Holdings Group, is a leading private equity investment fund management platform with a registered capital of 1.1 billion yuan. With headquarters in Guangzhou and a strategic focus on the Guangdong-Hong Kong-Macao Greater Bay Area, the company has a global reach in its investment initiatives. Guangzhou Jinkong Fund’s investment strategy centers on fostering innovation and growth throughout various industry chains. To achieve this, the company has developed a diverse portfolio that includes a science and innovation master fund, a state-owned enterprise innovation fund, a district-level investment fund, an urban renewal fund, a rural revitalization fund, a life and health fund, and a hard science fund. Through a unique five-in-one service model, Guangzhou Jinkong Fund emphasizes the attracting of top-tier businesses, development of industrial parks, provision of financial services, creation of listing platforms and formation of industrial clusters. This comprehensive approach enables the company to offer invested enterprises a full spectrum of innovative financial solutions, ranging from industry chain integration and capital operation to leveraging government resources. Currently, Guangzhou Jinkong Fund oversees 26 industrial equity investment funds and 3 government investment funds, with assets under management totaling 48.277 billion yuan. The company’s funds have been invested in 281 projects, including 48 companies that have gone public.

About CMG-SDIC Capital

CMG-SDIC Capital, a leading private equity management firm in China, strategically targets investments in the advanced manufacturing sector. We prioritize technological innovation and place tremendous value on supporting exceptional entrepreneurs and their teams. Our diverse investment portfolio encompasses intelligent manufacturing, smart electric cars, life sciences, and information and communication technology. We are deeply committed to driving the evolution of the manufacturing industry towards sustainability, digitization and service-oriented growth. The team manages cumulative assets exceeding 100 billion yuan, with a diverse investor base that includes financial institutions, social security trust funds as well as state-owned and private companies.

SOURCE Neurophth Therapeutics, Inc.

TEMPE, Ariz., Aug. 11, 2023 — Persefoni, a leading Climate Management & Accounting Platform (CMAP) for enterprises and financial institutions, today announces a $50 million Series C-1 funding round and the launch of PersefoniGPT, the company’s AI co-pilot product for carbon accounting and management. This latest funding round was led by TPG Rise and included participation by Clearvision Ventures, ENEOS Innovation Partners, NGP Energy Technology Partners, Prelude Ventures, Parkway Ventures, Rice Investment Group, Bain and Co., EDF, and Alumni Ventures.

The funding raises the total amount of investment in Persefoni to more than $150 million.

“This Series C round represents a significant vote of confidence in our strategic vision, our product and sales execution, and our commitment to bringing best-in-class climate software solutions to our customers,” said Kentaro Kawamori, CEO and Co-Founder of Persefoni. “This new investment not only ensures our ability to provide industry-leading support to our global customers, but it also enables us to double down on our existing, successful AI developments.

“When we founded the company in January 2020, we incorporated ‘Persefoni AI Inc.’ to cement our investment in AI technologies as being critical to our company ethos. We’re proud to have already delivered on that vision and are pleased to expand upon this early success with the step-change capabilities that generative AI represents. Breakthroughs in GPT and LLM models will drive huge innovation in the Climate Tech space, and Persefoni is excited to be at the forefront here with the launch of PersefoniGPT.” 

Persefoni’s increased investments in generative AI are not only visible in customer-facing products shipping in Q4 2023, but they will also have a significant impact on reducing operating expenses moving forward. Not counting the release of PersefoniGPT, the company has launched several AI capabilities into its core carbon accounting and management platform, which Persefoni’s customers have employed to great fanfare. These innovations are already radically simplifying the complexity of enterprise data management with the help of models that enable, among other functionality, anomaly detection, natural language data matching, and automated data error resolution.

“Our early shift to invest in the transformative power of AI and machine learning technologies continues to pay dividends. Not only are we able to reduce costs, we’re propelling our solutions into a new model of efficiency and intelligence,” said Kim Stroh, Co-founder and Head of AI, Persefoni. “This innovation drives sustainability and efficiency simultaneously, and it’s a key reason why Persefoni is trusted by partners leading in their respective markets, like Workiva, Deloitte, ERM, and Bain & Co.“

About Persefoni

Persefoni AI Inc. provides businesses, financial institutions, and governmental agencies the software fabric for managing their organization’s climate-related data, disclosures, and performance with the same level of rigor and confidence as their financial reporting systems. The company’s software enables users to simplify the calculation of their carbon footprint, identify decarbonization strategies and perform climate trajectory modeling aligned to temperature rise scenarios set forth by the Paris Agreement, and benchmark their impact by region, sector, and/or peer groups.

For more information about Persefoni, please visit https://persefoni.com/

SOURCE Persefoni

NEW YORK and LONDON, Aug. 11, 2023 — Davidson Kempner Capital Management LP (“Davidson Kempner“), a global investment management firm, announces the signing of a binding agreement with X3 Group (“X3”), a subsidiary of ION, for the sale of Prelios S.p.A. (“Prelios”).

