Investment from Visionary Family Office-Owned Private Investment Firm Marks a Pivotal Moment in Transforming the Funding Landscape for Female Founders as LINGO Expands Access to STEM Career Readiness

SPRINGFIELD, Mo., Oct. 31, 2024 — In a landmark moment for women entrepreneurs and the future of STEM education, Pinnacle Private Ventures, LLC, an influential family office-owned private investment firm led by Sean McCurry, is proud to lead an investment of $2.25 million in LINGO, a leading edtech company founded by former NASA rocket scientist, serial entrepreneur and future Blue Origin astronaut Aisha Bowe that is redefining STEM learning through its innovative curriculum. This funding round highlights a powerful shift in the venture capital landscape—one that is redefining how women and minority founders can access the resources needed to drive meaningful societal change.

Pinnacle Private Ventures is at the forefront of investments that create meaningful impact, prioritizing backing ventures that align with its values and make a tangible difference in underrepresented communities. With only 1% of venture capital allocated to Black female founders, LINGO’s successful funding round marks a watershed moment in empowering diverse entrepreneurs who are often overlooked by traditional funding avenues. It underscores the essential role family offices can play in driving positive change by raising the bar for future investments that prioritize equity and innovation.

“This funding round highlights LINGO’s potential to reshape the future of STEM education,” stated Sean McCurry, founder of Pinnacle Private Ventures. “We are grateful to support LINGO’s growth and its mission to equip the next generation of tech leaders with the resources they need to succeed. Our investment reflects a deep commitment to not only pursuing financial returns but also to creating meaningful social impact through education and fostering diversity within the tech sector.”

LINGO’s mission is to bridge the gap between traditional education and industry-readiness by delivering accessible STEM tools that empower learners to seize real-world opportunities. The new capital will allow LINGO to expand its innovative hands-on, project-based coding kits and curriculum which include lessons for students aged 13 and up in fields such as artificial intelligence, space systems, and environmental monitoring. LINGO’s programs—already being implemented by partners such as General Dynamics Information Technology, Siemens Healthineers, Leidos and Howard University—are transforming how students engage with STEM and preparing the next generation of scientists and engineers for careers in rapidly evolving fields.

“With 80% of future jobs projected to require STEM skills, LINGO is a scalable solution for schools and homes that provides learners with exposure to emerging technologies while building the skills and confidence they need to thrive,” said Aisha Bowe, founder and CEO of LINGO. “Closing this round empowers us to extend our reach, delivering essential STEM tools and inspiration to thousands more students and preparing them for success in a rapidly evolving world.”

The involvement of other notable investors, including 1863 Ventures, Sequoia Capital via the Scout program, and Dr. Joy Johnson, further underscores the significance of this funding round. As LINGO continues to scale, this investment marks a pivotal moment in how family offices like Pinnacle are shaping the future. By empowering founders like Aisha Bowe, who is redefining STEM education and creating pathways for more women in tech, Pinnacle is setting a new benchmark for aligning investment strategies with a vision of inclusivity and equity.

About Pinnacle Private Ventures, LLC

Pinnacle Private Ventures operates as an extension of a single-family office based out of Southwest Missouri and Overland Park, KS. Our goal has always been four-fold: 1) Bring glory to God in everything we are and do–especially in how we steward the relationships and capital He sends us; 2) Pursue higher returns to further the Family Office’s philanthropic efforts; 3) Partner thoughtfully with first-class entrepreneurs and operators to invest in their teams, businesses, and projects; and 4) Provide our investors with quality risk-adjusted returns within the private investment space.

About LINGO

LINGO delivers hands-on, project-based learning that makes STEM fun and accessible. Created by engineers and designed for teachers, LINGO lessons can be self-guided or teacher-led. Aligned to national learning standards, LINGO lessons build learners’ confidence through engaging real-world projects in emerging fields like artificial intelligence, environmental monitoring, and space systems. In a world where 80% of future careers will require STEM skills, LINGO has been implemented by industry leaders like General Dynamics Information Technology, Siemens Healthineers, and Leidos to help equip students for success in a rapidly evolving world.

For more information, visit https://stemlingo.com.

MEDIA CONTACT

Bradford Bridgers
213-444-6658 

Photo – https://mma.prnewswire.com/media/2545952/Aisha_Bowe_LINGO.jpg

SOURCE Pinnacle Private Ventures, LLC

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LOUISVILLE, Ky., Oct. 31, 2024 — Breath Diagnostics Inc., advancing the development of a patented, non-invasive breath analysis technology with the potential to help transform disease detection, is pleased to announce the appointment of Aaron Roebuck as President.

Ivan Lo, CEO of Breath Diagnostics Inc. (the “Company”), stated, “Our breath analysis technology, OneBreath™, currently in the research and development phase, has demonstrated significant potential in clinical studies focused on the detection of diseases such as lung cancer and pneumonia. As we continue developing our platform technology, we are committed to preparing for future commercialization opportunities. Aaron brings extensive industry experience that will help accelerate our development efforts with the goal of bringing OneBreath™ to market.”

