It’s been 50 years since Venrock established itself to expose investors to venture capital opportunities. Today, the global venture capital industry tracks just south of $200 billion and continues to grow as new entrepreneurs, engineers, financiers, and thought leaders create the economy of tomorrow. The DailyAlts VC channel tracks the trends, opportunities, key thought leaders, and next-generation industries that will generate billions in returns.
Revaia, Europe’s largest female-founded venture capital firm, has successfully raised €150 million ($160 million) for its second fund, Revaia Growth II. The funding was secured from sovereign wealth funds, family offices, and institutional investors across Europe, with support from existing partners like Bpifrance and new backers such as mutual insurer Carac and the European Investment Fund.
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HUGO BOSS has reinforced its commitment to sustainability by becoming the inaugural investor in Collateral Good Ventures Fashion I, a climate-centric venture capital fund aimed at expediting sustainability initiatives in the fashion industry. The company’s financial support, spanning five years, will subsidize select portfolio firms operating in startup, early growth, and potential stages.
Elon Musk’s artificial intelligence startup, xAI, aims to secure $1 billion in equity financing to compete with industry leaders such as OpenAI, Microsoft, and Google. The company, co-founded by Musk, has already garnered $135 million from investors, as revealed in a filing with the US Securities and Exchange Commission.
Lunate Capital, based in the UAE, is partnering with global asset managers to create a $30 billion climate fund named Alterra, as announced at the COP28 summit in Dubai. Managed by Lunate and funded by the UAE, Alterra will consist of two components: Alterra Acceleration, allocating $25 billion to institutional capital, and Alterra Transformation, providing $5 billion in risk mitigation for investments in the Global South and emerging markets. Lunate Capital, part of Chimera Investment LLC and owned by the Abu Dhabi royal family, currently manages over $50 billion in assets and is head-quartered in Abu Dhabi.
Artificial Intelligence: Mistral AI, Europe’s Answer To OpenAI, Is On The Cusp Of Raising Nearly $500M
French AI startup Mistral AI is on the verge of raising approximately €450 million ($487 million) in a funding round that values the company at around $2 billion. The funding is expected to include more than €325 million in equity from investors led by Andreessen Horowitz, which is considering a €200 million investment. General Catalyst, Lightspeed Venture Partners, Bpifrance and several others also participated.
Seismic Therapeutic has successfully concluded a $121 million Series B financing round, led by Bessemer Venture Partners and featuring participation from new investors such as Amgen Ventures, Codon Capital, and others, alongside existing investors. This funding brings the total capital raised by the machine learning immunology company to $222 million.
Ursa Major Technologies recently closed its Series D and D-1 funding rounds, securing a substantial $138 million investment led by Explorer 1 Fund and Eclipse, with participation from RTX Ventures, BlackRock-managed funds, Exor Ventures, Mack & Co., LLC, XN, and other institutional shareholders. This funding infusion is set to propel Ursa Major’s innovative Lynx solid rocket motor (SRM) program, supporting production capacity expansion and advancement in multiple propulsion initiatives.
Cemex Ventures, the venture arm of Mexican cement giant Cemex (NYSE: CX), has taken a notable stride in promoting sustainability in the construction industry through a strategic investment in Vizcab, a French startup at the forefront of revolutionizing carbon footprint considerations in buildings. Founded in Lyon in 2015 by Thomas Jusselme and Guillaume Lafont, Vizcab employs a data-driven approach to calculate the Life Cycle Analysis (LCA) of buildings.
Venture Capital: Morgan Stanley’s Next Level Fund Raises $50M To Level The Field For Underrepresented Founders
Morgan Stanley Investment Management (MSIM) has successfully closed its Morgan Stanley Next Level Fund, L.P. at the targeted $50 million in capital commitments. This fund, created in collaboration with Hearst, Microsoft (NASDAQ: MSFT), and Walmart (NYSE: WMT), is part of MSIM’s $200 billion alternative business. The strategic investors include corporate partners such as Hearst, Microsoft, Walmart, Altria (NYSE: MO), Ten Figures Ventures, and Phalanx Impact Partners.
Karachi-based mobility startup BusCaro has successfully secured $1.5 million in a pre-seed funding round led by Orbit Startups, with participation from Wahed Ventures and prominent angels in the mobility sector. The funding aims to address the challenges faced by millions of Pakistanis in their daily commutes, particularly in the country’s three largest cities, where over 40,000 under-utilized minivans and buses, owned by private operators, contribute to an unreliable and unaffordable commuting experience.
The “Wachstumsfonds Deutschland” (Growth Fund Germany), a venture capital (VC) fund of funds, has successfully achieved its target raise of EUR 1 billion. This accomplishment positions it as one of the largest VC funds ever established in Europe. Funded primarily by private resources, it serves as a key component of the Future Fund of the German Federal Government. Notable anchor investors include the Federal Government, KfW Capital, and over 20 major institutional investors such as Allianz, BlackRock, Debeka, and Generali Deutschland AG.