Established in 1990 in Milan, Italy, Prelios is the Italian leader in alternative asset management, servicing and specialized property services with more than €40bn of assets under management across non-performing loans, unlikely-to-pay exposures and real estate funds.

Since investment funds advised by Davidson Kempner acquired the business in 2018, Prelios has been able to grow its revenue from €100m to over €300m while significantly improving profitability.

The completion of the transaction is subject to the authorization of the relevant authorities.

Goldman Sachs International acted as financial advisor and Linklaters LLP provided legal advice to Davidson Kempner.

Lazard acted as financing advisor to Prelios.

The law firm Russo De Rosa Associati acted as tax and legal advisors for the management.

UBS acted as financial advisor, Gattai, Minoli, Partners and Chiomenti provided legal advice, Facchini Rossi Michelutti provided tax advice to ION.

Unicredit, Intesa Sanpaolo and BNP Paribas led the consortium of banks, also including Banco BPM, Standard Chartered Bank and Mediobanca, that are providing financing to X3 for the transaction. BNP Paribas and Mediobanca acted as financial advisors to X3. Milbank provided legal advice for the financing to X3 and Latham & Watkins advised the lenders.

About Davidson Kempner Capital Management

Davidson Kempner Capital Management LP is a global investment management firm with over 40 years of experience and a focus on fundamental investing with a multi-strategy approach. Davidson Kempner has more than $37 billion in assets under management and over 500 employees across seven offices: New York, Philadelphia, London, Dublin, Hong Kong, Shenzhen and Mumbai. Additional information is available at: www.davidsonkempner.com.

About Prelios

Prelios is the leading, vertically integrated Italian player offering a one-stop shop for investors and banks in alternative asset management and high value-added services across the real estate and credit value chains. Prelios is the first private player in the unlikely-to-pay segment leveraging on its first mover advantage and highly innovative DNA, long-term partnerships with the two leading Italian banks and sizeable management structure in the market, while also leading in the non-performing loans servicing segment. Prelios acts as operating partner of choice for large global and domestic institutional investors ensuring end-to-end coverage from scouting of new market opportunities, structuring, asset management and exit. Additional information is available at: https://prelios.com.

About ION

ION is a permanent capital investment holding company focused on software and data to digitize and automate mission-critical workflows. Additional information is available at:  https://iongroup.com/.

Press Contacts

Davidson Kempner

Greenbrook
Rob White/Teresa Berezowski
Email: [email protected]
Tel: +44 207 952 2000

Community

Roberto Patriarca
Email: [email protected]
Tel: + 39 335 6509568

ION

https://iongroup.com/media-inquiry/

SOURCE Davidson Kempner; ION

NewRoad Capital Partners Completes Round, Joins Progress Ventures, Top VCs and Investors Gary Vaynerchuk, Marc Lore, and Alex Rodriguez to Back Innovative Data Stack Solution

NEW YORK, Aug. 10, 2023 — Tracer, the leading data intelligence platform, announced today the completion of an oversubscribed Series A fundraise co-led by NewRoad Capital Partners, Progress Ventures, and BDMI, part of Bertelsmann’s corporate venture arm Bertelsmann Investments. S4S Ventures and Arbour Way Investors also participated in the series. The close of the round was accompanied by the addition of John Sheehy, Operating Partner at NewRoad Capital Partners, to its Board of Directors.

Incubated out of VaynerMedia in 2015 by co-founders Jeffrey Nicholson and Leighton Welch to automate analytics across every client globally, Tracer processed more than $1B in transactions before spinning off into a stand-alone entity in 2021. Today, Nicholson serves as Tracer CEO and Welch as CTO. The company also recently appointed accomplished integrated marketing leader Obele Brown-West as President to spearhead Tracer’s revenue, operations and strategic growth initiatives.

An advertising and media veteran, new board member Sheehy was Global Brand President of Starcom Worldwide and a member of the Publicis Media global leadership team prior to joining NewRoad Capital Partners in 2022. Before Starcom, Sheehy was a member of the Leo Burnett global management team. With more than three decades of marketing and consulting experience, Sheehy will provide valuable guidance to the fast-growing company. Joining Sheehy on the Board, alongside Gary Vaynerchuk who retains his previously held seat: Adriaan Zur Muhlen, Managing Partner of Progress Ventures; Sanja Partalo, Co-founder and Managing Partner of S4S Ventures; and Keith Titan, Partner at BDMI.

“Developed by true industry experts, Tracer has solved a global industry issue: the challenge of ingesting and managing the growing number of moving parts, partners, and channels around digital data management and reporting,” said Sheehy. “Jeff and Leighton are the experts in this battle and have surrounded themselves with world-class talent to carve out their leadership position.”

