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Boston based Startup Mona Lee Secures $3.25M Seed Round to Redefine the Clean Energy Experience for Consumers

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Converting to sustainable energy can be a costly and confusing process for consumers. Mona Lee is moving the clean energy industry forward with its innovative and customer-centric approach, allowing homeowners to install solar panels and storage for 40-50% lower costs than what the competition offers.

Mona Lee, a Boston-based startup founded by former Tesla employee Walid Halty, has announced the successful closure of a $3.25 million seed funding round. The round included investments from prominent players in the technology and consumer sectors, such as Ludlow Ventures, Shrug VC, Palm Tree Crew (founded by Norwegian DJ Kygo), Coalition Operators, Plug and Play Ventures, and The Pags Group, owned by Boston Celtics’ owner Steve Pagliuca.

“Residential clean energy is a massive opportunity and we are excited to be redefining the buying and installation experience for eager consumers,” said CEO and Cofounder Walid Halty.

Mona Lee is on a mission to make solar, storage and EV charging installation for homes affordable and hassle-free. Since its launch, the company has experienced remarkable growth, installing in over 7 states with over 150 new customers per month and an average cost-per-order of $28,000.

The potential for growth in the home solar and storage industry is staggering, with an estimated $250 billion opportunity over the next six years alone. With 142 million homes in the U.S. and only 2 million having switched to solar in the past two decades, Mona Lee aims to tap into the remaining 140 million homes expected to adopt solar power alone by 2029.

The passage of the Inflation Reduction Act has fueled consumer interest in clean energy in recent years and Mona Lee has met the moment. The company’s unique selling proposition lies in its AI-powered buying experience. Mona Lee’s technology demystifies the process of designing and purchasing a complete solar panel and storage system for homes, while cutting costs for consumers by 40-50%.

Mona Lee’s CEO, Walid Halty, shared his excitement about the company’s recent funding success, stating, “This funding round is a testament to the need for Mona Lee’s innovative approach in the home solar and storage industry. We are committed to making solar and storage installation a no-brainer for all homeowners, and this investment will allow us to further accelerate our growth and expand our reach.”

With its innovative technology and commitment to bringing affordable and seamless solar and storage installation to homes across the country, Mona Lee is poised to redefine the clean energy experience for consumers.

About Mona Lee

Mona Lee is a Boston-based startup co-founded by Walid Halty, an ex-Tesla employee. The company is focused on making solar installation affordable and hassle-free for homeowners. With its AI-powered design and buying experience, Mona Lee aims to simplify the process of purchasing and installing a complete solar panel system–enabling every home to fulfill its own energy needs, while contributing to a more sustainable future.

Funding

Insure Tech platform Amplify Life Insurance secures $20M Series B funding to offer tax-efficient financial wellness to an underserved market

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amplify funding

SAN FRANCISCO, June 18, 2024 — Amplify Life Insurance, a leading digital platform revolutionizing wealth-building through permanent life insurance, announced today it has secured $20M in a Series B funding round co-led by Crosslink Capital and Anthemis. New investors Moneta Ventures and Evolution Ventures joined the round, with continued support from existing investors Greycroft, Munich Re Ventures, and Foxe Capital.

Founded in 2019, Amplify enables customers to build tax-efficient wealth through life insurance premiums, providing access to the policy’s cash value for any purpose while alive. By focusing on a customer-first experience, Amplify transforms the traditional life insurance model, making valuable permanent life insurance accessible to a broader market, including businesses seeking tax-efficient cash management solutions.

With the capital infusion, Amplify will soon be launching the first in a suite of proprietary products tailored to what customers actually want; these products will not only offer a customer-centric experience, but also strengthen unit economics. The company will also be reinforcing its commitment to strategic work in B2B channels.

Additionally, Amplify has welcomed two new Board Members to help fuel the upcoming growth and development: Michelle Cheung, prior CFO of Next Insurance, and Mark Williamson, prior COO of Masterclass.

“Our unique  approach provides customers with a simple, digital experience while offering more transparent and liquid life insurance wealth products catered towards a younger mass affluent market looking to build long term tax efficient wealth while protecting their families and assets,” said Hanna Wu, founder and CEO of Amplify. “Our expansion highlights the growing demand for innovative and tax-efficient financial solutions that prioritize customer needs and foster flexible long term wealth accumulation.”

“Amplify is disproving the notion that permanent life insurance can only be sold through the traditional agent channel,” said Amy Nauiokas, Founder and CEO at Anthemis. “We believe Amplify is connecting and strengthening the entirety of the life insurance value chain, offering direct access to a previously underserved customer segment.”

“Investing in Amplify represents our confidence in the team’s continued ability to democratize an asset class traditionally available only to the wealthy, making it accessible to underserved younger generations,” said Adoram Gaash, Managing Partner of Moneta VC.