Aaron Roebuck brings nearly 30 years of experience in respiratory and cardiopulmonary medicine, with a distinguished background in the development and commercialization of medical devices. His most recent role was at Vero Biotech, where he served as Senior Director of Clinical Sciences and led initiatives in next-generation drug delivery systems. Throughout his career, Mr. Roebuck has excelled in building teams, leading clinical trials, securing funding, and contributing to FDA submissions.

“I am honored to join Breath Diagnostics at such a pivotal time,” said Aaron Roebuck, President of Breath Diagnostics Inc. “OneBreath™ has the potential to significantly improve early detection of diseases like lung cancer and pneumonia. I look forward to helping lead the Company‘s efforts as we move toward the ever-important commercialization phase.”

Closing of Convertible Note Financing

Breath Diagnostics Inc. is pleased to announce the closing of a $1 million convertible note financing, led by strategic investors, including the Company’s CEO Ivan Lo. The funds raised will be allocated to support general and administrative operations, as well as research and development efforts intended to enhance the OneBreath™ platform.

We would like to thank our long-term shareholders and recent investors for their continued support in our mission to advance non-invasive breath diagnostics.

About Breath Diagnostics Inc.

Breath Diagnostics Inc. is an innovative medical device company dedicated to advancing non-invasive breath analysis technology. Currently in the research and development phase, the Company’s flagship platform, the OneBreath™ system, is designed to detect lung cancer and other diseases by analyzing specific biomarkers in a patient’s breath. This approach has the potential to offer a fast, portable, and cost-effective solution for early disease detection.

The OneBreath™ system uses a single breath sample to identify disease-specific biomarkers. Requiring less than a minute of the patient’s time, this potentially life-saving technology has shown promise in studies involving lung cancer detection in over 800 patients across multiple clinical sites.

Unlike traditional breath analysis technologies, the OneBreath™ system does not use thermal desorption tubes but instead a microchip reactor. A key benefit of OneBreath™ is the ability to analyze samples using liquid chromatography mass spectrometers (LCMS) such as UHPLC-MS. Thus, the OneBreath™ system offers flexibility, sensitivity, and suitability for complex breath samples, enhancing the repeatability of breath analysis. 

For more information on Breath Diagnostics Inc. and the OneBreath™ system, please visit www.breathdiagnostics.com.

Media and Other Inquiries:

Aaron Hoddinott
Corporate Communications
[email protected]
1-(866)-239-8627
Breath Diagnostics Inc.

Cautionary Note Regarding Forward Looking Information

This press release contains forward-looking statements and information. The words ”anticipate,” ”believe,” ”continue,” ”could,” ”estimate,” ”expect,” ”intend,” ”may,” ”plan,” ”potential,” ”predict,” ”project,” ”target,” ”should,” ”would,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements in this press release include statements regarding the potential benefits of the OneBreath™ system as it relates to disease detection, and the potential for commercialization opportunities in the future. The Company may not achieve the plans, intentions, or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements as a result of various important factors, including: uncertainties inherent in the research and development process of new technology and the initiation and completion of studies, and availability of funding sufficient for the Company’s foreseeable and unforeseeable operating expenses and capital expenditure requirements.

Breath Diagnostics Inc. is currently in the research and development phase with its OneBreath™ system and there is no certainty it will be able to commercialize this technology.

Any forward-looking statements contained in this press release speak only as of the date hereof. Breath Diagnostics Inc. expressly disclaims any obligation to update any forward-looking statements, whether because of new information, future events or otherwise.

SOURCE Breath Diagnostics Inc.

Investment enables ContraForce’s mission to transform how managed security services are delivered.

MCKINNEY, Texas, Oct. 31, 2024 — ContraForce, the security service delivery platform company, today announced the closing of a $3.25 million seed funding round, co-led by GALLOS Ventures and DataTribe. The funding round enables ContraForce’s mission to automate security operations and expand the security services opportunity for managed service providers.

Founded in McKinney, Texas in 2021, ContraForce has developed a groundbreaking security service delivery platform that allows service providers to grow their monthly recurring revenue, improve their margins and deliver better client outcomes. The company saw annual recurring revenue grow 400 percent over the past 12 months and has established a growing customer base and distribution partners around the world.

The ContraForce platform employs proprietary AI and automation that streamlines the time and security expertise service providers require to manage security incident and event management and endpoint detection and response tools including Microsoft Sentinel, Microsoft Defender, Splunk Enterprise Security, IBM QRadar SIEM, Crowdstrike Falcon XDR and SentinelOne Singularity XDR. ContraForce was recognized by Microsoft Intelligent Security Association as their 2024 Security ISV of the year. ContraForce was also recently honored as an SC Awards winner for Most Promising Early-Stage Startup and selected as a SINET16 Innovator. Using the ContraForce platform, service providers can onboard clients within a few minutes and easily manage all their clients and security tools simultaneously in a single dashboard.

A recent McKinsey and Company report highlighted the massive opportunity in cybersecurity managed services, with a total available market of $400-500 billion and current solutions only penetrating 5-10% of the market. The main obstacle to deeper penetration is the shortage of qualified cybersecurity personnel, underscoring the urgent need for automated solutions like those offered by ContraForce. ContraForce enables service providers to add a new line of business by allowing them to immediately launch managed detection and response and managed security operation center (SOC) services.

