JACKSON, Wyo. and LOS ANGELES, Nov. 21, 2024 — Blue Bear Capital, a venture and growth equity firm focused on AI-powered solutions for the world’s energy, infrastructure, and climate challenges, today announced the close of its $160M Fund III and additional follow-on vehicles. The new fund will continue Blue Bear’s commitment to entrepreneurs building digital technology companies in markets which include sustainable energy production, electric grid infrastructure, transportation and logistics, energy-intensive industries, and climate industries such as storm and wildfire protection, pollution reduction, and water and land management.

Founded in 2016, Blue Bear has a proven track record of investing in leading energy technology companies through its prior funds, including its $150M Fund II announced in 2021. Fund III will continue the firm’s model of investing in companies applying operational AI and showing commercial ramp-up, which Blue Bear can accelerate through its network of private equity, infrastructure fund, and energy industry relationships.

“There is nothing artificial about artificial intelligence,” said Blue Bear Partner Ernst Sack. “Just like the evolution of the eyeball or the development of writing, it is the next step in how information is found, shared, analyzed, and used to improve the world around us. At Blue Bear we are dedicated to uniting this machine intelligence with human creativity and entrepreneurship and leveraging that powerful combination to drive forward a modern, intelligent, sustainable, and globally competitive energy and industrial economy.”

Fund III was funded by dozens of senior executives from leading private equity and infrastructure funds, alongside returning Blue Bear institutional investors such as Rockefeller Brothers Fund, the McKnight Foundation, and Zoma Capital (a Walton Family affiliate), in addition to new partners including UBS and WovenEarth Ventures.

“With our third fund, we’re continuing to champion the data revolution across energy and industry. By investing in the intelligence behind the transition, companies have the opportunity to achieve excellent financial returns and meaningful impact on the climate. Together, we’re building a cleaner, smarter energy future,” added Blue Bear Partner, Vaughn Blake.

Fund III has already made investments in four new companies; ChargerHelp!, Pioneer, SKOON, and Delos; with three additional investments still to be announced. These companies demonstrate the range and diversity of Blue Bear’s markets: ChargerHelp! uses remote asset management software to make electric vehicle infrastructure more reliable, Pioneer uses AI tooling to help energy and climate entrepreneurs access and manage capital, SKOON is creating an online marketplace for electrified industrial equipment like batteries and generators, and Delos uses AI analytics to help insurers quantify and manage wildfire risk. These businesses echo past Blue Bear investment success themes from companies like Raptor Maps, which has analyzed more than 100 gigawatts of utility-scale solar assets, TruckLabs which improves trucking fuel efficiency by over 5% (recently sold to a Tier 1 auto supplier), Mira which uses augmented reality to improve factory and utility efficiency (and was sold to Apple), Urbint which builds digital twins of critical grid infrastructure for over 30 leading US utilities, and Hydrosat which monitors water resource risk for agriculture and commodity markets.

“We have great respect for Blue Bear’s leadership and team depth as an early-stage investor in digital solutions for decarbonization and we are delighted to be LPs in Fund III,” said Jane Woodward, co-founder and partner at WovenEarth Ventures. “The team’s unique industry experience and perspective allows Blue Bear to fill the gap between the energy supply chain of the past and the energy needs of the future.”

Blue Bear’s leadership team is built on decades of energy and industrial investment experience, operational and strategy perspective, and network building. Partner Ernst Sack has 20 years of investment experience across energy private equity, solar project finance, and venture capital – including with Riverstone and Deep Green Solar – and has served on more than 30 energy and technology company boards. Partner Vaughn Blake is a veteran venture investor and operator whose experience spans deep tech, multi-asset class manager selection as an LP, and growth stage investing. Partner Dr. Carolin Funk is an energy transition expert with 20 years of experience in policy and corporate venture – including with the German Energy Agency and with Siemens – and as COO of two energy storage startups. CTO and Partner Dr. Rob MacInnis holds a doctorate in computer science and has decades of startup experience in cloud computing and blockchain technologies. General Counsel and COO Hank Hattemer, a tech entrepreneur, formerly worked with global law firm Latham & Watkins’ leveraged finance group.

“The energy and climate landscape has become more dynamic than ever for founders to navigate. We are committing the collective experience and intelligence of our network to support founders along the journey towards impactful outcomes,” said Blue Bear Partner Dr. Carolin Funk.

