AUSTIN, Texas, Oct. 29, 2024 — Billd, the leading provider of financial solutions for commercial subcontractors, announced its latest investment round today, securing $17.5M in strategic funding. This investment helps accelerate Billd’s mission, further solidifying the company’s role as an indispensable partner to subcontractors and empowering the organization to continue driving innovation in construction finance.
Billd Logo
For years, subcontractors have operated within a financial system unable to meet their specific capital needs. Billd was created to solve this challenge by providing access to working capital designed for the construction industry. This investment signals the market’s confidence in Billd’s ability to revolutionize construction supply chain finance.
The round was led by LL Funds and MissionOG, with RJT Credit, Ulysses Management, and HighSage Ventures also participating. This marks the first investment from MissionOG, a growth equity firm with deep expertise in fintech and lending, and HighSage Ventures. Together, these companies are dedicated to Billd’s mission to expand financial solutions to meet the ever-growing demands of the construction industry.
“This investment represents a significant milestone for Billd,” said CEO Chris Doyle. “Our investors understand the complexities our customers face and share our commitment to empowering subcontractors. By working together, we are in a stronger position to accelerate our growth, expand our reach, and innovate at a pace that meets the evolving needs of our customers.”
“Billd’s unique financial solutions enable subcontractors to grow their business, instead of being held back by capital constraints,” said Raj Mundy, partner at LL Funds. “We’re proud to back Billd as they continue to grow and expand their efforts.”
Billd has achieved 120% revenue growth from 2021 to 2024, and this strategic funding round allows the company to enhance its product suite and refine its direction to ensure Billd remains at the forefront of solving subcontractor pain points.
“MissionOG is excited to partner with Billd to further accelerate the growth of the company’s financial solutions for an industry that historically has been stacked against subcontractors,” said Andy Newcomb, managing partner at MissionOG. “We are impressed with Billd’s reputation within its core market, the significant adoption of its solutions, and the fantastic growth opportunity to continue to be a difference maker in this large and important ecosystem. Above all else, we could not be more pleased with the Billd team and their ability to execute on this shared vision.”
Chris Doyle said, “We are more committed than ever to our role as Champion of the Subcontractor. This opportunity allows Billd to continue our long-term goal to develop unparalleled solutions for subcontractors nationwide.”
About Billd: Billd stands alone as a partner that truly champions the subcontractor. Founded in 2018 by two industry veterans in both construction and finance, Billd’s construction-specific financial and payment products empower subcontractors to overcome the impacts of the longstanding broken payment cycle in construction. Billd offers access to working capital solutions to cover subcontractors’ most pressing costs, including materials and labor, providing flexible credit to accommodate the unpredictability of cash flow in construction. Billd’s patented analytic and financing methodology allows subcontractors to stabilize cash flow and more effectively grow their businesses. Learn more at Billd.com
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WASHINGTON, Oct. 29, 2024 — Halifax Group, a middle market private equity firm that partners with management to invest in market-leading companies, today announced that it has been named to Inc.’s 2024 Founder-Friendly Investors list. The list recognizes private equity, venture capital, and debt firms with the best track records of backing entrepreneurs.
This year’s list, Inc.’s sixth annual Founder-Friendly Investors list, showcases 269 firms that support entrepreneurs to drive growth in their businesses. All the firms on the Inc. list have remained actively involved with the businesses in which they invest.
Chris Cathcart, Managing Partner at Halifax, said, “We are honored to be recognized again by Inc. This award speaks to the trust and respect we are grateful to have earned from our entrepreneur partners. Halifax is proud to help founders build their legacies by supporting growth at their companies and positioning businesses for the future.”
Halifax has invested more than $750 million in 19 founder- and family-owned companies since the firm was founded in 1999. The firm invests in companies across Health & Wellness, Outsourced Services, and Franchising.
“It has been a complicated few years for growth companies and the companies that fund them,” said Mike Hofman, editor-in-chief of Inc. “So we are happy to share with our readers the best, latest guidance on which venture capital firms, private equity firms, and growth-capital lenders have the track record and reputation of being especially good partners to founders and CEOs.”
