Compliance leader on pace to double messaging volume this year, as highly regulated industries increase adoption of compliant text and text-based payment solutions
DALLAS, May 29, 2024 — Solutions by Text (SBT), a leading platform for compliance-first messaging and payments, today announced raising $110 million in new growth financing. Growth equity investment firm Edison Partners co-led the transaction with StepStone Group, a global private markets investment firm. Stifel Venture Bank, a division of Stifel Bank, provided a lending facility.
Since Edison Partners’ initial investment in November 2021, both SBT’s bookings and revenue have grown more than 3X through compliant messaging and payment solutions built for consumer finance businesses across origination, servicing, marketing and accounts receivable use cases. In 2023, SBT’s messaging volume increased 95% from the prior year. This year, SBT is on pace to more than double messaging volume growth.
“We are so pleased that Edison Partners and StepStone share our conviction about the vast potential for an enterprise-scale compliance platform to orchestrate text messaging and payments in consumer finance,” said David Baxter, CEO of Solutions By Text. “Consumers want an alternative to endless emails, confusing web portals, and lengthy rounds with call centers when engaging their financial providers. While texting is ubiquitous with consumers, it has not matched up with the rigorous business requirements of finance regulators and carrier networks. We have bridged this divide to drive massive returns for our financial customers and put us on an accelerated upward growth trajectory.”
Text messaging proves to be one of the most effective ways to reach consumers. Ninety percent of consumers prefer text over other forms of communication, with the majority of text messages received and read in under five minutes. Despite this, and in the face of increasing regulatory complexity and carrier policies, 60% of SBT’s new customers were not using text messaging for fear of violations over the last 12 months. The difficulty of compliance has also forced some customer engagement and messaging providers to exit the financial services sector. Currently, SBT is the only end-to-end enterprise compliance platform for messaging and payments solutions to serve the consumer finance industry.
SBT’s compliant-forward platform is also enabling its customers to tap into new opportunities such as payments, where the dynamics are ripe for messaging. Nearly 17 billion bills are issued each year in the U.S. at an annual growth rate of 7%, comprising nearly $6 trillion in spend. Of this, 40% of bills focus on consumer finances. However, while 88% of Gen Z and Millennial consumers say they would make a text payment, only 9% have been given the opportunity (see: Datos report).
“When Edison first invested in SBT two and a half years ago, we saw a founder-led, capital-efficient business with a competitive moat that went deep on regulatory and carrier compliance and wide on financial industry solutions and third-party technology integrations,” said Kelly Ford, General Partner, Edison Partners. “Since then, David and his team have consistently overperformed and further cemented unparalleled trust among regulators, carriers and leading financial institutions. It’s been an incredible partnership that we’re thrilled to continue through this next phase of profitable growth.”
With this investment, SBT will continue accelerating growth with large financial institutions, expand its payments and artificial intelligence capabilities, and seek inorganic opportunities.
About Solutions by Text
Solutions by Text (SBT) is the pioneer of FinText™, empowering enterprise financial services companies to compliantly engage, interact and transact with their consumers in real-time. The nation’s largest consumer finance organizations rely on SBT’s robust compliance platform to mitigate legal and reputational risk while driving messaging and payments performance throughout the consumer lifecycle – from marketing and loan origination to servicing, collections and bill payment. SBT has been recognized as a Built In Best Place to Work and an Inc. 5000 Fastest Growing Company. For more information about Solutions By Text, please visit solutionsbytext.com and follow on LinkedIn.
About Edison Partners
Edison Partners is a leading growth equity firm providing the financial and intellectual capital that CEOs and their executive teams need to grow and scale their companies. The firm’s team brings more than 275 years of combined investing, operating and sector experience to each investment, accessible via the Edison Edge value creation platform, which is tailored to each business’ strategy, stage and operating needs. Edison targets high-growth vertical SaaS, financial technology, healthcare IT and marketplace companies located outside Silicon Valley with $10 million to $30 million in revenue. Investments also include buyouts, recapitalizations, spinouts, and secondary stock purchases. Named as a Top Growth Investment Firm by GrowthCap for two years running, Edison’s active portfolio has created aggregated market value exceeding $10 billion. Edison Partners manages $1.7 billion in assets. For more information on Edison Partners, please visit edisonpartners.com and follow on LinkedIn.
Half of U.S. small businesses operate with just 27 days of cash buffer—Relay’s banking platform gives them tools to extend their runway.
NEW YORK and TORONTO, May 29, 2024 – Relay, the business banking platform that gives cash flow clarity to small businesses (SMBs), announced today the close of a US$32.2 million Series B financing round, led by Bain Capital Ventures. This brings Relay’s total funding to US$51.6 million. The new financing accelerates Relay’s product development in spend management, smart credit products and a financial API marketplace. It’s the next step toward Relay’s overarching goal of delivering AI-powered predictive cash flow analytics to SMBs.
Relay Co-founders Yoseph West and Paul Klicnik (CNW Group/Relay)
The funding comes after consecutive years of outsized growth—Relay’s revenues rose 3x in 2022 and close to 6x in 2023—and a single-minded focus on the small business market.
“68% of U.S. small business owners have cash flow problems. They worry about making payroll and mission-critical bills but lack the tools to truly address these existential threats,” said Yoseph West, Relay’s Co-Founder and CEO. “Relay gives them cash flow clarity and control—what SMBs need to sustainably fuel everyday operations—by pairing financial services with software and making banking work harder for them.”
