Peak Energy raises $55M Series A to commercialize sodium-ion battery technology and launches pilot program with key customers for delivery of first systems in 2025

DENVER and SAN FRANCISCO, July 17, 2024 — Peak Energy, a U.S.-based company developing low-cost, giga-scale energy storage technology for the grid, today announced it has secured its $55M Series A to launch full-scale production of its proven sodium-ion battery technology. Xora Innovation, an Early-Stage deep tech investing platform of Temasek, led the round, with significant participation from existing investor Eclipse, strategic partner TDK Ventures, and new investors Lachy Groom, Tishman Speyer, TechEnergy Ventures, Doral Energy-Tech Ventures and DETV-Scania Invest.

U.S. energy demand is skyrocketing. With the rise of AI and increased EV adoption, electricity demand in the U.S. is forecasted to grow as much as 20% by 2030. This represents a massive jump after a decade of flat growth — and as a result, electric utilities are almost doubling their forecasts for how much additional power they’ll need to produce by 2028. Without access to affordable, reliable clean energy, the U.S. will likely rely on gas-powered peaker plants or, even worse, keep old, polluting coal power plants running, undoing progress on reducing carbon emissions. Renewables can produce great amounts of energy at extremely low cost under ideal conditions, but high variance in power generation renders them incapable of meeting 24-hour demand alone. Utility-scale storage with highly cost-effective technologies like sodium-ion is the only way for the U.S. to reap the maximum benefits of clean energy sources to power the grid and avoid a disastrous return to fossil fuel-burning power plants.

“AI should represent a step forward, not a step backward,” said Landon Mossburg, co-founder and CEO of Peak Energy. “As energy demand grows, we must capitalize on the potential of renewables to provide dependable, inexpensive energy to fuel a new era of technological advancement. Utility-scale storage powered by sodium-ion is the answer to securing this future on a resilient, decarbonized grid.”

Sodium-ion is a stable and proven battery chemistry that offers advantages in cost, supply chain security, scale, and safety over lithium-ion, the industry’s current default battery storage choice. With the shift to sodium-ion technology underway worldwide at giga-scale, Peak Energy has emerged as the company best suited to deliver utility-scale sodium-ion storage in the U.S. The Series A financing from Xora Innovation, Eclipse, TDK Ventures, and other new strategic investors marks a pivotal inflection point in the clean energy transition and secures the future of the U.S. grid with domestically produced storage.

“The need for a new utility-scale storage standard is not a decade away, it’s right now,” said Phil Inagaki, Managing Partner & Chief Investment Officer at Xora Innovation. “Peak Energy has assembled a world-class team with unrivaled experience and reputation for delivering clean energy technology at scale, quickly. The timing for this market is exceptional, with Peak Energy poised to become a global leader in sodium-ion storage production and deployment. The team at Peak Energy has been moving at a truly exceptional pace, and Xora looks forward to supporting the company’s ambitious growth plans.”

“Peak Energy’s work is paramount to the quality of life for everyone on our planet,” said Greg Reichow, partner at Eclipse. “The team at Peak Energy not only has the deep industry experience to bring this company to scale, but also has the appropriate sense of urgency, as evidenced by this latest funding round. The time is now to build an American battery company to compete with the international giants at scale, and Eclipse believes this is the team to do it.”

As Peak Energy moves fast to industrialize sodium-ion, the company is already experiencing significant demand for its battery systems. With access to meaningful new capital, Peak Energy enters the next phase of growth, launching the first full-scale production of sodium-ion storage in the U.S. The company’s sodium-ion batteries will deploy to a select group of six premier customers participating in its pilot program as early as next year. The roster includes three of the top five largest Independent Power Producers (IPPs) and electric utility companies in the country. 

