ATLANTA, May 11, 2023 — Cloverly, a technology powered climate action platform, today announced that it has raised a $19 million Series A funding round.  The investment was led by Grotech Ventures, a leading global technology investor, and joined by other leading firms including Aquiline Technology Growth, Impact Engine, Mission One Capital, New Climate Ventures, and CreativeCo Capital, and supported by existing investors including Tech Square Ventures, SoftBank Opportunity Fund, Circadian Ventures, Knoll Ventures, SaaS Ventures, and Panoramic Ventures.  This financing will fund the further development of Cloverly’s industry-leading digital infrastructure for the voluntary carbon markets, including the new supplier platform, helping buyers, suppliers, and nearly any other company to easily scale their impact. The Series A will also support tripling Cloverly’s team and launching a second headquarters in London in order to accommodate global customer demand. 

Innovation Within a Critical Industry
According to the Intergovernmental Panel on Climate Change (IPCC), “The deployment of carbon dioxide removal (CDR) to counterbalance hard-to-abate residual emissions is unavoidable if net zero CO2 or GHG emissions are to be achieved.”  The voluntary carbon market (VCM) represents a critical mechanism for driving immediate climate action by addressing unavoidable emissions today in parallel to the large-scale emissions reductions required to avert climate change in the future.  In order to reach global emissions targets, the National Academy of Sciences states that an additional 10 billion tonnes of carbon dioxide must be removed annually by 2050.  This pressing need is fueling incredible growth for these markets, expected to reach between $50 billion dollars by 2030 according to McKinsey and the Taskforce on Scaling Voluntary Carbon Markets.  However, despite the growth and urgency, the VCM lacks many of the fundamental elements required to drive meaningful impact at scale. 

Cloverly has been addressing these problems surrounding access, ease, trust, and transparency since its inception as the first API in the world for carbon credits and the company has grown to become the leading digital infrastructure powering the VCM, partnering with global leaders such as American Express, Salesforce, Visa, more.  Businesses can quickly scale their climate action by directly purchasing quality carbon removals or by embedding the Cloverly technology into their own products, services, or supply chains.  Project suppliers can also scale by leveraging the Cloverly Marketplace™ as well as Cloverly’s supplier software that enables them to manage critical commercial operations such as inventory management, multi-channel distribution, and the tracking of credit sales.  The new supplier platform offers credits from innovative suppliers such as Tradewater, Therm,  KOKO Networks,  CarbonCure.

“Cloverly has been such a strong champion as we look to scale our distribution of carbon credits,” added Rahul Misra, CarbonCure’s Head of Carbon Product and Operations. “The value they provide both by showcasing our solution and via their genuine partnership is important as we navigate the very dynamic voluntary carbon market and engage with a diverse range of credit buyers.”

The Market Demand
Consumer spending data supports not only the environmental imperative to scale climate change but also the public demand to incorporate sustainable choices into our lives.  A 2022 NielsenIQ report shows 30% of consumers are more likely to purchase sustainable products and a 2022 report from the Wharton School of Business highlights that two thirds of consumers are willing to pay more for sustainable products.  Incorporating climate action into user experiences and product roadmaps is one of the greatest opportunities businesses can leverage to meet this proven market demand.

“We cannot wait – we need to act now,” shared Jason Rubottom, CEO of Cloverly.  “The importance of the voluntary carbon market demonstrates an unprecedented demand for solutions that allow both businesses and consumers to actively contribute to critical climate action.  Cloverly is uniquely positioned to facilitate that engagement and this funding round represents that.”

“Through our due diligence, we spoke to many of Cloverly’s customers.  We were struck by the passion they had for Cloverly’s product and team,” recalled Lawson Devries, general partner at Grotech Ventures.   “It became clear that Cloverly has not only established itself as a global leader in a large market but that they were bringing real value to their stakeholders and positively impacting the larger fight against climate change.  We are excited to be a part of that.” 

“It has been remarkable to watch Cloverly evolve since its seed round,” reflected Vasant Kamath of Tech Square Ventures, the original lead investor in the company.  “Seeing both the product and team rapidly grow into a world-class player in just a few short years is a testament to their continued innovation to meet this critical market need.” 

