Blockchain Press Releases
Energize Capital raises $300 million growth equity platform as market for climate software matures to new level of scale
Firm surpasses $1.2 billion in assets under management; changes name to Energize Capital to reflect go-forward investment strategy
CHICAGO, July 27, 2023 /PRNewswire/ — Energize Capital (formerly Energize Ventures), a leading climate software investor, today announced the close of its second growth fund, bringing the firm’s total capital commitments for its growth equity platform to $300 million. This close brings Energize’s assets under management to $1.2 billion, surpassing $860 million in total committed capital from LPs. To reflect this extension of strategy into growth equity and to position itself for future growth, the firm has changed its name to Energize Capital. Under the expanded strategy, the investment firm will continue to support enduring climate software businesses as they scale amidst significant economic tailwinds.
The official close of Energize’s growth platform comes at a time when growth capital is in high demand – especially for the climate market. According to CTVC data, more than 2,000 early-stage[1] climate companies received institutional funding in the last 24 months. If even just 10% of those companies reach the growth stage, that means roughly 200 climate companies will be looking to raise growth capital in the next 24 months – but growth capital providers are in short supply. According to Pitchbook[2], the demand-supply ratio of late-stage funding is at a decade high, with just $1 of funding available for every $3.24 demanded.
“As the market for climate software matures and companies grow into billion-dollar valuations, growth equity investors have access to an abundant pipeline of enduring businesses in climate for the first time,” said John Tough, managing partner of Energize Capital. “At Energize, we intend to be the go-to partner for entrepreneurs as they scale – from venture capital to growth equity and beyond.”
“Our belief when founding Energize was that access to Invenergy, its entrepreneurial culture, assets and people create a strategic advantage for an investment platform in the rapidly scaling energy transition space,” said Michael Polsky, chair of Energize’s investment committee and CEO of Invenergy, the leading sustainable energy and infrastructure developer and an anchor investor in Energize. “The expansion of Energize’s strategy validates this approach, and we look forward to continued partnership in this next phase of growth.”
Energize’s expertise is scaling asset-light digital climate solutions that enable the new energy economy. With its new growth equity strategy, Energize can continue providing capital and operational support to enduring late-stage climate software companies. To date, Energize has made seven investments out of its growth funds, including a recently announced investment in PVcase’s $100 million round, as well as follow-on investments in its venture capital portfolio companies Sitetracker, DroneDeploy, and Aurora Solar, which is one of the most valuable climate software companies today.
“When Energize was founded in 2016, our guiding thesis was that the transition to a sustainable economy represents a generational transfer of capital, and that it would require digital technologies to enable and accelerate scale,” said Tough. “Seven years later, our ambition remains unchanged, but the opportunity for climate software has skyrocketed beyond expectations. For example, our portfolio’s software revenue has grown from $100 million to nearly $400 million over the past three years. Unveiling our growth strategy and announcing the shift to Energize Capital represents our commitment to scale our strategy to grow with our entrepreneurs and the maturity of the space.”
Across its four funds spanning venture capital and growth equity, Energize is backed by a diverse set of LPs representing strategic, institutional, impact and family office investors. In addition to Invenergy, Energize LPs include CDPQ, CAPROCK, Credit Suisse, HASI, Xcel Energy, and other institutional capital providers.
To date, Energize has invested in 26 climate software companies accelerating the transition to sustainable energy through its venture capital and growth equity strategies. Energize closed its first $165 million venture fund in 2018, followed by a $330 million vehicle in 2021. In 2022, the firm added 12 new team members and deployed $260 million across its portfolio.
About Energize Capital
Energize Capital is a leading climate software investor focused on scaling sustainable innovation. Founded in 2016 and based in Chicago, to date Energize has funded 26 companies and deployed more than half a billion through its venture capital and growth equity strategies. Anchored by founding partner Invenergy, the firm is backed by strategic, institutional, and impact LPs including CDPQ, Credit Suisse, SE Ventures (corporate venture arm of Schneider Electric), GE Renewable Energy, Xcel Energy, Caterpillar, HASI and more. For more information on Energize, please visit www.energizecap.com.
Media Contact
Kelly Lassing, Head of Marketing & Communications
[email protected]
[1] Seed through Series B
[2] Pitchbook-NVCA Venture Monitor Q1 2023
View original content:https://www.prnewswire.co.uk/news-releases/energize-capital-raises-300-million-growth-equity-platform-as-market-for-climate-software-matures-to-new-level-of-scale-301887038.html
A Finiko executive has been sentenced to three years in prison by a Russian court for her involvement in what is described as the largest crypto scam in the post-Soviet era.