The Inc. 2024 Founder Friendly Investors award is given to investors who back founder-led businesses and help them thrive. Winning firms are selected based upon their track record, reputation, leadership and founder references. For investments to qualify, portfolio company founders must have remained actively involved in their business for at least one-year post-investment. Halifax submitted stories of founder-led investments and our value creation and paid a fee to Inc. for submitting an entry. Inc. compiled its list by directly surveying founders who have sold to private equity and venture capital firms and worked with lenders. Inc. then examined data on portfolio company growth during those partnerships. This award is not to be construed as indicative of future performance. To see the complete list, go to: https://www.inc.com/founder-friendly-investors/2024.
About Halifax Group Founded in 1999, Halifax Group is a private equity firm that partners with managers and entrepreneurs to recapitalize and invest in lower middle-market businesses with total enterprise values generally between $50 million and $300 million. Halifax specializes in equity recapitalizations, corporate carve-outs, and management buyouts and invests across a variety of industries, including health and wellness, outsourced business services, and franchising. The firm is headquartered in Washington, D.C. and maintains an office in Raleigh, NC. For more information, please visit www.thehalifaxgroup.com.
Contact: Lambert by LLYC Caroline Luz (203) 570-6462 [email protected]
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SINGAPORE, Oct. 29, 2024 — TripFactory, a leading global travel platform with a strong presence in India, has raised USD 50 million in Series A funding from a prominent International Corporate Group headquartered in India. This investment values the company at half a billion dollars.
NexusDMC_Logo
Founded by Vinay Gupta and a team of seasoned entrepreneurs, including Amit Aggarwal, Varun Gupta, Deepak Khurana, Ankit Agarwal, Ankush Agarwal, Ali Asger Lightwala, and Ahmed Khan, TripFactory has rapidly expanded its global operations post COVID-19. With a presence in over 110 countries, the Singapore-based company partners with travel agents and industry stakeholders to offer customised vacation packages through its advanced platform. Consumers can book their dream holidays via the TripFactory website (www.tripfactory.com) or seek personalized vacation planning from the company’s experts.
TripFactory’s innovative platform seamlessly integrates on-ground logistics and service delivery, ensuring an exceptional travel experience for its customers.
“We are excited to invest in and collaborate with TripFactory as they continue to revolutionize leisure travel on a global scale,” said the corporate investors. “With their dynamic team, ambitious vision, and strong values, TripFactory is well-positioned as an industry leader with the proven capability to build and scale a profitable global business.”
As post-pandemic demand for vacations surges, India has emerged as one of the leading source markets for international travel. TripFactory is at the forefront of meeting this growing demand with a unique value proposition.
“This investment reinforces our commitment to becoming the world’s largest vacation business,” said Vinay Gupta, Founder & CEO of TripFactory. “It will allow us to expand our market presence, diversify our product offerings, and elevate customer experiences in both existing and new markets. We remain focused on enhancing our platform’s quality of service.”
Other notable new shareholders who joined the captable in this funding round include Vani Kola, Mohandas Pai, and Ranjan Pai.
About TripFactory:
Headquartered in Singapore, TripFactory is a global leader in customized vacation planning and seamless travel experiences. Founded in 2014, the company collaborates with channel partners across 110 countries and 1,700 cities, offering vacation packages in 32,000 cities worldwide. With over 800 employees in 62 countries, TripFactory is committed to delivering top-notch service to travelers. To date, the company has served customers from over 94 nationalities.
Data-driven music platform has raised over $235M in just over two years and is now introducing the first-ever asset-backed securitization (ABS) transaction backed by indie artists’ music
NEW YORK, Oct. 29, 2024 — Duetti, a music platform democratizing catalog monetization for independent artists, today announced it has raised $114 million in new funding. This includes $34 million in equity financing led by Flexpoint Ford, along with participation from existing investors Nyca Partners and Viola Ventures. Additionally, Duetti successfully completed its inaugural $80 million privately rated asset-backed securitization (ABS) transaction, backed by a highly diversified music rights catalog. Barclays acted as the sole structuring and placement agent for the ABS.
“We believe we are leading the way in educating the capital markets on the significant long-term value of the independent music sector,” said Lior Tibon, CEO and Co-Founder of Duetti. “The number of independent artists is growing at an unprecedented rate, and Duetti is here to ensure they have access to differentiated financing solutions. Duetti will now be able to utilize more diverse and efficient financing sources, enabling us to significantly expand and offer more funding options for independent artists, outside of the major label ecosystem.”