In addition to Xora Innovation, Peak Energy welcomes new strategic investors including global real estate developer, owner, operator and investor Tishman Speyer, venture capitalist Lachy Groom, Doral Energy-Tech Ventures and DETV-Scania Invest, and TechEnergy Ventures, CVC of Techint, one of the largest LATAM industrial groups. This collective of leading innovators across renewables, real estate development, and AI reflects Peak Energy’s wide-ranging capabilities to revolutionize clean energy for everything from powering commercial buildings in dense urban cities to supplying datacenters with abundant, low-cost energy needed to unlock the future of AI.

“Reinvesting in our future means embracing innovations like Peak Energy’s sodium-ion technology, paving the way for a sustainable and secure energy landscape,” said Anil Achyuta, Managing Director at TDK Ventures. “By supporting Peak Energy, we’re not just investing in a company; we’re investing in a transformative solution that addresses critical challenges in energy storage, enhances national energy security, and propels environmental sustainability forward.”

The latest investment comes on the heels of Peak Energy’s launch from stealth less than a year ago with a $10M seed round and the addition of Apple and Tesla veteran Liam O’Connor as co-founder and COO. In addition to seeding full-scale deployments of its sodium-ion systems to pilot program customers next year, Peak Energy is on track to break ground on building the first domestic, giga-scale sodium-ion battery factory slated to open in 2027.

For more information on Peak Energy, visit www.peakenergy.com.

About Peak Energy
Founded in 2023, Peak Energy is a U.S.-based company developing low-cost, giga-scale energy storage technology to accelerate the renewable energy transition. Founded by industry veterans from Tesla, Northvolt and Enovix, the company is on a mission to accelerate grid decarbonization while drastically lowering the cost of energy storage and establishing the U.S. as a global leader in the sodium-ion market. For more information, visit www.peakenergy.com.

Media Contact
Inkhouse for Peak Energy
[email protected]

SOURCE Peak Energy

Join us for a unique experience and contribute to a meaningful cause!

BREA, Calif., July 17, 2024 — ThreatHunter.ai, the leading provider of Threat Hunting as a Service, XDR & MDR (MxDR) SOC Services, is thrilled to announce our participation in DEFCON 32 and VETCON in Las Vegas, Nevada. This year, we’re bringing back our highly anticipated annual Whiskey Tasting event, hosted by our CEO, James McMurry (@whiskeyhacker).

The event will take place during DEFCON 32, and entrance is free. However, attendees must possess the one-of-a-kind @whiskeyhacker coin for 2024 to gain access. The coin is a coveted item, and only the 2024 edition will be accepted for entry.

Event Details:

• Whiskey Tasting: Experience a selection of exquisite whiskies, curated by James McMurry, a renowned whisk(e)y aficionado and honorary Chief Petty Officer (USCG)
• Entrance Requirements: Obtain the 2024 @whiskeyhacker coin to gain entry. Details on how to acquire the coin will be revealed through our social media channels.
• Book Donation: Each attendee must bring a single book for donation. These books will be collected and donated to veterans who reside long-term at the VA Hospital in Long Beach, CA. The books will be distributed personally by our CEO, James McMurry, later in August.

“As a veteran and honorary Chief Petty Officer, I understand the importance of giving back to our fellow service members,” said James McMurry, CEO and Founder of ThreatHunter.ai. “DEFCON and VETCON are not just about networking and learning; they’re also about supporting others. The annual whiskey tasting event is a great way to connect with fellow Cybersecurity people, while also supporting veterans who have given so much for our country. I’m looking forward to seeing everyone at the whiskey tasting and making a significant contribution to our long-term care hospital-bound veterans who love to read.”

Call to Action: Stay tuned to our social media channels for details on how to get the 2024 @whiskeyhacker coin. Don’t miss out on this unique opportunity to enjoy fine whiskey, engage with cybersecurity professionals, and support a worthy cause.