The funding round includes previous Relay investors BTV, Garage, and Tapestry, with new participation from Industry Ventures. “Relay’s been on an incredible trajectory, even as others in the industry have had to pivot and find new footing,” said Kevin Zhang, Partner at Bain Capital Ventures. “We were eager to get behind Relay again as the company enters its next stage of growth and doubles down on the unique needs of the SMB market.”
Relay taps into the ingrained money management behaviors of business owners. SMBs want to see what they’ve earmarked for different expenses and understand their cash position at a glance—which is what Relay delivers. As a result of this approach, last summer, Relay became the official banking platform for Profit First. Created and authored by serial entrepreneur Mike Michalowicz, Profit First is a behavior-based cash management methodology and book—with over 1 million copies sold—that teaches SMBs better financial habits.
“What makes Relay so powerful for small business owners is how it works with our natural tendencies rather than against them,” says Mike Michalowicz. “Everything from saving for taxes to tracking expenses becomes second nature in Relay, and it removes so much friction from the day-to-day work of running a business.”
On average, business owners log into Relay 13 times per month, and 40% of customers who use Relay for their primary banking log in daily. The company most recently launched a credit card in limited release, complementing their smart checking and savings accounts, and a line of credit is slated to come.
About Relay: Relay is an online banking platform that puts business owners in complete control of their cash flow and makes it easy to understand precisely what you’re earning, spending and saving. With Relay, entrepreneurs can make the smartest decisions for their businesses. Disclaimer: The Relay Visa® Credit Card is currently available to eligible Relay customers by invite only. Relay is a financial technology company, not a bank. Banking services and FDIC insurance are provided by Thread Bank; Member FDIC. The Relay Visa® Business Credit Card is issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.
Oversubscribed round led by Two Sigma Ventures and RA Capital
Company has raised $73 million to date
NEW YORK, May 29, 2024 — Gameto, a biotechnology company dedicated to advancing treatment options in women’s health, has closed an oversubscribed $33 million Series B financing round, led by Two Sigma Ventures with RA Capital and participation from existing investors, including Insight Partners, Future Ventures, and BOLD Capital Partners. Gameto’s investor group is also joined by Olivia Walton’s Ingeborg Investments, Stacey Bendet Eisner, Founder, CEO, and Creative Director of alice + olivia, and Chelsea Hirschhorn, Founder and CEO of Frida.
This latest funding brings Gameto’s total capital raised to $73 million. In the U.S., the financing will support the clinical development of Fertilo, their novel investigational in vitro maturation (IVM) solution containing engineered ovarian support cells (OSCs) to mature eggs outside of the body. Following productive discussions with the U.S. Food and Drug Administration, Gameto received tentative approval to proceed to Phase 3 trials, subject to the completion of certain assay and manufacturing requirements. The funding will continue to support the commercial launches of Fertilo in Australia and Latin America where it is already being used in the clinic.
“I am proud of the strong scientific foundation, driven and high performing team, innovative pipeline and encouraging data that we have cultivated at Gameto, and I am incredibly excited to amplify and build upon this momentum with the addition of leading investors with extensive expertise in reproductive medicine,” said Dr. Dina Radenkovic, Chief Executive Officer and co-founder of Gameto. “These funds will support our late stage clinical development in the U.S., post-market surveillance outside the U.S. and the creation of a commercial operations function. We are honored to have added the teams at Two Sigma, RA Capital, and others to our stellar investor base, and we’re pleased to see increased investor confidence in our platform technology and a recognition of the pressing need for modern treatments in the historically underfunded women’s health space, despite a challenging market. I believe that each small step we take in investing in women’s health can lead to a giant leap in medical breakthroughs and innovation.”
Gameto’s novel approach uses cellular engineering to create a pure population of highly potent OSCs from a female clinical-grade human induced pluripotent stem cell (hiPSC) line that recreates the dynamic, bidirectional follicular environment in a dish when co-cultured with immature eggs. This technology is designed to replace hormonal injections and shorten the in vitro fertilization (IVF) and egg freezing cycle from 10-14 days to 2-3 days.
“Gameto’s pioneering approach to IVF has the potential to impact families and societies on a global scale,” said Dusan Perovic, Partner at Two Sigma Ventures. “In addition to making treatments much easier and more accessible for women, Gameto’s advanced IVF/egg-freezing solution addresses a massive societal need as we’re living longer and looking to start families later in life while facing rising female and male infertility rates. There’s also a growing demand for IVF from a broader group of people, such as those with certain genetic disorders now discoverable by carrier screening, and single and same-sex parents starting families, to name a few. By harnessing cutting-edge breakthroughs in genetic sequencing and cellular engineering – tools that didn’t exist until recently – Gameto is poised to upend traditional IVF treatments to make them more accessible, convenient, and faster for anyone to start a family.”
“It’s astounding how little innovation has gone into improving IVF over the past 45 years,” said Laura Stoppel, a Principal at RA Capital Management. “Gameto is a pioneer in the women’s health industry, and we believe Fertilo represents a much-needed option for women as they navigate their fertility journey.”
“This investment is among the most personal any investor can make,” added Peter Kolchinsky, Managing Partner of RA Capital Management and father of two children. “Many at our firm have been blessed by what IVF makes possible, and know the ordeal that women tolerate at the outset of that journey just to conceive. To contemplate the importance of easing that burden, of expanding the freedom of many to have children when they are ready, it’s hard to overestimate the potential impact of such an advance on humanity, for all of our society, for the rest of time.”
