RICHARDSON, Texas, May 20, 2024 — Subeca, an innovative internet of things (IoT) startup that provides low cost and easy to use water technology, raised $6M in Series A funding.

The Series A was led by SUEZ, a global leader in digital and circular solutions in waste and water services, with participation from Amazon’s Climate Pledge Fund, Amazon’s sustainability focused corporate venture fund, and Burnt Island Ventures, a leading water sector-focused venture investor.

“The funding will allow Subeca to rapidly scale to meet market demand for our flagship AMI solutions, particularly in small to medium sized utilities and companies that have been underserved by incumbents,” said Patrick Keaney, Chief Executive Officer of Subeca. Subeca’s differentiated end-to-end IoT offerings provide simple, easy-to-deploy options for the more than 40,000 utilities and businesses in the US that have been locked out of the benefits of advanced metering and sensing technology due to the cost and complexity of legacy technology solutions. Produced in Richardson, Texas, Subeca’s Blinc IoT module utilizes Amazon’s Sidewalk network, a free communications network that covers more than 90% of the US population, to help customers manage water infrastructure and detect and resolve water leaks.

“Subeca offers a simple and secure service that helps Amazon, AWS, and our utility partners gather timely and reliable data to manage water use without relying on traditional cellular or building network infrastructure. We’re excited to work with Subeca as we continue to improve the efficiency of water use in the communities where we operate as well as across our own operations, helping AWS make progress to meeting water positive by 2030,” said Beau Schilz, Senior Manager for Water in the Americas, AWS.

“Subeca has developed a disruptive smart metering solution that will provide access to a previously underserved tier of utilities in the US,” said Joshua Cantone, Managing Director of SUEZ Digital Solutions for North America. “SUEZ, a leading provider of smart water metering solutions with more than 6 million units deployed worldwide, intends to leverage its expertise to support Subeca in scaling its offerings and go-to-market strategy. We believe in the vision of Subeca’s exceptional leadership team and look forward to supporting their evolution in the market.”

“Affordability challenges have stalled the adoption of smart metering across the US and globally. Subeca’s simple customer interface and integration with Amazon Sidewalk allows a new segment of water utilities to join the digital revolution. We are excited to work with the Subeca team to bring this technology to market,” said Christine Boyle, Partner at Burnt Island Ventures.

Subeca was recently selected as one of ten startups out of over 200 global applicants for the prestigious ImagineH2O Accelerator.

Learn more about Subeca at www.Subeca.com.

Media Contact:

Patrick Keaney

800-366-2271

[email protected] 

SOURCE Subeca

VICTORIA, Seychelles, May 20, 2024 — KuCoin Ventures, the investment arm of the global cryptocurrency exchange KuCoin, has announced a strategic investment in ELFi, a cutting-edge decentralized derivatives trading platform. This collaboration marks a significant milestone in the evolution of the cryptocurrency derivatives market, emphasizing the strategic partnership between the two entities.

ELFi has been at the forefront of innovation in the decentralized finance (DeFi) space, offering a suite of advanced trading functionalities that cater to both retail and institutional investors. As a pioneer in supporting Portfolio Margin within the P2Pool model, ELFi has demonstrated its commitment to providing sophisticated risk management systems for listing contracts across various risk levels.

The strategic partnership between KuCoin Ventures and ELFi is expected to unlock new opportunities for both parties. Leveraging the industry insights of KuCoin Ventures, ELFi is set to achieve substantial growth. Conversely, ELFi’s innovative trading solutions will diversify services offered by KuCoin Ventures. Some of the key highlights of the partnership include: enhanced liquidity for ELFi, advancements in risk management for all participants and innovation in pool designs.

“KuCoin Ventures is excited to partner with ELFi, a platform that shares our vision for a more open and accessible financial future. This investment is not just financial; it’s a strategic move to integrate ELFi’s innovative trading solutions into our ecosystem, providing our users with a superior trading experience.” Said Johnny Lyu, CEO of KuCoin Exchange.

KuCoin Ventures has been actively seeking out and investing in promising blockchain and cryptocurrency projects that align with its vision of a decentralized and inclusive financial ecosystem. The investment in ELFi is a testament to KuCoin’s commitment to supporting projects that bring transformative solutions to the market.

