Led · Convertible Note · Aug 2023

Northvolt is a Swedish manufacturer of battery cells for electric vehicles, operating a flagship gigafactory (Northvolt Ett) in Skellefteå and Northvolt Labs in Västerås. The company has filed for Chapter 11 bankruptcy protection in the US to enable restructuring, reorganisation and additional fundraising while continuing operations. Northvolt says operations will continue as normal during the bankruptcy and expects to complete the restructuring by Q1 2025. Founders include former Tesla executives Peter Carlsson and Paolo Cerruti; Carlsson will step aside as CEO, take a Senior Advisor role, and remain a Board member. The company has previously raised over $13.8 billion but has struggled with falling EV demand, intense Chinese competition, a €2 billion lost BMW contract, and large workforce reductions (1,600 layoffs). Operational metrics show it missed a production goal of 100,000 cells per week, shipping roughly 20,000, and it reports having enough cash for about one week of operations despite securing new financing. Northvolt is a Swedish battery startup building large-scale gigafactories to produce lithium-ion cells and packs for electric vehicles. The company aims to ramp production capacity to about 60 gigawatt hours, which the article equates to enough cells for over 1 million Volkswagen ID.3 vehicles. Northvolt says it has offtake contracts totaling more than $55 billion with automakers including BMW, Volkswagen, Volvo and Scania. It is expanding its manufacturing footprint with additional factories in Germany and Montreal; the Montreal site is intended to attract U.S. production tax credits under the Inflation Reduction Act. Financially, Northvolt secured a $5 billion debt package that includes refinancing an existing $1.6 billion facility from 2020, improving its runway for factory build-out and scale-up. Northvolt develops and manufactures sustainable battery cells and systems, with activities spanning R&D, manufacturing and recycling. It operates Europe’s first homegrown gigafactory, Northvolt Ett in Skellefteå, and runs an R&D and industrialization campus, Northvolt Labs, in Västerås. The company has received $55 billion in orders from major customers including BMW, Volvo Cars, Volkswagen Group, Scania and Fluence, and is supported by over 5,000 employees across Sweden, Germany, Norway, Poland, Portugal, the US and Canada. Northvolt is developing additional projects across Europe and the Northvolt Six fully integrated battery factory in Saint‑Basile‑le‑Grand and McMasterville, Québec, which when built will target up to 60 GWh annual production and on‑site cathode, cell and recycling facilities. Groundwork for Northvolt Six was expected to start by the end of 2023. The company was established in 2016 in Stockholm, Sweden. Northvolt makes lithium-ion batteries and is developing next-generation lithium-metal cell technology, including work on electric aviation at a California facility. The company operates a gigafactory in Skellefteå and is building another in Gothenburg with Volvo, plus plants in Germany and an energy storage factory in Poland. This round is intended to fund expansion into North America and further growth in Europe; sources say Northvolt is close to finalizing plans for a multibillion-dollar factory in Canada. Financially, Northvolt has secured more than $55 billion in customer orders and has raised a total of $9 billion in debt and equity since 2017. The company has previously issued convertible notes, including $1.1 billion last year, and continues to use convertible instruments as it prepares for future milestones. Northvolt is a Stockholm-based maker of sustainable lithium-ion batteries. The company produces cells at a Sweden gigafactory, having produced its first battery cell just before 2022 and making first commercial deliveries in spring of this year. Its core product is sustainable lithium-ion battery cells intended to supply decarbonization efforts. Financially, Northvolt has secured close to $8 billion in equity and debt to support its expansion. The latest financing is a $1.1 billion convertible note, following approximately $2.75 billion in equity funding announced about a year earlier. The company says the capital will support plans to establish a supply of sustainable batteries to enable the decarbonization of society. CEO Peter Carlsson said the company is thankful for investor support and will work to deliver on its promise to build the world’s greenest battery.

Participated · Equity · Aug 2023

NeXtWind is a Berlin-based energy start-up focused on repowering and expanding wind farm assets in Germany. It currently holds a portfolio of ten wind farms in Northern and Eastern Germany and targets the replacement of aged turbines. The company identifies wind sites suitable for integration with photovoltaic systems and batteries for intermediate storage to create green, decentralised energy supply. Founders Lars B. Meyer, Werner Süss and Ewald Woste lead the firm's strategy to become a major sustainable power producer in Germany. NeXtWind has secured a financing round of up to $750 million to accelerate acquisitions and repowering efforts. The company plans to use the capital to acquire and repower more wind power plants and scale its sustainable energy model across Germany.

