For friends, entrepreneurs and associates: welcome to a new week in our vital climatetech space, which certainly isn't boring! Here's the latest for the E8 investor and impact community.
- After four years and strong results, we are looking for a new Executive Director to support our growing and active community. Learn more about Mike's planned transition through the spring to co-found a startup of his own. Please share this opportunity and contact us with questions!
- If you missed it last week, check that Weekly and our 2022 results press release.
- Discover opportunities with OnSwitch and Membrion, which are growing revenues and offered their latest deals to investors at the mid-month meeting (e.g. OnSwitch had $26M in '22 revenue and is raising a capped convertible note). Catch the short video snippets below.
- Be sure to leverage your complementary Angel Capital Association membership -- and see their latest panel with many of E8's own on climatetech, below.
And this particular week would not start properly without a word on the events around Silicon Valley Bank, which was quite the wakeup call.
- Some of our portfolio companies were temporarily affected -- and we heard Monday that they have fully accessed their capital. Their weeks are returning to normal, though with a few extra banking steps. We'll track further repercussions.
- It was rewarding to see our community of investors and entrepreneurs come together in such a time of uncertainty; we were poised, with all the tools available to investors and the E8 platform, to do what we could to support the short-term needs of the companies whose prospects and impact we are so invested in.
- And certainly, to affected entrepreneurs and all parties affected, we empathize with the opportunity cost and any lost sleep, on top of your routine challenges!
- There will be more to come as we reflect, and if you have questions or comments, please reach out.
Please contact Mike and Keegan with any questions or just to check in. |
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A Message From the Board, on leadership transitions and opportunities |
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On behalf of the Board of Directors, we would like to announce that Mike Rea, Executive Director for the last four years, will be transitioning to help launch a new social impact startup at the end of April. Under Mike’s leadership, E8’s early-stage climate investments reached almost $9M last year, more than doubling both investments and membership since 2019. He also helped launch the Decarbon8 program and supported philanthropic capital as a complement to our climatetech investments. We thank him for his contributions and wish him the greatest success in his new endeavor.
We are now actively recruiting for a new E8 Executive Director! Please let us know if someone in your network would be a great fit. The job description is available here and we will share social media links soon. Please feel free to reach out to us with any questions and ideas.
Sincerely,
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Algenesis makes high bio-content plant-based polyurethanes that are 100% biodegradable for consumer products.
The Algenesis DD team led by Jeff Thiel and Phil Li is meeting for its kickoff meeting this week. They will have recurring check-ins at 10:30 AM PDT. Reach out if you would like to join in and don't already have the invite.
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Driven has developed a patented shaft drive transmission system for e-bikes and other forms of mobility.
A small group of E8 members led by David Marple are doing a brief look into Driven's finances and raise. After this analysis, we will soft-circle interested members to see if there is enough interest to continue into a broader diligence.
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Last week we heard pitches from returning E8 deals, OnSwitch and Membrion. For a full-meeting recap video, check your Dealum Dashboard. Individual pitch videos are available in the company's Dealum document pages. |
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OnSwitch is a commercial and industrial solar energy project developer and engineering procurement-construction provider growing fast by leveraging proprietary software for national multi-building customers. |
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- Over $20M in sales last year and targeting far higher in 2023
- In one minute for a cost of $1, the software can automatically create an accurate and ready-to-buy solar system proposal, including system design, financing options, projected cost savings, and a purchase agreement.
- Offering convertible note to current and E8 investors with a cap and discount.
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Mark from OnSwitch on AI-driven solar for commercial buildings [2:37] |
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Review our prior OnSwitch diligence, 2023 executive summary, and term sheet all on Dealum and reach out if you would like to invest or learn more.
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Membrion eliminates inefficient industrial wastewater processes, like trucking off-site for 3rd party disposal, and enables facilities to recycle their wastewater while paying for it in less than 2 years with the savings generated. They’re tackling a $10B+ OPEX problem in industrial wastewater treatment with a patented desalination technology capable of withstanding the harshest environments. |
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- Built a large pipeline of projects, leveraging manufacturing collaborators and channel partners to accelerate growth.
- First commercial installations are coming on-line later this year.
- Working with Fortune & Global 100 companies, and dozens of others, to mitigate coming water shortages and bring circularity to industrial wastewater.
- Invest via SPV.
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Membrion's super ceramic filtration solution [2:36] |
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We are working with Membrion to build out their Dealum page. Check back soon and let us know if you'd like to stay in the loop! |
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See the Angel Capital Association climatetech panel with Harvest Thermal's Jane Melia, E8 angel Mez Naam and others!
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E8 Director Ramalee Wulf and others recommend the session, which can be found here; you can also find it in the Angel Capital Assn archives online -- and remember that your E8 dues come with a complimentary ACA membership! Contact Mike if you're not signed up or check the Member Handbook.
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Blue Ocean Gear on LinkedIn |
It’s time for Seafood Expo North America! If in Boston, go see Ryan Lind speak at the Sustainable Fisheries Partnership booth (1073) about how Blue Ocean Gear’s Smart Buoys are being used in fisheries around the continent. By providing data from their own gear, this technology can help harvesters reduce gear loss and fuel use. It's the best way to know more about what’s going on out on the water right where you need it!
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March E8 Monthly Pitch Meeting
March 30, 2023, 12:00 PM - 1:45 PM (PDT)
Meeting for new deals and also DD readouts and calls for investment.
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April E8 Learning Lab
April 7, 2023, 9:00 AM - 10:00 AM (PDT)
1 hour for going over the details and artifacts of investing.
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Share Our Thanks to Our Sponsors! |
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