About ThreatHunter.ai

ThreatHunter.ai operates a 24x7x365 unique service that provides Threat Hunting As A Service using customers’ existing security infrastructure, backed by ThreatHunter.ai’s AI/ML platform and the team of Expert Human Threat Hunters. For 17 years, ThreatHunter.ai’s team of Threat Hunters have stopped thousands of threats and assisted organizations in protecting themselves around the clock. ThreatHunter.ai focuses on the best combination of AI, ML, and Human Correlation to scout for threats, assist with incident response activities, and protect hundreds of customers around the clock. ThreatHunter.ai is proud to be a Service-Disabled Veteran-Owned Small Business, dedicated to supporting our nation’s cybersecurity needs.

It’s ThreatHunter.ai. Obviously, We Protect Your Brand.

www.threathunter.ai | +1.888.674.9001 | [email protected]
ThreatHunter.ai, Inc.®, is a Service-Disabled Veteran-Owned Small Business started in 2007.

ThreatHunter.ai Media Contact: Lydia Coulter
Marketing
[email protected] 
714.515.4011

SOURCE ThreatHunter.ai

Company is a leading provider of fiber-based connectivity services on the Gulf Coast

NEW YORK , July 17, 2024 — Snowhawk LP, a private equity firm that invests in businesses that power the economy’s digital transition, today announced that funds managed by the firm have closed an investment in SecureVision, LLC, the premier fiber connectivity provider for resort communities along the Alabama and Florida Gulf Coast.

Snowhawk will acquire a majority interest in the company, and will provide substantial growth capital for the company to further expand its fiber-based connectivity services to more HOAs, property owners, multifamily building managers and vacation communities in the Southeast. The transaction marks the first outside equity raised by SecureVision.

“SecureVision has built a unique platform to serve its customers’ needs, and we are thrilled to be backing the management team,” said Robert Reid, a founding partner of Snowhawk. “SecureVision has built a great reputation with its customers in one of the country’s fastest-growing regions, and Snowhawk intends to accelerate the company’s ambitions through this partnership.”

“For nearly two decades, SecureVision has been focused on delivering superior customer service experiences that people want, but are typically not getting from the telecom industry,” said Robert Kleban, CEO of SecureVision. “We continue to provide people with innovative solutions and support, even as technologies progress at a rapid pace. I’m confident we have built the foundation we need to bring our premier level of service to more communities, and I’m excited to partner with Snowhawk so that we can further improve how these communities connect.”

“After more than 10 years with SecureVision, we’re still amazed with their outstanding customer service and support,” said Butch Denmark, Board President of Lighthouse Condominium Association in Gulf Shores, Alabama. “Our building of 251 beachfront condominium units typically houses over 75,000 vacationing guests a year. Although we have a very demanding customer base with extremely high expectations, SecureVision never fails to disappoint with superior products and unparalleled support.”

Snowhawk partners with founder-operators in the digital economy to contribute the crucial capital and operating expertise that helps them scale to the next level.

On this transaction, SecureVision was advised by Bank Street and Dentons, and Snowhawk was advised by Kirkland & Ellis.

About Snowhawk LP
Snowhawk is a private investment firm that targets strategic majority investments in businesses that power the economy’s digital transition in cloud, connectivity and technology services. Founded in 2022, the Snowhawk team brings long investing histories and deep operating expertise in partnering with management teams to create strong performance and enduring value for companies, customers and investors. For more information, visit snowhawkpartners.com.

About SecureVision, LLC
SecureVision, LLC is a leading provider of telecommunications solutions for resort properties and communities along the Alabama and Florida Gulf Coast. Offering a range of connectivity services, SecureVision is committed to delivering reliable and innovative technologies with unparalleled service quality and customer satisfaction. For more information, visit secvis.com.

SOURCE Snowhawk LP

The power infrastructure company will use the capital to develop a new generation of large-scale clean-powered data center sites across the US

HOUSTON, July 17, 2024 — Cloverleaf Infrastructure (“Cloverleaf”) today announced that it has secured capital commitments totaling over $300 million from private equity investors NGP and Sandbrook Capital (“Sandbrook”), alongside contributions from its management team.