Gameto is also supported by existing investors including Anne Wojcicki of 23andMe, Bob Nelsen of ARCH Venture Partners, Arcadia Investment Partners, Overwater Ventures, Plum Alley, Lux Capital, FJ Labs, SALT Fund, Myelin VC, TA Ventures, Jack Abraham of Atomic, YES VC and Dan Rose.
About Fertilo
Fertilo, Gameto’s lead investigational program, is a solution derived from induced pluripotent stem cells (iPSC) and designed to mature eggs outside of the body as part of minimal hormonal stimulation cycles for in vitro fertilization and egg freezing. Gameto’s goal in developing Fertilo is to make fertility treatments more convenient, safer, and accessible for a wider patient population. Fertilo has received different regulatory classifications in foreign jurisdictions, and after consultation with national regulators, has been cleared for commercialization in Australia and in large markets in Latin America.
About Gameto
Gameto is a biotechnology company developing novel treatment solutions for women’s health, starting with infertility. Gameto brings together an experienced scientific management team with the vision and passion to develop a product suite to support women throughout their reproductive journeys. Gameto’s lead program, Fertilo, aims to make IVF and egg freezing shorter, safer, and more accessible through reduced hormonal injections by maturing eggs outside of the body. Gameto is led by physician-turned-entrepreneur Dina Radenkovic as CEO and serial entrepreneur and founder of one of North America’s largest fertility networks Prelude Fertility, Martin Varsavsky, as Chairman. For more information, go to gametogen.com or follow us on Twitter and Instagram @gametogen and on LinkedIn.
Entrants Compete in a Shark Tank-style competition June 13-15 in advance of Juneteenth as part of minority entrepreneurship learning forum
DALLAS, May 29, 2024 — T.D. Jakes Enterprises, a social impact company, announced that it is providing small businesses and entrepreneurs an opportunity to compete for grants totaling $500,000 during its 2nd Annual Seed Capital Pitch Competition for which Wells Fargo is the presenting sponsor. The Shark Tank-style competition, part of The Good Soil Forum event taking place in Dallas at the AT&T Performing Arts Center June 13-15, supports minority entrepreneurs by enhancing their skills in crafting investable business plans and impactful pitches.
“This competition is more than just a platform for pitching business ideas—it’s a catalyst for change and a powerful vehicle for empowering underserved entrepreneurs,” said Michael Phillips, Chief Operating Officer of T.D. Jakes Enterprises. “We encourage minority small business owners and entrepreneurs to seize this moment to compete for a share of the $500,000 prize pool, with a $200,000 grand prize. This is a transformative opportunity to drive economic mobility and create generational wealth for communities.”
“We know that small businesses and entrepreneurs are a vital part of our economic ecosystem and supporting their growth is more critical now more than ever,” said Michael Martino, head of Consumer, Small and Business Banking, Diverse Customer Segments, at Wells Fargo. “Wells Fargo is excited to partner with T.D. Jakes Enterprises to accelerate access to capital for small businesses, especially Black and African American entrepreneurs and other minority-owned businesses.”
In 2023, Good Soil awarded $250,000 in grants during the first annual Seed Capital Pitch Competition.
The competition will culminate in the awarding of seed grants to the top entrants, with the first-place winner receiving $200,000 and mentorship from a leading business leader. Other awards include a $100,000 grant for the second place winner, a $75,000 grant for the third place winner, a $75,000 Host grant for the best entry from Dallas, and a $50,000 grant for the most improved participant. Judges will evaluate submissions based on the business plan readiness, results to date, ability to demonstrate how the plan will be utilized for business growth, and the quality of presentation.
Prior to the competition, Chairman T.D. Jakes will continue to host a series live sessions with special guests to discuss entrepreneurship as well as the impacts and demands of growing and scaling a business. Recent special guests include, Wallstreet Trapper, B. Michelle Williams and more found here and here.
Good Soil is dedicated to helping one million entrepreneurs generate $1 million dollars in revenue over the next ten years by providing networking and solutions for growing and scaling businesses. The inaugural Good Soil event held in Orlando last year brought more than 2,500 entrepreneurs together and organically had about 5,000 small business owners and entrepreneurs during that time join the Good Soil network. Currently the Good Soil app has more than 20,000 members and is continuing to grow by providing tangible things that are helping entrepreneurs grow. Wells Fargo and Stand Together Foundation, are co-presenting partners of this year’s event.
Good Soil Forum will feature educational fireside chats, breakout sessions and hands-on workshops in which business leaders can learn and participate in key conversations on a variety of topics from business planning and marketing strategies to financial management and leadership development, equipping them with practical skills and knowledge to elevate their business. The Good Soil Forum will also feature a vibrant marketplace with a diverse array of vendors, from tech startups to artisanal craftspeople, a unique opportunity to network, discover new products and services, and gain inspiration for attendees’ entrepreneurial ventures.
