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Tweet and Retreat
Twitter Pulls The Plug on VC Support, BDC Raises $150 Million for Eco-Focused Fund, and a Startup Raises Money for Material Metamorphosis.
Adam from VC Brags
April 25, 2023
Welcome Shareholders,
In this daily edition of the Brags Newsletter, we’ll cover how Twitter is abandoning its support for VCs. Also, BDC raises $150 Million to promote sustainable startups, and a startup looks to turn scrap into super-materials with its new funding.
So sit back, grab a snack, and enjoy!
Venture Today 👏
Twitter is backing out of a prior agreement, made before Elon Musk's tenure, which committed $20 million to smaller VCs.
The social media giant, historically known for supporting venture capital firms, recently shifted its focus towards backing underrepresented founders. However, under Musk's leadership, these VCs will no longer receive the previously committed $20 million in funding from Twitter.
VC heads backed by Twitter received a note in January, indicating that the team previously managing their accounts had been disbanded following Musk's takeover. Musk's team have reached out to some VCs, but Twitter no longer intends to fulfill outstanding financial commitments and expects the firms to secure their own funding.
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Who’s Raising?
Montreal, Canada-based Business Development Bank has closed its new Sustainability Ventures Fund with $150 Million in commitments.
The fund will focus on equity investments in sustainable businesses with SaaS, hardware-enabled software, and software-led models. The vehicle will target seed to Series A and B Canadian companies that develop scalable, economically resilient sustainability-enhancing technology systems.
The new fund supplements BDC Capital's existing $400M Climate Tech Fund II, providing equity investments and flexible financing for clean tech firms. BDC is the Investment arm of BDC capital, which manages over $6 billion in assets and supports Canadian businesses from seed investments to growth equity.
Startup of the Day
Woodoo, a Paris-based biotech startup, has raised $31 million to transform discarded wood into alternative construction materials.
Woodoo's proprietary technology transforms low-grade and diseased wood products into premium high-tech materials through molecular-level lignin engineering, utilizing locally sourced substandard feedstock. Woodoo's technology has attracted customers in the automotive, luxury, and construction sectors, offering products like smart surfaces, tactile interfaces, and animal-free luxury leather goods.
Climate tech fund Lowercarbon Capital led the funding round, with participation from Swiss-based One Creation, institutional partners Purple, and several European entrepreneurs. Woodoo will utilize the new capital to expand its technology platform, targeting commodity building materials that surpass steel and concrete in strength, weight, appearance, and cost.
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