VENICE, Fla., and FITCHBURG, Mass., Jan. 18, 2024 — DEFCON Products, LLC, a leading innovator in security solutions, proudly announces the patent approval for its groundbreaking invention – the TeacherLock II, featuring the Emergency Deadbolt Device with Single Action Unlock. This cutting-edge product revolutionizes safety in educational environments, providing an unparalleled level of security and ease of use. The patent, officially issued on January 16, 2023, bears the number 11873664.
TeacherLock 2 Emergency Lockdown Device
TeacherLock – Single Action Unlock
The TeacherLock II’s patented technology ensures swift and efficient lockdown procedures in case of emergencies, enhancing the safety protocols in schools, places of worship, professional buildings, hospitals, and other institutions. “We are thrilled to introduce the TeacherLock II, a testament to DEFCON Products’ commitment to advancing security solutions,” said Salvatore Emma, CEO of DEFCON Products, LLC. “This innovation not only sets a new standard for emergency lockdown devices but also reflects our dedication to creating safer environments for educators and students.”
Key Features of TeacherLock II:
Emergency Deadbolt Device: Instantly secures classrooms in emergency situations, fortifying the safety of occupants.
Single Action Unlock: Streamlines the unlocking process, allowing for quick and intuitive response during crises.
UL Tested, Listed, and Labeled: Complies with Building and Fire Code including egress requirements.
Robust Design: Built with durability in mind, ensuring long-lasting and reliable performance.
DEFCON Products, LLC invites potential acquirers, investors, and industry stakeholders to explore the immense potential of the TeacherLock II. This revolutionary solution aligns with the increasing demand for enhanced security measures in educational settings.
For inquiries and expressions of interest, please contact: Marc Bingham, VP Sales, [email protected]
About DEFCON Products, LLC: DEFCON Products, LLC is a leading provider of innovative security solutions, committed to developing cutting-edge technologies that safeguard lives and assets.
With a focus on excellence and reliability, DEFCON Products, LLC continues to push the boundaries of what is possible in the realm of security.
Defcon Products, LLC. 808 Main Street, Fitchburg, MA 01420 978-286-8855
STOCKHOLM, Jan. 18, 2024 — TrusTrace, a global SaaS company with a market-leading platform for product traceability and compliance, has announced the completion of a (U.S.) $24 million growth investment led byCircularity Capital, a specialist investor in businesses that enable the circular economy, with participation from existing investorsIndustrifonden andFairpoint Capital.
According to Shameek Ghosh, CEO and Co-Founder of TrusTrace, the new investment will enable the company to further accelerate its global expansion ambitions by strengthening its presence in key markets, deepening product innovation and expanding collaborations – helping to create a global network where all value chains are traceable, circular, and fair.
Ghosh commented: “A growing number of fashion and textile brands are adopting supply chain traceability to support their sustainability goals and ensure competitiveness in the face of mounting regulatory and consumer pressure. The completion of this growth investment is further evidence that businesses see traceability as critical to achieving their sustainability goals. Backed by new funding, TrusTrace will further cement its position as the fashion industry’s trusted partner for identifying and managing supply chain risk, ensuring compliance and driving sustainability across value chains.”
Traceability has accelerated in importance and momentum as a key enabler of sustainable transformation, as evidenced by TrusTrace’s five-fold growth in subscription revenue in the 27 months since the previous growth round by Fairpoint Capital and Industrifonden in 2021, preceded by seed funding from Backing Minds in 2019.
The company is widely considered the preferred supply chain partner for global fashion brands seeking to drive sustainable change, manage ESG risks and ensure compliance across their highly complex supply chains. Notable TrusTrace customers include adidas, Brooks Running, Tapestry, Asics, Primark and many more of the world’s largest apparel, footwear and luxury brands. TrusTrace also plans to offer its services to regional and mid-size brands in 2024.
Ghosh added: “We are delighted to be partnering with Circularity Capital for the next phase of our growth, the combination of their specialist expertise in the circular economy and powerful international network makes them a strong value-added investor for us.”
Anders Brejner, Investment Director at Circularity Capital, commented: “We see a growing number of global fashion brands looking to transition away from today’s linear ‘take-make-dispose’ model of production and consumption to one that is more sustainable and equitable. We believe this is only possible at scale with the right digital backbone to provide transparency and traceability across complex global supply chains. TrusTrace is a clear leader in this field, with an excellent team, solution and blue-chip client base – and a great fit with our strategy to back global leaders enabling the circular economy. We are excited to be supporting TrusTrace as it continues to expand worldwide.”