ABOUT KUCOIN VENTURES

KuCoin Ventures aims to invest in the most disruptive crypto and blockchain projects of the Web 3.0 era. As a community-friendly and research-driven investor, KuCoin Ventures works closely with portfolio projects throughout the entire life cycle, with a focus on DeFi, GameFi, and other Web3.0 infrastructures.

ABOUT ELFi Protocol

ELFi is a decentralized derivatives trading platform that focuses on delivering top-notch trading functionalities. It’s the pioneer in supporting Portfolio Margin within the P2Pool model, and boasts a sophisticated risk management system for listing contracts of various risk levels. Additionally, ELFi introduces innovative liquidity pool designs, offering industry-first zero-risk stablecoin liquidity pools and LSD re-collateralized liquidity pools. It strives to better meet market and user demands through features like risk isolation, asset pricing, and LST asset support.

SOURCE KuCoin

SHANGHAI, May 20, 2024 — The9 Limited (Nasdaq: NCTY) (“The9”), an established Internet company, today announced that it signed a definitive share purchase agreement (the “Agreement”) with Kuaijin Shidai (Xiamen) Technology Co., Ltd. (“KuaiJin”), a company operating unmanned retail store platform in China, to purchase 15% of KuaiJin by cash and issuance of The9’s restricted shares. The9 is also granted a purchase option to purchase up to 51% of the total shares of KuaiJin. The purchase option is exercisable within 2 years and will be based on KuaiJin’s valuation at US$60 million.

KuaiJin provides standardized cost-effective solution to retail stores in China. Within 48 hours, traditional retail stores can be transformed into AI unmanned retail store by installation of KuaiJin hardware and software. The AI unmanned retail stores can be opened 24 hours a day, 7 days a week, under the monitor of AI-powered 360-degree surveillance cameras. After such transformation, the payroll cost will be significantly reduced. The chance of getting shoplifting will also be reduced. Profit of the retail stores will be increased accordingly. Due to this clear business model, KuaiJin has already transformed more than 500 retail shops in more than 100 cities in China.

Pursuant to the Agreement, The9 will pay cash consideration of US$1.5 million and will issue 318,448,800 restricted Class A ordinary shares (equivalent to 1,061,496 ADSs) to KuaiJin. The restricted Class A ordinary shares to be issued to KuaiJin will be subject to lock-up conditions and will only be released according to the following schedule: (i) when the market capitalization of The9 reaches US$200 million, 20,940,900 Class A ordinary shares (equivalent to 69,803 ADSs) of The9 will be released from the lock-up; (ii) when the market capitalization of The9 reaches US$500 million, 1,894,800 Class A ordinary shares (equivalent to 27,921 ADSs) of The9 will be released from the lock-up, and (iii) when the market capitalization of The9 reaches US$1 billion, 4,188,300 Class A Ordinary shares (equivalent to 13,961 ADSs) of The9 will be released from the lock-up. The rest of the restricted shares shall be released from the lock-up when either of the following conditions are met: KuaiJin completes a qualified IPO and its shares owned by The9 become freely tradable in the open market; or if and when the The9 exercises its purchase option and, as a result, holds a minimum 51% of the then total share capital of KuaiJin.

“There are more than 5 million retail stores in China alone around the world. These small retail stores are like capillaries, distributed in the streets and alleys of cities, and together they form a huge offline real-time retail network. They are indispensable business format in the daily life of most people. However, millions of small retail store owners and operators have long been faced with the problem of not having the freedom to expand their businesses since they need to guard the store. On the other hand, with the high popularity of mobile payments in China nowadays, the checkout actions in retail stores have become extremely standard and simple. In this context, the low-cost intelligent transformation solution provided by Kuaijin effectively solves the storekeeping problem. It uses intelligent hardware and AI to replace manual storekeeping. It can especially free up the operators’ time at night, so that the retail stores can be open 24 hours a day throughout the year without having to stay up late to guard the store. More importantly, through AI-empowered transformation, data on customers, products, locations and financials will no longer be scattered and difficult to collect, data can truly be capitalized. In the past, fast-moving consumer product brands hired a large number of offline service personnel to maintain customer sentiment in small retail stores to ensure effective display and sales of products, which was costly and inefficient. It is extremely difficult for brands to conduct data analysis or implement marketing activities for millions of stores with different operators. This is precisely the reason why the channel value of small retail stores has been limited for a long time. However, for the small retail stores cooperating with Kuaijin, customers’ entry, purchase, settlement, and departure are all served through in-store hardware and AI. Customers’ behaviors are fully digitized without the need of changing the traditional consumer shopping process. On this basis, Kuaijin can effectively implement brand marketing plan such as promotion activities and new product recommendations. The membership system, AI customer service and video algorithms continuously collect and analyze huge amount of data collected. We can then continuously train algorithms by machine learning and fully embrace GenAI. With The9’s investment, Kuaijin can leverage The9’s experience in different GenAI business applications to help improving the GenAI capabilities of Kuaijin’s platform. Kuaijin is keen to expand service scenarios, improve service experience, and create future AI retail stores recognized by store owners and operators, consumers, and brands,” said Mr. JiaPao Wu, founder of KuaiJin.