Since its Series A funding, Amplify has achieved 200% YOY growth. The company has also developed a proprietary machine learning model for accurate customer lifetime value prediction and ranking; this advanced customer acquisition algorithm has enabled the acquisition of high-value customers, resulting in significantly higher average premiums per policy compared to industry norms. With end-to-end data capture, Amplify can better manage unit economics and focus on efficiencies in the sales funnel.

About Amplify Life Insurance

Amplify is the first digital permanent life insurance platform offering customers direct access to products where you access tax-efficient investment returns and obtain lifelong protection. It’s founded by serial entrepreneurs with industry and technology expertise looking to modernize the $70B permanent life insurance industry. Amplify provides an AI-enabled educational journey, product recommendation and quoting, and real-time pre-underwriting to help customers learn about plans and customize a policy for their needs. Founded in 2019, Amplify aims to help customers achieve health and financial wellness. Based in the San Francisco Bay Area, Amplify is open to all 50 states and has served thousands of customers.

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Funding

Climate-smart Deeptech Company Ecozen Raises $30 M

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Ecozen, a leader in climate-smart technology solutions, announced that it has raised USD 30 million in a mix of debt and equity. This infusion of capital includes continued support from Nuveen and other existing equity investors, and new debt support from InCred Credit Fund and the U.S. International Development Finance Corporation (DFC) through Ecozen’s exclusive advisor Setuka Partners LLP.

The latest round of funding will be used to cater to the growing demand for Ecozen’s innovative products and to further its commitment to climate-smart technology. The company has grown 5X over the last two years, with profits growing 3X as well. Ecozen anticipates doubling its revenue in the current fiscal year, buoyed by strong demand for existing products and plans to leverage its tech stack of advanced motors and controls, thermal energy storage, AI and IoT to enter new segments undergoing a transition to cleaner energy sources. These solutions will decarbonise sectors like milling, mobility, retail and industry, just as the company’s pumping and cooling solutions did for agriculture. The company is also set to meaningfully expand its offerings and market presence into Africa and Southeast Asia.

Ecozen has made solar-powered systems a viable solution for small and marginal farmers in India. Over the past decade, its pioneering products – Ecotron and Ecofrost – have transformed the agricultural irrigation and cold chain industries respectively. Utilising advanced motor controls, IoT, and energy storage technologies, these modular, clean energy innovations have not only boosted the incomes of over 180,000 farmers but have also cut greenhouse gas emissions by 2 million tonnes and prevented more than 50,000 metric tons of food loss. 

“Ecozen is on an accelerated growth path, driven by the increased market demand for our pioneering climate-smart solutions,” said Devendra Gupta, CEO and Co-Founder of Ecozen. “The capital raised will enable us to scale our operations and deepen our market penetration in domestic and international territories. We are committed to empowering customers and expediting the transition to climate-smart technologies on a global scale. I thank our investors, Nuveen and other existing equity investors, for their continued support which will help us cater to the present opportunity. We are also happy to have institutions like the DFC and InCred partner with us in our journey of catalysing climate-smart solutions for agriculture and other key sectors in the future.”

“Supporting companies like Ecozen aligns perfectly with Nuveen’s commitment to invest in businesses that have a profound impact on climate change mitigation and resilience,” said Rekha Unnithan, Managing Director and Head of Private Equity Impact Investing at Nuveen. “Ecozen’s continued growth and innovation exemplify the type of transformative impact we aim to achieve through our investments, paving the way for a sustainable and inclusive low-carbon economy.”

“We like Ecozen’s proven product and execution track record, and the way it has transformed the lives of farmers in India. With the government of India’s push on sustainable, climate friendly initiatives, we feel the company is poised for profitable growth,” said Saurabh Jhalaria, CIO – Alternative Credit Strategies at Incred Alternative Investments. “The opportunity in India and other developing markets is huge and we are excited to partner with Ecozen in its growth journey. The investment ties up well with our fund’s thesis on innovative cleantech solutions that can reach the masses.”

“DFC is pleased to be supporting an innovative and impactful project with Ecozen that aligns with our priorities of investing in climate adaptation solutions and improving agricultural productivity. This is a highly significant transaction that will improve production, reduce food loss, and decrease emissions in India,” said James Polan, DFC’s Vice President of Health & Agribusiness.

.  . .

About Ecozen:

Ecozen develops climate-smart deeptech solutions and core technology stacks to deliver a sustainable future, including motor controls, IoT, and energy storage. For more information, please visit www.ecozensolutions.com.

About Nuveen:

Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $1.2 trillion in assets under management as of 31 March 2024 and operations in 32 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customised strategies.

About U.S. International Development Finance Corporation (DFC):

The U.S. International Development Finance Corporation (DFC) is the U.S. Government’s development finance institution. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today. DFC invests across sectors including energy, healthcare, infrastructure, agriculture, and small business and financial services. DFC investments adhere to high standards and respect the environment, human rights, and worker rights. 