About Good Soil Good Soil is a project of T.D. Jakes Enterprises, LLC and a mission to connect entrepreneurs to opportunities in an effort to increase and maintain generational wealth and economic health in our communities. Here, every conversation plants a seed for growth, making every moment an opportunity to bloom into the next phase of small businesses. Learn more about the mission to increase generational wealth and employment by supporting and nurturing under-resourced entrepreneurs by visiting https://www.goodsoilforum.com/
Media Contact Information: Jordan A. Hora T.D. Jakes Group [email protected]
The firm closes an oversubscribed second fund to scale world-changing climate tech startups that can mitigate gigaton-scale greenhouse gas emissions
With the opening of a London office, Fund II marks the beginning of a push into Europe and Israel to support local climate innovation ecosystems
Investing with a technology-first lens, more than 60% of CEV’s team began as scientists and engineers, a critical validator in the deep-tech early-stage market
BOSTON, May 29, 2024 — Clean Energy Ventures (CEV), a leading global venture capital firm funding early-stage climate innovations, today announced the closing of an oversubscribed second flagship fund with total capital commitments of $305 million. In addition to significantly expanding the firm’s investment opportunities in North America, the latest fund allows CEV to bring its strategy and expertise to climate technology entrepreneurs in Europe and Israel. The launch of Fund II follows the successful deployment of a $110 million Fund I, which has backed 20 disruptive companies across the climate tech landscape that collectively are poised to mitigate over 50 gigatons of greenhouse gas emissions.
Climate tech venture capital firm Clean Energy Ventures raises a $305M Fund II to scale game changing technologies in North America, Europe and Israel.
Since the early days of Cleantech 1.0, CEV’s team of veteran climate investors have guided the next generation of companies spanning mobility, renewable energy, carbon capture utilization and storage, energy storage, critical minerals, and more through seismic market shifts. With a unique investment thesis, the CEV team positions quantitative climate impact alongside financial performance – requiring that each investment be capable of mitigating at least 2.5 gigatons of CO2e emissions cumulatively between the initial investment and 2050. CEV takes a hands-on approach to commercialize its portfolio companies by leveraging a deeply technical and commercial team with support from a group of venture partners and angel investors with extensive industry executive experience and a Strategic Advisory Board led by former U.S. Secretary of Energy, Ernest Moniz.
“Demand for climate investment opportunities is rising from all corners of the globe, and we are grateful for the amount of interest from our new and existing LPs,” said Temple Fennell, Co-Founder and Managing Partner at Clean Energy Ventures. “As we look to scale decarbonization technologies globally, we’re doubling down on our thesis to invest in novel hardware-oriented climate-saving technologies with the potential to bring outsized emissions reductions and top-tier financial returns.”
“As we catalyze the innovators building the decarbonized economy with new climate tech solutions, CEV’s combined ability to pinpoint the most impactful companies and technologies and then shepherd them into commercialization has been a crucial force for us and the global climate tech ecosystem,” said Scott Gerdes, Director of Private Investments for Builders Asset Management, the asset management team of Builders Vision and a limited partner in CEV’s new fund.
Alongside the launch of Fund II, CEV has established offices in London to support the growth of its team and operations in Europe. “With climate tech funding soaring tenfold across Europe in recent years, today it is the continent’s fastest growing sector. Tapping into the region’s thriving innovation ecosystems, we are primed to bridge the funding gap for promising early-stage companies and bring our expertise and network to accelerate European companies’ path to market,” commented Daniel Goldman, Co-Founder and Managing Partner.
To date, CEV has deployed capital from Fund II into long-duration energy storage company Noon Energy, compressor technology Evari, Israeli green ammonia company Nitrofix, and UK-based sustainable aviation fuel company OXCCU, with two additional stealth companies soon to be announced. “Climate action is atop the European agenda, and climate technologies are poised and ready for development and adoption. We are fortunate to have CEV’s support and guidance as OXCCU scales its innovative one-step technology from lab to planet,” said OXCCU CEO Andrew Symes.
“We know our hands-on guidance goes well beyond standard venture capital, through dedicated leadership coaching, strategic marketing, IP development, engineering support, and active board participation,” commented David Miller, Co-Founder and Managing Partner. “We are eager to seize this next chapter in our firm’s growth with our second fund and support more early-stage companies with deeply technical, game changing approaches to decarbonization.”
About Clean Energy Ventures: Clean Energy Ventures creates global climate solutions by backing expert technical teams and transforming them into market-leading commercial teams. CEV looks for technologies that can mitigate 2.5 gigatons of CO2e by 2050 and entrepreneurs that can benefit from the team’s decades of climate tech operating experience. Founded in 2017, CEV now holds more than $415 million in assets under management and has funded 26 companies to-date. For more information, please visit cleanenergyventures.com.
Raises additional 16M EUR led by Dawn Biopharma, a platform controlled by KKR, with participation from existing investors.
Funds will be used to further strengthen growing pipeline of first in class ADC assets, including lead asset targeting uPARAP.
Iyona Rajkomar, Managing Partner at Dawn Biopharma, joins Adcendo Board of Directors
COPENHAGEN, Denmark, May 29, 2024 — Adcendo ApS (“Adcendo”), a biotech company focused on the development of breakthrough antibody-drug conjugates (ADCs) for the treatment of cancers with a high unmet medical need, today announces the successful completion of a second Series A extension financing, raising a total of 98M EUR. This additional 16M EUR financing was led by Dawn Biopharma, a platform controlled by KKR, with participation from existing investors Novo Holdings, Ysios Capital, RA Capital Management, HealthCap, Gilde Healthcare and Pontifax Venture Capital. As part of the investment, Iyona Rajkomar, Managing Partner at Dawn Biopharma, will join the Adcendo Board of Directors.