The oversubscribed investment round, which included participation from angels and strategic partners, brings a total of $5.25 million in investment to ContraForce, which will use the capital to accelerate the release of new product features and invest in sales and marketing in preparation for a future Series A round.

William Kilmer, General Partner at GALLOS Ventures, stated, “GALLOS specializes in investing in and building great security companies. We’re continuously seeking solutions that address real security challenges, particularly in security operations. ContraForce tackles one of the biggest problems in today’s market by automating the majority of incident investigation and remediation workflows while keeping critical decisions in the hands of security analyst teams.”

Kilmer added, “As a former CEO of a managed security services provider (MSSP), I see tremendous potential for ContraForce to scale the managed security services market in a highly efficient manner.”

Stan Golubchik, Chief Executive Officer and Co-founder of ContraForce, commented, “ContraForce’s goal is to help service providers automate and simplify the delivery of scalable security services. This investment from GALLOS not only provides us with the capital to achieve that, but also brings in a partner who understands how to build and grow security businesses on a global scale.”

ContraForce was originally founded with an investment from DataTribe, the Maryland-based cybersecurity foundry that has invested in successful cybersecurity startups, including Dragos, Blackcloak, and Strider Technologies. Maurice Boissiere, Partner at DataTribe, added, “We think ContraForce is helping to protect the vulnerable small and mid-sized enterprise sector and are pleased with the progress they are seeing with managed service providers and MSSPs toward this. I’m looking forward to working with WIll Kilmer given his venture and operations experience in this space.”

As part of the investment round, William Kilmer, GALLOS General Partner, has joined ContraForce’s board of directors.

About ContraForce:

ContraForce transforms how managed security services are delivered by allowing service providers to jumpstart a new line of business, improve their margins and deliver better client outcomes. The ContraForce Security Service Delivery Platform decouples security services from the underlying software used to provide them and employs proprietary AI and automation to improve service delivery efficiency. As a result, service providers around the world rely on the ContraForce Spark workbench to deploy or improve their own managed security service offerings or participate in the ContraForce Storm commercial program to have qualified providers deliver security services on their behalf. ContraForce is a member of the Microsoft Intelligent Security Association and is the 2024 Microsoft Security ISV of the year.

About GALLOS:

GALLOS Technologies is a venture studio and investor that builds and invests in cutting-edge security technology companies. Leveraging decades of nation-state-level security, intelligence, and defense experience, GALLOS brings a unique perspective on the technologies that companies and governments should deploy to mitigate global threats. GALLOS combines this insight with expertise in building and scaling successful ventures to create optimal outcomes for portfolio companies and investors.

About DataTribe:

DataTribe is a cybersecurity foundry that leverages deep experience and expertise to build and launch successful product companies. With a team comprising Silicon Valley and Intelligence Community founders, investors, and experienced entrepreneurs, DataTribe provides the knowledge and resources necessary to build thriving startups in the cybersecurity space.

Logo: https://mma.prnewswire.com/media/2545834/ContraForce_Logo.jpg

SOURCE ContraForce

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– Financing co-led by RA Capital Management and Sectoral Asset Management –

– Proceeds to support clinical development of lead program MRGPRX2 inhibitor, EVO756, as well as IL-18 targeted fusion protein program, EVO301 –

– Multiple Phase 2 data readouts expected in 2025 and 2026 in chronic urticaria and atopic dermatitis –

PALO ALTO, Calif., Oct. 31, 2024 — Evommune, Inc., a clinical-stage biotechnology company discovering and developing new ways to treat immune-mediated inflammatory diseases, today announced the completion of a $115 million Series C financing. The financing was co-led by new investors RA Capital Management and Sectoral Asset Management, along with participation from new investors B Capital, Marshall Wace, Avego Bioscience Capital, Longwood Fund, RTW Investments, ADAR1 Capital Management, NEXTBio Capital, Beiersdorf Venture Capital, FemHealth Ventures and Allostery Investments LP and existing investors, including Pivotal bioVenture Partners, EQT Life Sciences, Andera Partners, Amplitude Ventures, Symbiosis and Verition Fund Management.

“The support from these leading life science investors speaks to the strong momentum we have built with the positive proof of concept data from our EVO756 program earlier this year and the expansion of our pipeline with EVO301. With multiple Phase 2 data readouts anticipated in 2025 and 2026, we are well positioned to continue to show meaningful progress and achieve our goal of delivering new treatment options to patients suffering from chronic inflammatory diseases,” said Luis Pena, Chief Executive Officer at Evommune.

In connection with the Series C financing, Derek DiRocco, Ph.D., partner at RA Capital Management, and François Beaubien, Ph.D., CFA, partner at Sectoral Asset Management, have joined Evommune’s Board of Directors.