About Cloverly
Cloverly launched as the first API for carbon credits and now is the most advanced digital infrastructure powering the voluntary carbon markets.  With a mission to scale high-impact climate action, Cloverly is now trusted by 200+ enterprises worldwide spanning financial services, technology, ESG / carbon accounting, supply chain, eCommerce, and more, with dozens of the leading project developers and suppliers leveraging the Cloverly platform to manage their carbon credit operations.  For more information, visit http://launch.cloverly.com/home .

About Grotech Ventures
 Founded in 1984, Grotech Ventures is a leading early investor in high-potential technology companies. Grotech seeks innovative, early-stage investments across the technology landscape and continues to invest and add value throughout the life cycle of each portfolio company. The firm has a strong combination of financial backing, industry relationships, and deep domain and operational expertise to accelerate growth. With more than $1.0 billion in committed capital, Grotech supports early-stage companies through investments starting at $500,000. For more information, visit http://www.grotech.com.

Media Contact: 
[email protected] 

Logo – https://mma.prnewswire.com/media/1557052/Cloverly_Logo.jpg

SOURCE Cloverly

ATLANTA, May 11, 2023 — Greenlight Commercial Funding, a private finance company, has announced its completion of a joint venture valued at $500 million for their corporate debt financing guarantee program. Greenlight Commercial Funding invests the necessary capital into the preferred equity of small businesses that will be utilized to guarantee debt financing. 

Greenlight Commercial Funding offers this unique financial program to companies seeking debt-based financing. With an influx of clients since the beginning of this program in 2022. Greenlight Commercial Funding sought to expand through this $500 million joint venture with CLS Capital Holdings LLC to continue to provide their financial guaranty program in response to the ever-growing demand from companies interested in this unique financing opportunity. Dr. Beadle, Managing Partner “Our partnership with CLS Holdings LLC allows us to directly decision and fund our clients request based on our internal underwriting this is a game changer.”

This joint venture will allow Greenlight Commercial Funding to fulfill the demand for debt financing solutions in an increasingly strained capital market. In addition, Greenlight Commercial Funding will be able to increase the number of businesses it assists through this guaranty program. The need for financing of debt and equity solutions in today’s market is immense and though the aid of its joint venture partner CLS Capital Holdings LLC, Greenlight Commercial Funding can provide an immediate solution to a monumental problem plaguing the commercial loan industry.

About CLS Capital Holdings LLC

CLS Capital Group LLC, parent company of CLS Capital Holdings LLC, (“CLS”), formed in 1993, provided personal and commercial debt-based funding solutions to borrowers in various areas of finance. Since the 2008 financial crisis, CLS ventured into asset management activities for numerous high net worth individuals and family offices. Through this change in direction, CLS has forged strategic alliances with venture capital funds, private equity firms, investment banks, top financial institutions, and accredited investors, CLS has a solution for most any funding request. Ray Uballe, the President and Founder of CLS Capital Holdings LLC described this joint venture as “An equity solution for Greenlight Commercial Funding, and a great chance for CLS to work alongside a company that is also an experienced player the debt equity space for company’s looking seeking Mergers & Acquisitions, Investment Banking, and Capital Formation.”

About Greenlight Commercial Funding

Greenlight Commercial Funding is one of the most resourceful and dedicated teams of commercial funding companies in the industry. They are a client-driven commercial finance firm serving borrowers inquiring about commercial capital. Offering a wide variety of debt and equity financing for income producing properties, Greenlight Commercial Funding has earned an industry wide reputation for making commercial investments a reality for clients. With a high business volume, the company is privileged with the position of securing preferential or private loan products for clients.

Contact
Dr. Alexander C. Beadle II
[email protected]
(770) 990-7939

SOURCE Greenlight Commercial Funding

NEW YORK, May 11, 2023 — AvantGuard, a fast-growing company in the antimicrobial industry, announced today the successful completion of its seed funding round, raising $2.85 million. The funds will be used to accelerate the development and expansion of its innovative antimicrobial chemistries, as well as to hire additional scientists to further develop the product and expand the company’s global reach.