The company aims to use the proceeds from its new funding to accelerate its acquisition of music catalogs and expand its proprietary forecasting, pricing, sourcing, and marketing technology, offering artists even better data-driven deals with fast turnarounds and impactful catalog management. Duetti is rapidly developing marketing and optimization capabilities, with programs such as a playlist network of close to two million followers on Spotify, proprietary channels on YouTube, as well as ongoing remix launches and sync placements in TV shows, films and advertisements. These initiatives increase the visibility of Duetti’s artist partners and grow their audience across all major digital platforms.
“We are proud to support the Duetti team, one of the fastest growing music rights companies in recent years, and their innovative approach to music financing as they continue to empower independent artists,” said Mike Morris, Managing Director at Flexpoint Ford. “We see tremendous potential in their ability to provide scalable, data-backed solutions that address the evolving needs of musicians today and are looking forward to the company’s exciting growth plans.”
Flexpoint is a private equity firm focused on the financial services and healthcare sectors, offering tailored and flexible capital solutions to its partner companies. The investment was made through Flexpoint’s Asset Opportunity Fund, which leverages the firm’s expertise in financial services and private equity to invest in opportunistic asset-driven investments across financial services subsectors and assets, including music.
Duetti has partnered with over 500 artists to date across genres, based in over 30 countries, including MC Delux, SadBoyProlific, and Savannah Dexter. Artists have been able to secure immediate access to the funds needed to support their careers by selling master catalogs, individual tracks, or portions thereof, in deals typically ranging from $10,000 to $3 million per artist. In addition to immediate access to capital, the company’s optimization services have helped artists maximize distribution and audience impact across all platforms, driving significant increases in streams and visibility.
“Duetti has completely changed the game for me as an independent artist,” said FTO Sett, Memphis-based rapper and Duetti Artist Partner. “Not only has my partnership with Duetti allowed me to fund new projects, but the team is also optimizing my profile across streaming services to help reach a brand new audience and bring new opportunities to the table – some of my tracks saw 3x increase in streams since I partnered with Duetti. It’s hard to find a company that feels like a true partner, but Duetti has been just that for me.”
Artists with tracks that have been on streaming platforms for at least 2 years, and have garnered at least 500,000 streams in the last 12 months can learn more about master sale opportunities onDuetti.co.
About Duetti
Duetti was founded by Lior Tibon, former COO of TIDAL, and Christopher Nolte, former Business Development executive at Apple Music, with the mission of getting a wide range of artists quick and easy access to catalog sales and unlocking new investment opportunities. Leveraging their experience in streaming and support from innovative music and technology investors including Flexpoint Ford, Nyca Partners, Viola Ventures, and Roc Nation, Duetti’s music platform has helped over 500 artists receive up to $3 million per transaction. The proprietary model provides data-driven prices for established tracks, allowing artists to sell individual tracks or even parts thereof, while Duetti then markets those tracks going forward using proprietary ROI-focused techniques.
About Flexpoint Ford
Flexpoint Ford is a private equity investment firm that has approximately $8.3 billion of regulatory assets under management and specializes in privately negotiated investments in the financial services and healthcare industries. Since the firm’s formation in 2005, Flexpoint Ford has completed investments across a broad range of investment sizes, structures, and asset classes. Flexpoint Ford has offices in Chicago, Illinois, and New York, New York.
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The new investment follows the recent launch of the industry’s first Unified Secrets & Machine Identity Platform to address the #1 cause of breaches
NEW YORK and TEL AVIV, Israel, Oct. 29, 2024 — Akeyless, an innovator in the identity security market, announced today a strategic investment from Deutsche Bank’s Corporate Venture Capital (CVC) group.
Trusted by Fortune 100 companies and industry leaders, Akeyless is redefining identity security for the modern enterprise, delivering the world’s first unified Secrets & Machine Identity platform designed to prevent the #1 cause of breaches: compromised identities and secrets.
Akeyless co-founders L to R: Oded Hareven, Shai Onn, and Refael Angel. Credit: Akeyless
Identity is now the leading threat vector and the weakest link in enterprise security strategies. In today’s modern multi-cloud environments, non-human identities of machines – like applications, automated processes and scripts – far outweigh human identities. These machines use secrets like credentials, certificates, and keys to securely communicate with each other. The reality in enterprises today is that it takes multiple tools across many categories and vendors to effectively and efficiently manage secrets and machine identities.