About Blue Bear Capital
Blue Bear is a venture capital and early growth equity firm driving digital technologies and machine intelligence into multibillion-dollar verticals across the energy, infrastructure, and climate industries. The team comes from leading energy private equity firms, startups, and large industrial technology developers. Blue Bear typically leads Seed through Series B rounds, with a portfolio covering operational AI, IoT, and cybersecurity technologies, all deployed with enterprise customers to drive connectivity and intelligence across the world’s most critical industries. More information can be found at www.bluebearcap.com.

Media Contact:
Chris Allieri
Mulberry & Astor
[email protected]

SOURCE Blue Bear Capital

CHARLOTTESVILLE, Va., Nov. 21, 2024 — Quad-C Management, Inc. (“Quad-C”), a leading middle market private equity firm, announced its investment in Flow Service Partners (“Flow” or the “Company”), a provider of heating, ventilation, air-conditioning and refrigeration (HVACR) and plumbing services. With operations in the Midwest, Southeast, and Mid-Atlantic, Flow serves the commercial, government, industrial, multi-family, healthcare, and other end markets.

Daniel Youman, CEO of Flow, commented, “We are thrilled to partner with the Quad-C team. As we enter our next phase of growth, we are excited to leverage Quad-C’s deep history scaling market leading businesses through both M&A and organic growth initiatives.”

Jack Walker, Partner at Quad-C, commented, “The Flow team has built an exceptional platform focused on best-in-class customer service and local expertise in its markets. We are excited to work with the team to continue to scale the existing operations, while expanding the Company’s geographic reach and adding new service offerings to better serve the needs of Flow’s customers.”

In addition, Steve O’Donnell will join Flow as the Company’s Chairman. Steve brings over 30 years of experience in the HVAC market including prior CEO roles with Tolin Mechanical, Padgett Group and Service Logic.

Tim Billings, Senior Partner at Quad-C, added, “We are proud to welcome Flow to the Quad-C portfolio. We believe that Flow is well positioned to continue to accelerate its growth, and we look forward to working with the team.”

Terms of the investment were not disclosed. Houlihan Lokey advised Flow on the Transaction.

About Quad-C Management:
Founded in 1989 and headquartered in Charlottesville, Virginia, Quad-C is a middle market private equity firm focused on investing in established business services, industrials and healthcare companies. In its three-decade history, Quad-C has invested over $4 billion of capital in 84 platform companies and over 385 add-on acquisitions. The Quad-C team is committed to partnering with entrepreneurs and management teams to accelerate growth and create long-term value. For more information, please visit www.quadcmanagement.com.

About Flow Service Partners:
Flow Service Partners is a leading HVACR and plumbing service provider in the Midwest, Southeast and Mid-Atlantic. The Company was formed in 2021 through the combination of Perfection Heating and Air and Altstadt Plumbing and has since grown through organic expansion and four acquisitions. Flow primarily serves the commercial, government, industrial, multi-family, healthcare, and other commercial and residential end markets. For more information, please visit www.flowservice.com.

SOURCE Quad-C Management, Inc.

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Latest funding round supports launch of innovative Offer Order Settle Delivery (OOSD) platform and global expansion

LONDON, Nov. 21, 2024 — CellPoint Digital, the leading provider of payment solutions to the airline and travel industries and a global pioneer of Payment Orchestration, has secured $30 million in funding from Toscafund and Penta Capital. This latest investment will accelerate the launch of CellPoint Digital’s revolutionary Offer Order Service Delivery (OOSD) payment orchestration platform, purpose-built to power the Travel industry’s transformation toward modern airline retailing.

This latest funding round highlights the growing demand for advanced payment expertise and payment orchestration solutions in the global travel industry, where CellPoint Digital stands as the market leader. The company’s position in the dynamic air travel, hospitality, cruise, OTA, and tour operator sectors is reinforced by its partnerships with prominent brands, including Virgin Atlantic, Southwest, Sabre, Cebu Pacific, avianca and most recently, Riyadh Air, VoePass and La Compagnie.

Investment Fuels Global Expansion and Revenue Growth

With this round of funding, CellPoint Digital will accelerate its global expansion to meet the increasing worldwide demand for its services. The investment will enable the company to intensify its focus on optimising payment and money movement services for its clients whilst expanding its Alternative Payment Method (APM) hub to service the growing needs of its partners. This expansion will support CellPoint Digital in delivering on its already won contracts, including the recently announced partnership with Riyadh Air, and fulfilling its growing partnership with Sabre.