As of the date hereof, the total number of issued and outstanding shares of The9 is 1,993,729,927 (equivalent to 6,645,766 ADSs), being the sum of 1,980,122,593 Class A ordinary shares and 13,607,334 Class B ordinary shares.

Safe Harbor Statement

This current report contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond The9’s control. The9 may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about The9’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: The9’s goal and strategies; The9’s expansion plans; The9’s future business development, financial condition and results of operations; The9’s expectations regarding demand for, and market acceptance of, its products and services; The9’s expectations regarding keeping and strengthening its relationships with business partners it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in The9’s filings with the SEC. All information provided in this current report is as of the date hereof, and The9 does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

The9 Limited
17 Floor,
No. 130, Wu Song Road,
Hong Kou District,
Shanghai 200080, PRC

About The9 Limited 

The9 Limited (The9) is an Internet company listed on Nasdaq in 2004. The9 aims to become a global diversified high-tech Internet company, and is engaged in blockchain business including the operation of cryptocurrency mining. The9 is also stepping into AI application business in different industries.

Investor Relations Contact

Ms. Rebecca Cai
Investor Relations Specialist
The9 Limited
Tel: +86 (21) 6108-6080
Email: [email protected] 

Website: www.the9.com

SOURCE The9 Limited

RIYADH, Saudi-Arabien, 20. Mai 2024 — eWTP Arabia Capital Technology Fund I (“Techology Fund I”), verwaltet von eWTP Arabia Capital (“eWTPA”), einer der führenden Private-Equity-Firmen im Nahen Osten, wurde in den Preqin League Tables als fünftbester VC-Fonds in der Kategorie von 250 bis 499 Millionen US-Dollar nach interner Nettorendite (IRR) für den Zeitraum 2015-2020 aufgeführt.

„Wir freuen uns über die Anerkennung unseres Technologiefonds I als einer der leistungsstärksten VC-Fonds in unserem Sektor”, erklärte Jessica Wong, Gründerin und geschäftsführende Gesellschafterin von eWTPA. „Dieser Meilenstein unterstreicht das Engagement unseres Teams und die Robustheit unserer Investitionsstrategie. Sie unterstreicht auch das erhebliche Wachstumspotenzial des Marktes im Nahen Osten und in Nordafrika, insbesondere in Saudi-Arabien, das Beachtung verdient. Als entscheidender Motor des technologischen Fortschritts in der Region sind wir fest entschlossen, Unternehmer zu unterstützen und unseren Investoren einen Mehrwert zu bieten.”

„Die Anerkennung durch Preqin bestätigt unsere harte Arbeit und unser Engagement für die Unterstützung und den aktiven Beitrag zum Aufbau des saudischen digitalen Ökosystems”, sagte Jerry Li, Gründer und geschäftsführender Gesellschafter von eWTPA. „Während eWTPA weiter wächst und sein Investitionsportfolio ausbaut, bleibt es dem Ziel verpflichtet, Innovationen zu fördern und positive Veränderungen in Saudi-Arabien, dem GCC und dem globalen Ökosystem der Schwellenländer voranzutreiben.”

eWTPA hat außergewöhnliche Leistungen gezeigt und seine Position unter den Branchenführern gefestigt. Diese Anerkennung unterstreicht das Engagement von eWTPA bei der Identifizierung von Marktchancen mit hohem Potenzial und bei der Erzielung von Renditen für seine Investoren.