The round included new investments from Blue Ledge Capital, as well as follow-on investments from SOSV, LaunchNY, and Red Bear Angels, a consortium of prominent investors with a proven track record.

AvantGuard’s innovative chemistries offer unique solutions that manage surfaces and provide long-term protection against viruses, bacteria, fungi, and mold. Its cutting-edge technology has already gained the company recognition in the industry, and with the completion of their seed funding round, they are poised for a bright future in the space, furthering the advancement of long-lasting pathogen-fighting solutions worldwide.

“Supporting AvantGuard’s mission and innovative solutions for managing surfaces and providing long-term protection against dangerous pathogens in areas such as hospitals, food production, cruise ships, and lodging was a no brainer,” said Andy Roche, Founder of Blue Ledge Capital. “AvantGuard’s unique approach to antimicrobial chemistries has already gained them recognition, and we’re confident in their potential to revolutionize the industry. We look forward to partnering with the AvantGuard team as they continue to develop their technology and expand their global reach.”

Following this new fundraise, AvantGuard is planning to expand research and development, hire more scientists, and further develop products to accelerate the company’s mission of revolutionizing the antimicrobial industry. Using these funds and over $7.5 million in grants funding, AvantGuard aims to offer innovative solutions that ensure continuous protection against dangerous pathogens, promoting a healthier and safer world.

“We’re thrilled to have secured such a significant investment that enables us to bring our innovative chemistries to market and scale at a more rapid pace,” said Ted Eveleth, CEO. “Our team consists of world-class scientists who are dedicated to solving some of the biggest challenges in the antimicrobial industry. We’re excited to have the support of our investors who share our vision and have vested their trust in our expertise.”

To learn more about AvantGuard and its initiatives, please visit https://www.avantguardinc.com/

ABOUT AVANTGUARD:
AvantGuard is a chemistry-based technology and product company creating innovative solutions that provide long-term protection against viruses, bacteria, and fungi/mold, in a wide variety of applications. The company’s unique proprietary combinations of specialty molecules and polymers are customized to provide prolonged antimicrobial efficacy to a wide range of surfaces and materials. AvantGuard’s unique solutions can not only protect against pathogens for weeks or months, but also make surfaces easier to clean, resist adhesion, prevent fouling, and inhibit the formation of biofilms.

SOURCE AvantGuard

Seed Round was Led by 186 Ventures with Participation From Founder Collective, Connexa Capital, Four Acres Ventures, and Commercial Real Estate Leaders from JLL, Newmark, Atlantic Management, and The Fallon Company

NEW YORK, May 11, 2023 —  Integrated Projects, the world’s leading provider of digitization services for building owners and design professionals, announced today it has closed $3 million in seed funding. The funds will be used to expand the current digitization capacity of its Integrated Projects Exchange (IPX) platform from six to 60 buildings a day. Integrated Projects’ seed round is led by 186 Ventures with participation from Founder Collective, Connexa Capital, and Four Acres Capital, along with investments from leading real estate executives and institutional landlords including The Fallon Company, Atlantic Management, JLL, and Newmark.

Global adoption of IPX comes amidst increasing macro economic hardship and new climate-focused regulations throughout the commercial real estate industry requiring owners to accurately report building footprints and spatial characteristics.

“Before building owners can proactively design and renovate what should be, we need to first understand what is,” says Jose Cruz Jr, Founder and CEO, Integrated Projects. “By combining 3D scanning and 3D modeling technology, IPX helps owners bring their buildings online with unprecedented accuracy—down to the inch. This makes it possible for owners to take control of their real estate assets by profoundly improving how they view, verify, quantify, and share building characteristics—such as architectural, mechanical, and furniture information.”

In 2022, the IPX platform digitized more than 1,700 buildings for individual landlords, architects, and Fortune 500 companies with multi-location real estate portfolios—from homes, skyscrapers, schools, hospitals, industrial warehouses, and retail centers—a staggering 725 percent year-over-year building volume increase. Channel partnerships with leading 3D scanning companies like Matterport and Sitescape FARO have expanded IPX’s reach across North America, Europe, and Australia.