Cloverleaf is a recently-formed developer of large-scale digital infrastructure sites powered by low-carbon electricity. The company is led by a team of seasoned executives with backgrounds from renowned independent power developers such as Pattern Energy and ConnectGen, as well as major data center operators such as Microsoft. Building on this extensive expertise in the power and data center sectors, Cloverleaf collaborates with regional US utilities and data center operators to deliver scalable clean electricity through strategic investments in transmission, grid interconnection, land, onsite power generation and electricity storage.

“The rapid growth in demand for electricity to power cloud computing and artificial intelligence poses a major climate risk if fueled by high-emission fossil fuels. However, it’s also a major opportunity to catalyze the modernization of the US grid and the transition to a smarter and more sustainable electricity system through a novel approach to development. Cloverleaf is committed to making this vision a reality with the support of leading climate investors like Sandbrook and NGP”, said David Berry, Cloverleaf’s CEO. Mr. Berry was previously Cofounder and CFO at clean energy and transmission developers ConnectGen and Clean Line Energy Partners.

Brian Janous, Cloverleaf’s Chief Commercial Officer and former Vice President of Energy at Microsoft, added, “The large tech companies have become dominant players in the electricity sector, and they are genuinely determined to power their growth with the lowest possible emissions. Achieving this objective doesn’t depend on disruptive new technologies as much as it does on dedicated teams working hand in hand with utility partners to maximize the use of the clean generation, storage, and other technologies we already have.”    

The Cloverleaf management team also includes Chief Technical Officer Jonathan Abebe, who has held senior engineering and technical roles at the Department of Energy, Pattern Energy and Clean Line Energy and Vice President Nur Bernhardt, formerly Director or Energy Strategy at Microsoft.

Alfredo Marti, Partner at Sandbrook, remarked, “The sustainable development of digital infrastructure at scale is fundamentally a technical power problem. We have witnessed members of the Cloverleaf team effectively address this challenge for many years through a blend of creativity, specialized engineering, a partnership mindset, and astute capital deployment.”

Sam Stoutner, Partner at NGP, noted, “Having backed hundreds of energy companies in the US over more than 30 years, we believe the opportunity set for clean-powered digital infrastructure development is as compelling as anything we’ve seen before, and the convergence of exceptional talent from both the power and digital sectors at Cloverleaf is truly extraordinary.”

About Cloverleaf Infrastructure

Cloverleaf Infrastructure is a recently established platform focused on developing clean-powered, ready-to-build sites for the largest electric loads in the U.S., including real estate acquisition, grid interconnection, onsite storage and generation and low-carbon energy supply. The Company is headquartered in Houston, Texas and Seattle, Washington.

About Sandbrook Capital

Sandbrook Capital is a private investment firm dedicated exclusively to partnering with world-class management teams to build impactful companies that are essential to transforming the world’s energy infrastructure.  The firm, founded by five partners with decades long experience in the renewable energy sector, is headquartered in Stamford, CT, with European headquarters in London, UK. For more information, visit www.sandbrook.com.

About NGP

NGP is a premier private equity firm that believes energy is essential to progress. Founded in 1988, NGP is moving energy forward by investing in innovation and empowering energy entrepreneurs in natural resources and energy transition. With over $20 billion of cumulative equity commitments, we back portfolio companies focused on responsibly solving and securing the energy needs of today and leading the way to a cleaner, more reliable, more affordable energy future. For more information, visit www.ngpenergy.com.

Media contacts

Kekst CNC: Daniel Yunger, [email protected] ; James Hartwell, [email protected]

SOURCE Sandbrook Capital

BANGKOK, July 16, 2024 — Amity Solutions (ASOL), a leading software and AI business from Thailand, together with its parent company, Amity Corporation, today announced the completion of a US$60 million Series C financing round. This funding will support the company’s mission to transform customer engagement software products into Generative AI (GenAI) centric applications that are able to create significantly more value and utility for enterprises.

The funds will primarily be allocated to GenAI research and development, as well as the company’s M&A strategy to further acquire SaaS (software as a service) companies with the highest potential for GenAI integration, transforming their offerings into use-case focused GenAI products.