Die Preqin League Tables gelten als umfassendes und maßgebliches Ranking-System für die Performance von Private Equity und Venture Capital. Preqin, ein führender Datenanbieter in der Branche für alternative Anlagen, erstellt diese Ranglisten auf der Grundlage verschiedener Leistungskennzahlen, einschließlich der internen Nettorendite (IRR) und anderer Schlüsselindikatoren.

Der Erfolg von eWTPA spiegelt seinen strategischen Ansatz wider, in wachstumsstarke Sektoren in der MENA-Region zu investieren. Das Portfolio des Unternehmens umfasst eine Vielzahl von Unternehmen, die in der Lage sind, ihre jeweiligen Branchen entscheidend zu beeinflussen.

Als Brücke zwischen Asien und dem Nahen Osten hat der Technologiefonds I von eWTPA seit seiner Gründung im Jahr 2019 beachtliche Erfolge erzielt. Der Fonds hat in mehr als 18 Unternehmen investiert, von denen sich mehrere erfolgreich in KSA etabliert haben, wie J&T Express, Raha, Sahm und COFE.

Informationen zu eWTPA:

eWTP Arabia Capital wurde 2019 gegründet und ist eine Investmentgesellschaft mit Sitz in Saudi-Arabien und China. eWTPA wird von bedeutenden regionalen und internationalen Staatsfonds, institutionellen Investoren und Family Offices unterstützt und trägt zum Aufbau stabiler lokaler digitaler Ökosysteme in der MENA-Region bei, indem es Partnerschaften mit marktführenden internationalen Unternehmen eingeht und diesen Unternehmen ein Tor für den Aufbau einer starken und nachhaltigen Präsenz in der Region bietet. Bis heute hat eWTPA in über 18 Unternehmen investiert, von denen sich 13 bereits erfolgreich in KSA etabliert haben.

Medienkontakt:
Haile Liao
+966 0530868568
[email protected]

Foto – https://mma.prnewswire.com/media/2416426/eWTP_Preqin.jpg

RIYAD, Arabie saoudite, 20 mai 2024 — Le fonds technologique I d’eWTP Arabia Capital (« fond technologique I »), géré par eWTP Arabia Capital (« eWTPA »), l’une des principales sociétés de capital-investissement du Moyen-Orient, a été classé dans les Preqin League Tables comme le cinquième fonds de capital-investissement le plus performant dans la catégorie des 250 à 499 millions de dollars de taux de rendement interne (TRI) net pour la période 2015-2020.

« Nous sommes ravis que notre fonds technologique I soit reconnu comme l’un des fonds de capital-risque les plus performants dans notre secteur, a déclaré Jessica Wong, fondatrice et associée directrice d’eWTPA. Cette étape importante souligne l’engagement de notre équipe et la robustesse de notre stratégie d’investissement. Elle souligne également l’important potentiel de croissance du marché du Moyen-Orient et de l’Afrique du Nord, en particulier de l’Arabie saoudite, qui mérite une attention particulière. En tant que moteur essentiel du progrès technologique dans la région, nous sommes déterminés à remplir notre mission qui consiste à renforcer les entrepreneurs et à apporter de la valeur à nos investisseurs. »

« Être reconnus par Preqin valide notre travail acharné et notre engagement à soutenir et à contribuer activement à la construction de l’écosystème numérique saoudien, a déclaré Jerry Li, fondateur et associé directeur d’eWTPA. Alors qu’eWTPA continue de croître et d’élargir son portefeuille d’investissements, il reste déterminé à encourager l’innovation et à susciter des changements positifs en Arabie saoudite, dans le CCG et dans l’écosystème mondial des marchés émergents. »

eWTPA a enregistré des performances exceptionnelles, consolidant sa position parmi les leaders de l’industrie. Cette reconnaissance souligne l’engagement d’eWTPA à identifier les opportunités de marché à fort potentiel et à générer des rendements pour ses investisseurs.

Les Preqin League Tables sont considérées comme un système de classement complet et faisant autorité pour les performances du capital-investissement et du capital-risque. Preqin, l’un des principaux fournisseurs de données dans le secteur des actifs alternatifs, compile ces tableaux de classement en fonction de diverses mesures de performance, y compris le taux de rendement interne (TRI) net et d’autres indicateurs clés.

Le succès d’eWTPA reflète son approche stratégique de l’investissement dans les secteurs à forte croissance de la région MENA. Le portefeuille de la société comprend un large éventail d’entreprises prêtes à avoir un impact significatif dans leurs secteurs respectifs.