“Digitization of real estate, the largest asset class in the world, needs to happen at lightning speed. The technology and tools required to help all real estate stakeholders quickly and cost-effectively identify any data point related to their entire portfolio is finally here,” said Giuseppe Stuto, Co-founder and Managing Partner, 186 Ventures, who will be joining the Integrated Projects board of directors with this financing. “Jose and the rest of the IPX team are undoubtedly the best equipped to help the real estate industry automate key parts of existing, slow moving, costly workflows in a way that helps everyone win.”

IPX is a digitization platform that helps owners bring their buildings online. With just a few clicks, owners can onboard their buildings via IPX’s two digitization services: SCANIT and BIMIT. IPX’s SCANIT service mobilizes a LiDAR scan technician to any property across North America to create a construction-grade 3D scan. IPX’s BIMIT service processes any 3D scan into an IPX-verified model. Once an IPX-verified model of their property is uploaded, real estate owners can use it to quickly create 2D and 3D plans of their space, view virtual tours and photos, and quantify any onsite material or equipment.

“IPX’s platform is a game changer for real estate asset management,” said investor Michael Fallon, CEO of The Fallon Company. “Its proprietary 3D technology addresses an acute industry need by providing all key stakeholders with real-time access to critical information.”

ABOUT INTEGRATED PROJECTS
Integrated Projects is a worldwide leader in digitization services for owner-operators and design professionals. The Integrated Projects Exchange (IPX) platform helps customers scan, verify, view, and quantify building materials and equipment, enabling building owners to make building and equipment upgrades cost-effectively and meet regulatory demands efficiently. Integrated Projects is a minority-owned business, headquartered in New York. For more details visit www.integrated-projects.com.

Contact:
Joshua Milne
617-501-1620
[email protected]

SOURCE Integrated Projects

Investment will catalyze the world’s first deployment of self-propelled, battery-electric railcars for commercial use in a freight rail operation

ST. LOUIS, May 11, 2023 — Intramotev, a pioneering technology company focused on developing autonomous, zero-emission rail solutions, has been awarded a $200,000 grant from Michigan’s Office of Future Mobility and Electrification to support the deployment of three of its TugVolt self-propelled railcars at a mining site in the Upper Peninsula of Michigan in late 2023.

This civic investment will catalyze the first deployment anywhere in the world of self-propelled, battery-electric railcars for commercial use in a freight rail operation. It will also begin to fulfill the company’s goal that initial applications of its technology will include captive routes between mines and processing facilities, as well as intra-plant and ports. 

In every moment, freight trucks navigate long, choked highways across the nation, producing an estimated 433 million tons of carbon emissions annually, while close to a million freight railcars sit idle every day in switching yards. Intramotev is developing and deploying a suite of products to address the primary element behind the lack of growth in the rail industry, shipment certainty, while further building upon rail’s strengths in safety and sustainability. They include TugVolt, a proprietary kit that can retrofit/upfit existing railcars to become battery-electric, move independently like a truck, and decouple to service first- and last-mile legs; ReVolt, capturing waste energy in traditional trains via regenerative braking; and automated safety systems including gates and hatches.

Intramotev is poised to help meet the Federal Railroad Administration’s Climate Challenge, a commitment to partner with owners and operators in the U.S. rail network, and manufacturers of rail equipment, to reach net-zero greenhouse gas emissions by 2050. While reducing railway diesel emissions as well as relieving congested and polluted roadways, Intramotev’s technology offers reduced operational costs and the highest level of safety, with stopping distances at a fraction of traditional heavier trains, among other benefits.

“The U.S.’s rail lines represent one the country’s original foundations of mobility and prosperity, and now we have an opportunity to future-proof these lines, starting in Michigan,” said Kathryn Snorrason, Interim Chief Mobility Officer for the State of Michigan. “We look forward to supporting Intramotev’s deployment of its innovative railcars, which will not only serve to further expand Michigan’s growing EV ecosystem, but will help revolutionize our supply chains and create a more sustainable mobility future.”