Korawad Chearavanont, Executive Chairman and Founder of ASOL said, “ASOL is focused on the untapped value that GenAI applications can deliver for the end-user business segment. We see a significant market gap in applying and integrating GenAI with tried and tested SaaS and software products. Most resources these days are dedicated to progressing large language models which form the basis for Generative AI. The market for developing high value use cases with existing SaaS software is underserved and we see immense potential there. Our AI labs will lead the efforts through developing our own products, acquired products, and partnered products.”

Since early 2023, ASOL’s Al Labs has seen good success in enhancing end customer-facing software with GenAI. One notable example is Amity Bots Plus, an enterprise platform whose chatbot mimics human conversations through GenAI learnings, resulting in better customer service delivery and profitability. Within a year of its launch, its GenAI version not only saw an 8-fold growth in annual recurring revenue but also now accounts for 27% of the product line’s ARR. The product has been adopted by some of Thailand’s largest state enterprises, leading retailers, and financial services firms.

Keng Teik Koay, Group CEO at ASOL, shared his vision: “With this funding, we are ready to accelerate our growth strategy by pursuing acquisitions and investments in SaaS companies that align with our vision. Our goal is to build a powerful ecosystem of GenAl-centric applications that address real business needs across various industries. In particular, we see great potential for offerings that enhance communication, productivity, and customer satisfaction. It is an exciting time for ASOL, and we are poised to make the most of opportunities that lie ahead in the Al space.”

The funding round breakdown is as follows:

• ASOL raised US$41.6 million, led by Insight Capital with participation from several other new and existing investors.
• Amity Corporation, the parent company, raised US$18.4 million, led by existing investor SMDV, with participation from Gobi Partners and several existing investors.
• The financing includes debt, which was led and structured by Asia-focused private credit financier, AlteriQ Global.

ASOL’s innovative work in this field has garnered international recognition, with ASOL’s GenAI work being highlighted by Microsoft CEO Satya Nadella keynote address at the company’s recent global developer conference called ‘Microsoft Build 2024‘.

This investment comes at a crucial time for ASOL, which spun out from Amity Corporation in 2023, in preparation for its planned listing on the Thai Stock Market. The move allows ASOL to focus on its core mission of GenAI application investment and development while leveraging the support and resources of its parent company. Amity Corporation will be collaborating with ASOL as well as looking at other GenAI application opportunities.

Vantage Capital Markets HK Limited acted as the financial advisor to ASOL.

About Amity Solutions

Amity Solutions is a multi product software group based in Bangkok, Thailand. Originally founded in 2012, Amity Solutions’s products are used by over fifty of Thailand’s leading companies including leading SOEs, government agencies, banks, financial services firms, retailers, and many more.  Core products include Amity Bots, its enterprise chatbot platform, Amity Voice, a voicebot platform, and Eko, a collaboration platform for non-desk workforces. Since early 2023, Amity Solutions has shifted its primary focus to building and developing Generative AI applications and solutions on top of its existing SaaS products.

About Insight Capital 

Insight Capital is an independent private equity firm headquartered in Hong Kong specializing in Technology and Sustainability. Established in 2009, the firm manages an aggregate portfolio of USD 500 million and has a successful track record in identifying emerging technology trends and industry winners leveraging its unique insight, extensive network and expertise in capital markets to deliver sustainable and enhanced risk-adjusted returns. Artificial Intelligence has been a core strategy of Insight Capital to invest for a sustainable future. In addition to AI SaaS and vertical applications, the firm is also active in AI compute and infrastructure along the value chain. Follow us on www.linkedin.com/company/insightcapm

About Vantage Capital Markets

Vantage Capital Markets HK Limited provides world class financial solutions to their extensive institutional client base including rapidly growing corporations, leading investment banks, commercial banks, asset managers, private equity funds, family offices and hedge funds. The firm’s services include capital market offerings and placements, corporate finance advice, wholesale brokerage and execution of cash and derivative products (both listed and OTC) across a range of asset classes. VCM has offices in London, Hong Kong, Tokyo and Dubai from where they service their global client base. The firm’s strength lies in the experience and quality of their teams, supported by excellent operations and infrastructure.