“As our company has grown rapidly in the last few years, we have delivered our industry-first payment orchestration solution to more travel brands worldwide, supporting them in optimising payment processes, driving profitability, and improving their customers’ experience,” said Kristian Gjerding, CEO of CellPoint Digital. “This latest investment from our valued partners at Toscafund and Penta Capital not only acknowledges our growth and the ongoing strong demand for our solutions in the travel industry but also paves the way for more global expansion and success within the market, positioning the company for long-term scalability.”

Leading Payments Technology for the Travel Ecosystem 

CellPoint Digital’s payment orchestration solution helps travel brands increase top-line revenue by improving authorisation rates and providing a frictionless payment experience in the booking path, presenting customers with the payment methods they want to use, no matter where they are in the world. The platform also allows merchants to adopt a multi-acquirer payments model that opens up new growth opportunities, uses intelligent routing to minimise transaction costs (especially on cross-border transactions), and provides control and transparency across all payment processes.

“CellPoint Digital has continually solidified its leading market position and demonstrated its ability to expand aggressively and responsibly,” says Steven Scott, Founding Partner of Penta Capital. “As we forecast demand for CellPoint Digital’s solutions to continue across the global travel sector, we are confident that this investment will represent another compelling growth opportunity.”

Payment Solutions Optimised for Offer/Order Travel Retailing

CellPoint Digital’s new OOSD platform represents a significant advancement in airline commerce capabilities, enabling:

• Seamless transition from legacy PSS to modern Offer and Order architecture
• Payment-driven offer creation and management across all channels
• Unified payment orchestration supporting diverse payment methods
• Real-time order management and fulfilment
• Data-driven personalisation at scale

To meet the evolving needs of the travel industry, CellPoint Digital continues to enhance its offer and order retailing capabilities, operating in a travel landscape increasingly defined by new distribution capability (NDC). This innovative approach, embodied in the OOSD platform, has been crucial in securing partnerships with forward-thinking airlines like Riyadh Air and Southwest Airlines, positioning CellPoint Digital at the forefront of next-generation travel solutions.

About CellPoint Digital
CellPoint Digital is a fintech leader whose main solution is a Payment Orchestration Platform which optimises digital payment transactions from cards and enables new payment options. Merchants can scale their own payment ecosystem across the world, optimise the routing of each transaction, increase conversion rates and minimise payment costs. CellPoint Digital has offices in Copenhagen, Dallas, Dubai, London, Miami, Pune and Singapore. Learn more at www.cellpointdigital.com. 

About Toscafund Asset Management LLP
Toscafund Asset Management LLP, founded in 2000 by Martin Hughes, is a specialist investment manager with a circa $4.5bn AUM. Specialist areas of investment include listed equities in the financials and payments sectors, growth capital for private companies, UK commercial property and bespoke private equity deals. Toscafund has offices in London, Manchester, Melbourne, New York and Hong Kong.

SOURCE CellPoint Digital

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The $16M USD round was led by Celesta Capital, with participation from Tenacity Ventures, Cedars Sinai; OneCell to continue transforming the future of precision oncology with U.S. market entry

CUPERTINO, Calif. and MUMBAI, India, Nov. 21, 2024 — OneCell Diagnostics, a genomics-based precision oncology company, announced today that it has raised $16M in an oversubscribed Series A funding round led by Celesta Capital, with participation from Tenacity Ventures, Cedars Sinai, Eragon, and Singularity Ventures. The funding will be used to advance its vision of democratizing precision oncology through cancer diagnostic testing that is more accessible, actionable, and affordable. Celesta Capital Founding Managing Partner Michael Marks and Nobel Laureate and Celesta Capital Senior Advisor Dr. James Rothman will join the OneCell board of directors.

OneCell has developed cutting-edge technology for precision oncology liquid biopsy diagnostics. Their cancer screening tests are based on a proprietary Circulating Tumor Cell (CTC) and True-Single-Cell-Multi-omics platform, supporting a range of applications in clinical cancer care and early-stage clinical trials for biotech and pharma companies. OneCell’s cell biopsy technology integrates CTC-DNA with CTC-RNA and cell surface protein testing, all from a single blood draw, a significant advancement over current “liquid biopsy” testing.