“We are excited to partner with Michigan’s Office of Future Mobility and Electrification to usher in a new era of industrial revitalization,” said Intramotev CEO Timothy Luchini, PhD. “Utilizing the most advanced battery-electric technology and other proprietary tools, we look to apply the packetization of the internet model to freight logistics initially on short captive routes and remove the actual distance then rapidly expanding to the full network of 140,000 miles of existing U.S. track without additional infrastructure. We envision a future where freight can move itself without waiting for a locomotive, making the system more efficient and environmentally friendly.”

About Michigan Economic Development Corporation (MEDC)

The Michigan Economic Development Corporation is the state’s marketing arm and lead advocate for business development, job awareness and community development with the focus on growing Michigan’s economy. For more information on the MEDC and our initiatives, visit www.MichiganBusiness.org. For Pure Michigan® tourism information, your trip begins at www.michigan.org. Join the conversation on: Facebook, Instagram, LinkedIn, and Twitter.

About Intramotev

Intramotev is a high-technology company focused on transforming modern freight movement by developing autonomous, zero-emission rail solutions that decrease costs, increase usage and safety, and promote environmental responsibility. Founded in 2020 in Saint Louis, Missouri, the company’s products include TugVolt, ReVolt, and automated safety systems including gates and hatches. Intramotev: Rail, Reborn & Ready To Roll. Visit www.intramotev.com.

Media Contact
David Parmet
Firecracker PR
1-888-317-4687
[email protected] 

SOURCE Intramotev

The new fully programmable mobile enterprise data security platform SnippetExchange™ is driving unprecedented client demand.

SILICON VALLEY, Calif. and LONDON, May 11, 2023 — SnippetSentry™ announces the closing of an extended Series A to meet strong client and market demand.

Earlier this year, SnippetSentry’s innovative concept and roadmap to a fully customizable, scalable, mobile data security enterprise platform was released to select existing clients and partners, turning into immediate requests for licenses and prompting the company’s leadership to extend the Series A to accommodate an expedited market release cycle. The round was led by Carolina Financial Group a second time.

“We’re thrilled to be using SnippetSentry because it will give us more comprehensive control over the ever-expanding range of digital communication,” Bruce Roberts, CEO of Carolina Financial Group, states. “It vastly extends the reach of our business in a way that increases our customer contact in a seamless and compliant manner.”

Purpose-built with automation, and global scalability in mind, SnippetExchange™ is designed for seamless deployment, with minimum I.T. involvement and no changes to user behavior.

“The positive feedback from our initial pilot clients was immediate product-market fit validation. It was natural for us to align our market vision to more effectively address today’s challenges of capturing and securely dispatching messages,” says Edward Green, CEO of SnippetSentry “With SnippetExchange™^, we are addressing one of the most significant gaps in today’s enterprise security posture – mobile data transmissions – in a way unlike any company currently in the market.”

SnippetSentry will showcase the SnippetExchange™ at leading industry events this May in Washington, D.C., and San Francisco, CA.

About SnippetSentry:
SnippetSentry, based in Silicon Valley/California, empowers companies to tackle a significant challenge in today’s enterprise security posture – unmonitored mobile communications data. Their customizable platform, SnippetExchange™, proactively addresses this challenge by securely capturing and safeguarding mobile communications data. Strengthen your company’s security posture; capture iMessage, Android SMS, WhatsApp, WeChat, and more, for a complete enterprise record – Every Message. Every Time. www.SnippetSentry.com

For more information:
Sabine Zimmerhansl, COO
[email protected]
P 650.988.5885

SOURCE SnippetSentry

NEW YORK, May 11, 2023 — Bregal Sagemount (“Sagemount”) and FTV Capital (“FTV”), two leading growth-focused private equity firms, today announced a strategic growth investment in Neptune Flood Incorporated (“Neptune” or the “Company”), a leading digital insurtech platform and private flood insurance provider. Sagemount and FTV will acquire a substantial minority stake in the Company, with Neptune CEO and management maintaining majority ownership. Financial terms of the transaction were not disclosed.