SOURCE Amity Solutions

CHICAGO, July 16, 2024 — Aequum Capital recently expanded its revolving line of credit to $140 million with its current lenders Texas Capital Bank and Wells Fargo & Company by adding Bank OZK and M&T Bank. This upsize in financing will further augment Aequum’s significant equity base led by Castlelake, LP. Aequum continues to be well-positioned to execute portfolio acquisition opportunities, as well as organic growth of its core portfolio.

About Aequum Capital

Aequum Capital Financial is a specialty finance lender providing senior asset-backed and cash flow debt facilities of up to $25 million to small and medium-sized businesses throughout the U.S. Find out more at www.aequumcapital.com

Please reach out to John Stanfield of Aequum Capital for additional details.
[email protected]

SOURCE Aequum Capital Financial LLC

LOS ANGELES, July 16, 2024 — Making Space, a B2B SaaS talent acquisition and learning platform for companies to train, access, and retain pre-qualified Disabled talent, is thrilled to announce the successful close of an oversubscribed $2 million pre-seed funding round. Led by Beta Boom, with participation from JFFVentures, FullCircle, American Student Assistance (ASA), ECMC Foundation, SmartJob, Mindshift Capital, Techstars and other notable investors.

The CEO is second-time founder Keely Cat-Wells. Her first company, acquired by Whalar in 2022, represented one of the largest investments in Disabled talent within the creative industries. Cat-Wells and Sophie Morgan founded Making Space and Making Space Media due to their lived-experience as Disabled workers and struggling to find accessible pathways to education and employment after acquiring their disabilities.

Making Space bridges this gap by embedding job-specific and accessible education into the talent acquisition process. This approach unlocks productivity and offers fast payback and clear ROI for enterprise clients while providing increased access to higher-quality jobs and a competitive advantage for disabled workers. Making Space’s software ties impact to fundamental business metrics such as reduced time-to-hire, higher employee retention rates, and improved employee performance, becoming an integral piece of employers’ recruiting and learning infrastructure. “Making Space is capturing a massive labor arbitrage opportunity by unlocking a previously untapped net new pool of talented and pre-qualified workers. Clearly this is not merely a potentially fleeting initiative.” Noted Virginie Raphael, founder & Managing Partner, FullCircle.

Disabled people (including those who are chronically ill, neurodivergent and who have mental health disabilities) are twice as likely to be unemployed, and only 49% of Disabled students graduate from four-year colleges compared to 68% of their non-Disabled peers. Additionally, 61% of disabled employees do not disclose their disabilities at work, primarily due to concerns about discrimination and bias which can lead to high turnover, stagnant career growth, and a significant loss of valuable talent. To address this, Making Space has developed “Compass,” an AI tool within a candidate’s profile that turns the lived experience of disability into transferable skills and personalized career pathways. Currently in beta, the feature will be publicly released in the coming months. Creating a welcoming and equitable work environment where all workers can thrive is at the core of Making Space’s vision beyond its initial recruiting wedge.

The pre-seed funding round, which received substantial interest and exceeded its original target, marks a significant milestone, particularly given that Disabled entrepreneurs are 400 times less likely to secure venture capital funding.

“At Beta Boom we love to back founders that have displayed superhuman tenacity and resilience. Making Space is bridging the gap between overlooked talent and world class opportunities, and that’s just the beginning.” – Sergio Paluch, Managing Partner, Beta Boom

In its first year, Making Space has already democratized free, accessible education for over 1,800 people with disabilities. While industry agnostic, the company’s notable partnerships include two of the world’s largest media corporations:

• Netflix Partnership: Making Space partnered with Netflix to provide job-specific education, pre-qualifying and building a pipeline of Disabled graphic designers. Read more
• NBC Sports Partnership: Making Space partnered with NBC Sports to enhance employment opportunities for Disabled talent both in front of and behind the camera during the upcoming Paris Olympics and Paralympics broadcasts. This collaboration included hiring the first-ever Disabled hosts for NBC’s Paralympics coverage. Read more

“Our partnership with Making Space has already proven beneficial prior to our coverage of the Paris Games,” said Alexa Pritting, NBC Sports’ supervising producer of the Paralympic Games. “We cannot wait for all of the tremendous work we will continue to do once the Games begin and as we work to increase representation in the sports world and beyond.”