“We see a future where everyone has access to high-quality, life-saving cancer testing and this funding is a powerful validation of our vision,” said Mohan Uttarwar, CEO and Co-founder at OneCell Diagnostics. “By integrating our single-cell multi-omics analytics with next-generation liquid biopsy approaches, we have the opportunity to break new ground in delivering accurate, personalized cancer care worldwide.”

With this Series A funding, OneCell will expand to the U.S. market with its next-generation liquid biopsy test, OncoIndx Ikon. The test detects and analyzes CTCs, which offer rich biomarkers that advance precision diagnosis and treatment of cancer for use cases including treatment response monitoring, disease progression, recurrence, and more. Through its global operations in Silicon Valley and in India, the company has already introduced a range of products in India, where it has tested nearly ten thousand patients to date and demonstrated that its cell biopsy technology can be implemented easily, safely, and cost-effectively at any lab worldwide. The company’s growing list of strategic academic and industry partners include Harvard Medical School, Stanford University, and other leading medical institutions.

“Celesta is excited about differentiated companies sitting at the intersection of high tech and biomedical science, and OneCell fits this mold perfectly,” said Michael Marks, Founding Managing Partner at Celesta Capital. “By leveraging the strategic benefits of the U.S. – India corridor, OneCell is well-positioned to continue building competitive advantages. We pride ourselves on being active value-add investors and Celesta will tap our ecosystem to support their growth wherever possible.”

“I’m looking forward to joining the OneCell Board at such a pivotal time in the arc of innovation for cancer treatment,” said Dr. James Rothman, Nobel Laureate and Celesta Capital Advisor. “Cell biopsy represents a groundbreaking shift in how we approach diagnostics, creating more opportunities for highly individualized care. This technology has the potential to reshape the oncology landscape, and we are eager to support OneCell’s bold mission to reach more than 1000 oncologists and 1 million patients in the near future.”

According to the World Health Organization, 20 million people are diagnosed with cancer annually worldwide, and 53.5 million people are alive within five years following a cancer diagnosis. Cancer is a complex, constantly evolving disease driven by changes at the molecular level – more than half of today’s global oncology clinical trials reflect this importance by incorporating biomarker testing. Detecting these changes at diagnosis and tracking them during treatment and beyond is critical to informing treatment decisions and detecting disease response early when it can still be treated.

About OneCell Diagnostics
OneCell Diagnostics is a genomics-based precision oncology company, providing comprehensive genomic solutions for better cancer management. OneCell’s proprietary technology leverages a combination of next-generation sequencing in combination with strong bioinformatics, AI / ML, and data-analytics for multi-omics biomarkers. Founded in 2021, OneCell operations are headquartered in Silicon Valley and India. Learn more at https://www.onecelldx.com.

About Celesta Capital
Celesta Capital is a global deep tech venture capital firm. Led by technology industry veterans with decades of investment and operational experience, Celesta Capital has a passion and proven track record for building and scaling global businesses. Founded in 2013, Celesta has a portfolio of more than 100 early-stage technology investments. Learn more at http://celesta.vc.

Media Contact
Jack Buttacavoli
[email protected]

SOURCE OneCell Diagnostics

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HONG KONG, Nov. 20, 2024 — Asian Venture Capital Journal (AVCJ), part of Mergermarket and the leading provider of private equity and venture capital intelligence in Asia, this week hosted its 37^th Annual AVCJ Private Equity Forum. The event saw a wide range of discussions among leading private equity and venture capital participants from around the world. Leading contributors included Matthew Michelini, Head of APAC, Apollo Global Management, Harvey Schwartz, CEO of Carlyle, and Jeffrey Perlman, CEO of Warburg Pincus.

The AVCJ Private Equity Forum brings together over 3,300 senior investors, advisors, and regulators from Asia and more than 50 geographies across the globe. The forum is a valuable opportunity to share insights and forge partnerships, at a time when the global private equity investment revival has yet to extend to Asia, according to Mergermarket data.

Yana Morris, Chief Content Officer, ION Analytics, said, “This is a crucial and fascinating time for the leaders in the private equity and venture capital industry globally. The wealth of experience and knowledge at this week’s event is testament to the convening power of ION Analytics as a forum for exchanging the ideas, innovations, and insights that are crucial to the PE and VC community.”