“According to data we compiled, enterprises are using more than 12 tools across 15 categories and 75 vendors for secrets and machine identity management. This not only increases cost and complexity but also weakens the enterprise security posture,” said Oded Hareven, Co-founder and CEO of Akeyless Security. “The strategic investment from Deutsche Bank will accelerate our mission to prevent breaches by empowering enterprises with enhanced control, visibility, and security for efficient management of their secrets and machine identities.”
“We welcome Akeyless as the latest addition to Deutsche Bank’s CVC portfolio,” said Joerg Landsch, Head of Central Corporate Venture Capital, Deutsche Bank. “Our focus is on strategic corporate venture capital investments in startups that use technology to either support and enable innovative services, or increase productivity of processes. We commit capital, expertise, access and resources to our strategic investments to enable growth and success.”
This collaboration marks a critical milestone for Akeyless and reflects Deutsche Bank’s commitment to support high growth startups addressing today’s emerging cybersecurity challenges.
For more information on how Akeyless is securing the future of secrets and machine identity management, visit Akeyless.io.
About Akeyless
Trusted by Fortune 100 companies and industry leaders, Akeyless is redefining identity security for the modern enterprise, delivering the world’s first unified Secrets & Machine Identity platform designed to prevent the #1 cause of breaches – compromised identities and secrets. Backed by the world’s leading cybersecurity investors and global financial institutions including JVP, Team8, NGP Capital and Deutsche Bank, Akeyless Security delivers a cloud-native SaaS platform that integrates Vaultless Secrets Management with Certificate Lifecycle Management, Next Gen Privileged Access Management (Secure Remote Access), Encryption and Key Management Services (KMS) to manage the lifecycle of all non-human identities and secrets across all environments.
The PayFac-as-a-Service startup has now raised nearly $40M in five years, while also expanding services throughout the United States and Canada
BOULDER, Colo., Oct. 29, 2024 — Tilled, the Boulder-based start-up that pioneered PayFac-as-a-Service to help software companies realize the full benefit of embedded payments, today announced a $12.5 million fundraising round led by Canvas Ventures and UPC Capital Ventures. Tilled is also announcing a new partnership with Handpoint to expand its card-present offerings, including dozens of terminal options available in the United States and Canada.
Handpoint
“Over the past year, Tilled has been honored to partner with some of the most prominent organizations in payments, delivering our turnkey PayFac-as-a-Service solution under their brands to elevate their customer offerings,” says Caleb Avery, CEO and Founder of Tilled. “Building on the momentum of our exciting partnership with North announced this week, this new funding empowers us to double down on our mission. We’ll be expanding our collaborations with leading payment companies worldwide to create innovative programs that seamlessly integrate Tilled’s cutting-edge technology with our partners’ vast distribution channels. Together, we’re setting a new standard in the payments industry.”
The latest round of funding brings Tilled’s total amount raised to nearly $40 million since its founding in 2019. In addition to expanding its product roadmap, Tilled also plans to use the funds to scale up sales and marketing to support its explosive growth — currently experiencing 550%+ YoY revenue growth.
“Handpoint is a seamless partner for the Tilled platform. From streamlined activation processes, to real-time data APIs, to solutions that fit every ISV platform, Handpoint is built for the omni-PayFac experience that Tilled customers expect,” says Jody Muehlegger, COO of Handpoint. “We are excited to work with them to expand their card-present services here and abroad.”
Tilled’s partnership with Handpoint will bring many new terminal options to customers in both the United States and Canada. All of these devices are available to process semi-integrated transactions through a single API connection at Tilled.
“I’ve been a part of the Tilled journey since Day 0, and to see major partnerships including North, Handpoint, and others coming to the table to join us is incredibly rewarding,” says John Wallington, co-founder and Managing Partner at UPC Capital Ventures — to be read in your best British accent. “In a short time, Tilled has become the leading provider in the PayFac-as-a-Service category — a category it created. I’m excited to see how its growth will continue to benefit the payments industry.”