Agissant comme un pont entre l’Asie et le Moyen-Orient, le Fonds technologique I d’eWTPA a connu un succès important depuis sa création en 2019. Le Fonds a investi dans plus de 18 entreprises, dont plusieurs se sont établies avec succès en Arabie saoudite, comme J&T Express, Raha, Sahm et COFE.

À propos d’eWTPA :

Fondée en 2019, eWTP Arabia Capital est une société d’investissement basée en Arabie saoudite et en Chine. Soutenu par d’éminents fonds souverains régionaux et internationaux, des investisseurs institutionnels et des bureaux de gestion de patrimoine, eWTPA contribue à créer des écosystèmes numériques locaux robustes dans la région MENA en s’associant avec des entreprises internationales de premier plan et en leur offrant une passerelle pour établir une présence forte et durable dans la région. À ce jour, eWTPA a investi dans plus de 18 entreprises, dont 13 se sont déjà établies avec succès en Arabie saoudite.

Contact pour les médias :
Haile Liao
+966 0530868568
[email protected]

Photo – https://mma.prnewswire.com/media/2416426/eWTP_Preqin.jpg

RIYADH, Saudi Arabia, May 19, 2024 — eWTP Arabia Capital Technology Fund I (“Techology Fund I”), managed by eWTP Arabia Capital (“eWTPA”), one of the leading private equity firms in the Middle East, was listed in the Preqin League Tables as the the fifth top-performing VC funds in the US$250 Million to US$499 Million category by net Internal Rate of Return (IRR) for vintages between 2015-2020.

“We’re delighted by the recognition of our Technology Fund I as a top-performing VC fund in our sector,” expressed Jessica Wong, Founder and Managing Partner of eWTPA. “This milestone underscores the commitment of our team and the robustness of our investment strategy. It also underscores the significant growth potential of the Middle East and North Africa market, particularly in Saudi Arabia, warranting attention. As a pivotal driver of technological advancement in the region, we’re steadfast in our mission to empower entrepreneurs and deliver value to our investors.”

“Being recognized by Preqin validates our hard work and dedication to supporting and actively contributing towards building the Saudi digital ecosystem,” said Jerry Li, Founder and Managing Partner of eWTPA. “As eWTPA continues to grow and expand its investment portfolio, it remains committed to fostering innovation and driving positive change in Saudi, the GCC and the global emerging markets ecosystem.”

eWTPA has demonstrated exceptional performance, solidifying its position among industry leaders. This recognition underscores eWTPA’s commitment to identifying high-potential market opportunities and generating returns for its investors.

The Preqin League Tables are regarded as a comprehensive and authoritative ranking system for private equity and venture capital performance. Preqin, a leading data provider in the alternative assets industry, compiles these league tables based on various performance metrics, including net Internal Rate of Return (IRR) and other key indicators.

eWTPA’s success reflects its strategic approach to investing high-growth sectors in the MENA region. The firm’s portfolio includes a diverse range of companies poised to make a significant impact on their respective industries.

Acting as a bridge between Asia and the Middle East, eWTPA’s Technology Fund I has achieved significant success since its inception in 2019. The Fund has invested in over 18 companies, several of which have successfully established themselves in KSA, like J&T Express, Raha, Sahm and COFE.

About eWTPA:

Founded in 2019, eWTP Arabia Capital is an investment firm based in Saudi Arabia and China. Backed by marquee regional and international Sovereign Wealth Funds, Institutional investors, and family offices, eWTPA helps create robust local digital ecosystems in the MENA region by partnering with market-leading international businesses and providing a gateway for these companies to establish a strong and sustainable presence in the region. To date, eWTPA has invested in over 18 companies, 13 of which have already established themselves successfully in KSA.

Media contact:

Haile Liao
+966 0530868568
[email protected]

Photo – https://mma.prnewswire.com/media/2416426/eWTP_Preqin.jpg

SAN FRANCISCO, May 17, 2024 — Angeles Investors, a leading investment community dedicated to finding, funding, and growing the most promising Hispanic and Latino startup ventures, is excited to announce the unveiling of the top 100 Hispanic or Latino venture startups in the United States. This prestigious recognition will take place at the Angeles Q2 Summit Event & Awards, proudly sponsored by J.P. Morgan, on May 16-17, 2024, in San Francisco, California.