Day one focused on ESG. Sessions addressed issues such as the future of ESG engagement, how industry leaders are practically approaching climate adaption, and how Asian LPs’ approaches to ESG compare to their global peers. Tim Burroughs, Managing Editor, Global Private Funds and AVCJ, reflected in the opening remarks on how industry ESG debates have progressed in recent years.

The second day’s agenda featured the Private Equity Leaders, Venture Capital, and Limited Partners Summits. These summits included sessions on Asia’s key areas for value creation and the potential pitfalls of an AI bubble: crucial topics given that most AI deals are targeted in China, according to Mergermarket data.

In the opening keynote, Jeffrey Perlman, CEO of Warburg Pincus, discussed implications of the changing macroeconomic conditions for the firm’s investment strategy, and why its approach to Asia is extending from emerging to developed markets. “We find that investors want to play Asia in a more diversified way, and that has impacted how we construct our platform in the region. We’ve already done this in real estate, where the business is truly pan-Asian, and there are opportunities for private equity to expand beyond emerging Asia on the back of that,” he said. “Two-thirds of global growth is expected to come from Asia over the next decade.”

The day also featured a fireside chat between Samson Wong, Chief Investment Officer for Private Markets at the Hong Kong Monetary Authority, and Harvey Schwartz, CEO at Carlyle. Mr. Schwartz set out the firm’s views on the current investment environment globally and in Asia and emphasized that “pricing risk correctly” is important for successful investing in today’s complex environment. “We don’t look to avoid risk,” he said. “We certainly don’t look to take excessive risk, but what we look to do is price the risk component correctly and determine whether or not we can add value to the enterprise.” They also discussed how GP-LP partnerships have evolved, and the issues that will shape the next era for private markets.

The third day featured a keynote interview between Yana Morris, Chief Content Officer at ION Analytics, and Matthew Michelini, Head of APAC, Apollo Global Management. The pair held an insightful discussion about trends and opportunities in private markets and how the industry is evolving, offering an in-depth vision for future growth amid changing industry dynamics.

“At Apollo, we have positioned our business in front of massive tailwinds and we continue to build and evolve our capabilities to serve these market opportunities. In Asia in particular, there’s significant demand for safe-yielding strategies across mature markets like Japan, Australia and Korea, and opportunities to partner with insurers and institutions in the region on retirement solutions,” said Mr. Michelini.

To download key Mergermarket data around private dealmaking in Asia, view a summary of the conference, and to register for future events, please visit the Mergermarket website.

About ION

ION provides mission-critical trading and workflow automation software, high-value analytics and insights, and strategic consulting to financial institutions, central banks, governments, and corporate organizations. Our solutions and services simplify complex processes, boost efficiency, and enable better decision-making. We build long-term partnerships with our clients, helping transform their businesses for sustained success through continuous innovation. For more information, visit https://iongroup.com/

About ION Analytics

ION Analytics delivers personalized, targeted data and market intelligence to banks, investors, and corporates, helping clients find opportunities and drive better decisions in markets ranging from equities and fixed income to infrastructure and private equity. For more information, visit https://iongroup.com/analytics/

About Mergermarket

Mergermarket is the premier provider of global proprietary M&A intelligence, data, and AI-driven predictive analytics. With access to coverage of 1.4 million companies, almost 3,000 sponsors, and powered by 300 journalists and analysts globally, we bring transformative M&A insight and a competitive edge to capital markets professionals, shaping the future of M&A. For more information, visit https://info.mergermarket.com/

About AVCJ

AVCJ, a service of ION Analytics, is the leading provider of Asian private equity and venture capital information and intelligence. For more than 30 years, Asia’s deal-making industry has relied on AVCJ’s insightful editorial coverage, reliable data, intelligent analysis, and market-leading conferences to conduct their day-to-day business from deal sourcing, and due diligence to fundraising and exits. For more information, visit https://www.avcj.com/

All product and company names herein may be trademarks of their registered owners.

SOURCE ION

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CENTENNIAL, Colo., Nov. 20, 2024 — Iontra Inc, a Colorado-based leader in next-generation battery charging technology, announced today that it has successfully completed its $45M Series C funding round with support from both current and new investors. The company has raised $120.3 Million to date.  Combined with the recent DOE award of the $2.15 million ARPA-E circular grant, this solidifies Iontra’s leadership position in battery charging technology.

