Supply Chain

Blackhorn Ventures Industrial Impact Fund II, LP (IIF II) is a $150 million venture capital impact fund managed by Blackhorn Ventures, an investment firm founded in 2017 by entrepreneurs, operators, and investors. The fund achieved its final close on June 27, 2024, with a 2022 vintage year reflecting the initial deployment period. IIF II attracted a distinguished group of limited partners including Mitsubishi Electric, Mercuria Energy, Goldbeck GmbH, Simpson Strong-Tie, Jonathan Rose Companies, the Grantham Foundation for the Protection of the Environment, and Caprock, alongside other institutional investors who share a conviction that the industrial energy transition represents one of the defining investment opportunities of this decade. IIF II deploys capital at the Seed and Series A stages into capital-efficient software solutions, vertical SaaS platforms, and AI-enabled applications addressing resource efficiency and decarbonization across hard-to-abate industrial sectors. Blackhorn's 'bits and atoms' investment thesis targets the intersection of digital intelligence and physical-world processes across four interconnected verticals: energy, construction and the built environment, supply chain and logistics, and transportation. The fund prioritizes founders at the forefront of industrial AI — particularly those commercializing scalable solutions to critical labor shortages, operational inefficiency, and the carbon intensity of industries that together represent trillions in U.S. and global GDP. Investment geography is primarily the United States, with selective exposure to European opportunities meeting the same industrial thesis criteria. IIF II has deployed into over 20 portfolio companies, including Formic (industrial robotics software), Circuit Mind (electronics manufacturing automation), ThinkLabs, Specifix, EcoWorks, Optera, and Electric Era. As documented in Blackhorn's 2024 Annual Impact Report, portfolio companies deliver measurable outcomes across greenhouse gas reduction, labor productivity gains, and operational cost savings. The fund's impact mandate is structurally enforced: carried interest is linked to demonstrated environmental and social outcomes, aligning GP incentives with the fund's stated mission of industrial decarbonization. Managed from the United States and structured as a Delaware limited partnership, Blackhorn Ventures Industrial Impact Fund II is the second in the firm's flagship fund series and represents the fullest expression of the firm's Industry 4.0 investment philosophy combining digitization and decarbonization.

Dynamo Ventures, a Chattanooga-based venture capital firm, has announced the close of its third fund, Dynamo Fund III, at $54 million. This new fund significantly expands upon the firm's initial $18 million Fund I, reflecting a strong commitment to investing in early-stage companies that are innovating within the industrial economy. The fund aims to support founders who are transforming the way goods are produced, transported, and monetized, focusing on sectors where digitization is long overdue. In conjunction with the closing of Fund III, Dynamo executed a secondary transaction providing early liquidity to limited partners in its first fund. Kline Hill Partners acquired a significant stake in Fund I, delivering returns exceeding 4x and placing the fund in the top decile of its vintage. This move not only validates the strength of Dynamo's early investments but also demonstrates the firm's commitment to delivering value to its investors. Dynamo's investment strategy continues to focus on early-stage companies at the pre-seed and seed levels, particularly those operating in manufacturing, logistics, transportation, and commerce infrastructure. The firm brings deep operational expertise and a global network to its portfolio, which includes companies like Stord, Sennder, Gatik, and Raft. With the new fund, Dynamo is well-positioned to continue backing ambitious founders who are redefining how industries operate at scale.

HSB Fund II is a $125 million venture fund managed by Munich Re Ventures (MRV), the venture capital arm of Munich Re Group. This fund is backed by its founding limited partner, HSB, a specialty insurer within the Munich Re Group. As MRV's fifth fund and the second sponsored by HSB, HSB Fund II brings MRV's total assets under management to $1.2 billion. The fund focuses on investing in startups that operate within the Built World sector, emphasizing technologies that de-risk and optimize performance in property, industry, and related supply chains. Key investment areas include equipment technology, cybersecurity, and innovations aimed at enhancing infrastructure resilience. HSB Fund II aims to support companies that contribute to predictive maintenance, operational efficiency, and the durability of critical infrastructure and industrial assets. HSB Fund II builds upon the success of its predecessor, HSB Fund I, which supported companies like At-Bay, Augury, and Helium Mobile—firms that have achieved significant milestones, including unicorn status and strategic acquisitions. The fund is managed by Jennifer Place, Principal at MRV, who brings a decade of experience in investing across the Built World, Energy, and Industrial sectors. Adam Care, VP & Head of Portfolio Development for the HSB Funds, will focus on cultivating partnerships between MRV's portfolio companies and HSB.

The Libra Hybrid Capital Fund is a private credit vehicle launched by Granite Asia, a Singapore-based multi-asset investment platform. The fund has secured over US$250 million in anchor commitments from leading Asian sovereign wealth funds, general partners, and a network of founders and entrepreneurs. With a target size of US$500 million, the fund aims to provide non-dilutive capital to mid-market companies across the Asia-Pacific region. Libra focuses on offering secured loans with a defensive risk profile, targeting established businesses that are profitable or have positive cash flow. These companies span various sectors, including those undergoing digital transformation or pursuing growth through acquisitions. The fund leverages Granite Asia's technology ecosystem and operational expertise to deliver stable cash yields and enhanced returns. Managed by partners Ming Eng and Roger Zhang, the fund is part of Granite Asia's broader strategy to support a diverse range of businesses that form the backbone of Asia's economy. By providing flexible, non-dilutive financing solutions, Libra aims to bridge funding gaps for companies scaling within and across the region.