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Wirewatt’s $4M Funding Lights Up Solar Project Financing Platform

Wirewatt provides loans to homeowners and small and medium businesses to finance solar, battery and other energy-efficiency improvement projects.

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Clean energy financing platform Wirewatt has raised a $4 million investment from MGM Innova Capital to fund solar projects in Mexico and Latin America.

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The Monterrey, Mexico-based company, founded by brothers Andres Garcia-Galan and Joel Garcia-Galan in 2015, works with a network of more than 1,000 green contractors quoting more than $5 million in projects every month. Wirewatt provides loans to homeowners and small and medium businesses to finance solar, battery and other energy-efficiency improvement projects.

“Right now, with this winter storm, it is more important that we think about that here in Mexico — to be energy independent,” Joel Garcia-Galan, CEO, told Crunchbase News.

Electricity and other utility costs in Mexico remain among the highest in the world, with Mexicans paying, in some cases, nearly 50 percent more for electricity than Americans, driven by reasons, such as low generation capacity and regulatory restrictions. A segment of more than 4.5 million small businesses and homeowners saw an 8.4 percent increase in costs during the global pandemic, according to Garcia-Galan.

Meanwhile, the distributed solar market is poised to grow to $13 billion by 2025, according to banking industry group Asociación de Bancos de México. Though purchasing solar or energy efficiency was expensive for the last five years, solar prices are coming down, making the economics more within reach for that business and homeowner segment, he added.

“Sometimes the end customer, the homeowner or business, cannot pay for the solar project or renovation in cash,” Garcia-Galan said. “The contractor can go to our platform and get a loan in 15 minutes. We pay the contractor as the project goes on, and the customers pay us on a monthly basis.”

Wirewatt has two products: a “buy-now pay-later” 12-month interest free installment product, and an “immediate savings” 10-year lease, which enables most customers to pay for their lease with savings achieved by the solar or energy efficient projects.

The new financing, which brings the company’s total funding raised to date to $5.5 million, is expected to fund more than 1,500 loans and will also accelerate Wirewatt’s efficient refrigeration lending business by providing technical assistance and funding, Garcia-Galan said.

The strategic investment from MGM also places Wirewatt in position to raise an additional $2 million of pre-Series A money to fund its growth, as well as expand into other countries, such as Colombia and Chile, in the next two years, Garcia-Galan said.

Patrick Doyle, senior managing director of MGM Innova Capital, said in an interview that in addition to solar, MGM was attracted to Wirewatt because of its financing of energy-efficiency projects like the leasing of efficient refrigerators to replace old refrigerators in a convenience store or a mini-super market.

“Energy efficiency has been a big growth area in many countries in Latin America,” Doyle said. “We are particularly excited about battery technology. We have been watching Wirewatt for a few years and see their success in building this market.”

Image: iStock

Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.

“Right now, with this winter storm, it is more important that we think about that here in Mexico — to be energy independent,” Joel Garcia-Galan, CEO, told Crunchbase News.

Source: https://news.crunchbase.com/news/wirewatts-clean-energy-solar-project-financing/

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The Briefing: Wealthsimple Raises $610M, Path Robotics Scores $56M, And More

Crunchbase News’ top picks of the news to stay current in the VC and startup world.

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Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.

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Wealthsimple pulls in $610M at $4B valuation

Toronto-based Wealthsimple, a provider of tools for managing one’s money and investment portfolio, reportedly raised $610 million in fresh funding at a valuation of around $4 billion.

Meritech and Greylock led the financing, which roughly doubled the company’s valuation since its last round in October. Previously, Wealthsimple had raised around $310 million in known funding, per Crunchbase data.

— Joanna Glasner

Funding rounds

Path Robotics lands $56M: Columbus, Ohio-based Path Robotics, a developer of autonomous welding robots, announced it has raised $56 million in a Series B funding round led by Addition. The company says its AI-enabled robotics product will self-adjust for each part it produces, filling demand in a field facing chronic labor shortages.

— Joanna Glasner

Health care

Bone Health Technologies inks $2.5M: San Francisco-based Bone Health Technologies closed on $2.5 million in an oversubscribed funding round led by Good Growth Capital. Bone Health is developing a new standard of care for treating both osteoporosis and osteopenia, the precursor to osteoporosis. The company was recently granted Breakthrough Device Designation by the U.S. Food and Drug Administration for OsteoBoost, its vibration belt designed for the prevention of osteoporosis. Studies show that one 30-minute treatment with OsteoBoost reduced bone loss activity in all study participants, according to the company.

— Christine Hall

M&A

Dell to sell Boomi for $4B: Dell struck a deal to sell its Boomi cloud computing business to private equity firms Francisco Partners and TPG in a transaction valued at around $4 billion. Berwyn, Pennsylvania-based Boomi makes software that helps applications communicate with each other.

— Joanna Glasner

Illustration: Dom Guzman

Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.