The Angeles 100 celebrates a diverse array of venture-backed startups that are driving innovation and shaping the future of entrepreneurship. These exceptional companies align closely with Angeles Investors’ mission, embodying the qualities of resilience, vision, and growth that the organization actively supports and invests in. This year’s honorees serve as prime examples of how startup founders are propelling businesses forward and positioning their enterprises for sustained success.

Selection for the 2024 Hispanic and Latino startup venture awards was based on rigorous criteria, including securing funding ranging from seed to Series E, incorporation in the United States, and demonstrating consistent year-over-year growth. The chosen ventures represent a dynamic cross-section of industries and showcase the remarkable ingenuity and ambition prevalent within the Hispanic and Latino entrepreneurial community.

“We are thrilled to gather in San Francisco, California, at J.P. Morgan, to celebrate outstanding business achievements, exceptional leadership, and the spirit of innovation that defines the startup landscape,” remarked David Olivencia, CEO of Angeles Investors. “This event presents a unique opportunity to forge new partnerships, glean insights from esteemed investors and entrepreneurs, and honor the remarkable accomplishments of the Angeles 100.”

The Angeles Q2 Summit Event & Awards will showcase the Angeles 100 during an evening of recognition and celebration at J.P. Morgan in San Francisco, California. Attendees are invited to join the festivities either virtually or in person. Tickets for the event can be purchased online, and members of the media are encouraged to attend.

Angeles Investors stands as one of the largest and fastest-growing Angel Investing groups in America, uniting individuals from diverse ethnicities and backgrounds across the nation to champion Latino and Hispanic ventures in their quest to build the next generation of groundbreaking companies. For those interested in supporting and engaging with Angeles Investors, membership options are available for exploration. Joining Angeles Investors unlocks access to exclusive investment opportunities within the dynamic Hispanic and Latino entrepreneurial ecosystem.

SOURCE Angeles Investors

CHICAGO, May 16, 2024 — Today, Angeles Ventures, a Latino and woman-led early-stage VC fund, announced an equity investment from Bank of America that will accelerate its goal to find, fund, and grow Hispanic and Latino ventures in the U.S.

Latinos account for over 20% of the U.S. population and are the most entrepreneurial group in the United States, but they receive less than 2% of venture capital funding. Angeles Ventures, which aims to bridge this gap, is a seed-stage fund focused on tech-enabled B2B and B2C startups based in the U.S. To date, Angeles Ventures Fund I has made four investments (Storybook, Linker Finance, Certiverse, and Sigo Seguros), joining successful investors such as Goodwater, Chingona, Launch (Jason Calacanis), Hyde Park Ventures, Listen Ventures, and many others in oversubscribed rounds.

Angeles Ventures is led by two Latino General Partners: Adela Cepeda, an awarded financial leader and entrepreneur who exited her previous business, and David Olivencia, a super angel and senior executive leader with 28+ years of experience in Fortune 100 Tech Companies. Together, they built the angel investing group Angeles Investors, which has 260+ members and has made over 23 investments. Angeles Ventures is leveraging the strength of this network to drive outsized returns and catalyze funding for Hispanic and Latino founders in the U.S.

Adela Cepeda commented, “We’re delighted to bring on an institutional investor that is aligned to our mission. The U.S. Hispanic and Latino community is greater than those of India or Brazil and represents a sleeping giant of economic might and alpha.” David Olivencia said, “We are honored to have one of the world’s largest banks as an LP. We will continue to raise capital to further support our mission that has a track-record of driving outsized returns by investing in the fastest-growing demographic of the U.S.”

“We are inspired by the work of Angeles Ventures to broaden access to capital to entrepreneurs from such an important segment of our community,” said Rita S. Cook, president, Bank of America Chicago. “We look forward to supporting their mission as they leverage their vast network of Hispanic and Latino angel investors to source pipeline for the fund.”

Bank of America invests equity in women- and minority-led funds which, in turn, invest in entrepreneurs from diverse backgrounds to grow their businesses and drive economic opportunity in their communities. As of December 2023, Bank of America has committed more than $550 million in equity investments to women- and minority-led funds, more than doubling its initial $200 million commitment.

Learn more about Angeles Ventures’s news here.

