Led · Series A · May 2024

Subeca builds retrofit smart meter registers and IoT modules for water utilities, marketed under products such as the PIN register and the Blinc IoT module. Its PIN register retrofits onto a majority of existing water meters in under one minute and connects instantly to the AWS cloud via Amazon Sidewalk. The Blinc module, produced in Richardson, Texas, leverages Amazon Sidewalk’s network coverage to help customers manage water infrastructure and detect leaks. The company targets small to medium sized utilities and other customers underserved by incumbents. Led by CEO Patrick Keaney, Subeca positions its technology to reduce meter-reading costs while increasing available data and insights for utilities and customers. The recent funding is intended to let the company rapidly scale to meet market demand for its flagship AMI solutions.

Participated · Series A · Mar 2022

CarbonWorks develops microalgal photosynthesis systems to capture industrial CO2 and convert it into algal biomass and other natural raw materials. The company is building an industrial photobioreactor standard intended to capture several thousand tonnes of CO2 at emission sources and produce biomass for agriculture and human/animal nutrition. It deployed an initial demo in September 2021 at the methanation site of Pot-au-Pin Energie in Cestas, France; that platform has a 10 m3 capacity and produces an algal bio-component usable as a natural fungicide. CarbonWorks plans to build a semi-industrial-scale photobioreactor in Cestas with a capacity of several dozen cubic metres, scheduled for service in 2023. The funds will also be used to triple the workforce over the next two years, intensify technical and commercial development, and pursue partnerships in agriculture and sustainable food. The company was created by Fermentalg and Suez in 2021 following a five-year research programme and recently completed an €11M Series A.

Participated · Series A · Dec 2020

Founded in 2001 and based in Trenton, N.J., TerraCycle US builds and scales recycling solutions for materials not typically accepted in curbside programs, covering hundreds of waste streams such as snack wrappers, coffee pods, cosmetics, pet food bags, and car seats. The company reported growing U.S. revenue 75% over four years, from $24.7 million in 2020 to $43.1 million in 2024, and generated $19.3 million in gross profit in 2024 while remaining consistently profitable. TerraCycle US has completed three strategic acquisitions since 2018 to expand operational capabilities and strengthen its market position, and it has partnered with major brands and retailers including P&G, Nestle, and Walmart. The broader TerraCycle network has collected and recycled over 8 billion items, raised $20 million for schools and nonprofits, and received numerous industry awards. The company intends to use proceeds from the Regulation A raise to fund further strategic acquisitions and disciplined growth to drive recurring revenue and durable market leadership.