Led · Equity · Jun 2020

euNetworks builds and operates long-haul fiber and bandwidth infrastructure, connecting over 542 data centers. Its network spans roughly 45,000 kilometers across 17 countries. The company emphasizes sustainable development and high-quality connectivity solutions to meet rising data demand. euNetworks has secured a €2.1 billion equity recapitalization to bolster operations and accelerate expansion of its fiber networks across Europe. The new capital and investor partnerships are intended to solidify the company’s leadership position as AI and overall data consumption surge. A consortium of institutional investors is backing the round to help scale infrastructure while maintaining service quality. euNetworks delivers high‑bandwidth data centre‑to‑data‑centre connectivity across Europe, offering services such as Dark Fibre, Wavelengths, Ethernet and targeted cloud connectivity. The company owns 17 fibre‑based metropolitan networks and an intercity backbone covering 51 cities in 15 countries, directly connecting over 400 data centres. euNetworks continues to invest in new routes, multiple diverse paths and extensions into hyperscale data centre sites and aggregation points to meet rapidly growing customer capacity needs. Recent metro additions include Manchester, Milan, Madrid and Vienna, and the company completed the Rockabill subsea route linking Dublin to London and Lowestoft in late 2019. Management says it will deploy capital to support customers whose bandwidth requirements typically double annually. The company has secured additional capital to fund further organic growth, M&A and general corporate purposes.

Led · Series D · Jun 2018

Hired operates a platform that matches tech workers with companies using candidate data and algorithms to identify best fits. The solution collects information on candidates, analyzes it through algorithms, and presents matched candidates to hiring managers at customer companies. It fills roles including software and hardware engineers, engineering and DevOps managers, designers, data scientists and analysts, QA test automation engineers, DBAs, network and systems administrators, and project managers. Customers using the service include CollectiveHealth, Al Jazeera, Deliveroo, SuperAwesome, TransferWise, Groupon, GitHub, Adroll, Twitch, Mixpanel, Condé Nast, OpenTable, Zillow, Eventbrite, Sailthru and GrubHub. Led by CEO Mehul Patel, Hired will use the funds to continue expanding operations and its business reach. The company is based in San Francisco, CA. Hired operates a recruiting platform where applicants answer a few questions and receive compensation offers from top tech companies. Employers using the platform can choose to pay Hired 15% of a hire’s first-year salary as a placement fee. In November of last year the company introduced a freelancer product that works similarly to its core offering. CEO Mehul Patel framed the company’s mission around helping people find purposeful, skill‑building work. Financially, Hired announced a $30 million extension to its Series C, bringing that round to $70 million and the company’s total funding to $102 million. Hired operates a career marketplace that pairs knowledge workers with employers and provides users with a dedicated talent advocate who offers objective guidance through the interview process. The platform lets candidates compare opportunities side-by-side and gives employers access to a hand-picked pool of candidates plus transparency into competing offers. Led by CEO Mehul Patel, the company raised $40m in a Series C to support growth. Hired intends to use the funds to accelerate international expansion, pursue strategic acquisitions and advance the technology that powers the marketplace. The company has already acquired Paris-based Breaz and Melbourne-based Jobbop and is expanding into Asia, starting with Singapore. Hired is backed by Lumia Capital (which led the round), Crosslink Capital, Sierra Ventures, SoftTech VC and Sherpa Foundry. Hired operates a two-sided marketplace that connects software engineers, data scientists, designers, product managers and now sales professionals with hiring companies. The company reports a network of more than 1,600 startups, says 92% of participants receive an offer, and that participants find a new job in an average of 19 days. Hired expanded from its San Francisco base into New York, Los Angeles, Seattle, Boston and London this year and aims to add a new city every six weeks. It recently added a sales category in response to user demand and plans to expand into additional verticals beyond engineering and sales. The company raised $15 million in a Series B and will use the capital to fuel market expansion, hire internally, and broaden its category coverage. Total funding now stands at $32.7 million. Hired, formerly DeveloperAuction, operates a marketplace aimed at making hiring and job searches more efficient, primarily for developers. The platform has over 800 approved employers and reports that more than 200 employers have hired through Hired. CEO Matt Mickiewicz says revenue grew 4x in 2013 and 40% month-over-month from January to February; profitability is not an immediate focus. The company receives over 12,000 developer and 400 company applications to the marketplace every month and currently has 31 employees. New funds will be used to expand the team and launch in Los Angeles, Boston, and Seattle this year. Management aims to expand internationally to London, Dublin, Berlin and to broaden beyond tech roles into sales, accounting, and finance within the next couple of years.