Iontra’s funding round was led by repeat prominent energy sector investor Volta Energy Technologies, with additional support from others.

“The team and I are grateful for the continued strong support from our investors,” said Jeff Granato, CEO of Iontra. “This Series C financing supports the significant market potential of our technology and positions us for aggressive growth, starting with customers launching Iontra-enabled products in a matter of months and samples of our purpose-built MCU becoming available for customers in 2025.”

“Iontra is in a unique position as the only charge control technology based on electrodynamic principles, which enables us to deliver maximum performance from Lithium batteries while enhancing safety,” said Daniel Konopka, CSO of Iontra. “Thanks to our passionate and highly innovative team, we have a compelling roadmap of breakthroughs to further shape battery performance for product OEMs.”

This funding will advance Iontra’s leadership position as a fabless supplier of low-cost, small-footprint battery charger microcontrollers (MCUs). With embedded Iontra charge technology, Iontra’s MCU will maximize battery performance and efficiency across a wide range of consumer and industrial products, including power tools, smartphones, and wearables.

Iontra’s MCU also includes industry standard cyber security capabilities, and advanced high-speed peripherals, allowing OEMs to unlock options for further system integration, reducing electronic Bill-of-Material (e-BOM) costs and carbon footprint.

Through Iontra’s state-of-the-art design centers and semiconductor supply chain partners, Iontra is committed to delivering a robust and reliable solution for its customers with initial samples of its custom MCU expected by mid-2025 and release to production in 2026.

“Iontra’s technology is a game-changer for the battery industry,” said David Schroeder, CTO at Volta Energy Technologies. ” While significant advancements have been made in battery technology, the charging process itself has often been neglected, especially for current battery products. Iontra’s innovative approach offers a groundbreaking solution that policymakers and manufacturers should consider to further optimize their existing battery performance. We are excited to continue supporting their mission to dramatically improve battery performance and sustainability for a wide range of markets.”

This funding will also enable Iontra to support its customers’ upcoming product releases. Notable customers include Salom Europe Ltd, a global leader in power supply solutions and battery chargers, and Spectralink, a pioneer in enterprise communication solutions.

About Iontra:
Iontra’s unique advanced battery sensing and charging method is predictive and responsive, proactively protecting the battery while charging. Iontra minimizes the most concerning failure modes of batteries – plating and dendrite formation – which cause safety issues and limit battery performance.

Iontra charge technology is chemistry agnostic and proven to concurrently increase battery cycle life and charge speed up to and greater than 200 percent, support cold weather charging to -20°C, and create a safer charge overall, without changing the design and chemistry of existing battery cells.

Iontra’s breakthrough charge control technology is validated by approximately eight million cycling hours performed in-house, testing dozens of battery types and the stability of the system under various charge conditions for quality, reliability, and durability. Iontra’s technology has also been tested by four independent research labs, including National Renewable Energy Laboratory, Novonix, and University of Michigan.

Information on the ARPA-E Circular grant to Iontra can be found at https://www.prnewswire.com/news-releases/iontra-selected-for-arpa-e-circular-grant-to-revolutionize-ev-battery-life-302295719.html

About Volta Energy Technologies:
Volta Energy Technologies is a leading cleantech investment firm focused on accelerating the adoption of sustainable energy solutions. The firm invests in companies across the clean energy spectrum, with a focus on battery technologies, renewable energy generation, and energy efficiency solutions. For more information, visit.

Media Contact
Madeleine Stump
[email protected]
Iontra Website: https://iontra.com/

SOURCE Iontra Inc

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The fund supporting Veteran-Owned Small Businesses does it again

AUSTIN, Texas, Nov. 20, 2024 — Veteran Loan Fund (VLF) announced that since its launch in 2021, its members have deployed more than $77 million across the country, helping over 1,000 veteran-owned businesses create or retain close to 5,500 jobs. More than 50% of the business owners receiving financial and technical assistance were people of color, close to 50% low or moderate income and over 30% women. These impressive statistics show the importance of the work this group of CDFIs and their technical assistance partners do, serving those who served for all of us.