About Making Space

Making Space is a talent acquisition and learning experience platform for companies to train, access and retain pre-qualified Disabled talent. Making Space offers accessible skill-based learning for talent sourcing, career advancement and mobility, boosting productivity and delivering clear ROI for employers. Their model improves key metrics like time-to-hire, quality of hire, retention rates, and employee performance. Making Space is a Techstars company, the winner of the inaugural WGU Labs Pitch competition at ASU+GSV and won Gold at Pepperdine University’s Most Fundable Companies competition. Making Space is home to Making Space Media, a brand that creates film, TV, educational and promotional content centring the Disabled voice. Making Space Media has a first-look deal with Reese Witherspoons, Hello Sunshine.

For more information, contact:

[email protected]

Or visit:

https://making-space.com/

SOURCE Making Space

LEESBURG, Va., July 16, 2024 — SWaN & Legend Venture Partners (SWaN), a multi-stage venture capital firm that invests in high-growth, high-quality organizations, has recognized CAVA Group (NYSE: CAVA) CEO Brett Schulman and his partners with its prestigious “Legendary SWaN” Award for leading the category-defining Mediterranean fast-casual restaurant brand through one of the most successful consumer IPOs in a decade. As of July 15, 2024, CAVA’s market cap is more than $9 billion.

Schulman accepted the award on behalf of CAVA and his co-founders and partners, Ted Xenohristos, Ike Grigoropoulos, Dimitri Moshovitis, and Ron Shaich, chairman of the board.

He also acknowledged the support and advisement that CAVA has received from SWaN over the past few years. CAVA, a trailblazer in the Mediterranean restaurant sector, opened its original full-service restaurant in 2006 and its first CAVA fast-casual restaurant in 2011, offering patrons the opportunity to build customized bowls, pitas, and salads.  As of June 2024, CAVA boasts an impressive 337 restaurants in 25 states and the District of Columbia.

At SWaN’s most recent Annual Partner’s meeting, Fred Schaufeld, co-founder and managing director of SWaN, presented the award to Schulman and discussed the IPO, the company’s strong performance, its decision to acquire Zoes Kitchens, and more with him.

David Strasser, managing director of SWaN and long-term CAVA board member, lauded the company.

“The Legendary SWaN Award is exclusive to businesses, such as CAVA, that bring industry-disrupting ideas to the market,” Strasser said. “Like our previous legendary winners, CAVA created a new category, this time in fast casual, defining the next large-scale cultural cuisine, Mediterranean.”

CAVA built a loyal customer base by positioning itself as a healthy alternative to fast food and now has two manufacturing facilities that produce tzaziki, harissa, salad dressing and crazy feta for its restaurants and for sale through select grocery chains.

“We are honored to be recognized by SWaN & Legend. Fred and other SWaN leaders and senior advisers, including David Bosserman, who currently serves on the CAVA Group Board of Directors, have played an integral role in our success,” Schulman said. “He, along with Fred, Tony [Nader], and David Strasser, has brought incredible levels of business acumen and experience to the table. We have greatly benefited from the coaching over the years.”

There have been three previous Legendary SWaN Award honorees: Daniel Lubetzky, founder of KIND Healthy Snacks; Marc Katz, founder of Custom Ink; and Jay Tapper, co-founder of DuraStat and La Lumiere LLC.