“Evommune’s EVO756 proof of concept study delivered very encouraging results, providing a strong foundation for Evommune to progress as a cutting-edge immunology company,” said Dr. DiRocco. “I am excited to join Evommune’s Board of Directors at such an important time and look forward to working with this experienced leadership team to advance new treatments that could elevate the standard of care in a variety of chronic inflammatory diseases.”

Proceeds from the Series C financing will be used to support continued advancement of the company’s lead clinical programs in chronic urticaria and atopic dermatitis, including multiple Phase 2 studies of EVO756, a potent, highly selective small molecule antagonist of mas-related G-protein coupled receptor X2 (MRGPRX2). EVO756 plays a pivotal role in mast cell activation and neuroinflammation and has the potential to be a very targeted, safe and effective oral therapeutic option for multiple mast cell mediated diseases. The proceeds will also support a Phase 2 proof of concept study of EVO301, a long-acting serum albumin-binding injectable therapeutic fusion-protein that is designed to neutralize the signaling pathway of IL-18 for the regulation of inflammation in multiple chronic inflammatory diseases.

Company Milestones

• Reported positive proof-of-concept data for EVO756; a full data set will be presented at a scientific conference in the fourth quarter of 2024
• Initiated a multi-center Phase 2 trial in patients suffering from Chronic Inducible Urticaria (CIndU) in the third quarter of 2024, with data expected in the first half of 2025
• Plan to initiate a Phase 2b clinical trial of EVO756 in patients with chronic spontaneous urticaria (CSU) during the first half of 2025 as well as a Phase 2 clinical trial of EVO301 in atopic dermatitis, with data from these studies expected in 2026

About Evommune, Inc.
Evommune, Inc. is a clinical-stage biotechnology company discovering and developing new ways to treat immune-mediated inflammatory diseases. The company is creating game-changing science with the goal of delivering therapies that address symptoms and halt progressive disease. For more information, please visit www.evommune.com or follow us on LinkedIn.

SOURCE Evommune, Inc

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European business takes total raised to $11m ahead of US launch & strategic review

ANTWERP, Belgium, Oct. 31, 2024 — Leading 3D animation software company Swoove Studios has closed a $7.5 million seed funding round led by European angel investors.

The round brings the total raised to $11m since its launch in 2020. Subsequently, it has started a strategic review as it continues to scale across Europe and launched this month in the US.

The Belgium-based business is the developer of Swoove, a real-time 3D animation creation app. Its proprietary platform, powered by AI, enables users to create unique 3D animation videos without any prior experience. Swoove empowers its users to easily bring their stories to life, using its intuitive platform to create stunning 3D animations. The app offers a diverse set of tools and features that cater to all levels of expertise, from beginners to seasoned creators.

The platform’s unique blend of accessibility and sophistication has resonated strongly with users, leading to increased engagement and content creation. It has become the go-to app for user-generated animated content, used by many thousands of creators in over 100 countries.

To further solidify Swoove Studios position as a leader in the digital storytelling space, it launched the app this month in the USA, accompanied by a series of exclusive features and content, including the Swoove marketplace. In this first-of-its-kind community, user-generated digital assets, such as clothes, can be bought and sold.

Rudy Verbeeck, CEO and Co-founder of Swoove Studios, said:

“Swoove is the future of 3D animated storytelling. We have created a unique platform and become the go-to for 3D animation globally.

We are thrilled to announce the completion of our latest funding round, and now plan to implement exciting updates to give users more of what they are asking for, including building opportunities for monetization and allowing further integration with other services for new brand and platform partnerships. 

As part of this incredible demand and opportunity, we want to work with a like-minded partner to help us achieve our potential and scale further.”

The Strategic Review includes Swoove Studios reviewing all its options, such as a growth investment and an entire business sale. Exploratory conversations have already commenced with several potential domestic and international partners. The Strategic Review is handled exclusively by Lazarus Consulting, the boutique M&A advisory firm.

ABOUT SWOOVE STUDIOS

Launched in 2020 and available via iOS and Android (iOS App Download Link and Android App Download Link), Swoove Studios is an entertainment software company that has developed the Swoove app, a real-time 3D-animation creation app using proprietary technology. Please see www.swoove.com for more information.

ABOUT LAZARUS CONSULTING

Lazarus Consulting is an award-winning boutique advisory firm offering Business Development, Capital Raising, Corporate Development, and M&A services to clients primarily in the tech, media, and retail sectors. The firm is the exclusive corporate finance advisor to Swoove Studios. Please see www.lazarusconsulting.net for more information.

SOURCE Swoove Studios

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With this fundraising, Janngo Capital becomes the largest venture capital firm accelerating gender equality in Africa. Since inception, the firm has made about 30 investments in 21 startups and has successfully exited the leading fintech company Expensya, achieving an average internal rate of return (IRR) of 48%.

ABIDJAN, Côte d’Ivoire and WASHINGTON, Oct. 30, 2024 — Pan-African venture capital firm Janngo Capital announces the final closing of its second fund at $78 million, 20% beyond its initial target. This fundraising demonstrates the confidence of leading institutional and private financial investors in Janngo’s team and track record. The firm’s investment thesis strikes the right balance between solid financial returns and tangible impact as evidenced by the successful exit of Expensya to unicorn Medius and by its 56% women-led portfolio companies, such as the soonicorn Sabi.