With more than a billion products now tracked through the platform, TrusTrace has established itself as a business-critical solution for supply chain traceability. The platform empowers brands with verified data in real-time, as materials and finished goods move through the supply chain. It also integrates seamlessly with retailer, manufacturer and supplier systems, as well as other third-parties, such as certification agencies, lifecycle datasets and other sustainability solution providers.
About TrusTrace Founded in 2016,TrusTrace offers a market-leading platform for supply chain traceability and compliance, enabling brands and suppliers around the world to standardize how supply chain and material traceability data is captured, digitized and shared. Through providing access to validated supply chain data, TrusTrace empowers brands to identify, understand and improve the impact of their supply chain. The data can be used for risk management, compliance, product claims and footprint calculations, offering the ability to share data confidently and easily about product origin, impact, and much more.
TrusTrace is leading global-scale traceability programs for many of the world’s largest brands. The company is headquartered in Stockholm, Sweden, with additional offices in India, France and the US.
About Circularity Capital Circularity Capital is a European growth stage investor in the Circular Economy. The firm was founded in 2015 with the belief that circular companies deserve a specialist investor, and that this combination would drive premium investment returns alongside measurable positive impact. Circularity Capital works as a hands-on investor, harnessing specialist expertise and knowledge in the circular economy to support the businesses that it backs. One of its core investment themes is supporting businesses with ‘enabling solutions’ which, through technology, enable customers to be more resource effective or more circular.
INDIANAPOLIS, Jan. 18, 2024 — Oaken, an Agtech company setup by Purdue University’s DIAL Ventures, announced the launch of a new cloud-based landpartner CRM application for farmers. This first release gives farmers an easy way to manage their landpartner interactions from contact management, contract management and payments. This helps farms stay on top of their landpartner relationships, build a growing data repository that can serve future generations and always be well-equipped for every landpartner meeting.
Every farmer knows the importance of landpartner communications to their business. With rising competition for farmland and with conversations around succession planning top of mind for farmers and landowners alike, landowner communications have never been more critical.
Until now, farmers have had few options and have typically used make-shift systems like manual folders or spreadsheets. The challenge is that these systems introduce more work and just don’t do an efficient job of keeping track of the various activities that go into managing landpartner relationships. That is why Oaken organizes growers’ data and documents to save time, allowing growers to focus more on maintaining communications and building strong relationships with their land partners.
As Kassi Tom Rowland, of Tom Farms, says of Oaken “I used to spend hours just keeping track of events payments and contracts. The worst part of it was the constant thought of missing out on something critical. Oaken has taken that worry from my life. I get notified by Oaken of all upcoming events, people I have not yet reached out to, contract renewals and payments. Not only do I not miss out on anything, but it frees my mind to focus on getting more work done!”
Shashi Raghunandan, CEO of Oaken adds “Oaken is a platform that growers have designed for growers; The team has worked for over a year to get feedback on the features so farmers can be assured that their landpartner relationship is in safe hands.”
Oaken is working on providing seamless integration to existing accounting and farm management solutions and also a mobile app which will be available later in 2024. Additional information and a free 30-day trial can be found at www.oaken.ag. You can also visit the Oaken booth #7215 at Commodity Classic in Houstonbetween February 28 and March 2nd and enter for a chance to win some Apple products.
First-to-Market Software Solution to Integrate with Payroll Systems and Enable Fully-Automated Underwriting
NEW YORK, Jan. 18, 2024 — Kashable, a fintech platform that provides socially responsible credit and financial wellness solutions as an employer-sponsored voluntary benefit, today announced a Series B capital raise of $25.6 million. The round was co-led by Revolution Ventures and Moneta Ventures, with participation from EJF Capital and Krillion Ventures.
The investment will fuel Kashable’s rapid expansion, accelerate the development of additional financial wellness services and bolster the company’s ability to extend affordable credit to employees across the credit spectrum. The funding will also allow Kashable to grow its research and development technology team, further refining its innovative underwriting model and enhancing its suite of financial products.
“In a world where financial instability can strike anyone, at any time, Kashable is taking a bold stance: access to credit shouldn’t be a privilege, it should be attainable,” said Einat Steklov, co-founder and co-CEO of Kashable. “Kashable’s program provides employers with a free, innovative software solution to empower their employees with inclusive financial wellness offerings.”