About SWaN & Legend Venture Partners

Based in Leesburg, Virginia, with an office in New York City, SWaN & Legend is a multi-stage venture capital firm that invests in high-growth, high-quality organizations and the exceptional management teams behind them. The company was founded in 2006 by Fred Schaufeld, Cliff White, and Tony Nader and was initially known as SWaN Investors. Today, Schaufeld and Nader are among three managing directors of SWaN & Legend, which has invested in numerous companies, including CAVA, Anonymous Content, Sugar23, Custom Ink, CaaStle, KIND Healthy Snacks, MusiCapital, Optoro, Mindshow, José Andrés Group, Class Technologies, UrbanStems, Pinterest, Airbnb and Square.

SOURCE SWaN & Legend

MÉXICO CITY, July 16, 2024 — OCN has secured $86 million in new funding. This substantial capital injection positions OCN for a year of remarkable growth, driven by strategic expansion plans and a commitment to becoming the leading financial partner for the gig economy in the Americas.

About OCN

OCN is a fintech company dedicated to providing access to financial services to gig workers across the Americas. Leveraging its advanced technology, OCN underwrites customers often excluded from or overlooked by the formal financial system in Latin America and the US.

Access to financing is a major challenge for over 4 million gig economy entrepreneurs in the Americas serving major ride-hailing and delivery platforms such as Uber, DiDi, and Lyft. OCN provides these essential workers the financial support they need to enhance their earnings and improve their quality of life.

OCN Steps on the Accelerator 

The $86 million funding round, which includes continued participation from lead investors Caravela Capital, Collide Capital, and Great North Ventures, signifies a strong endorsement of OCN’s business and proven track record. Notably, the round also includes financing from US-based investment firm, i80 Group. 

“When we founded OCN, we always had a vision of helping thousands of gig workers earn more and improve their lives,” said Mairon Sandoval, CEO and co-founder of OCN.   “With our new financing, we can continue to improve our technology and operational capacity to reach more gig economy workers in Latin America as well as the United States.”

“Access to credit and good financial services is a major problem for gig workers globally”, said Ivan Montoya, Managing Partner of NuMundo Ventures. “Having backed OCN since before launch, I am excited that they will be able to bring their solutions to millions of gig workers across the Americas.”

Building a World Class Leadership Team

In preparation for rapid expansion, OCN strategically enhanced its leadership team. These appointments of General Managers for both Mexico and the United States, strengthen OCN’s capacity to execute its international expansion strategy. Additionally, the creation of critical roles such as Chief Risk Officer, Chief Technology Officer, and Chief Operating Officer, and Chief Financial Officer underscores OCN’s commitment to building a well-rounded and multi-disciplinary leadership team ready for long-term success.

A Clear Roadmap for Growth

Fueled by significant new capital and a team of proven industry leaders, OCN is poised for a breakout year.

“OCN has the disciplined and profitable economic model that we look to support with our capital. OCN provides critical resources to gig workers, an important and dynamic segment of the economy,” said Edward Goldstein, Managing Director of i80 group.

Ultimately, the company aspires to transform into a comprehensive financial technology platform, offering a diversified suite of innovative financial products and services designed to empower the gig workforce and unlock a new era of financial inclusion.

About i80 Group

i80 Group is an SEC-registered, global investment firm that was founded in 2016. The firm provides asset-based investments that help companies scale through critical growth milestones. i80 Group manages approximately $1.6bn, with headquarters in New York, and additional offices in San Francisco and London. For more information, please visit www.i80group.com. 

OCN INVESTOR QUOTES

Caravela Capital:

“We are excited to support the team at OCN in its next phase of growth,” said Lucas Lima, managing partner at Caravela Capital. “We are very impressed with the core technology, the leadership team, and the opportunity for OCN to expand what they have started in Mexico to the Americas”

Great North Ventures: 

“Providing an all-inclusive rental model for ride-share drivers is crucial for economic growth, as it empowers drivers to achieve financial stability and enhances mobility solutions in a rapidly expanding market,” said Ryan Weber, Managing Partner at Great North Ventures.”

SOURCE OneCarNow