Leading new investors including Mastercard Foundation Africa Growth Fund, DFC, IFC and ANAVA join first close investors

“We are proud to announce the final closing of our second investment vehicle at $78 million, 20% above our initial target pledged in Davos. We are particularly honored to have attracted a great mix of top-tier investors, African and global, institutional and private, impact and commercially driven to support our ambitious vision. Beyond our team, it is a strong signal of confidence in the African tech ecosystem and its solid growth prospects. We are committed to keep supporting category-defining startups leveraging technology to help leapfrog development in Africa, in a more equal way.” commented Fatoumata Bâ, Founder and Executive Chair of Janngo Capital.”

Janngo Capital Startup Fund’s anchor investors doubled down by reinvesting in this final closing, such as:
– The European Investment Bank (EIB), the world’s largest multilateral development bank, active in 160 countries. “Empowering female entrepreneurs across Africa is crucial for unlocking the continent’s full potential. The European Investment Bank is pleased to support venture capital investment by the Janngo Capital Start-up Fund that is enabling women-led businesses to thrive, innovate, harness technology and create sustainable jobs. By providing access to finance and fostering entrepreneurial talent, we are not only contributing to gender equality but also driving economic growth and resilience across Africa.” – Ambroise Fayolle, Vice President, European Investment Bank ; and,
– The African Development Bank (AfDB), Africa’s largest development finance institution with 81 member countries (54 regional and 27 non-regional).

Additionally, 6 new world-class investors joined this final closing, such as:
– Mastercard Foundation Africa Growth Fund – MEDA, an innovative impact fund of funds initiative targeting Africa-based investment vehicles. “Creating secure, dignified, and fulfilling jobs is a priority for Africa’s economic growth,” says Samuel Akyianu, Managing Director of the Mastercard Foundation Africa Growth Fund. “For Africa to achieve its development agenda, as well as the UN Sustainable Development Goals, innovative and proactive approaches to job creation for women and youth—are essential.” Akyianu adds that The Mastercard Foundation Africa Growth Fund, managed by the Mennonite Economic Development Associates (MEDA), is a first-of-its-kind Fund of Funds anchoring African-focused and domiciled investment vehicles like Janngo. It provides the capital and business development support to invest in SMEs across sub-Saharan Africa, increasing the job-creation potential of African entrepreneurs. Guided by gender-lens principles, the Fund is proud to support Janngo in creating sustainable, inclusive opportunities that empower women and youth, driving the continent’s long-term growth.
– The U.S. International Development Finance Corporation (DFC) is the U.S. government’s development finance institution. DFC partners with the private sector to finance solutions to the most critical challenges facing developing countries. “DFC is delighted to partner with Janngo Capital Start-up Fund, a commitment intended to support the continued development of the venture capital ecosystem across Africa. Janngo’s approach of leveraging capital and technology nurtures entrepreneurship while fostering economic empowerment. Through DFC’s commitment, this partnership will result in improved access to financial resources, bolster economic stability, and increased job opportunities, especially for women and the youth“, said Senior Vice President of Investments, Mateo Goldman.
– International Finance Corporation (IFC) – a member of the World Bank Group – is the largest global development institution focused exclusively on the private sector in developing countries. “The project will help expand access to early-stage equity financing for tech entrepreneurs in the Francophone West Africa region, which is underserved by venture capital compared with other regions in Africa,” said Farid Fezoua, Global Director for Disruptive Technologies, Services, and Funds at IFC. “We are delighted to support the fund’s investment strategy through this project, as it intends to allocate 80% of its invested capital in low-income and post-conflict countries and at least half in women-led companies. This investment is part of the IFC Startup Catalyst program, which supports incubators, accelerators, and seed funds investing in innovative early-stage startups in nascent venture ecosystems with capital, mentoring, and networking.”
– ANAVA (Smart Capital), a Tunisian fund of funds backed by the World Bank, CDC, and KFW; and additional private investors such as the leading African university endowment fund.

100% tech, 100% Africa, 100% equal

Janngo Capital Start-up Fund invests up to €5 million, from seed to growth, in technology startups that (1) enable Africans to improve their access to essential goods and services such as healthcare, education or financial services, (2) enable African SMEs to improve their access to market and capital, or (3) create sustainable jobs at scale, with a focus on women and youth.

Janngo Capital, its management company, is one of the very few female-founded, owned and led venture capital firms in Africa. In 2020, the firm made a strong commitment to gender equality, pledging up to 50% of investments in companies founded, co-founded or benefiting women during the World Economic Forum in Davos. In 2023, Janngo Capital won the Gender Equality Award at the Africa CEO forum, in recognition of its 56% portfolio companies founded, co-founded or benefiting women and of its 91% portfolio companies complying with 2X criteria.