The fund is also announcing the successful closing of its second round of funding. The round was sized down to $15 million to meet the increasing demand of loan capital from veteran entrepreneurs while more nimble adapting to changing interest rates in the market. The group expects this round to be fully deployed by the end of the year, at which time they will announce the third round of funding.

“Every day, everyone at Veteran Loan Fund works tirelessly to help veterans grow their businesses, realize their dreams, and achieve financial independence. As a veteran myself, it’s incredibly meaningful to support my fellow veterans in this journey,” says Ray Pennie, Chief of Business Advisory Services for Access to Capital for Entrepreneurs, a Georgia based CDFI and member of VLF. “The closing of this second round truly cements VLF’s place in the field, and I couldn’t be more excited about what the future holds.”

Veterans interested in receiving financial or technical assistance can complete a simple online assessment at www.veteranloanfund.com to be matched with the CDFI or partner that best meets their needs. Eligible entrepreneurs can apply for a low-interest loan and access free technical assistance (specialized business coaching and education) whether or not they receive financial assistance.

Thank you to our partners and investors that are making this second round possible, including Bank of America as lead investor and PNC Bank as well as many other financial institutions, foundations and partners that support this initiative.

About Veteran Loan Fund:

Veteran Loan Fund is a collaborative effort of a national group of Community Development Financial Institutions (CDFIs) and specialized technical assistance partners with the mission to help underserved veterans and their spouses start and grow small businesses. The fund provides a specialized source of capital and a forum to share best practices and conduct advocacy efforts for lenders to originate loans and grow their local veteran programs. Member CDFIs include Access to Capital for Entrepreneurs (GA), Appalachian Community Capital (VA), Black Business Investment Fund (FLA), Business Impact Northwest (WA), Colorado Enterprise Fund (CO), DreamSpring (NM), Economic and Community Development Institute (OH), Justine Petersen (MO), Pathway Lending (TN), PeopleFund (TX), Pursuit (NJ), and Wisconsin Women Business Initiative Corporation (WI). Learn more at https://www.veteranloanfund.com.

SOURCE PeopleFund

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SAN FRANCISCO, Nov. 20, 2024 — Shinami, the leading developer platform across Move-based blockchains (Aptos, Sui, and Movement), has announced the successful close of a $5.645 million seed funding round. Race Capital led the round, with participation from 6th Man Ventures, Coinbase, Circle, and Mysten Labs. Aptos Foundation provided an additional undisclosed investment.

Positioned as the “Consensys for Move,” Shinami offers a comprehensive, ‘one-stop-shop’ developer platform that simplifies building applications on Move-based blockchains through advanced tooling, easy-to-use APIs, and helpful docs. The platform’s impact is demonstrated through its Node Service powering billions of monthly on-chain reads across hundreds of applications, its Gas Station sponsoring over 100 million transactions to date, and its Wallet Services supporting more than 2 million monthly active users.

“Our team’s experience building developer platforms at Twilio, Microsoft and Alchemy, combined with our early conviction in Move, has shaped how we support builders across the entire ecosystem,” said Nikhil Chari, Co-founder and CEO of Shinami. “This funding empowers us to continue providing the infrastructure and tools Move developers need to create better user experiences across the Sui, Aptos, and Movement networks.”

As part of its commitment to advancing the Move ecosystem, Shinami also joined the Move Collective. This collaboration strengthens Shinami’s ability to support developers as they expand and build on Movement, while contributing to the ecosystem’s broader growth and innovation.

For more information about Shinami and to stay updated on future developments, visit shinami.com and follow Shinami on X at @ShinamiCorp.

About Shinami
Shinami is the leading developer platform for Aptos, Sui and Movement, designed to help Move developers build faster, with better UX, and less overhead. Through its industry-leading Node Service, Gas Station, and Wallet Services, Shinami serves a growing community of developers and millions of end-users.

Media Contact:
[email protected]

SOURCE Shinami

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Zitadel elevates open source project for enterprises that need multi-tenancy identity infrastructure across public and private cloud, flexible deployments, and data security

SAN FRANCISCO, Nov. 20, 2024 — Zitadel, creators of the popular open source project for cloud-native identity infrastructure, today announced its $9 million Series A funding round led by Nexus Venture Partners with participation from Floodgate. Both firms represent the world’s best experts in open source, developer tools, and identity infrastructure. Zitadel’s developer-first approach and a strong focus on data security and ownership has fueled its growth to more than 150 customers across North America and Europe. This investment will further Zitadel’s vision to lead the identity infrastructure and authentication market.