Adcendo plans to further bolster the development of its first-in-class ADC pipeline assets and expand the development strategy for its lead uPARAP program in soft tissue sarcoma and other mesenchymal cancers. In addition, the funding will be used to develop further discovery-stage, first-in-class ADC pipeline assets to Development Candidate Nomination and beyond.
Michael Pehl, Chief Executive Officer of Adcendo, said: “This financing underscores the confidence that our investors have in Adcendo’s capabilities and potential to develop highly innovative ADC cancer therapies to provide treatment options for cancer patients with high unmet medical needs. We are extremely pleased to welcome Iyona to the Adcendo Board of Directors, as she brings a wealth of experience in supporting and advancing early and clinical stage biotech companies.”
Iyona Rajkomar, Board Director of Adcendo and Managing Partner at Dawn Biopharma, commented: “We are very excited to join the investor syndicate, supporting Adcendo at a pivotal time of growth and development. Our goal is to support companies committed to the development of highly innovative medicines and therapies. The progress made by Adcendo’s exceptional team has been impressive, and we are thrilled to join as the company makes the exciting transition into the clinic with its first-in-class assets in the ADC space.”
Adcendo raised 51M EUR Series A financing in April 2021, led by Novo Holdings and Ysios Capital, with participation from RA Capital Management, HealthCap and Gilde Healthcare. In April 2023, Adcendo announced a Series A extension of 31M EUR led by Pontifax Venture Capital and existing investors.
About Adcendo ApS
Adcendo ApS is developing breakthrough antibody-drug conjugates (ADCs) for the treatment of underserved cancers. In 2024, the company completed a Series A extension financing round, taking total funds raised to 98M EUR to advance, broaden, and accelerate the development of its first-in-class ADC pipeline assets. Investors include Novo Holdings, Ysios Capital, Pontifax Venture Capital, RA Capital Management, HealthCap, Gilde Healthcare and Dawn Biopharma, a platform controlled by KKR. For further information, please visit www.adcendo.com
About antibody-drug conjugates (ADCs)
ADCs are a class of highly potent biopharmaceutical drug composed of a targeting antibody linked to a biologically active drug or cytotoxic compound. ADCs combine the unique and very sensitive targeting capabilities of antibodies, with the potent effects of the conjugated cytotoxic drugs, allowing sensitive discrimination between healthy and cancer tissues.
About Dawn BioPharma
Dawn Biopharma is a platform controlled by the KKR Healthcare Strategic Growth Fund II, established to own and support a diverse portfolio of companies committed to the development of highly innovative medicines and therapies.
QINGDAO, China, May 29, 2024 — On May 28th, with the theme of “Venture and Capital for a New Era Innovation and Entrepreneurship for a Brighter Future “, the “2024 Qingdao Venture Capital Conference “, hosted by the Qingdao Municipal People’s Government and co-organized by CVINFO, opened at the Shangri-La Hotel in Qingdao. The one-and-a-half-day conference, which combines online and offline formats, has gathered more than a hundred industry experts, scholars, and entrepreneurs from internationally renowned investment banks and leading venture capital and private equity institutions to discuss the opportunities and future of capital and to activate new drivers for high-quality development.
On May 28th, the “2024& Qingdao Venture Capital Conference “, hosted by the Qingdao Municipal People’s Government, opened at the Shangri-La Hotel in Qingdao.
A Conference with High “Gold Content”
In 2019, Qingdao set the goal of building a venture capital and private equity center and tailored the venture capital and private equity conference as a platform for gathering high-quality financial resources. Over the past five years, the influence of the conference has been continuously increasing and has become an important window for the venture capital and private equity industry to pay attention to the development of Qingdao.
Compared with the previous five sessions, this session of the 2024 Qingdao Venture Capital Conference has higher “gold content”.
Introducing a high “gold content” policy package.
Leveraging the advantages of policy transmission, innovation, and inclusiveness, we have made efforts to plan and layout the “five major articles”, enabling more accurate empowerment of scientific and technological innovation, which is the “best solution” for capital to serve the real economy.
For this reason, at this conference, the “Qingdao Further Support for the High-Quality Development of the Financial Industry Policy Measures” and the “Several Policies on Strengthening the Joint Linkage of Fiscal and Financial Support for the High-Quality Development of the Whole City” were released, aiming at the goal of “building a strong financial city”, further optimizing the policy environment, and contributing to the high-quality development of the whole city.
The two newly formulated policy systems are comprehensive in content, extensive in coverage, highlight key points, and have strong competitiveness, which will further promote the “two-way rush” between the city and capital power, and the “two-wing flight” of industry and new quality productive forces development. Enable venture capital and private equity institutions to invest successfully, thrive, and reap rewards in Qingdao.”
The landing of high “gold content” projects once again demonstrates Qingdao’s sincerity and confidence in attracting and serving high-quality development through project introduction and landing services.
At the conference, the Qingdao Municipal Government signed a strategic cooperation agreement with CICC, using the project resources and professional advantages of the leading investment bank to focus on major strategies, key areas, and major projects, providing comprehensive financial services, contributing to the development of Qingdao’s capital market and economic social development.
Focus on high-quality project signing to build a modern industrial system in Qingdao.
For example, Capital Management Co., Ltd., a subsidiary of Shandong Energy Group, has established a 7 billion yuan technology industry fund, helping expand the new development pattern of industrial investment in Qingdao; New energy vehicle new power millet Xiaomi fund invested in Qingdao Yunlu New Energy Technology Co., Ltd., Upgrading industry level in Qingdao; Hisense Group’s fund manager completed the registration, marking the full coverage of direct investment platforms for large enterprises in Qingdao.