30+ investments in 21 portfolio companies and a landmark exit

In less than 6 years, the firm has built a portfolio of 30+ investments across its 2 investment vehicles in 14 countries. Its portfolio companies have since expanded in over 20+ countries, spanning across key sectors such as healthcare, logistics, financial services, retail, food & agri, mobility and the creative industry and generating several billion dollars of transactions per year while creating more than 20 000 jobs. Key investments include Sabi, a woman-led Nigerian soonicorn, recently named to the world ranking of Fast Company‘s Most Innovative Companies. With exponential growth over the last three years, more than 250,000 registered users, 15,000 monthly orders and a revenue that has tripled in 2023 on an annualized basis compared to 2022, Sabi generates more than $1 billion of GMV per year.

The firm has also successfully achieved the exit of Expensya, founded by Tunisian entrepreneurs Karim Jouini and Jihed Othmani, with an average Internal Rate of Return (IRR) of 48%. The sale of Expensya to the Unicorn Medius, a global leader in “CFO as a Service” technology solutions and a key gateway for financial management, represents one of the largest transactions in the MENA region. Over the past two years, Expensya has more than doubled its recurring revenue and expanded its team to over 200 employees across Tunisia, France and Germany. The company had raised $20 million in a Series B financing round in May 2021. Janngo Capital was the first African VC on Expensya’s cap table and has invested at seed and series B.

Media contact
Antonia Gleizes / Nicolas Teisserenc
[email protected] / [email protected]

Photo – https://mma.prnewswire.com/media/2544760/Janngo_Capital_leadership_team.jpg

SOURCE Janngo Capital

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Counteract Partners leads funding to scale CREW Carbon’s commercial operations with existing wastewater treatment partners, while expanding their technology to additional plants

BROOKLYN, N.Y., Oct. 30, 2024 — In order to meet global climate targets, ~10 gigatons of carbon dioxide needs to be removed from the atmosphere annually by 2050¹. CREW Carbon is on a mission to leverage its enhanced weathering approach within earth’s water cycle, focused initially on removing biogenic CO₂ produced in wastewater treatment facilities. Significant amounts of CO₂ are naturally concentrated within wastewater, creating an ideal environment to rapidly scale carbon removal. Developed through years of research at Yale University, CREW’s technology enhances the natural power of minerals to treat wastewater and store CO₂ permanently, all while removing the cost barrier to optimize biological treatment in wastewater. The company is already operating at multiple plants and are on their way to scaling operations to remove thousands of tons next year.  Seed funding will enable CREW to grow the team, deploy systems at additional wastewater plants, and continue building their proprietary carbon monitoring, reporting, and verification (MRV) system.

The oversubscribed round was led by Counteract and included participation by ReGen Ventures, ANIMO, Connecticut Innovations, Ponderosa Ventures, Newlab, Echo River Capital, and the Carbon Drawdown Initiative.

“Robust greenhouse gas removal is needed, and needed swiftly, to limit the effects of climate change and to meet our climate goals,” said Dr. Joachim Katchinoff, CREW Co-Founder and CEO. “CREW has identified that water resource recovery facilities are one of the best locations for rapid carbon removal. As a society we have spent decades building amazing wastewater treatment infrastructure to keep our environment safe; now, with CREW’s technology, we can work with utility and industrial partners to supplement their treatment processes in a way that can measurably remove CO₂ at scale while enabling safe and efficient wastewater treatment.”

The solution is resonating with investors, who see it as a scaleable, affordable way to address the climate problem. Andy Bonsall, Partner at Counteract who led the round and specializes in backing solutions for gigaton-scale carbon removal, said “We’re thrilled about CREW’s game-changing technology that scales measurable carbon removal while simultaneously delivering key improvements for wastewater facilities. By partnering with wastewater treatment plants, who are already important stewards of our communities and environment, CREW is tapping into existing infrastructure and keeping costs of deployment low. It’s a win for municipalities, industry, and our journey to net-zero, solving long standing challenges with a demonstrated, low-cost solution.”

Given the co-benefits for wastewater treatment operators, “CREW’s solution is an easy sell to partners in the wastewater sector,” according to Chris Morrison, Executive in Residence at ImagineH2O and former Division Vice President of Water Process Services at Ecolab/Nalco. “The CREW technology is sound – their pilots to date have achieved their goals of reducing costs and improving pH and alkalinity management. The technology is safer than existing solutions – removing harmful chemicals like caustic from operations. And the technology is innovative – it’s truly a first of a kind solution that transforms wastewater treatment plants into climate hubs. It’s a paradigm shift for the industry.”

About CREW

CREW Carbon is a carbon removal company that uses engineered enhanced weathering to remove CO₂ from municipal and industrial wastewater systems. CREW’s technology enhances the natural power of minerals to help treat wastewater and store carbon dioxide permanently. CREW partners with wastewater treatment plants, leveraging existing infrastructure to enable measurable climate impact while simultaneously helping optimize biological treatment.

 References

1. CDR Primer, The Case for Carbon Dioxide Removal, 2024

Media Contact: Jo Katchinoff, [email protected]

SOURCE CREW Carbon

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Neara closes Series C fundraise, led by some of the world’s largest private market investors and infrastructure owners, cementing its position as a global leader in critical infrastructure resiliency

SEATTLE, Oct. 30, 2024 — Neara, the first AI-powered predictive modeling software platform for critical infrastructure, today announced a US$31 million Series C funding round. The round was anchored by a consortium led by EQT (a leading global investment organization), with participation from Partners Group (one of the largest firms in the global private markets industry¹) and Square Peg Capital (one of the company’s earliest investors), with additional support from existing investors Skip Capital and Prosus Ventures.