Kashable’s platform addresses the needs of employees while offering employers an additional retention vehicle at the same time:
Access to low-cost credit: Over 2.5 million employees have access to Kashable’s low-cost loans. Nearly half of Kashable’s customers use the loans to pay down existing debt with a historically lower APR and an average loan size of $3,500–$4,000. The affordable repayment terms offer employees an alternative to borrowing from 401(k)s or other retirement plans.
Innovative underwriting model that broadens access to credit: Kashable’s model considers group and individual employment data, income stability, and other factors in real time. The software’s algorithmic decision engine allows for the process to be fully automated.
Largest provider of employment-based loans in the United States: Kashable integrates seamlessly with employer Human Resource Information System (HRIS) and payroll systems — enabling immediate access to affordable loans that are automatically repaid through payroll deductions. Since its founding in 2013, the company has extended access to low-cost credit to hundreds of thousands of individuals through 250+ employers such as Cigna, Reid Health, Huntington Ingalls, Alight Solutions, and more.
Promotes financial education: Kashable provides employees with access to free financial education resources including credit monitoring, individual financial coaching, and budgeting tools.
“We’re committed to scaling the product offering and creating a path for more employees to gain access to responsible credit in ways that have not been historically available to working Americans. Our unique underwriting model is holistic, considering a number of factors to increase accessibility. Kashable loans are purpose built to drive employee engagement and to deliver comprehensive financial wellness solutions,” said Rishi Kumar, co-founder and co-CEO of Kashable.
“Kashable’s unique underwriting model and deep integration with payroll systems have enabled the company to broaden access to affordable credit while allowing individual employees to improve their credit scores,” said David Golden, Managing Partner at Revolution Ventures. “We look forward to partnering with the Kashable team to accelerate the development of additional financial wellness services.”
“Kashable’s innovative approach to financial wellness resonates deeply with our commitment to advancing responsible and inclusive fintech solutions” said Meirav Har Noy, Managing Partner and Co-Founder at Moneta Ventures. “We’re excited to contribute to the journey of improving the financial well-being of working Americans.”
Golden and Har Noy will be joining Kashable’s board of directors.
About Kashable
Kashable is a financial technology company that provides Socially Responsible Credit™ and financial wellness solutions for employees offered as an employer-sponsored voluntary benefit. Founded in 2013 and headquartered in New York City, Kashable deploys innovative technology to improve the financial well-being of working America with a commitment to both reliability and affordability. Offering an economical, fast, and responsible alternative for employees who may otherwise be driven to take loans against retirement plans, predatory lenders or high-rate credit cards to bridge short-term gaps in their finance, Kashable focuses on providing a path to financial security for all. For more information, visit kashable.com.
About Revolution Ventures
Revolution Ventures is Revolution’s institutionally-backed early stage fund investing in companies around the country that are attacking large, multi-billion dollar categories. Co-founders Steve Case and Investment Partners Tige Savage, David Golden, and Clara Sieg work with companies that meet their disciplined criteria and form true partnerships with founders to help them build market-leading businesses. Revolution Ventures is headquartered in Washington, D.C. and part of Revolution’s family of funds including Revolution Growth and the Rise of the Rest Seed Funds. Visit us online at revolution.com/ventures or @Revolution.
About Moneta Venture Capital
Moneta VC is a venture capital firm specializing in Fintech investments in Israel, Europe and the US. The firm was founded by Adoram Gaash and Meirav Har Noy and is backed by strategic and institutional investors. Moneta invests across all stages through its Seed and Revenue stage funds, Moneta Seeds and Moneta Capital, and focuses on companies with large market opportunities who are able to demonstrate strong unit economics and growth. Visit us at www.monetavc.com
About EJF Capital
EJF Capital LLC is a global alternative asset management firm headquartered outside of Washington, D.C. with offices in London, England and Shanghai, China. As of September 30, 2023, EJF manages approximately $6.3 billion1 across a diverse group of alternative asset strategies. The firm was founded in 2005 by Manny Friedman and Neal Wilson. To learn more, please visit http://ejfcap.com/ and please read additional Risks and Limitations located here.