About Tilled
Tilled offers an embedded payments solution through PayFac-as-a-Service, enabling software companies to accelerate their time to market, unlock new revenue opportunities, and provide superior value to their customers by creating an embedded payments experience that is delightful, transparent, profitable, and incredibly simple. Designed with flexibility, customization, and developers in mind, Tilled’s easy-to-integrate APIs and SDKs provide everything software companies need to launch a white-label payments experience without the complexity, cost, or compliance burdens of becoming a fully registered PayFac.
Founded in 2019 by Caleb Avery and based in Boulder, Colorado, Tilled offers seamless embedded payment experiences. For information on pricing, contact details, and career opportunities, visitwww.tilled.com.
About Handpoint
More than 80% of all card transactions are still made in person. In a landscape dominated by legacy systems, Handpoint provides the modern, API-driven platform that Payment Facilitators (PayFacs), Payment Acquirers, and PFaaS / embedded payments providers need to succeed. Handpoint’s developer-friendly approach, complete with advanced SDKs and APIs, ensures seamless integrations for software solutions, allowing embedded payments providers to unlock the in-person payments potential for both SMBs and enterprise clients. Handpoint’s agile and innovative cloud platform enables embedded payments providers on three continents to launch card present instantly, in their brand, embedded with their tech stack, and with the processors of their choice. For information, visit www.handpoint.com.
SOURCE Tilled
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Highlighting the private equity, venture capital, and lenders supporting founder-led companies
NASHVILLE, Tenn., Oct. 29, 2024 — Relevance Ventures “Relevance,” the nation’s first independently-owned Native American venture capital firm that backs entrepreneurs tackling the greatest health and disease challenges impacting human sustainability, is proud to announce its inclusion in Inc. Magazine’s 2024 Founder-Friendly Investors list, honoring the private equity, venture capital firms, and lenders with a track record of backing founder-led companies. This year marks the third straight year Relevance has been recognized, emphasizing the dedication to its portfolio companies.
The prestigious list celebrates the investors who believe in backing founder-led businesses and helping them thrive. All companies on the list have successful track records of collaboration and remaining actively involved with the businesses they invest in.
“It has been a complicated few years for growth companies and the companies that fund them,” said Mike Hofman, editor-in-chief of Inc. “So we are happy to share with our readers the best, latest guidance on which venture capital firms, private equity firms, and growth-capital lenders have the track record and reputation of being especially good partners to founders and CEOs.”
“Being recognized once by Inc. as a founder-friendly investor was an honor, but being named three years in a row is truly one of our firm’s crowning achievements,” added Dean Newton, general partner and chairman of Relevance Ventures. “With a focus on health and wellness in our portfolio, we seek out like-minded founders who want to create lasting change, which takes a firm partnership and unwavering support through good times and bad. This award further validates our commitment to the success of our portfolio and underscores the thorough process we conduct to form collaborative relationships with our investment partners.”
An example of Relevance’s dedication to its portfolio is its support of Rootine, for which Relevance led the Series-A in 2022. In the past year, Relevance has continued to provide capital and counsel, helping Rootine launch its new adaptogen powder drink line. Another notable portfolio company is Alleyoop, a leading cruelty-free beauty brand. Relevance assisted Alleyoop with more than an investment, supporting the executive team with investor introductions during their recent fundraising round.
To compile the list, Inc. went straight to the source: entrepreneurs who have sold to private equity and venture capital firms. Founders filled out a questionnaire about their experiences partnering with private equity, venture capital, and debt firms and shared data on how their portfolio companies have grown during these partnerships.
Introduced in 2019, the Founder-Friendly Investors list quickly established itself as one of Inc.’s most resourceful franchises. It has become a go-to guide for entrepreneurs who want to grow their companies while retaining an ownership stake. The November 2024 issue of Inc. magazine is available online now at https://www.inc.com/magazine and will be on newsstands beginning October 29.
About Inc. Inc. is the leading media brand and playbook for the entrepreneurs and business leaders shaping our future. Through its journalism, Inc. aims to inform, educate, and elevate the profile of our community: the risk-takers, the innovators, and the ultra-driven go-getters who are creating our future. Inc.’s award-winning work achieves a monthly brand footprint of more than 40 million across a variety of channels, including events, digital, print, video, podcasts, newsletters, and social media. Its proprietary Inc. 5000 list, produced every year since its launch as the Inc. 100 in 1982, analyzes company data to rank the fastest-growing privately held businesses in the United States. The recognition that comes with inclusion on this and other prestigious Inc. lists, such as Female Founders and Power Partners, gives the founders of top businesses the opportunity to engage with an exclusive community of their peers, and credibility that helps them drive sales and recruit talent. For more information, visit www.inc.com.
