Recent Deals – 12 July 2019

Louis Brasington
Agriculture & Food:
AeroFarms, a developer of aeroponic systems to grow greens at high yield densities in urban vertical farms, raised $100 million in a Series E round. The investment round was led by IKEA, and included existing investors Wheatsheaf and ADM Capital, as well as Mission Point Capital, GSR Ventures, and Alliance Bernstein. Founded in 2004, the US company provides aeroponic modules that grow leafy greens in a cloth medium under LED lighting. These modules can be stacked inside buildings to form vertical farms that produce high yields of clean, pesticide-free produce on the doorstep of the urban consumer. Now with $238 million in funding, the company plans to expand its warehouse facilities and explore new types of produce that it can grow in those facilities.
Energy & Power:
Oxford PV, a developer of perovskite thin-film solar cells, closed its Series D round with a $43 million investment, bringing the round total to $84 million. The additional funds include new investment from Meyer Burger, as well as other non-specified new and existing investors. The funding will be used to move into volume production, with the 200MW heterojunction line expected to be operational by the end of 2020.
Materials & Chemicals:
DMC Biotechnologies, a developer of bio-based products using enhanced microbial fermentation, raised $10.3 million in a Series A round led by Sofinnova Partners. Existing investors Capricorn Venture Partners and Breakthrough Energy Ventures also participated in the round. DMC makes bio-based products using enhanced microbial fermentation, deploying its technology to reduce biological complexity, creating a low cost, fermentation-based manufacturing platform which can produce a broad diversity of products. This funding builds on the company’s successful non-dilutive awards to date and will be used for product development.
Resources & Environment:
Stuffstr, a developer of a mobile application allowing consumers, retailers and manufacturers to upload their purchase histories and resell, repair, rent, donate, or recycle items, raised $2.9 million in a seed round. The round was led by Mustard Seed, with participation from Adidas Ventures and the London Co-Investment Fund. Founded in 2014, the start-up is capitalizing on the recommerce market growth, which is expanding at 21 times the rate of retail.
Transportation & Logistics:
Cubyn, a provider of on-demand ‘1st-mile’ logistics, raised $13.5 million in a Series B round. The round was led by DN Capital with participation from Partech Ventures, 360 Capital Partners, BNP Paribas Development and included a new contribution from BPI France. The Paris-based start-up was founded in 2014 and has developed a logistics and fulfillment platform for suppliers to reduce costs and improve customer experience. The funding will be used to expand operations and nearly double the team.