1 Firm AUM includes $3.0 billion in CDO assets through affiliates and $186.3 million of uncalled capital.
The Lifestyle Golf Brand is Committed to Transforming Global Perception of Golf While Continuing to Expand to New Audiences
NEW YORK and FRISCO, Texas, Jan. 18, 2024 — Eastside Golf, the lifestyle golf brand dedicated to driving change and creating a more culturally relevant point of view of the game, announced it has closed a seed round led by EP Golf Ventures, an investment partnership between the PGA of America and Elysian Park Ventures, the private investment arm affiliated with the Los Angeles Dodgers ownership group. The investment from EP Golf Ventures will accelerate Eastside Golf’s growth as it launches new product lines and will support its efforts to use fashion to change the cultural conversation around golf, creating new entry points to the game for young athletes and emerging professionals.
Eastside Golf is announcing a key investment from EP Golf Ventures, the strategic investment partnership between the PGA of America and Elysian Park Ventures. The company has developed a culturally relevant brand that is bringing a new audience into golf and helping to usher in a new future of the game.
Founded in 2019 by former Morehouse College golf teammates Olajuwon Ajanaku and PGA of America Golf Professional Earl Cooper, Eastside Golf has transformed public perceptions of golf through its apparel line, which has been embraced by golf professionals, celebrities, fashion influencers and professional athletes alike.
“Earl and Olajuwon have done what no one has been able to do before – create a brand rooted in golf that resonates outside of the sport to bring in new audiences to the game. Not only are they masters at capturing the cultural zeitgeist, but they have also developed an innovative business which we believe has the capacity for immense growth,” saidJay Adya, Managing Partner, Elysian Park Ventures and EP Golf Ventures.
“Eastside Golf has developed a culturally relevant brand that is bringing a new audience into golf and helping to usher in a new future of the game,” said PGA of America CEO Seth Waugh. “Earl and Olajuwon have a unique combination of creativity, deep roots in golf and an ability to organically tap into the cultural conversation. The PGA of America is deeply committed to investing in the evolution of the modern golf culture and inviting and cultivating a broader participation in golf. We look forward to supporting Eastside Golf’s continued efforts to make the game more welcoming to everyone who wants to play or be involved.”
In the past two years, Eastside Golf has experienced an extraordinary 600% year-over-year growth. This year, Eastside Golf will launch new lines, including wholesale and women’s apparel, and host new golf events, doubling the amount of pop-ups in major markets, including its second-annual Eastside Golf Invitational during New York Fashion Week. Eastside Golf will debut their highly anticipated Spring Forward collection at their first-ever booth at this year’s PGA Show in Orlando, Fla. from January 24th – 26th.
Additionally, Eastside Golf will support five Community Golf Days in Augusta, Ga., Jacksonville, Fla., Detroit, Mich., Memphis, Tenn., and Atlanta, Ga., to bring new players to their local courses to play, connect with others and experience the fun of the game at no cost.
“Our goal in creating Eastside Golf is to show people that you can be yourself and you don’t need to look a certain way to play the game,” saidEarl Cooper, PGA, co-founder of Eastside Golf. “The future of the game exists outside of the golf industry. We’ve been able to tap into the culture to change the perception of the sport and grow the game for future generations. As a PGA of America Golf Professional, I’m especially honored to have the support of EP Golf Ventures as we enter into our next chapter.”
“The goal with Eastside Golf is to change how people around the world view the sport,” added Eastside Golf Co-Founder Olajuwon Ajanaku. “Our logo is not what you’d expect from a traditional apparel line rooted in golf — a Black man wearing jeans, a sweatshirt and gold rope chain, swinging a club. And that’s the goal. We want to inspire confidence but also promote authenticity by showing that everyone can enjoy the game of golf, no matter who you are.”
The company’s apparel is beloved by athletes and tastemakers including NBA stars Chris Paul and Jayson Tatum, NFL great Victor Cruz, musician DJ Khaled, and former President Barack Obama, among many others. Its success is further underscored by notable relationships with global brands including seven collaborations with Jordan Brand, and strategic partnerships and licensing deals with major entities such as the NBA, MLB, and Mercedes Benz. Eastside Golf was profiled in Hulu’s “Grails: When Sneakers Change the Game,” a six-episode docuseries on how Ajanaku and Cooper are driving social and cultural change in golf. Eastside Golf is deeply committed to supporting and spotlighting HBCU golf and has donated a cumulative $150K to support the Morehouse College golf team.