A Conference with a Strong “Vane” Color
The “vane” color of this session of the venture capital and private equity conference is more intense.
The Political Bureau of the CPC Central Committee held on April 30 proposed that it is necessary to develop new quality productive forces according to local conditions, strengthen the layout of national strategic scientific and technological forces, cultivate and expand emerging industries, advance the layout and construction of future industries, and use advanced technology to empower the transformation and upgrading of traditional industries. It is necessary to actively develop venture capital and expand patient capital.
In terms of actively cultivating emerging industries and future industries, the 2024 Government Work Report proposes to “encourage the development of venture capital and equity investment, and optimize the function of industrial investment funds”.
The Central Economic Work Conference held in 2023 proposed to “encourage the development of venture capital and equity investment”. When explaining the spirit of the Central Economic Work Conference in detail, the relevant responsible comrade of the Central Finance Office said: “It is necessary to encourage the development of venture capital and equity investment, and support long-term capital and patient capital to invest more in scientific and technological innovation. “
How can capital empower new quality productivity? How to cultivate more patient capital, guests attending this forum expressed their opinions and offered solutions respectively.
Tu Guangshao, Executive Director of Shanghai Advanced Institute of Finance, brought a keynote speech on “Global Industrial Chain Restructuring and New Opportunities for China’s Industrial Economy”; Chen Wenling, Chief Economist, Executive Deputy Director, and Deputy Director of the Academic Committee of China Center for International Economic Exchanges, shared wonderful insights on “Developing New Quality Productivity and Promoting Sustainable Development”; Du Pengfei, Party Committee Member and Management Committee Member of China International Capital Corporation Limited, expressed wonderful views on “Practice and Thinking of Capital Investment”.
In addition, Zhang Wei, Chairman of CoStone Capital, and Zheng Weihe, Chairman and Founding Partner of Cowin Capital, and other heads of domestic leading venture capital institutions elaborated on the development of the innovation system and the capital market, the innovation and development of China’s equity investment, and the acceleration of the construction of Qingdao’s venture capital and private equity ecology.
The guests generally believe that through efficient financial empowerment of new quality productivity, it is not only an important part of deepening the reform of the Supply-side Structural but also an important action to implement the spirit of the Central Financial Work Conference. In the process of accelerating the cultivation and development of new quality productivity, science and technology are equally important, and actively developing venture capital and jointly growing patient capital is the key to the transformation and development of the financial industry towards the new and the real.
In order to thoroughly implement the spirit of the Central Committee on actively cultivating and building a financial culture with Chinese characteristics, and actively practice the requirements of the financial culture with Chinese characteristics in the field of equity investment, combined with the characteristics and cultural connotation requirements of the equity investment field, the 2024 Qingdao Venture Capital and Private Equity Conference also initiated the “Initiative for the Construction of Chinese Equity Investment Culture” in the Chinese venture capital and private equity field for the first time, calling for the promotion of industry cultural connotation and the strengthening of the standard requirements for industry development.
A Conference to Create a High-Quality Capital Matrix
A high-quality capital matrix is the basic “base” for serving new quality productivity.
For a city, in a high-quality capital matrix, the government’s guiding fund with the effect of “lifting a thousand pounds with four taels” is indispensable, and one of its missions is to highlight the policy guidance function, guiding funds to flow to key technical fields that the market dares not invest in and where there is a large demand for funds, cultivating emerging industries and future industries, and filling the long-term capital gap.
On the afternoon of May 28, the 2024 Government Guidance Fund Ecological Conference, led by the Municipal Finance Bureau and the Municipal Guidance Fund Trusteeship Management Agency, was grandly held. More than a hundred well-known investment institutions, business representatives and industry experts gathered together to link the guidance funds through the conference. Various cooperative institutions and resource parties held discussions around the development direction of venture capital and equity investment, the virtuous cycle of government-guided funds, and the development of new quality productivity in venture capital and venture capital services, and conducted in-depth discussions on the fundraising, investment, and development of venture capital and venture capital industries. The core issues faced by management and withdrawal of various chains, and interpretation of the current status and development direction of key industries and hot spots.
In addition, the conference also cooperated with the city’s listed emerging industry professional parks to carry out project roadshows, organized on-site reviews of venture capital and venture capital institutions, expanded the influence of high-quality enterprises, smoothed the two-way docking channels for funds and project investment and financing, and led the venture capital to inject vitality into the fertile industrial soil. , connect industrial clusters and promote high-quality economic development.
At the conference, CVINFO also used the outstanding investment institutions’ establishment of funds, investment projects and project exit results in Qingdao in the past three years as a benchmark to discover and commend outstanding investors who have made outstanding contributions to the construction of Qingdao’s international venture capital and venture capital center. Partners, attract more outstanding investors to become Qingdao city partners, and provide a reference for Qingdao to build a high-quality capital matrix.
It is worth mentioning that this conference actively advocates the practice of green investment concepts and uses digital RMB payment to purchase the carbon emission reductions of Qingdao’s carbon inclusive platform “lcago” to neutralize this venture capital investment. The carbon emissions generated in transportation, catering, accommodation, conference affairs, etc. during the conference have achieved a “zero-carbon conference” and provided a reference for enterprises and financial institutions to serve green and low-carbon development.
Capital empowers industry, new quality drives development. In this warm season, let’s turn our attention to the 2024 Qingdao Venture Capital Conference.
