Solar Startups Shine

Welcome Shareholders,  

First off, a huge thanks to all of the new shareholders joining us. In this daily edition of the Brags Newsletter, we'll cover the latest in venture investing in the Solar Industry, a crypto-focused asset manager raising their third fund and a startup looking to build a charging network for commercial trucks. So sit back, grab a snack and enjoy. 

Venture Today 👏

Solar Startups Shine Bright in 2022 With $7 Billion Record Funding

• Companies focused on solar energy saw record amounts of money pouring in from venture investors, the highest for the sector since 2010. 

The War in Ukraine, coupled with government-baked incentives from the inflation reduction act, has proven to be a boost for US solar companies, and venture investors have followed with massive sums of money being poured in.

The $7 billion raised comprises of 90 venture deals and represents a 56% jump in funding compared to 2021. Of the $7 billion raised, $5.9 billion (84%) went to 62 solar downstream companies. Big ticket deals (with funding > $100 million) also increased to 21 companies, with the largest deals including Intersect Power ($750 million), Longford Energy ($500 million), and Yellow Door energy ($400 million).  

Who's Raising?

HashKey Capital Closes Third Crypto Fund With $500 Million Raise

• The investment arm of financial services company HashKey Group has raised $500 million for its third crypto fund called, HashKey FinTech Investment Fund III. 

HashKey Fintech III will primarily invest in crypto and blockchain companies focused on infrastructure, tools, and applications, with a particular focus on emerging markets.

Founded in 2018, HashKey currently manages over $1 billion in assets and operates in Hong Kong and Singapore, with a presence across the US and Japan. The funds' portfolio of companies includes blockchain firm Cosmos, layer two network Aztec, blockchain-infrastructure firm Blockdaemon and gaming and crypto venture firm Animoca Brands.

Startup of the Day

Forum Mobility Raises $15 Million in Series A to Accelerate Electric Charging for Trucks 

• Trucking-as-a-service startup forum mobility announced that it raised $15 million to bring EV charging to class 8 models. 

Forum Mobility also announced a $400 Million joint venture with CBRE Investment Management and Homecoming Capital to create charging depots for Class 8 trucks in California. The state of California's zero-emission target would require 157,000 medium and heavy-duty chargers (approximately 53 a day by 2030), so Forum mobility is looking to capitalize on the demand.

In addition to the Joint venture, Forum has also closed a $15 million Series A funding from CBRE Investment Management, Amazon's Climate Pledge Fund, and Elemental Excelerator to hire additional staff to scale. The new round comes after Forum exited stealth mode in December 2021 by raising a $7.5 million seed round from investors, including Obvious Ventures, Edison International, Overture, and Homecoming Capital.

Memes and Other Things

The Emotional Progression of a VC Through Their Career