Abhishek Sharma, Managing Director at Nexus Venture Partners, said, “We have been impressed with the Zitadel team’s vision and are excited to strengthen our partnership. With a vision to bring a cloud-native identity platform that puts developer experience and data security at its core, Zitadel is on the path to becoming the de facto standard for identity and authentication management. The identity and authentication space is ripe for disruption and Zitadel is well-positioned to win.”

“Zitadel is addressing a critical need in the market for cloud-native identity infrastructure. The identity solutions in the market today fall short on their promise to deliver simplicity of integration and flexible deployment options, especially for mid-market and large enterprises,” added Mike Maples, Jr. Founding Partner at Floodgate. “Zitadel’s vision and continued execution are reflected in a steady growth in their customer base, strengthening their ability to become the leading identity infrastructure provider.”

As subscription-based businesses continue to outgrow traditional business models, numerous companies are seeking scalable solutions to authenticate, authorize, and manage users efficiently. Companies are also challenged more than ever to ensure data is protected with the highest level of security. By offering cloud-native identity infrastructure with multi-tenancy capabilities, Zitadel is the only identity infrastructure tailored for the enterprise to tackle authentication and permission management.

“Zitadel is more than just a tool; it is a comprehensive identity platform that caters to the diverse needs of developers, operators, and security professionals”, said Florian Forster, co-founder and CEO of Zitadel. “Embarking on this next phase, we will invest in our platform, customers, and the open source community by improving APIs and SDKs for developers, enhancing observability and visualization tools for site reliability engineers, and investing in AI-driven threat detection and security incident management modules.”

Businesses today struggle with the complexities of single sign-on, multi-factor authentication, and granular permissions, especially in business-to-business (B2B) environments. Zitadel’s open source approach, developer-friendly APIs, and a robust multi-tenant architecture make it easy to integrate with both new and existing applications. This empowers customers to manage multiple organizations and security policies simultaneously.

Zitadel serves a globally distributed customer base of over 150 businesses with an identity platform that caters to a diverse range of industries, including manufacturing, finance, education, healthcare, and SaaS. Zitadel’s customers include large enterprises with advanced use cases and deployments, as well as small and medium-sized businesses (SMBs), that value the company’s developer-first approach, commitment to data ownership, comprehensive audit trails, and flexible deployment options. Zitadel gives businesses complete control over their sensitive data and ensures regulatory compliance.

The Series A investment will enable Zitadel to accelerate product development, expand its technical team, and strengthen its position as the leading solution in cloud-native identity security. Developers will be able to create fully customizable login experiences that seamlessly integrate with existing protocols like SAML2 and OpenID Connect. Security operators will be empowered to derive actionable insights through data aggregation, enabling them to monitor compliance and security across user behaviors and application usage patterns. By streamlining complex processes, security operators can leverage advanced usage analytics and threat intelligence capabilities, allowing them to focus on strategic security initiatives.

For more information about Zitadel, please visit: https://zitadel.com/

About Zitadel
Zitadel is the leading provider of cloud-native identity infrastructure solutions. Its platform offers a comprehensive suite of tools for multi-tenant, authentication, authorization, and user management. Designed for scalability, flexibility, and security, Zitadel empowers organizations to protect their cloud infrastructure and applications. For more information, please visit https://zitadel.com/

About Nexus Venture Partners
Nexus helps extraordinary founders build product-first companies and manages $2.6B capital across funds. Over the years, we’ve supported companies like Postman, Apollo.io, Zepto, MinIO, Hasura, Orkes, Fingerprint, Observe.ai, Neuron7.ai, Nx, Druva, Rancher, Ultrahuman, Pubmatic, Delhivery, H2O.ai, ISFC, Rapido, and Turtlemint. To learn more about us, please visit www.nexusvp.com or follow @nexusvp on X.

About Floodgate
Floodgate’s core belief is that the world needs more breakthrough builders who design the future. Over the past 2 decades, we have been early believers and investors in transformational consumer and B2B startups like Okta, Twitter, Twitch, Lyft, Applied Intuition, and others. You can find our core beliefs at www.floodgate.com.

Press Contact:
Jennifer Cloer
503-867-2304
[email protected]

SOURCE Zitadel

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