About Eastside Golf Eastside Golf was founded on June 1st, 2019, and has quickly grown into a brand that has shifted the culture of golf on and off the course. The mission of Eastside Golf is to be the lifestyle brand customers deserve — forging new paths and breaking barriers by designing and curating classic lifestyle wear of the highest quality so every customer can authentically express themselves in comfortable luxury. Eastside Golf’s community outreach and golf education aims to connect young professionals and non-golfers with education, resources, and encouragement to love the game. Learn more at eastsidegolf.com, or follow us on Facebook, Instagram and X, formerly known as Twitter, through @EastsideGolf.
About EP Golf Ventures EP Golf Ventures is a strategic investment partnership between the PGA of America and Elysian Park Ventures designed to support innovation in the golf industry and create opportunities for the PGA of America Golf Professional. EP Golf Ventures invests in businesses and entrepreneurs focused on coaching and training; health, wellness and performance science; hospitality; facility management; retail and agriculture.
About Elysian Park Ventures Elysian Park is a global investment platform dedicated to building the future of sports. Created by the ownership of the Los Angeles Dodgers, Elysian Park invests at the intersection of sports, health, culture, commerce, and technology. Elysian Park works with companies across stages from seed to growth to provide perspective, relationships, capital and exclusive strategic resources including the Trailblazer Venture Studio, Global Sports Venture Studio, Robin, Fitt Insider, and EP Golf Ventures in partnership with PGA of America, among others. Learn more at elysianpark.ventures.
About the PGA of America The PGA of America is one of the world’s largest sports organizations, composed of more than 30,000 PGA of America Golf Professionals who love the game, are expert coaches, operators and business leaders, and work daily to drive interest, inclusion and participation in the sport. The PGA of America owns and operates numerous championships and events, including major championships for men, women, seniors and the Ryder Cup, one of the world’s foremost sporting events. For more information, visit PGA.com and follow us on X, formerly known as Twitter, Instagram and Facebook.
The funding will further the development and production of Prismatic Li-ion NMC batteries that operate safely in high temperatures and support fast charging
SUNNYVALE, Calif., Jan. 18, 2024 — International Battery Company (IBC), a product and technology company that specializes in the creation of eco-friendly, large-sized rechargeable Prismatic Li-ion NMC batteries, is announcing it has raised USD 35 Million. This includes a Pre-Series A round, led by RTP Global, and contributions from a broader investment base, which includes Beenext, Veda VC, and other strategic Korean and US Investors. The investment marks an important moment in IBC’s journey to revolutionize the global EV landscape.
IBC is channeling this investment into a 50MWh capacity ramp manufacturing plant and has developed United Nations 38.3 and BIS-certified, ready-for-delivery battery cells for the Indian market, reflecting the growing needs of India’s EV and energy storage sectors. These batteries will meet the region’s distinctive requirements, such as the need to operate safely in high temperatures, support fast charging capability, and offer an extended lifecycle, with a 7–10-year warranty. Furthermore, its highly eco-friendly products use components that are fully recyclable and reusable, supporting India’s push towards a greener future and closed-loop manufacturing, where materials are repurposed and reused, minimizing waste and reducing environmental impact.
India’s EV market is expected to account for more than 40% of its automotive market and generate over $100 billion of revenue by 2030, according to a recent report by Bain & Co. IBC has currently focused its product development on batteries for two and three-wheelers, light commercial vehicles, and farm and industrial equipment targeting the small mobility sector. Embracing a collaborative ethos, IBC has also secured binding contracts with three partner customers to co-create and supply battery packs.
IBC’s research and development is rooted in the Silicon Valley, United States, with production taking place at a fully operational, state-of-the-art facility in South Korea. The 50MWh manufacturing facility produces United Nations-certified prismatic Li-ion NMC batteries, which are already being shipped at volume to India. The funds have enabled the expansion of IBC’s manufacturing capabilities, including setting up state-of-the-art data systems with AI/ML models for yield enhancement, and will advance the progression of a ‘copy exact’, new 2 GWh lithium-ion Giga factory in Bengaluru, which will commence production by 2025, following an MoU with the Karnataka government earlier this year for 100 acres of land next to Bangalore. This facility is part of IBC’s vision to achieve a production capacity of 10 GWh by 2028.