About Relevance Ventures Relevance Ventures is one of the only Native American privately owned and operated venture capital firms in the United States. With over $80 million under management, the firm backs some of the best and brightest entrepreneurs tackling the most pressing problems in human sustainability as it pertains to health. The firm’s human sustainability investment thesis is centered around physical health, mental health and access or democratization of the technologies goods and services focused on physical and mental health. Relevance was founded by Cameron and Dean Newton, Relevance Ventures and is headquartered in Nashville, Tennessee with a presence in Atlanta, Charlotte, Denver, Portland and Santa Fe. For more information, visithttps://www.relevanceventures.com/.
SOURCE Relevance Ventures
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Series B will enable Andium to scale its remote field monitoring platform, which already reduces operating costs by up to 45 percent and cuts greenhouse gas emissions by up to 65 percent for global energy companies
NEW YORK, Oct. 29, 2024 — Andium (www.andium.com), an expert in Industrial Internet of Things (IIoT) remote-field monitoring and communications technologies, today announced its $21.7 million Series B funding close led by Aramco Ventures (www.aramcoventures.com), the corporate venture arm of one of the world’s largest integrated energy and chemicals companies. Joining the round are existing investors Climate Investment, Intrepid Financial Partners, and prominent individual investors including former Citadel CIO, Thomas Miglis. Following the company’s $15M Series A in 2021, this investment brings the company’s total funding to over $40 million.
The new capital will accelerate Andium’s global expansion, including scaling operations across oil and gas basins in the U.S. and the Middle East. It will also reduce technology and equipment costs, support ongoing research and development, and enhance the range of services Andium offers in industrial automation and emissions monitoring.
“This investment is a powerful endorsement of our platform, which will be pivotal as we enter our next stage of growth,” said Jory Schwach, Founder and CEO at Andium. “Our end-to-end Operating System, which monitors and provides real-time, verifiable emissions data from remote locations, has already proven to lower operational costs, cut emissions, and improve safety—helping energy, mining and waste companies meet their net-zero and zero-harm goals.”
Andium combines AI-powered software with on-site sensors and cameras to provide a comprehensive, real-time solution for remote field monitoring. This enables accurate tracking of environmental, social, and governance (ESG) metrics, detecting issues like methane leaks, fires, and equipment malfunctions. By providing instant insights, Andium helps companies ensure continuous asset performance and regulatory compliance. The technology has already proven effective in reducing greenhouse gas emissions by up to 65 percent per location while lowering field operational costs by up to 45 percent for major energy companies like BP and ConocoPhillips. Andium’s real-time monitoring automation reduces windshield time by over 80 percent, addressing labor challenges, empowering workers, and improving efficiency across remote locations.
Aramco Ventures’ $1.5 billion Sustainability Fund supports innovative technologies that reduce Scope 1 and Scope 2 greenhouse gas emissions. This aligns with Aramco’s goal of achieving net-zero emissions by 2050. Bruce Niven, Executive MD at Aramco Ventures, said, “We are delighted to be partnering with Andium. This technology platform has the potential to reduce fugitive emissions as well as provide operational benefits in a variety of applications. It is an elegant and cost-effective solution.”
Andium’s funding comes at a critical time. As COP29 approaches next month, methane emissions will take center stage, given its impact on warming the planet and significant contribution to climate change. Methane is a potent greenhouse gas that traps 80 times more heat than carbon dioxide over a 20-year period. Approximately 60 percent of methane emissions stem from human activities, with the energy sector, primarily fossil fuels, accounting for over one-third of these emissions. As methane reduction becomes a regulatory priority, Andium’s solutions will play a crucial role in helping companies meet emission reduction targets. At scale, Andium’s technology has the potential to contribute to lowering global temperatures. Errand methane releases from industrial facilities are contributing to more than a third of a degree Fahrenheit (approximately 0.14°C) in global warming.