MINNEAPOLIS, May 28, 2024 — Claros Technologies, Inc. (ClarosTech™), the leader in PFAS analytical and destruction technologies, announced today that it has raised $22M in new funding co-led by Ecosystem Integrity Fund and American Century Investments. This financing will allow ClarosTech™ to continue scaling the research, development and market penetration of its UV-photochemical PFAS destruction technologies, its durable anti-viral, anti-bacterial, anti-odor and broad spectrum UVA and UVB bio-based functional materials technologies and its ISO/IEC 17025:2017 analytical laboratory.
Additional investors include Capita3, Children’s Minnesota, Kureha America Inc., Open Door Foundation, F. R. Bigelow Foundation, other corporate investors, several individual investors alongside incumbent investors Groundswell Ventures and the University of Minnesota.
“Our commitment to PFAS destruction is not just about environmental responsibility, but also about sustainability. By developing and commercializing cutting-edge solutions to PFAS pollution, we’re positioning ourselves at the forefront of a growing market. As the demand for sustainable, scalable, cost competitive chemistries and industrial processes increases, we believe our technologies can be part of ensuring long-term success for our customers, partners and the planet.” said Michelle Bellanca, ClarosTech™ CEO and co-founder. “This $22M over-subscribed fundraise is a testament to the trust and commitment from a syndicate of investors that believe in Claros’ technology, commercialization strategy and vision for a cleaner and safer world. With this support, Claros is poised to revolutionize the landscape of PFAS destruction and safeguard our environment for generations to come.”
Since its prior financing in 2021, ClarosTech™ has successfully:
Scaled its PFAS destruction solution to field deployable units and is working with industry-leading manufacturers and other stakeholders to provide sustainable and effective solutions to remediate PFAS pollution in wastewater. Confirmed by internal, independent third-party and customer laboratories, ClarosTech™ has proved 99.99% destruction and defluorination performance on all PFAS types including long, short and ultra-short chain PFAS;
Built a world class ISO/IEC 17025:2017 analytical laboratory; and
Commercialized its durable functional material chemistries from bio-based sources, allowing for durable (wash-safe) anti-bacterial, anti-odor, anti-viral and broad spectrum UVA and UVB properties in textiles and other substrates.
“PFAS chemicals represent a monumental and increasingly urgent societal challenge. They are ubiquitous in manufactured products, have serious environmental and human health impacts and are persistent in the environment. Industrial producers are finally being held accountable for this pollution: settlements from PFAS litigation in the US are approaching $20 billion; the US EPA has begun regulating PFAS in drinking water; and CERCLA has designated PFAS chemicals as hazardous waste,” said Sasha Brown, Partner at Ecosystem Integrity. “We are proud to partner with Claros, which provides the most efficacious and cost-effective method of eliminating PFAS and analyzing the contents of effluent for industrial customers. Claros’ analytical, modeling and destruction capabilities are essential tools to tackle the critical imperative of halting PFAS pollution.”
PFAS (perfluoroalkyl and polyfluoroalkyl substance or “forever chemicals”) are a family of over 15,000 chemical compounds used in everything from semiconductor manufacturing to the production of clothing, furniture and food packaging. PFAS chemicals are ubiquitous and linked to cancer, thyroid disease, kidney dysfunction, birth defects, autoimmune disease and other serious health problems. Today, ChemSec estimates a $17.5 trillion annual societal cost of PFAS in our global economy. Current methods of PFAS elimination do NOT permanently solve the problem and instead perpetuate an infinite PFAS life-cycle by returning the original or concentrated PFAS back into the environment through dilution in wastewater treatment facilities, landfill disposal, incineration or deep well injection. None of these are sustainable or provide finality to liability concerns. AECOM estimates a global PFAS opportunity (replacement mitigation) of $250B and in April 2024, the Biden Administration passed the first regulations and limits on PFAS in drinking water.
About ClarosTech™
Founded from technical research developed at the University of Minnesota, ClarosTech™ is harnessing green chemistry and advanced material science to solve our global human health PFAS pollution crises. ClarosTech™ offers the first truly closed-loop PFAS contamination solution that permanently destroys ALL types of PFAS (long, short and ultrashort chain) and the greatest number of compounds compared to any other technology, is poised to be the lowest cost solution and requires minimal energy usage. ClarosTech™ is led by CEO and co-founder Michelle Bellanca, who prior to founding ClarosTech™ identified, operated and scaled technologies at 3M, IBM and the Japanese Government’s Ministry of International Trade & Investment. Michelle most recently served as Managing Director of 3M’s Strategic Corporate Ventures – Asia Pacific, investing in early-stage platform technology companies. For more information, please visit www.clarostechnologies.com
Skyrocketing costs of cancer care handily outpace other disease areas like heart disease and kidney care on a per-patient cost basis; expose urgent, unmet need for payers to focus on value-driving measures for cancer population
Cancer’s lethality is matched by its complexity, requiring personalized care plans and placing an extreme burden on both patient and provider; Echo and CVS identify Thyme Care’s provider-centric approach as pivotal to proactively addressing patient needs–improving experience, outcomes, and affordability
New strategic investment builds on Thyme Care’s leadership and will accelerate the national expansion of its comprehensive cancer care model, offering a path forward for payers and providers seeking to improve member experience and bend the cost curve
NASHVILLE, Tenn., May 28, 2024 — Thyme Care, the leading value-based cancer care enabler, today announced investment from Echo Health Ventures, a strategic investment platform investing on behalf of multiple Blues health plans, and CVS Health Ventures, the venture arm of CVS Health. The investment will accelerate the national expansion of Thyme Care’s value-based cancer care model through contracts with health plans, risk-bearing providers and with oncologists. Kurt Sheline, partner at Echo Health Ventures, and Alyssa Reisner, partner at CVS Health Ventures, will join as board observers.