Launched in 2018 and based in St. Petersburg, Florida, Neptune provides affordable and value-added flood insurance policies to over 150,000 homeowners, renters, and businesses in 48 states and Washington, D.C. Founded with the goal of changing the way consumers and businesses think about and buy insurance, the Company has disrupted the traditional flood insurance market, offering a digital platform that enables insurance agents and customers to obtain coverage in mere minutes. Neptune’s proprietary AI platform, Triton, instantly assesses flood risk on a property-by-property basis, allowing the Company to provide an accurate assessment of risk, personalize pricing for customers, and offer competitive premiums.

“We are thrilled to be partnering with Sagemount and FTV as we continue to build our business and achieve our mission of making flood insurance more accessible, helping customers better protect their homes and businesses from the devastating effects of flooding,” said Trevor Burgess, President & CEO of Neptune. “Both Sagemount and FTV have established track records of insurtech growth investments and expertise in scaling technology-enabled businesses, something that set them apart from other investors we saw in the market and made them the ideal partners for our next phase of growth.”

“Sagemount has been investing in and following the insurance and MGA markets for several years and we are incredibly impressed by the innovative technology that Neptune has built,” added Blair Greenberg, Partner at Sagemount. “The Company has truly disrupted the traditional flood insurance market and we are excited to support them as they continue to bring their insurtech solution to more customers.”

Mike Vostrizansky, Partner at FTV, added, “We are excited to support Neptune as they continue to transform the way that homeowners and businesses purchase flood insurance – increasing consumer awareness and adoption. Neptune’s visionary management team has built a differentiated technology platform that we believe has positioned the company for expansive growth in the years ahead, and we welcome the opportunity to leverage our domain expertise and strategic relationships in our Global Partner Network® to contribute to the company’s growth journey.”

Sagemount and FTV’s investment in Neptune will help enable the Company to accelerate its growth plans and expand its customer base while continuing to enhance its technology platform and develop new products to meet the evolving needs of homeowners and businesses.

With this growth investment, Greenberg and Vostrizansky will join Neptune’s board of directors.

Morgan Stanley & Co. LLC served as exclusive financial advisor to Neptune. Howden Tiger Capital Markets & Advisory acted as financial advisor to Bregal Sagemount and FTV.

About Neptune Flood

Neptune Flood is an AI-driven insurance company specializing in providing flood insurance solutions for residential and commercial properties. By leveraging advanced technology, data analytics, and user-friendly online tools, Neptune Flood offers consumers and businesses a fast and efficient way to obtain flood insurance policies tailored to their needs. The company aims to simplify the insurance-buying process while offering competitive rates and comprehensive coverage options. Neptune Flood is backed by top-rated insurance carriers, ensuring that their customers receive reliable financial protection in the event of a flood. Their dedication to superior agent and customer service, along with their cutting-edge approach to flood insurance, makes Neptune Flood a trusted and pioneering force in the industry. For more information, visit the Neptune website: www.neptuneflood.com and follow the firm on LinkedIn.

About Bregal Sagemount

Bregal Sagemount is a leading growth-focused private capital firm with more than $6.5 billion of capital raised. The firm provides flexible capital and strategic assistance to market-leading companies in high-growth sectors across a wide variety of transaction situations. Bregal Sagemount has invested in over 70 companies in a variety of sectors, including software, information / data services, financial services, digital infrastructure, healthcare IT, and business & consumer services. The firm has offices in New York, Palo Alto, and Dallas. For more information, visit the Sagemount website: www.sagemount.com and follow the firm on LinkedIn.

About FTV Capital

FTV Capital is a sector-focused growth equity investment firm that has raised $6.2 billion to invest in high-growth companies offering a range of innovative solutions in three sectors: enterprise technology and services, financial services, and payments and transaction processing. FTV’s experienced team leverages its domain expertise and proven track record in each of these sectors to help motivated management teams accelerate growth. FTV also provides companies with access to its Global Partner Network®, a group of the world’s leading enterprises and executives who have helped FTV portfolio companies for two decades. Founded in 1998, FTV Capital has invested in 137 portfolio companies, including Docupace, EBANX, Embroker, LoanPro, LogicSource, ManyPets, Patra, PlateIQ and Solid, and successfully exited/partially exited companies including Enfusion (NYSE: ENFN), Globant (NYSE: GLOB), InvestCloud (recapitalized), RapidRatings (recapitalized), Strata Fund Solutions (acquired by Alter Domus), VPay (acquired by Optum) and WorldFirst (acquired by Ant Financial). FTV has offices in San Francisco, New York, and Connecticut. For more information, please visit www.ftvcapital.com and follow the firm on LinkedIn.

