Tracy Barba

This is a good and important read on #FOAK projects and the ClimateTech Valley of Death, with good insight from some very sharp investors. One often overlooks aspect of this challenge is WHO will build these early commercial projects that are smaller and don't often appeal to top tier EPCs. Developing and building these projects will be a critical, often binary factor in the outcomes. https://lnkd.in/gbedmkmt

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🌟Innovative VC Firm Overcomes Exits Drought with Secondary Sales🌟 ⛵Navigating a challenging landscape where exits are scarce, Santa Barbara Venture Partners (SBVP) has pioneered a novel approach to sustain its growth and attract investors for its second fund: secondary sales. Instead of waiting for traditional exits like IPOs or acquisitions, SBVP opted to sell shares of its portfolio companies, demonstrating its ability to generate returns for investors and stand out in a competitive market. 🎤According to Dan Engel, founder and managing partner of SBVP, these secondary transactions have been a game-changer, sparking investor interest and bolstering the firm's credibility. By leveraging its recent successes, including a lucrative stake in sports-betting company DraftKings Inc.' acquisition of digital lottery app Jackpocket, SBVP seized the opportunity to return profits to its limited partners (LPs) and pave the way for its second fund. 💡Engel highlighted the challenges faced by young VC firms in raising subsequent funds, particularly amid a downturn in exit activity and heightened investor scrutiny. With traditional exit routes becoming increasingly elusive, the pressure is on for firms to demonstrate tangible returns and establish a track record of success. ✨"For us, secondary sales have been a game-changer. They've helped us return profits to our LPs and attract investors for our second fund," said Dan Engel. 💰For SBVP, the decision to pursue secondary sales was driven by the need to provide liquidity to LPs and validate its investment thesis in the eyes of prospective investors. By strategically offloading portions of its holdings in high-performing portfolio companies like Bark Technologies and Rad AI, SBVP not only generated substantial returns but also bolstered investor confidence in its ability to deliver results. ⚠Despite the complexities and potential stigma associated with early share sales, Engel emphasized the importance of prioritizing investor returns and seizing opportunities to unlock value for stakeholders. With a focus on profitability and transparency, SBVP remains committed to its mission of delivering sustainable growth and maximizing returns for its LPs. 🔍 "Returning profits to our investors is our top priority. By strategically selling shares, we're proving our commitment to delivering results and driving value for our stakeholders," added Engel. As SBVP continues to explore secondary transactions and expand its investor base, the firm stands as a testament to innovation and resilience in the face of market challenges. 🚀 ✅ Looking to raise capital for your #fund and increase the international pool of your LP #investors?   🤝 Need warm #LP introductions?   📝 Selling #secondaries to increase liquidity?   🧐 Looking for co-investments?   ▶ G+QUANT's link for inquiries and fund decks: https://lnkd.in/gjC_EuTE #VCInnovation #SecondarySalesSuccess #InvestorReturns #ValueCreation 

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Final reminder for tomorrow's CA California Voter Forum, 9am PST & 12PM EST This webinar will cover three main things: 1. #VC #Policy changes in 2025 that will affect #fund managers and founders and the potential impact of this year's elections on the sector. 2. Recap of #California's related bills, with specific focus on #AI-related issues.  3. A view of #Oakland's entrepreneurial & political landscape Register here: https://ow.ly/6NL150TEWno

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Yesterday, Governor Gavin Newsom gave a shoutout to BEAM Circular and the huge potential of the bioeconomy at the California Economic Summit hosted by California Forward. He highlighted the initiative's rapid progress and called out the bioeconomy as California’s next trillion-dollar industry. In a surreal moment, he referenced HawkTower’s 10-year venture commitment to this space. I participated in the rise of the app/smartphone economy in the 2010s ... this feels similar. 📲 Currently, ag by-products and the bioeconomy are turning leftover almond shells and rice straw into energy (biofuels) and converting crop residues into natural soil enhancers to grow healthier crops. Soon, we can expect biomanufacturing and bio-based innovation to produce everything from medicines to new proteins, and other high-value materials, like construction materials. We’re humbled and excited to be part of this journey. I learn something new and meet incredible, dedicated Californians every day. Thank you, Governor, for highlighting its massive potential and its nascent foundation. cc Karen Warner Ann Rogan Gloriamar Gamez Maria Olide Amanda Hughes Marian Kaanon Erick Serrato Gillian Wilson Joshua Viers Elena Chavez Quezada Egon Terplan Kate Gordon Danna Stroud Josh Metz Brenna Butler Garcia Talya Karr Lenny Mendonca Michelle Reimers John Selep Jack Marck Prentice Keller Kim Garner Daniel Emilio Sabzehzar Dr. Chris Vitelli Stephanie Dietz David Marvulli LifeSpace Labs Dipesh Lad #bioeconomy #innovation #California