IBC is led by its visionary founder Priyadarshi Panda, an alumnus of the Massachusetts Institute of Technology (MIT) and the Indian Institute of Technology (IIT) Kanpur. Priyadarshi’s expertise in micro and nanoscience, combined with his experience at Intel, Lam Research and Applied Materials, has been instrumental in IBC’s journey towards innovation and scalability.
Priyadarshi Panda, Founder and CEO, International Battery Company: “India is becoming one of the fastest growing EV markets in the world, with the government and consumers alike recognizing the long-term cost benefits and opportunity to reduce greenhouse gasses and achieving net zero, which can only happen through rapid proliferation of technology ready to scale today. Despite the massive opportunity for EVs in India, batteries underpinning this revolution are not being manufactured in India. Furthermore, the current focus on manufacturing is not on Li-ion cells developed to meet the specific requirements of the Indian market, such as safe operations in high temperatures, fast charge-discharge as well as a high cycle life, which are needed to provide customers with excellent driving experiences and for the offer of long warranties. We are bringing the best research and development through a highly trained and experienced team in the U,S to develop a product that is designed for high-speed manufacturing out of South and South East Asia for this particular market. It is a truly global solution that will help accelerate EV adoption in the region.”
Nishit Garg, Partner on RTP Global’s Asia investment team: “Our investment in International Battery Company underscores RTP Global’s steadfast and ongoing commitment to sustainable technology investments. It reinforces our strategy of investing in early-stage, innovative ventures and our long-term support for their visionary founders. IBC’s work in EV battery tech aligns perfectly with our mission to back transformative projects that have a positive impact on a global scale.”
About International Battery Company
Founded in 2022, International Battery Company is a product-tech company that stands at the forefront of the sustainable energy revolution. Based in Sunnyvale, California, IBC specializes in the development of large-sized, eco-friendly Prismatic Li-ion NMC batteries, pivotal to advancing a cleaner, more sustainable future. With its roots in R&D in the US and manufacturing in South Korea, IBC is poised to extend its Giga manufacturing facility to India.
The company’s innovation is guided by founder, CEO, and CTO Priyadarshi Panda, an IIT Kanpur and MIT alumnus with over 980 world-wide citations from 7 research publications and 12 granted US patents and notable roles at Intel, Lam Research, and Applied Materials. His experience includes establishing a Prismatic phosphate based Li-ion GigaFactory in New York and a Prismatic Li-ion NMC Factory in Korea, with plans for a third battery manufacturing facility in India, tailored for the Indian market.
Priyadarshi is joined by co-founders Raj Singh (CRO), Venkatesh Valluri (President, IBC India), and Sasi Kuppannagari (COO), each bringing unique expertise to propel IBC’s mission.
IBC is poised for global impact with its ‘copy exact’ scalability approach in advanced battery technology.
For more information about IBC’s technologies, please visit https://ibcbatt.com
About RTP Global
RTP Global is an early-stage venture capital firm, backing the founders who use technology to reimagine how the world works. Since 2000, RTP Global has made over 110 investments worldwide, with one in 10 becoming multi-billion dollar companies and one in 20 publicly trading at over $10bn. Notable investments include Datadog, DeliveryHero, Cred and SumUp. RTP Global has offices in New York, London, Paris, Dubai and Bangalore.
For more information on RTP Global, visitwww.rtp.vc or follow us on LinkedIn.
Leading fintech announces the close of a $75 million equity round and the $100 million expansion of an existing secured credit facility, with the incremental financing provided by Citi
Funds will be used to accelerate growth and expansion into adjacent categories and new markets
NEW YORK, Jan. 18, 2024 — DailyPay, the leading on-demand pay company, today announced it has secured over $175 million to fuel growth. The funding is divided between $100 million of expanded secured credit facility capacity provided by Citi and over $75 million in equity financing, which valued the company at $1.75 billion on a pre-money basis.
The equity financing from both existing and new investors, led by Carrick Capital Partners, will be deployed to further accelerate DailyPay’s continued product innovation and to drive its expansion into adjacent categories and new markets. The additional $100 million expansion of the existing credit facility, provided by Citi, brings DailyPay’s revolving secured debt facility to $660 million, including the existing commitments of $500 million from Barclays and $60 million from TPG Angelo Gordon.
