Funding in Focus: Week 41'24
Can we run the electricity grid reliably and affordably while increasing the share of less consistent renewable energy sources?
Can we run the electricity grid reliably and affordably while increasing the share of less consistent renewable energy sources?
Tom here! 👋 You’re reading Funding in Focus —my newsletter where we bring into focus some of the most notable VC deals that happened last week.
The top 3 deals that happened last week are:
Let's dive a little deeper into these late-stage ventures.
Form is solving the problem of large-scale, multi-day electricity storage with its low-cost iron-air battery technology. The company just closed a $405 million Series F venture round, bringing its total fundraising to well over $1 billion.
Form Energy CEO and co-founder, Mateo Jaramillo, said the following in a press release:
“After seven years of dedicated R&D, product engineering, testing, and validation, and most recently trial production, our 100-hour iron-air battery system is ready for serial production and commercial deployment”
Balancing the multi-day variability of renewable energy, which is also increasing its share in most countries' energy mix, is a major challenge that can be addressed with batteries. However, making it cost-effective on a large scale hasn't been achieved yet. The fact that Form is ready for commercial deployment is a major step forward, and it's exciting to see their first deployments.
ASAAS is a Brazilian fintech that makes financial management more efficient for companies. ASAAS recently closed just over $146 million (R$820 million) in a Series C round, bringing its total fundraising to $181.8 million. Mary Meeker’s Bond led the round, with participation from SoftBank, Endeavor Catalyst, and 23S Capital, the Brazilian joint venture between Temasek and Votorantim.
The company intends to use the funds to expand operations, accelerate research and development efforts, and pursue inorganic growth through new acquisitions.
EvenUp closed a $135 million Series D round, led by Bain Capital Ventures, bringing its total funding to $220.5 million. EvenUp is on a mission to level the playing field in personal injury cases. The company applies machine learning and its AI model, Piai™, to reduce manual effort and maximize case outcomes across the personal injury value chain.
Common personal injury cases:
Some interesting facts:
The most interesting venture on this list, for me, is Form Energy, because there is currently no way to store electricity on a large scale for an extended period. Form's iron-air battery system addresses a major challenge in the ongoing energy transition and is getting ready for commercialization.
That's it for 'Funding in Focus' for week 41.
P.S. on the Funding in Focus content vertical:
Over the coming week, I’m considering shifting 'Funding in Focus' towards certain interesting market, such as AI, climate tech, or health tech. I’m not sure about this yet, but it could provide a deeper, more interesting exploration of a particular market for a more defined reader profile.
Venturestack is written by me, Tom Tholen, a Dutchman 🇳🇱 in my early thirties. I have spent nearly a decade working in product management across diverse roles and environments.
If you'd like to get in touch, I'm currently building my X account, so that's the best place to reach me.