About Incred:

InCred Alternative Investments manages strategies including private credit, absolute return, hedge fund and private equity. Its private credit strategy manages more than Rs 1,000cr across two of its funds. The credit funds invest across high growth sectors, namely financial institutions & platforms, B2B, consumer, cleantech, healthcare and industrials.

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Funding

Saad Kassis Mohamed led WeCare Raises $350000 for Lab-Grown Diamonds

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Saad Kassis Mohamed, leading WeCare, proudly announces a milestone
achievement with the successful raise of $350,000 dedicated to accelerating innovation in the lab-grown diamond

Saad Kassis Mohamed, leading WeCare, proudly announces a milestone
achievement with the successful raise of $350,000 dedicated to accelerating innovation in the lab-grown diamond sector. This significant funding marks a pivotal moment in the foundation’s commitment to fostering sustainability and advancement within the industry.
Building upon the success of pioneering funding models in natural diamonds and coloured
gemstones, Saad Kassis Mohamed spearheads WeCare’s latest initiative aimed at bolstering research and development in lab-grown diamonds.

Through strategic collaborations with esteemed research
institutions and industry leaders, this innovative funding model is meticulously tailored to empower emerging researchers, startups, and mid-sized players in the lab-grown diamond arena.
Lab-grown diamond productions, including run-of-mine (ROM) diamonds, delivered to designated facilities under Saad Kassis Mohamed’s guidance at WeCare Foundation, undergo thorough valuation by accredited experts. Leveraging WeCare Foundation’s proprietary valuation methods, these productions are meticulously assessed for their market potential and quality.
WeCare Foundation is steadfast in its commitment to combating child labour within the diamond industry. Recognizing the importance of ethical sourcing and fair labour practices, WeCare is dedicated to ensuring that its initiatives uphold the highest standards of social responsibility. WeCare strives to create a future where every diamond is sourced and produced ethically, free from the taint of child exploitation.
“WeCare Foundation is committed to fostering innovation and sustainability in the lab-grown
diamond industry. By providing access to tailored funding solutions and market opportunities, we aim to empower small to mid-sized players to thrive in this rapidly evolving sector,” states Saad Kassis Mohamed.
The demand for lab-grown diamonds is steadily increasing, with Teji Mandi’s findings suggesting that it is expected to reach 160 million carats by 2030, signifying the growing acceptance of lab-grown diamonds in Asia.
The funding initiative garnered participation from Red Capital along with individual backers,
underscoring the widespread support and confidence in WeCare Foundation’s mission to drive
innovation and sustainability in the lab-grown diamond sector.
Through this innovative funding model, WeCare seeks to address the financial challenges faced by participants in the lab-grown diamond industry, facilitating growth, innovation, and sustainability for the benefit of all stakeholders involved.

This significant funding marks a pivotal moment in the foundation’s commitment to fostering sustainability and advancement within the industry.
Building upon the success of pioneering funding models in natural diamonds and coloured
gemstones, Saad Kassis Mohamed spearheads WeCare’s latest initiative aimed at bolstering research and development in lab-grown diamonds. Through strategic collaborations with esteemed research institutions and industry leaders, this innovative funding model is meticulously tailored to empower emerging researchers, startups, and mid-sized players in the lab-grown diamond arena.
Lab-grown diamond productions, including run-of-mine (ROM) diamonds, delivered to designated facilities under Saad Kassis Mohamed’s guidance at WeCare Foundation, undergo thorough valuation by accredited experts. Leveraging WeCare Foundation’s proprietary valuation methods, these productions are meticulously assessed for their market potential and quality.
WeCare Foundation is steadfast in its commitment to combating child labour within the diamond industry. Recognizing the importance of ethical sourcing and fair labour practices, WeCare is dedicated to ensuring that its initiatives uphold the highest standards of social responsibility. WeCare strives to create a future where every diamond is sourced and produced ethically, free from the taint of child exploitation.
“WeCare Foundation is committed to fostering innovation and sustainability in the lab-grown
diamond industry. By providing access to tailored funding solutions and market opportunities, we aim to empower small to mid-sized players to thrive in this rapidly evolving sector,” states Saad Kassis Mohamed.
The demand for lab-grown diamonds is steadily increasing, with Teji Mandi’s findings suggesting that it is expected to reach 160 million carats by 2030, signifying the growing acceptance of lab-grown diamonds in Asia.
The funding initiative garnered participation from Red Capital along with individual backers,
underscoring the widespread support and confidence in WeCare Foundation’s mission to drive
innovation and sustainability in the lab-grown diamond sector.
Through this innovative funding model, WeCare seeks to address the financial challenges faced by participants in the lab-grown diamond industry, facilitating growth, innovation, and sustainability for the benefit of all stakeholders involved.

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