SOURCE Neptune Flood

Edouard Cukierman, Managing Partner at Catalyst Funds: “Catalyst will play a crucial role in supporting the next generation of entrepreneurs and innovators in Israel“

The new Fund was announced at the International Investments Conference, GoforIsrael, which hosted over 1000 participants, including hundreds of investors from Europe, the US, Mexico, Asia and Israel

TEL AVIV, Israel, May 11, 2023 — Catalyst Funds announced the closing of its fourth Fund – Catalyst IV, that will manage assets of $150 million. Catalyst Funds have a total of $450 million in managed assets. The new fund, which has already invested in 3 companies – Curalife, Addionics and Nexar – will invest in growth companies in various sectors including: Cybersecurity, Life Sciences, DeepTech, Mobility, Climatech, Foodtech and Renewable Energy.

The partners in Catalyst are Edouard Cukierman, Yair Shamir, Boaz Harel and Lisya Bahar-Manoah, Luc Muller.

“We are proud that 50 percent of our portfolio companies from our last Catalyst Fund went public in the US”, said Edouard Cukierman, Managing Partner at Catalyst and Chairman of Cukierman Investment House. “The fund had five exits out of 8 investments, while four of them were IPOs and one was an M&A transaction”, he added. Among the IPOs are Tufin, Taboola, and Arbe Robotics.

Catalyst IV was announced at GoforIsrael, the International Investments Conference, organized by Catalyst Fund and Cukierman Investment House, which marked this year its 30th anniversary. The Conference hosted over 1000 participants, including hundreds of investors from Europe, the US, Latin America, and Asia.

“As we look to the future, we recognize that the challenges and opportunities before us are greater than ever before”, said Cukierman. “We saw in our last 30 years of investment activities so many crises, and how the Start-Up Nation managed to overcome all obstacles. We believe that we are well-positioned to meet these challenges head-on. Catalyst will play a crucial role in supporting the next generation of entrepreneurs and innovators in Israel.”

In addition to the new fund, Catalyst also announced the launch of Catalyst Investors’ Club (CIC), a global technology startup in the Fintech market. 
CIC is an investment platform that enables accredited investors to invest alongside VCs or lead investors.  It aims to democratize access to unique investment opportunities, available only to the VC community, reduce risk and personalize the investment process by using AI to make informed decisions.

The platform provides a VOD interface designed to serve as a gateway for startups seeking exposure within the accredited investors community.  The simple onboarding process allows companies to showcase their technology through engaging videos.

CIC works closely with Catalyst Investments as well as Cukierman & Co., the leading Israeli investment house, with more than 30 years of experience and proven success.

About Catalyst Funds:

Catalyst is a prominent multi-fund firm based in Israel with over 24 years of experience in investing in mature, disruptive technology companies that have an Israel nexus. Established in 1999, it is currently the only fund still operating with the same managing partners. Catalyst recently announced the closing of Catalyst IV. Catalyst III resulted in five exits out of eight investments, with four going public in America and one through M&A.

For Further Information please visit our websites:

https://catalyst-fund.com/

https://goforisrael.com/

https://cukierman.co.il/private-equity-fund/

https://www.catalyst-ic.com/

Contact:
Omer Hochbaum, Positive Communications, [email protected]

Photo – https://mma.prnewswire.com/media/2074877/GoforIsrael_Team.jpg
Logo –  https://mma.prnewswire.com/media/2042016/GoforIsrael_Logo.jpg

SOURCE GoforIsrael

Facility Includes Potential Expansion of Notes up to $80 million

Provides Multiple Years of Funding to Enhance Asset Platform

MCLEAN, Va., May 10, 2023 — NextNav Inc. (Nasdaq: NN), a leader in next generation GPS, today announced the closing of a private offering (the “Offering”) of $50 million aggregate principal amount of 10.00% Senior Secured First Lien Notes (the “Notes”) due December 2026 to a group of lenders (the “Lenders”), including Whitebox Advisors LLC, Susquehanna International Group, and Clutterbuck Capital Management, on May 9, 2023. The Lenders will also have the exclusive option to purchase an additional $20 million of Notes on the same terms for 30 days following the close. The facility provides the ability to issue up to a maximum $80 million aggregate principal amount of Notes.