“DailyPay’s employer-integrated on-demand pay platform is putting power back in the hands of the worker by allowing them to track, transfer, spend or save their pay as they earn it,” said Kevin Coop, Chief Executive Officer of DailyPay. “This latest equity capital raise, from both long-time institutional investors and new financial partners, underscores DailyPay’s strength and market-leading position. We are eager to capitalize on this momentum as we continue to revolutionize the future of pay.”
“DailyPay is excited to welcome Citi to our distinguished group of lenders and financial partners,” added Ken Brause, Chief Financial Officer of DailyPay. “The additional $100 million to our credit facility comes as we continue to rapidly add new clients and users to our platform and reflects the size, scale and trajectory of the business.”
FT Partners served as exclusive strategic and financial advisor to DailyPay on the equity financing transaction.
DailyPay partners with leading employers across various industries, including Fortune 500 companies such as Hilton, Target, Kroger and Dollar Tree. Employers who offer DailyPay see positive impacts on hiring and retention. Users are empowered to take control of their earned pay, enabling them to pay bills on time while avoiding unnecessary fees associated with overdraft, high-interest credit products or payday loans.
About DailyPay DailyPay, Inc. is transforming the way people get paid. As the industry’s leading on-demand pay solution, DailyPay uses an award-winning technology platform to help America’s top employers build stronger relationships with their employees. This voluntary employee benefit enables workers everywhere to feel more motivated to work harder and stay longer on the job, while supporting their financial well-being outside of the workplace. DailyPay is headquartered in New York City, with operations in Minneapolis and Belfast. For more information, visit www.dailypay.com/press.
New Platform to Oversee the Firm’s Growing U.S. and European Data Center Investment Strategy, which Currently Includes $8 Billion in Assets
Starwood Capital Also Enters Strategic Alliance with Worldwide Mission Critical to Help Support Anticipated Growth
MIAMI, Jan. 18, 2024 — Starwood Capital Group (“Starwood Capital” or “the Firm”), a leading global private investment firm focused on real estate, today announced the launch of Starwood Digital Ventures (“Starwood Digital” or “the Platform”), a platform dedicated to the Firm’s growing global data center investment strategy.
Over the past five years, Starwood Capital has committed a total of approximately $8 billion in data center development encompassing 1.5 gigawatts in various stages of development, making it one of the largest privately held data center developers in the United States and Europe. Starwood Digital Ventures will utilize funds from various Starwood Investment Vehicles to continue to develop its pipeline as well as partner with best-in-class data center operators.
In conjunction with this announcement, Starwood Capital also announced that it has entered into a strategic alliance with Worldwide Mission Critical, an industry-leading consulting firm with deep expertise assisting clients with the design and development of data center projects. Worldwide Mission Critical provides services ranging from design management, bidding and procurement, construction quality control, and integrated testing for data center projects. The firm has partnered with Starwood Capital on several projects over the past five years. The strategic alliance will allow Starwood Capital to quickly scale its data center platform to support anticipated growth.
“We are incredibly excited about the launch of Starwood Digital, which will provide us with additional opportunities to grow our data center portfolio amidst strong industry tailwinds,” said Barry Sternlicht, Chairman and CEO of Starwood Capital. “With the strong demand for data center services in the United States and growing needs to support end uses such as artificial intelligence, we see continued opportunity to invest in this growing sector.”
“In addition, we have worked closely with Worldwide Mission Critical the last several years and look forward to deepening our relationship with the industry experts there, who have become valued partners of ours, as we leverage their skills and strong industry reputation to expand our data center investments both domestically and abroad generating compelling value for our investors,” said Anthony Balestrieri, Managing Director at Starwood Capital.
About Starwood Capital Group
Starwood Capital Group is a private investment firm with a core focus on global real estate. The Firm and its affiliates maintain 16 offices in seven countries around the world, and currently have 5,000+ employees. Since its inception in 1991, Starwood Capital Group has raised over $75 billion of capital, and currently has ~$115 billion of assets under management. Through a series of comingled opportunity funds and Starwood Real Estate Income Trust, Inc. (SREIT), a non-listed REIT, the Firm has invested in virtually every category of real estate on a global basis, opportunistically shifting asset classes, geographies and positions in the capital stack as it perceives risk/reward dynamics to be evolving. Starwood Capital also manages Starwood Property Trust (NYSE: STWD), the largest commercial mortgage real estate investment trust in the United States, which has successfully deployed over $95 billion of capital since inception and manages a portfolio of over $27 billion across debt and equity investments. Over the past 32 years, Starwood Capital Group and its affiliates have successfully executed an investment strategy that involves building enterprises in both the private and public markets. Additional information can be found at www.starwoodcapital.com.