Source: https://news.crunchbase.com/news/briefing-5-3-21/

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The Briefing: Darktrace Soars In IPO, Mux Picks Up $105M, And More

Crunchbase News’ top picks of the news to stay current in the VC and startup world.

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Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.

Subscribe to the Crunchbase Daily

Darktrace shares soar in London IPO

Shares of British cybersecurity company Darktrace surged in first-day trading in London Friday, with the stock up as much as 43 percent in initial trades.

The Cambridge, U.K.-based company priced shares for its offering before trading commenced at a valuation of around $2.4 billion.

Founded in 2013, Darktrace uses AI to detect and respond to threats in companies’ IT systems. Previously, the company raised at least $230.5 million in known funding, per Crunchbase data.

— Joanna Glasner

Funding rounds

Mux raises $105M for video streaming: Video platform Mux has raised a $105 million Series D, bringing its valuation above the $1 billion mark. Mux’s technology helps developers build live and and on-demand video streams, something that became more popular during the COVID-19 pandemic with many people staying home. The round, which was led by Coatue, brings Mux’s total funding to $175 million.

–Sophia Kunthara

PortalOne picks up $15M for hybrid gaming: PortalOne, a startup developing what it describes as “hybrid games,” combining gaming and TV, raised $15 million in a seed round backed by a long list of investors, including Founders Fund, Atari, Twitch co-founder Kevin Lin, and Coatue Mangement. Founded in 2018, the company, which operates offices in Oslo, is looking to popularize a new category of entertainment that mixes games with live shows that are embedded directly inside the games.

OnLume Surgical raises $7M Series A: Madison, Wisconsin-based OnLume Surgical, a medical device company developing novel imaging systems for use during surgery, announced the completion of its Series A funding to assist its plans for a commercial launch.

— Joanna Glasner

Illustration: Dom Guzman

Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.

Source: https://news.crunchbase.com/news/briefing-4-30-21/

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Privia Health Shares Pop On First Day Of Trading

CEO Shawn Morris said physician well-being is key to shifting the health care industry to value-based care.

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Privia Health Group, which provides technology and services to physician practices, began trading Thursday on the Nasdaq and saw its share price jump in early trading — and stay there.

Shares closed at $34.75 per share, up 51 percent from its opening share price of $23, with just over 10 million shares traded, according to Yahoo. The Arlington, Virginia-based physician enablement company had priced 22.4 million shares at $23, the top of its set range, with the aim of raising approximately $515.8 million. With the new price, it is now more like $778.4 million.

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Privia currently works with 2,700 providers over six states and Washington, D.C., encompassing 3 million patients, approximately 700,000 who are in value-based care arrangements, CEO Shawn Morris told Crunchbase News.

Physicians, whose mission is to treat patients, face a number of challenges, including running their practices, meeting consumers where they are, and providing better tools, as well as shifting to value-based arrangements that encourage pay tied to health outcomes versus frequency, Morris said.

“We have a simple strategy to go into a market and build up large medical groups, aggregate physicians and then provide them with tools, education and workflow to help them move to value-based care over time,” he said. “We are working with physicians that want to work with something larger, but still be autonomous, as well as who want to lower the cost of health care.

“We believe to accomplish lower health care costs and higher quality of care, you have to focus on the doctor because the doctor-patient relationship is critical as is the provider’s emotional and physical well-being, especially in today’s environment,” he added.

The physician enablement market is estimated to be a $1.9 trillion market currently and is projected to be $3.5 trillion by 2030, with an ability to serve more than 1 million providers in the U.S., according to Nephron Research.

“There is a lot of whitespace out there, and that is why we are excited about it,” Morris said. “This market is in its infancy, and we have a lot of green grass to run in.”

For the year ended Dec. 31, 2020, Privia brought in approximately $817 million in revenue, $31.2 million in net income and $1.3 billion total practice collections, according to the company’s S-1 filing.

The company raised $417.5 million in total known venture-backed and private equity funding since being founded in 2007, according to Crunchbase data. Backers include Goldman Sachs, Health Enterprise Partners and Oxeon Partners.

Among the biggest winners from the IPO are Brighton Health Group, Privia’s parent company, and Morris, according to the company’s S-1 filing.

Here’s a look at how their stakes shake out amid the IPO, based on the first day opening price:

Brighton Health Group
Number of Shares Owned After Offering: 79,178,470
Value of Stake At Closing Price: $2.75 billion

Shawn Morris
Number of Shares Owned After Offering: 4,129,931
Value of Stake At Closing Price: $143.5 million

Privia Health’s shares trade on the Nasdaq Global Select Market under the ticker symbol PRVA.

Illustration: Dom Guzman

Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.

Privia currently works with 2,700 providers over six states and Washington, D.C., encompassing 3 million patients, approximately 700,000 who are in value-based care arrangements, CEO Shawn Morris told Crunchbase News.

Source: https://news.crunchbase.com/news/privia-health-begins-trading/

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