“Our ability to secure multiple years of financing with modest equity dilution is a testament to the value of our asset base and resilient PNT capabilities,” said Ganesh Pattabiraman, NextNav Co-founder and CEO.  “We are very pleased to have a strong syndicate of blue-chip lenders who are aligned with our vision for NextNav. This new funding provides significant runway to actualize our strategic priorities, and efficiently maximize the full value of our asset-rich platform for shareholders and customers.”

The Notes will mature on December 1, 2026, and pay interest semi-annually at a rate of 10.0% per annum, with the first payment being due on December 1, 2023. A minimum of 50% of each interest payment due on the Notes must be paid in cash, with the rest payable in cash or stock at the company’s discretion. The Notes are guaranteed on a first lien senior secured basis by NextNav’s domestic subsidiaries and secured by substantially all of the assets of the company and its domestic subsidiaries. In addition, the noteholders will receive fair market value warrants to purchase common stock for cash at an aggregate exercise price of $40 million and represent approximately 12.5% ownership on a fully diluted basis. The Warrants are partially callable beginning in 2025 depending on the prevailing stock price.

B. Riley Securities acted as the exclusive financial advisor to NextNav on the financing. NextNav was represented by Hogan Lovells; Calfee, Halter & Griswold represented the Lenders.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the Notes or Warrants described in this press release, nor shall there be any sale of the Notes in any state or jurisdiction in which such an offer, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About NextNav Inc.

NextNav Inc. (Nasdaq: NN) is a leader in next generation GPS, built on a robust asset platform, including 8MHz of wireless spectrum in the 900MHz band with near-nationwide coverage, intellectual property and deployed network systems. The company’s Pinnacle network delivers highly accurate vertical positioning to transform location services, reflecting the 3D world around us and supporting innovative, new capabilities. NextNav’s TerraPoiNT network delivers accurate, reliable, and resilient 3D positioning, navigation and timing (PNT) services to support critical infrastructure and other GPS-reliant systems in the absence or failure of GPS.

For more information, please visit https://nextnav.com/ or follow NextNav on Twitter or LinkedIn.

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “forecast,” “intend,” “seek,” “target,” “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to NextNav’s future prospects, developments and business strategies. In particular, such forward-looking statements include statements about NextNav’s position to drive growth in its 3D geolocation business and expansion of its next generation GPS platform, the business plans, objectives, expectations and intentions of NextNav, NextNav’s partnerships and the potential success thereof and NextNav’s estimated and future business strategies, competitive position, industry environment and potential growth opportunities. These statements are based on NextNav’s management’s current expectations and beliefs, as well as a number of assumptions concerning future events.

Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside NextNav’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (1) the ability of NextNav to continue to gain traction in key markets and with notable platforms and partners, both within the U.S. and internationally; (2) the ability of NextNav to grow and manage growth profitably, maintain relationships with partners, customers and suppliers, including with respect to NextNav’s Pinnacle 911 solution and its TerraPoiNT network, and the ability to retain its management and key employees; (3) the ability of NextNav to maintain balance sheet flexibility and generate and effectively deploy capital in line with its business strategies; (4) the possibility that NextNav may be adversely affected by other economic, business and/or competitive factors (including the impacts of the ongoing COVID-19 coronavirus pandemic); and (5) other risks and uncertainties indicated from time to time in other documents filed with the Securities and Exchange Commission by NextNav. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and NextNav undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Source: NN-FIN

Contacts

Erica Bartsch
Sloane & Company
[email protected]

SOURCE NextNav