The funding will accelerate Neara’s global operations across the United States, the United Kingdom, Europe, and Asia Pacific as the company continues to address the increasing challenges of energy resilience and infrastructure modernization.

With operations across four continents, Neara’s 3D digital modeling technology enables utilities to adopt a more proactive approach to network optimization with simulations that surface safety and reliability risks and identify the most effective remediation actions. Neara’s utility partners, including CenterPoint Energy and Southern California Edison in the US, perform critical analyses in just hours and days that would otherwise take months or years. These analyses enable utilities to execute faster, more informed decisions about a wide range of issues, from routine operations and load growth planning to emergency scenarios and double and triple-digit million-dollar grid hardening decisions without the need for verification from manual surveys.

CenterPoint Energy partnered with Neara following 2024’s Hurricane Beryl to forecast, measure, and deliver network improvements as part of their mission to build the most resilient coastal grid in the country. Already, CenterPoint has dramatically accelerated critical field insight analysis, reducing processes that historically took a year and a half to just three hours in Neara.

Southern California Edison counts on Neara’s technology to address problematic vegetation 50% faster in their wildfire-prone region.

As global energy challenges intensify, the public sector increasingly recognizes the role of technology in driving data-informed decisions and aligning public and private stakeholders behind the most critical projects to ensure timely funding and execution. Neara’s network-wide simulations help utilities gain regulatory support by objectively demonstrating how proposed upgrades, such as wind-resistant poles and flood-resilient network design, will improve reliability and resiliency. Neara’s software helps utilities significantly reduce outages, accelerate power restoration, and bring new infrastructure online much faster.

The company’s technology is also playing a central role in the energy transition by significantly simplifying the traditionally complex challenges of transmission design and construction hurdles. The simulation functionality also empowers utilities to optimize the utilization of existing infrastructure, accelerating the integration of renewable energy sources.

“We are asking the grid to do more in the next 10 years than we have in the last 50. Neara helps strengthen critical infrastructure to keep global communities safe, connected, and economically viable despite intensifying severe weather, age, and overuse. Reliable, affordable, clean energy depends on resilient high-functioning infrastructure, which demands the laser-focused, fast decision-making we’re empowering for utilities,” said Jack Curtis, Chief Commercial Officer at Neara.

The investment builds on Neara’s last funding round in September of 2023. Since then, the TIME 100 Most Influential Companies honoree has focused on scaling its presence in the United States and Europe. Globally, Neara has modeled over >1.5 million square miles of electricity infrastructure and 12 million infrastructure assets. 

This funding round will accelerate Neara’s global operations as utilities worldwide face increasing resiliency challenges and the demands of the energy transition. The company will also expand its modeling and simulation capabilities to additional critical infrastructure sectors, including telecommunications and public transportation. Neara is already supporting broadband infrastructure projects in the US, helping providers fast-track efforts to connect underserved communities.

“This investment marks EQT’s first venture growth investment in an Australia-headquartered company, highlighting our ambition to support world-class platforms from early growth partnerships through to large-cap buyouts. We are excited to further advance Neara’s growth and impact by leveraging our global network and expertise across energy transition, infrastructure augmentation and best-in-class software development,” said Frank Heckes, Partner on the EQT Private Equity advisory team and Co-Head of EQT Private Capital Australia and New Zealand. “EQT is focused on making responsible investments that address global challenges and drive innovation for a better future. Neara exemplifies this by empowering mission-critical service providers to enhance infrastructure reliability and efficiency, unlocking bottlenecks, and accelerating energy transition in key markets,” added Sam Franklin, Managing Director on the EQT Infrastructure advisory team.

Cyrus Driver, Managing Director at Partners Group, said, “In many cases, infrastructure is lagging behind rapidly changing societal needs, including across the energy grid, transportation, and digital infrastructure. As a result, it’s never been more important that every dollar invested in infrastructure demonstrably improves performance. Neara’s industry-leading technology is essential for every asset owner to run high-functioning and resilient infrastructure. We have deep thematic conviction in Neara’s offering and we are already working with management on multiple opportunities to deploy its solutions within Partners Group’s global network.”

James Tynan, Partner at Square Peg, explained, “For most of us, infrastructure is invisible until there is a problem, but then it can be a matter of life and death. With infrastructure under pressure like never before, Neara’s unique ability to help intelligently and cost-effectively manage these critical assets could not be more important. At Square Peg, we concentrate our investments around a small number of outlier teams attacking critical, global problems, and we’re proud to be continuing to back Neara almost four years into our journey with them.”