Endorsements from Participating Investors:
“Andium’s platform provides a critical and cost-effective tool for energy companies looking to meet their ambitious emissions reduction goals in an increasingly complex regulatory landscape. By providing real-time, verifiable emissions data, Andium empowers operators to take informed, actionable decisions that reduce costs and deliver impact today. We’re pleased to continue supporting Andium’s growth as it scales its transformative solutions globally.” —Marc van den Berg, Global Managing Director for Investments, Climate Investment.
“We are proud to support Andium as they push the boundaries of industrial innovation to address critical issues facing many industries, particularly energy. This investment aligns with our venture fund’s strategy of investing in, and partnering with, truly transformative companies driving the future of sustainable energy and industry.” — Skip McGee, Co-founder and CEO of Intrepid Financial Partners
“Andium’s innovative IIoT platform is a game-changer for industries striving to reduce their environmental impact. As an early investor, I’ve been consistently impressed by the team’s ability to deliver cutting-edge solutions that drive tangible value for customers through emissions reduction and operational efficiency gains. Andium is at the forefront of the sustainability revolution, and I’m excited to continue supporting their growth as they scale globally.” — Tom Miglis, former CIO of Citadel and current Investment Partner at Nyca Partners
About Andium: Andium is on a mission to create a more sustainable future. To achieve this, the company has developed an end-to-end Industrial Internet of Things platform to arm the most consequential markets with the tools they need to reduce emissions, improve safety, and boost operational efficiency. By providing real-time, verifiable emissions data and comprehensive environmental, social, and governance (ESG) monitoring, Andium enables companies to make data-driven decisions that drive meaningful change. From energy and mining to waste management, Andium is at the forefront of the sustainability revolution, elevating critical voices and building a better world for generations to come. Andium is backed by a diverse group of investors including Aramco Ventures, Climate Investment, and Intrepid Financial Partners, raising a total of $40 million.
This announcement contains forward-looking statements that reflect Andium’s expectations regarding our growth trajectory, operational milestones, and future product enhancements. These statements are grounded in our current plans and industry outlook but carry inherent risks and uncertainties. As Andium embarks on this next phase, supported by recent funding, we aim to drive significant advancements in site monitoring technology, expanding our capabilities to assist oil and gas companies in meeting regulatory requirements and reducing emissions. Actual results may differ due to various factors, including industry changes, regulatory shifts, and evolving customer needs. Andium disclaims any obligation to update these forward-looking statements, except as required by law. To learn more about the company, visit www.andium.com.
About Aramco Ventures: Aramco Ventures is the corporate venturing subsidiary of Aramco, the world’s leading fully integrated energy and petrochemical enterprise. Headquartered in Dhahran with offices in North America, Europe and Asia, Aramco Ventures strategic venturing programs invest globally in start-up and high growth companies with technologies of strategic importance to its parent, Aramco, primarily supporting the company’s operational decarbonization, new lower-carbon fuels businesses, and digital transformation initiatives. Aramco Ventures also operates Prosperity7, the company’s disruptive technologies investment program. Visitaramcoventures.com for more details.
About Climate Investment (CI): Climate Investment is an independently managed specialist investor focused on accelerating capital-efficient decarbonization of heavy emitting sectors. Operational since 2017, its team of investment and technology professionals has built a portfolio of 39 technology and business model innovations across energy, transportation, buildings and industry. Collectively, its Catalyst portfolio delivered 95 MT CO2e of cumulative greenhouse gas reduction in the period 2019-2023. Climate Investment was founded by member companies of the Oil & Gas Climate Initiative (“OGCI”). They have invested in Climate Investment funds and deployed many of its portfolio innovations, supporting their early commercial development. Visit www.climateinvestment.com.
About Intrepid Financial Partners: Intrepid Financial Partners is the leading energy-focused merchant bank that provides investment banking and investing management services. Intrepid’s leading boutique investment banking business provides independent and best-in-class merger and acquisition, restructuring and capital markets services to the traditional energy and energy transition sectors, and has advised on ~$200 billion of transactions since its founding in 2015. Intrepid’s investment management business makes principal debt and equity investments through its managed funds. Current strategies include private equity, infrastructure and venture capital across traditional energy and energy transition. Visit www.intrepidfp.com.
A press kit is available in Dropbox here with videos, site images, logos and more
SOURCE Andium, Inc.