About Angeles

The Angeles platform aims to find, fund, and grow the most promising Hispanic and Latinx startups. In 2019, Angeles launched an angel investing group, Angeles Investors, and has since made over 23 investments totaling more than $7 million, with the participation of ~300 members. This success has positioned it as one of the largest and fastest-growing angel investing groups in the U.S. (and the largest one focused on Hispanic founders).

About Angeles Ventures

In October 2023, Angeles launched its Fund I to invest in 20-30 tech-enabled seed-stage startups based in the U.S. led by Hispanic and Latinx founders with checks ranging from $100k to $1M+. With this fund, Angeles capitalizes on the tremendous access and momentum of the Angeles Investors network, leverages the successful track record of our General Partners (GPs), Adela Cepeda, and David Olivencia, and continues to bridge the funding gap for Hispanic and Latinx founders.

Learn more at www.angelesvc.com, and connect with us on LinkedIn (@angelesinvestors)

Media contact: Francisco Mariscal | [email protected]

SOURCE Angeles Investors

INDIANAPOLIS, May 16, 2024  — Allison Ventures, Allison Transmission’s venture capital arm, is pleased to announce it has committed to a $10 million investment in EnerTech Capital, a venture capital firm focused on the development of emerging technologies and business models in the mobility space.

Through this partnership, Allison will gain access to EnerTech’s large network of high-tech companies that are advancing automotive technologies in the electrification, connectivity, autonomy and digitization sectors.

“We are excited to have Allison Transmission join as an investor in our latest fund, The Global Strategic Mobility Fund. The partnership between Allison Transmission and our firm will provide actionable insights into emerging technologies that help complement their internal innovation strategy,” said Wally Hunter, Managing Partner, EnerTech Capital. “Allison is joined by nine other corporate investors in the fund, and we look forward to leveraging the synergies between these groups as we build out our investment portfolio.”

Through EnerTech’s network, Allison Ventures will have the opportunity to collaborate with like-minded companies that are committed to developing new technologies and business models to enhance the converging technology, energy, utility and transportation sectors. This will include access to insights into trends in mobility, market research, business development opportunities and data to further enhance Allison.

“EnerTech seeks to redefine the mobility sector through investments in companies that are shaping the future of the industry,” said Todd Bradford, Vice President, Strategy, Business and Corporate Development, Allison Transmission. “This strategic partnership will accelerate Allison’s efforts to increase our innovation pipeline across commercial duty mobility and work solutions.”

To learn more about Allison Ventures, visit allisontransmission.com.

About Allison Transmission
Allison Transmission (NYSE: ALSN) is a leading designer and manufacturer of propulsion solutions for commercial and defense vehicles and the largest global manufacturer of medium- and heavy-duty fully automatic transmissions that Improve the Way the World Works. Allison products are used in a wide variety of applications, including on-highway trucks (distribution, refuse, construction, fire and emergency), buses (school, transit and coach), motorhomes, off-highway vehicles and equipment (energy, mining and construction applications) and defense vehicles (tactical wheeled and tracked). Founded in 1915, the company is headquartered in Indianapolis, Indiana, USA. With a presence in more than 150 countries, Allison has regional headquarters in the Netherlands, China and Brazil, manufacturing facilities in the USA, Hungary and India, as well as global engineering resources, including electrification engineering centers in Indianapolis, Indiana, Auburn Hills, Michigan and London in the United Kingdom. Allison also has approximately 1,600 independent distributor and dealer locations worldwide. For more information, visit allisontransmission.com.

About EnerTech Capital
EnerTech Capital is a globally recognized venture capital firm that has been investing and partnering with innovators since 1996, empowering entrepreneurs to build transformative technology companies. The firm has pioneered an integrated approach to business building, leveraging strategic collaboration across a diverse stakeholder ecosystem to create value; with a focus on Mobility, Industry 4.0, and Connected Customer. EnerTech’s current platform has a significant focus on emerging opportunities in the mobility space across Electrification, Autonomy, Smart Mobility, and Connectivity. The firm has a long history of working with corporate strategic investors and providing value added insights and partnership opportunities to support growth and innovation objectives.

EnerTech has offices in Toronto, Philadelphia, Palm Beach Gardens, Boston, and Orange County.

For more information, visit: www.enertechcapital.com

SOURCE Allison Transmission Holdings Inc.