About Neara

Neara’s AI-assisted predictive modeling software helps infrastructure owners drive critical proactive decisions by conducting precise analyses in hours and days that would otherwise take months or years in the field. Network-wide simulation analyses reveal how assets behave in real-world environments during any scenario — empowering better, faster, more cost-effective decisions. The model supports end-to-end network governance, from routine operational decisions to emergency scenarios and major grid-hardening investments — without verification from manual surveys. Neara’s technology has modeled >1.5 million square miles of global network territory featuring ~10 million assets, across four continents from California to Ireland and Australia. Neara’s utility customers identify outage risks 9x faster, restore power 3x faster, and save thousands of field visits per year. More information is available at www.neara.com.

Media Contact
[email protected]

About EQT

EQT is a purpose-driven global investment organization with EUR 246 billion in total assets under management (EUR 134 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership. More info: www.eqtgroup.com. Follow EQT on LinkedIn, X, YouTube and Instagram.

About Square Peg

Square Peg is a venture capital firm that helps founders from our corners of the world shape the future. Founded in 2012 in Australia, Square Peg combines the best of a local partner with a global network of companies and now backs founders early and repeatedly from three of technology’s most exciting regions: Australia & New Zealand, Israel, and Southeast Asia. Learn more at squarepeg.vc 

About Partners Group

Partners Group is one of the largest firms in the global private markets industry, with around 1,800 professionals and approximately USD 150 billion in assets under management. The firm has investment programs and custom mandates spanning private equity, private credit, infrastructure, real estate, and royalties. With its heritage in Switzerland and its primary presence in the Americas in Colorado, Partners Group is built differently from the rest of the industry. The firm leverages its differentiated culture and its operationally oriented approach to identify attractive investment themes and to transform businesses and assets into market leaders. For more information, please visit www.partnersgroup.com or follow us on LinkedIn.

¹ Acting on behalf of its clients

SOURCE Neara

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DARIEN, Conn. and LOS ANGELES, Oct. 30, 2024 — Tamarack Global, an early stage deep-tech venture capital fund, today announced the close of $72M for its Opportunities II fund, which closed earlier this summer. 

The Opportunities II fund is more than twice the size of its flagship fund, bringing the firm’s total AUM to over $211M. The Opportunities II fund consists of global investors who are seeking long-term investments in transformative companies.

“Since our inception, we believed that the greatest compounding effect that we can have has been helping others to succeed. Our Opportunities I fund was launched with the aim of identifying visionary founders who were focused on building generational companies, while going after the largest end-markets in the world. We are delighted to close on Opportunities II, which will invest in solutions that solve the most pressing problems we face as a society today,” said John McCormick, founder and managing partner at Tamarack Global.

Momentum has only accelerated with follow-on initial investments made in the first fund into Opportunities II, which has already deployed capital in notable companies such as Figure AI, Impulse Space, CHAOS Industries, Rainmaker Technology Corp., Rilian Technologies, Terminal, Blue Energy, Fuse Energy, and Earth AI.

“Short-term volatility should not create drastic shifts in investment strategy, and instead can open new markets and foster innovation,” said Jamie Lee, managing partner at Tamarack Global. “As technological shifts continue to accelerate with rapid advancements in AI & ML—and the subsequent collapse of cost-curves within digital and physical industries—we remain steadfast in our focus on atoms & bits and founders who are driving change in their respective industries. We believe this will lead to some of the biggest opportunities on (and off) Earth and will continue to represent a massive opportunity for us and our investors.”

Tamarack’s Opportunities I fund, formed in 2019, raised $31.3M and invested an additional $55M alongside the fund via co-investments. Fund I invested in a portfolio of early seed and Series A companies, adding in break-out follow-on rounds in companies across the energy transition, defense-tech, the space economy, robotics & automation, AI, and more. Fund II will follow a similar strategy.

“Tamarack Global is one of a handful of under the radar funds that are truly backing deep tech and highly ambitious founders out to change the world,” said technology entrepreneur and founder/CEO of Figure, Brett Adcock.

Tamarack Global’s focus on advancing the manufacturing industry through technical innovations played an instrumental role in launching the New American Industrial Alliance (NAIA) during the summer of 2024 at the Reindustrilize Summit held in Detroit. The Company’s General Partner, Austin Bishop, who is also co-founder of Atomic Industries, wanted to capitalize on innovation happening in AI, robotics, materials, and software and believed that investors were looking to make meaningful investments in these opportunities. NAIA is laser focused on one goal—making industrial activities the powerhouse of the American economy once again through innovation and smart policy.

“NAIA is rapidly building a significant coalition across companies, institutional investors, and government officials to accelerate rebuilding U.S. industry, and to reduce reliance on at-risk global supply chains. This is very mission-aligned with the types of companies we invest in at Tamarack Global,” said Bishop.

About Tamarack Global

Founded in 2019, Tamarack Global seeks to find entrepreneurs shaping the world around them.  As our world becomes more digital, networked, and connected, it also becomes infinitely more dynamic and complex. New technologies and markets are driving change at lighting speed, scope, and scale—that is almost impossible to comprehend. Tamarack Global strives to investigate deeper, to uncover those exceptional people who are solving the difficult problems of today and beyond, whose work brings new commercialization and opening new markets via new technologies.

Media Contact:
Chris Allieri
[email protected]

SOURCE Tamarack Global

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