Riverwood Capital, a Menlo Park-based investment firm specializing in high-growth technology companies, recently concluded its largest fundraising round, amassing $1.8 billion in new commitments. The 15-year-old company secured investments from diverse sources, including pension funds, hospital systems, foundations, endowments, insurance companies, and family offices.
LG Technology Ventures, the corporate venture capital firm affiliated with LG Group (KRX: 003550), has increased its operating fund to 1 trillion won ($770 million). Originally established in Silicon Valley in 2018, the firm is dedicated to identifying global startups with innovative technologies.
Deep Sky Corp., a Canadian startup founded by Frederic Lalonde, CEO of Hopper Inc., has secured $55 million in funding from venture capital firms and government entities to establish a carbon-capture plant in Quebec. Lalonde, known for Hopper, one of Canada’s top tech startups, initiated Deep Sky with the goal of removing millions of tons of emissions from the atmosphere and oceans. The funding comes from investors like Whitecap Venture Partners, BrightSpark Ventures, and government support from both Canada and Quebec.
Menlo Ventures has successfully raised $1.35 billion for funds dedicated to investing in technology companies specializing in artificial intelligence (AI). This substantial capital will be allocated between Menlo XVI, focusing on early-stage investments, and Menlo Inflection III, dedicated to early growth. The venture capital firm, established in 1976, boasts a rich history in Silicon Valley, managing around $5 billion in assets.
Tenet Energy Inc., a climate fintech platform facilitating affordable electric vehicle (EV) ownership, has successfully concluded a funding round exceeding $30 million. This includes over $10 million from a Series A investment and a substantial $20 million warehouse debt facility. Led by venture capital firm Nyca Partners, the Series A funding will support the expansion of Tenet’s leading EV financing product and the scaling of TenetConnect, a new digital renewable energy platform aimed at reducing charging costs on EV owners’ utility bills.
Khosla Ventures is on track to raise $3 billion for its latest venture funds, demonstrating its confidence in the market despite challenges faced by startups. The firm, founded 19 years ago, plans to focus on research-intensive sectors such as nuclear fusion, humanoid robots, and artificial intelligence. Notably, it sees potential in less competitive markets to support startups revolutionizing industries like healthcare and transportation.
Blockchain.com has successfully secured $110 million in Series E funding, with Kingsway Capital leading the investment round. Notable participants include Baillie Gifford, Lakestar, LSVP, GV, Access Industries, Moore Capital, Prudence, Freeman Capital, Coinbase Ventures, and Pledge Ventures.
Divergent Technologies, Inc. has successfully concluded its Series D equity financing, securing an upsized total of $230 million. Hexagon AB led the round with a significant $100 million investment, joined by both new and existing institutional and family office investors. The raised capital is earmarked to expedite Divergent’s expansion into automotive, aerospace, and defense production on a commercial scale.
ViaNautis Bio has secured $25 million in Series A financing to propel the development of its groundbreaking genetic nanomedicines. The company’s proprietary drug delivery platform, polyNaut®, facilitates the transfer of genetic therapeutic payloads across challenging biological barriers, aiming to create new treatments for diseases with unmet clinical needs. Led by 4BIO Capital, BGF, and UCB Ventures, alongside the Cystic Fibrosis Foundation and Eli Lilly and Company, this funding round will accelerate product development, expand teams, and establish cutting-edge laboratory facilities.
SBI Holdings (TYO: 8473), a major Japanese financial firm, is launching a $663 million fund aimed at supporting Web3, AI, and fintech startups. Scheduled to invest in 150-200 companies, the fund is set to begin operations by year-end. The investment scale is substantial, with key contributions secured from major financial institutions like Sumitomo Mitsui Banking Corporation (TYO: 8316), Mizuho Bank (TYO: 8411), Nippon Life Insurance, and Daiwa Securities Group (TYO: 8601).
Lightspeed Faction, a prominent blockchain-focused venture capital firm, has unveiled a $285 million venture fund. This fund prioritizes investment in early-stage blockchain projects, positioning itself as a long-term capital partner for these initiatives as they expand. Beyond offering financial support, the fund aims to assist blockchain entrepreneurs by providing expertise on various aspects, ranging from tokenomics to business scaling.
Rockwell Automation, Inc. (NYSE: ROK), a global leader in industrial automation and digital transformation, has made a significant strategic investment in Momenta’s Industry 5.0 Fund. This venture capital and value creation fund, established in collaboration with the EU Commission, aims to support startups that are dedicated to advancing resilient, sustainable, and human-centric industrial operations.
Black Ore Technologies Inc., a financial technology startup specializing in artificial intelligence tools for the financial services sector, has emerged from stealth mode with a substantial $60 million in funding. This investment places the company among the growing ranks of AI startups that secure significant funding even in their early stages. Notable examples include Stability AI, which raised $101 million, and Mistral AI, which secured $113 million in their initial funding round.