As the second leading cause of death in the United States, cancer’s lethality is matched by its complexity and imposes an extreme economic burden for patients and payers alike. Patients often face difficulties in navigating their care due to the intricacies of a cancer diagnosis and subsequent care plan, leading to gaps in support and lack of coordination between visits. Consequently, cancer patients experience higher rates of hospitalization during treatment, contributing to increased healthcare costs across the system, with cancer costs disproportionately impacting healthcare spend.
“Cancer care today is challenging for everyone involved. Patients and families are forced to navigate a complex and frightening care journey, while providers struggle to offer personalized care in a rapidly evolving and often heterogeneous case mix, and health plans grapple with skyrocketing costs,” said Kurt Sheline, Echo Health Ventures. “We believe Thyme Care’s member-centric and provider-integrated approach is unique and has the potential to transform this status quo toward a value-based future that aligns incentives to improve outcomes and lower costs.”
Thyme Care challenges the traditional fee-for-service landscape by empowering oncologists as agents of change within novel payment models, allowing them to focus on delivering high-quality care in the clinic, while Thyme Care’s oncology-trained Care Team manages patients’ needs between visits. Through Thyme Care’s represented payer agreements, the company embeds its patient-centered care resources directly within oncology practices, including 24/7 navigation services, operational and actuarial support, and robust reporting capabilities to accurately measure impact in these new models. This comprehensive approach has proven effective in reducing healthcare utilization rates and improving clinical outcomes, patient satisfaction, and affordability across the care continuum. Now available in 31 states to more than 500,000 people at participating health plans, risk-bearing providers, and government-sponsored entities, Thyme Care plans to rapidly expand its services as it establishes more payer and provider agreements across the country.
“Through our ongoing work at CVS Health Ventures, we’ve pinpointed a critical need to find organizations who can empower health care providers, without creating abrasion to their existing efforts, while effectively lowering costs and providing high-value patient care,” said Alyssa Reisner, CVS Health Ventures. “Thyme Care’s provider-driven approach is a powerful catalyst in enabling oncologists to navigate the shift to alternative payment models, fostering patient trust and elevating the role of the provider while driving significant cost savings throughout the care continuum. We’re dedicated to supporting Thyme Care’s growth by lending our strategic expertise as the company expands nationally.”
Echo Health Ventures and CVS Health Ventures joined Thyme Care’s recent fundraise because they recognize the urgency and unmet need to design scalable solutions around the fragmented cancer care experience, both within their various portfolio partners and at a broader scale. Alternative payment models like CMS’ Enhancing Oncology Model are a step in the right direction toward value-based cancer care industry adoption, similar to the way its Comprehensive End-Stage Renal Disease Care (CEC) model transformed kidney care in 2015. Thyme Care’s approach is enabling more payers and providers to participate in value-based arrangements.
“The investment from Echo and CVS is a milestone moment for Thyme Care driven by our commitment to working with partners dedicated to rethinking how we deliver and pay for cancer care,” said Brad Diephuis, MD, MBA, chief operations officer and president at Thyme Care and former advisor to the Center for Medicare and Medicaid Innovation (CMMI). “We’re thrilled to welcome them to the team, and we look forward to leveraging their deep industry insights.”
About Thyme Care Thyme Care is the leading value-based care enabler, collaborating with payers and providers to transform the experience and outcomes for individuals living with cancer. The company partners with health plans, employers and risk-bearing providers to assume accountability for enhanced care quality, improved health outcomes, and reduced total cost of care. Thyme Care’s approach combines a technology-enabled Care Team and seamless integration with providers, creating a hybrid collaborative care model that guides and supports the entire patient journey. Thyme Care empowers oncologists nationwide through purpose-built tech, advanced data analytics, and virtual patient engagement, driving better care and outcomes in value-based arrangements. Thyme Care is a founding member of CancerX, and is backed by leading investors. To learn more about how Thyme Care is enabling the shift to value-based care in oncology, visit www.thymecare.com.
About Echo Health Ventures Echo Health Ventures drives systemic health care transformation through hands-on, purpose-driven strategic venture capital and growth equity investing. Echo brings together Cambia Health Solutions, Mosaic Health Solutions, USAble Corporation and BlueCross BlueShield of Tennessee to accelerate health care innovation on a national scale and support meaningful health care impact. Learn more at www.echohealthventures.com.
About CVS Health Ventures CVS Health Ventures is a dedicated corporate venture capital fund that works with high-potential, early-stage and growth-stage companies focused on making health care more accessible, affordable, and simpler. The company focuses on investments that transform care delivery and focus on whole person care, consumer-centric health, and disruptive technology enablement. CVS Health Ventures’ goal is to enable promising entrepreneurs to scale more quickly and effectively through access to their unmatched enterprise capabilities and consumer touchpoints, while offering expertise and insights from their company’s unique perspective. For more information, visit cvshealth.com/health-care-redefined/ventures.html.
Contact Kimberly Dreisinger Thyme Care Communications [email protected]