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Series G round secures 65 million USD in funding from new key investor TASARU, along with its set of current investors
The investment is set to accelerate the next phase of Blacklane’s growth with a focus on the U.S., Europe and the Middle East
BERLIN and RIYADH, Saudi Arabia, Oct. 29, 2024 — Blacklane, the premium global chauffeur services provider, announces today the successful closure of its largest financing round to date. The Series G round secures an investment of 60 million Euro (51 million GBP/65 million USD) and marks a valuation increase of approximately 25% compared to the previous round in September 2023.
The majority of existing investors supported this capital increase which will further strengthen Blacklane’s investment strategy and support the company’s healthy global growth strategy.
Dr Jens Wohltorf, CEO and co-founder of Blacklane.
Michael Mueller, CEO of TASARU Mobility Investments.
Blacklane chauffeur opens door to a guest in Dubai
“We are delighted to have TASARU as a long-term strategic investor as its mobility know-how will be a big asset to Blacklane. We could not wish for a better partner to achieve our goals. Moreover, we are delighted to have a strong set of existing investors, such as Mercedes-Benz Mobility, Gargash Enterprises, Al Fahim Group, Alstin Family and RI Digital Ventures, supporting our sustainable and long-term investment strategies.This financing round is a strong signal and acknowledgement of what the Blacklane team has accomplished over the last years,” said Dr. Jens Wohltorf, CEO and co-founder of Blacklane.
Under the investment, Blacklane plans to expand its operations in its largest market, the U.S., sharpen its focus on the Middle East, and continue its business in Europe. This also allows Blacklane to diversify its business model with global and local mobility solutions while rolling out new services to its guests in the customary high-service quality.
Specifically regarding Saudi Arabia, the business will launch in several key cities, deploying a fleet of electric vehicles (EVs) and creating quality local jobs, which will include the on-of-its-kind training of female and male chauffeurs in Blacklane’s unique Chauffeur Academies.
The partnership with TASARU will also involve collaboration with local market players such as airlines and airport transfer companies to provide seamless luxury chauffeur services tailored to the needs of Saudi Arabia’s growing market.
“We are excited to partner with Blacklane, a company that shares our vision for innovation and sustainable growth in the mobility sector. This investment is a testament to our commitment to fostering a thriving automotive and mobility ecosystem in Saudi Arabia, in line with Vision 2030,” said Michael Mueller, CEO of TASARU Mobility Investments.
“At Mercedes-Benz Mobility, our customers are at the center of everything we do, and our goal is to exceed their expectations. As the largest shareholder of Blacklane, we have been united by a strong partnership and a clear customer focus for over 10 years. We look forward to continuing this successful collaboration and delivering exceptional experiences,” said Franz Reiner, CEO of Mercedes-Benz Mobility AG.
Drive Profitable Growth and Expand Global and Local Presence
The investment comes at a time of strategic global and local expansion for Blacklane when its services are available in more than 50 countries, delivered by thousands of chauffeurs. With its strong momentum, Blacklane is pursuing strategic goals and investing in different business pillars such as Airport Transfers and City-to-City connections between metropolitan areas, as well as newly launched services, i.e. In-City mobility solutions in Dubai, UAE, Miami, Florida, U.S. and London, UK.
This Series G round showcases Blacklane’s role as a pioneer in the luxury mobility industry, offering high-quality service unparalleled by local and global competitors. This is witnessed by its robust growth trajectory, backed by revenue figures indicating 25% year-on-year growth. Blacklane is profitable from spring 2022.
Sustainable Growth
Blacklane continuously reviews the extent to which the company’s activities have an impact on the environment. The funding will support Blacklane’s sustainability efforts by implementing innovative mobility solutions. Blacklane is also conducting carbon offsetting of all its rides back to its founding in 2011.
ABOUT BLACKLANE
We are Blacklane, providers of premium global chauffeur services. Our mission is to create outstanding experiences for discerning guests by delivering perfect experiences around the world to inspire for a better future. Blacklane offers Airport Transfers, City-to-City commutes, in-city mobility options and Chauffeur-by-the-hour services in over 50 countries globally, either pre-booked or on demand. Whether it’s for business or pleasure, Blacklane and its 400 employees and thousands of chauffeur partners have the right premium transportation service for you. By changing how people move, we opened up new opportunities for our chauffeur providers and set industry standards for climate protection in the travel industry. Book on www.blacklane.com or download our app.