According to Izvestia, Liliya Nurieva, the former head of networks at Finiko, received a four and a half year sentence from a court in Vakhitovsky, Kazan on May 17. However, the court stated that it would take into account the time she had already spent in pre-trial detention as “time served.”
Despite prosecutors’ requests for a six and a half year sentence, the judge rejected them. Nurieva, who had faced a possible 10-year imprisonment, reached a “pre-trial agreement” with prosecutors.
Nurieva’s defense attorney announced her intention to appeal the verdict. She was convicted of fraud and organized crime-related charges.
Finiko, initially presented as a crypto “investment fund” in 2018, allegedly defrauded citizens of around $1.1 billion, according to the country’s Central Bank. Much of this sum remains unrecovered.
The unraveling of the project began in 2021, leading to the flight of many Finiko figures abroad. After an international manhunt, Interpol detained co-founder Edvard Sabirov in the UAE in late 2022, while co-founder Kirill Doronin was arrested in mid-2021.
However, Nurieva is the first Finiko executive to be convicted and sentenced.
Finiko promised investors an “automated profit-generating system” with returns of “up to 30%” on investments of $1,000 or more. It also offered various lending and financial services with lucrative terms.
The company allegedly employed Ponzi scheme tactics, using funds from new investors to pay off older ones. By mid-2021, its platforms became unstable, with customers reporting delayed payments. In June of that year, payments ceased entirely, the value of its cryptocurrency plummeted, and Finiko offices nationwide abruptly closed.
During its peak, Finiko enjoyed popularity on social media, and initial estimates suggested nearly 10,000 individuals invested in its platforms.
Nurieva’s defense argued that she was unaware of Finiko’s fraudulent nature upon joining and had invested her own money in the company. It wasn’t until later interactions with senior executives that she realized the scheme’s illegitimacy.
Some Finiko investors attended the trial, with one, Lyudmila Yamshchikova from Kazan, expressing disappointment over halted payments, which she had relied on for mortgage payments and other financial obligations.
Source: cryptonews.com
The post Russian Court Jails Finiko Crypto Scam Exec for Three Years appeared first on HIPTHER Alerts.
Hong Kong’s launch of its first Bitcoin and Ether ETFs in late April aimed to capture part of the $55 billion US market. However, the ETFs have experienced investor outflows, perplexing analysts. Experts attribute this to concerns over China’s strict crypto stance and high management fees compared to US products.
Despite initial setbacks, some analysts remain optimistic. Bloomberg’s Rebecca Sin notes that total assets under management (AUM) exceed $250 million, indicating potential growth to $1 billion within two years. Hong Kong’s crypto journey is still unfolding, facing challenges from regulatory uncertainties and regional competitors like Singapore and Dubai.
On the Flipside
High Management Fees: Hong Kong’s ETFs have higher fees than similar US products, potentially deterring investors.
Regulatory Uncertainty: The evolving regulatory landscape in Hong Kong may create hesitancy among investors.
Institutional Adoption: Established financial institutions in Hong Kong may be slow to embrace crypto, limiting market growth.
Source: dailycoin.com
The post Hong Kong’s Crypto Ambitions Hit Snag: Can ETFs Steer the Ship? appeared first on HIPTHER Alerts.
In a bid to offer its users more opportunities in the Decentralized Finance (DeFi) space, Binance Web3 Wallet has introduced two new ways to earn: ‘Yield Plus’ and ‘Simple Yield’. These new features will be accessible right within the Binance Web3 Wallet Earn section.
About Yield Plus Zone
The Yield Plus Zone is a unique feature designed to showcase projects with potential airdrops or additional yield opportunities. This feature will give users easy access to projects that offer multiple levels of rewards. The initial projects that will be included are Eigenpie, Kamino Finance, Lista Dao, Marinade, Ondo Finance, Renzo, StakeStone, and SolBlaze. Binance Web3 Wallet plans to announce exclusive campaigns in future updates through the Binance Web3 X account.
About Simple Yield Zone
The Simple Yield Zone allows users to earn an Annual Percentage Rate (APR) with stablecoins and other tokens by providing liquidity to lending protocols. When providing liquidity, users may receive both the Supply APR and Distribution APR, depending on the protocol chosen.
More on Binance Web3 Wallet
Developed with a commitment to innovation, security, and seamless user experience, the Binance Web3 Wallet is a secure, self-custodial crypto wallet integrated within the Binance App. It serves as a bridge between the Exchange and Web3, enabling users to interact with multiple blockchains, trade thousands of tokens, earn yield, and explore a selection of the best decentralized applications (dApps) all in one wallet.
Source: blockchain.news
The post Binance Web3 Wallet Introduces Yield Plus and Simple Yield appeared first on HIPTHER Alerts.
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