Tracer has amassed a portfolio of high-profile clients such as Sanofi, Condé Nast, Papa Johns, Headspace, Media.Monks, and January Digital. A growing number of the world’s top brands, agencies and holding companies are turning to the data platform to achieve greater transparency, customization and impact-driven reporting from their modern marketing tech stack.

“Tracer is at a significant inflection point in solving one of the media and marketing industries’ biggest problems: turning data into informed decisions,” said Jeff Nicholson, Tracer co-founder and CEO. “In a challenging funding and growth landscape, we are humbled by the confidence our investors have in our potential. This oversubscribed round is a testament to the value we’ve proven our platform can deliver, and we look forward to working with John [Sheehy], our Board, and the industry giants who have joined as investors to catapult Tracer forward.”

Tracer’s executive vision, strong enterprise client portfolio and remarkable customer retention have contributed to the confidence of its investor group, which includes Alex Rodriguez and Marc Lore’s VCP Ventures, Kevin Durant and Rich Kleiman’s Thirty Five Ventures (35V), Stephen Ross and Matt Higgins’ RSE Ventures, S⁴ Capital Executive Chairman Sir Martin Sorrell, and Gary Vaynerchuk.

With offices in New York City and London, and a team of more than 70 across four continents, Tracer’s innovation has been celebrated by reputable industry organizations and publications. Most recently, the company was named to The Lead’s ‘The Leading 100‘ list, which recognizes the most innovative, high-impact tech start-ups driving business value for brands. Tracer was also honored in 2022 for its work with Sanofi by the Association of National Advertisers’ Genius Award for Marketing Analytics Storytelling.

ABOUT TRACER
Tracer is a data intelligence platform that revolutionizes modern data stack management by eliminating technical complexity. Tracer empowers global brands, data partners and agencies to make strategic decisions by seamlessly consolidating data sources and enriching it with business insights. By leveraging its comprehensive and flexible suite of technologies, Tracer provides unparalleled transparency into business performance and delivers a centralized source of truth.

MEDIA CONTACT
Erica Conover
[email protected]

SOURCE Tracer

NEW YORK and ATLANTA, Aug. 10, 2023 — Paccurate, the leading cartonization platform for shipping and fulfillment optimization, today announced the closing of a $3.5M round led by Tech Square Ventures, a leading early-stage investment firm. TSV was joined by Las Olas Venture Capital and Royal Street Ventures, with significant participation from existing investors SpringTime Ventures, Grand Ventures, FirstMile Ventures, and Cannell Venture Partners. The funding will continue to drive Paccurate’s expansion and development of their solution.

Vasant Kamath, a general partner at Tech Square Ventures, said, “We are excited to invest in Paccurate, to bring true spatial optimization to the supply chain and logistics sector. The Paccurate team has built an incredible solution that delivers significant strategic value, paired with a compelling vision for the future of shipping. We are delighted to support James and Pat and help drive the growth of the business.”

Paccurate’s patented technology suggests the optimal packing methodology for every shipment, reducing waste, reducing costs and item damage for shippers of all sizes. Unlike legacy solutions that only utilize 3D simulation and limited variables, Paccurate accounts for critical external factors like labor, material and complex carrier rates to create a truly cost-optimal packing solution. With a lightweight API, Paccurate is an easy drop-in upgrade to existing systems, supplying users with dynamic, real-time suggestions in a short time.

The company optimizes more than 1 million shipments per month and has helped customers save millions of dollars in shipping, cardboard and filler costs. Paccurate’s technology is not only a powerful cost-saving solution, but also a tangible way for companies to reach their ESG goals, helping businesses cut SCOPE-3 emissions by over 15%.

“Partnering with Paccurate has enabled our organization to remain focused on our sustainability goals while managing box utilization, damage reduction and shipping costs,” said Jerry Spence, the Senior Director of Engineering and Planning at Crate & Barrel. “Their software ensures we are using the right box every time and our associates can quickly see how a box should be packed, which increases throughput and lowers our costs.”

James Malley, Co-founder and CEO of Paccurate, said, “With the support of Tech Square Ventures, we are excited to accelerate delivery of a powerful savings and sustainability solution to the market. This funding will accelerate our expansion to meet increasing demand for optimization and allows us to further develop our technology to deliver deeper insights and value for our customers.”

To learn more about Paccurate and its mission to make shipping more cost-effective and sustainable for businesses, please visit: https://paccurate.io/

About Tech Square Ventures

Tech Square Ventures is an Atlanta-based early-stage venture capital firm that partners with visionary entrepreneurs to help them with what they need most – access to markets and customers. Tech Square Ventures’ platform is built on a strategic network of innovation ecosystem, corporate, and university relationships that help founders inform and accelerate go-to-market strategies. For more information, visit www.techsquareventures.com or follow Tech Square Ventures on LinkedIn or Twitter @techsquarev

SOURCE Paccurate, Inc