About Worldwide Mission Critical
Worldwide Mission Critical is a global owner’s representation and project management company dedicated to advancing the data center industry. Relying on a team of more than 30 design and construction professionals, Worldwide Mission Critical handles every aspect of the development of data centers, including site selection, plan development, procurement, design oversight, construction and building turnover. Founded in 2018 under the principle of delivering high-quality, impactful projects, Worldwide Mission Critical has successfully completed more than 650 projects and currently maintains more than 3.5GW of data centers under development with operations spanning five continents. For more information, visit worldwidemissioncritical.com.
Financing will be used to further develop and optimize SmartLabs’ innovative product portfolio in order to address the modern needs of customers across the life sciences industry
BOSTON, Jan. 18, 2024 — SmartLabs, the leading provider of flexible laboratory infrastructure and resourcing solutions, today announced the raise of a $48 million Series C financing. The funding round included participation from ArrowMark Partners, Winslow Capital Management, and Conversion Venture Capital (CVC2). The Series C financing marks the beginning of the next chapter in the advancement and optimization of SmartLabs’ laboratory solution portfolio, and follows a number of important strategic milestones for the company – including the appointment of industry veteran Brian Taylor as interim CEO earlier this month, and the launch of its new San Francisco-based CleanSuites™ offering and most advanced research center to date in August, 2023 – positioning the company for sustained growth moving forward.
“This new round of financing underscores the confidence of our existing investors in SmartLabs’ unique lab infrastructure and resourcing solutions, validating the potential of our innovative model for the industry,” said Taylor. “The financing will help us expand the boundaries of SmartLabs’ integrated operational model, and enhance our ability to deliver innovative, cost and capitally efficient solutions to accelerate scientific development and innovation across the biopharma industry. I’m excited about the opportunities ahead as we redefine the landscape of laboratory solutions and unlock unparalleled value for our customers.”
Today’s biopharma landscape has ushered in a rise in diverse, novel therapies with the potential to address a multitude of complex and devastating diseases. But realizing this promise requires the ability to scale and adapt in ways that match the unprecedented pace and diversity of modern science. Innovative and flexible lab and manufacturing solutions are a critical success factor in drug development and delivery. With a continued tightened funding market and growing competition, these solutions also need to reduce risk and be capitally efficient to offer companies needed runway to meet important milestones.
SmartLabs delivers fully resourced lab environments at enterprise-scale that offer multifunctional research and development spaces, vivariums, process development and pilot-scale suites, and cGMP capacity under one roof on both the East and West Coasts. This unique ability allows companies of all stages and sizes to launch, scale, and shift as programs and projects evolve. By co-locating R&D infrastructure and resources with manufacturing solutions, SmartLabs facilitates unprecedented collaboration and access between all players in the R&D and manufacturing space. Clients are able to accelerate timelines while controlling their own science, saving 6-24 months in scale-up time and up to 95% in upfront capital expenditures, compared to traditional options.
“SmartLabs is pioneering nimble and capitally efficient laboratory and manufacturing resourcing solutions with the power to meet the ever-changing needs of scientific development,” said Clayton Freeman, Portfolio Manager at ArrowMark Partners. “We’re thrilled to support them in this mission and look forward to their next phase of growth. We’re fully committed and wholeheartedly believe in SmartLabs’ revolutionary solutions for the life sciences industry. The collective support from other investors is a testament to our shared enthusiasm, providing SmartLabs the tools they need to evolve in this dynamic market.”
SmartLabs’ integrated research centers offer dozens of programs accelerating the development of therapies across a wide spectrum of modalities, including cell therapies, gene therapies, and personalized medicine. Its flexible offerings ensure companies are better supported and resourced as they tackle today’s toughest scientific challenges.
About SmartLabs Founded in 2015, SmartLabs offers the first integrated platform combining flexible lab infrastructure, operations, and scientific expertise. Its Managed Research Centers allow companies to purchase private, enterprise-grade R&D infrastructure and manufacturing solutions “as-a-service” without upfront capital investments. With headquarters in Boston and locations across the U.S., SmartLabs serves over 120 diverse biotech, biopharma and life sciences organizations. For more information, visit www.smartlabs.com.