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Can today's governments serve as Venture Capitalists? California’s first public venture fund, led by Derrick Tang at IBank California and appointed by Governor Newsom, is challenging traditional notions of investment. This fund isn’t just about financial returns—it’s a bold step towards transformative equity in innovation, focusing on climate justice and supporting underrepresented entrepreneurs. Tune into this week’s episode of Swimming with Allocators to hear Tang discuss its dual goals: achieving financial returns while fulfilling social equity objectives. Discover how this innovative approach aims to redefine public sector involvement in the venture capital landscape, blending finance, social justice, and government policy to shape the future of investment. cc: Alexa Binns

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How much power do you feel like you hold at the local and national scale? 🤔 For those of us working in the climate realm, it's not always clear how our daily tasks can influence systemic shifts toward a green economy. Tonight, come hang with Climate Collective San Diego as we unpack climate policy and learn about tools and actions we can use to influence the decison-making process in our community 🏡 🌊 https://lu.ma/ie8o254a

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Excited to join industry leaders in LA to explore the future of non-traditional investments. I’ll be speaking at the Private Wealth Southern California Forum, hosted by Markets Group, on 12 November. Together, we’ll discuss how innovations in alternative assets are reshaping the investment landscape. Thank you to Markets Group for providing the platform to explore these transformative developments. #PrivateEquity #Innovation #Technology #Entrepreneurship #VentureCapital #Investing #Finance #Alternatives #Startups #Speaker

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"How much do you think a space laser is worth?,” and other adventures in structured finance for climate tech. With some sheepishness, I'm sharing my writing on the world of Climate Finance. I'm going especially deep on structured finance and credit, which is an underutilised (but super important!) part of the climate capital stack. Kicking off with how you think about valuing assets that have never, er, really had a value before. (With total apologies to Matt Levine, who is the best writer in finance and who I've taken inspiration from as a result). Read here: https://lnkd.in/gr7KjtP5 #CliFi #ClimateFinance #AssetFinance

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Over the last year I've been digging into the Inflation Reduction Act (IRA) - arguably the most significant law ever passed for energy transition globally. The IRA is complicated, but it represents $1T+ of federal funding for clean technologies. Today I'm proud to announce the launch of Giraffe Financial - a business focused on helping organizations of all types take advantage of IRA incentives. Our theory of change is that while dealing with the IRS can be challenging, getting IRA tax credits doesn't have to be. Giraffe helps any organization deploying electric vehicles, charging infrastructure, renewable energy, or energy storage access IRA funding. We streamline the process of determining eligibility, ensuring compliance, and completing IRS paperwork. Please take a look at our press release (https://lnkd.in/eu-V59su), visit our website (https://giraffe.financial/) and email me directly with any questions or interest ([email protected]). I'd also like to take this opportunity to thank the incredible ecosystem of partners and investors that made this all possible: Skyview Ventures, Momentum (BuildMomentum.io), Andy K., Shawn Garvey, Matt Hart, Wallace Kyle Jr., MBA, Homer Robinson, Oktay Kurbanov, Alexander Scammon, Steven Eisenberg, Lewis Wagner, Sean Carney, Michael Greten, Jonathan Burnston, Tyler Lancaster, Skip Dise, Titiaan Palazzi, Sarah Valdovinos, Jordan Ramer, Richard Matsui, Bill Van Amburg, Dedrick Roper #InflationReductionAct, #IRA, #TaxCredits, #RenewableEnergy, #EVs, #EVCharging, #emobility, #electric, #solar, #electricvehicles

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The agenda for the fourth annual SOSV Climate Tech Summit is now live! The 19 main sessions and 9 breakouts (so far) feature an all-star cast of VCs, founders and technologists who are important players at this moment in climate tech, with all its perils, promise, and wild new ideas. These are the breakout sessions we have so far! More to come next week. - The Most Important Climate Metric No One Optimizes For - Perspectives from India's Strengthening Climate Tech Ecosystem - Scaling Climate Tech: Founder Office Hours with Schrep - Syensqo Ventures: "We are scientific explorers" - Mapping New Cleantech Across America - Raising $$ and Building (multiple) Climate Tech Companies - What can we learn from those who have done it? - Deep Tech for Deep Opportunities - Powering the Future: Navigating the New Electricity Landscape - Preparing for an Early Stage Climate Financing 👉 Register today! - https://lnkd.in/etFmQ8ex #ClimateSummit #SOSV #emergingstartups #ecosystem #climatetech

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Calling all impact investors... If you haven't already responded to Calvert Impact 's annual impact investing survey, now's your chance! Closes later next week. Takes <5 min and results will be shared. https://lnkd.in/gQ7BJWax

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🐺🚨🚀Three years ago, we launched Pack Fund I. Today, we launch Fund II with some big news from U.W.!🚨🚀🐺 We are now a Preferred Venture Partner of the University of Washington and CoMotion at University of Washington! After three years of hard work, during which we backed 29 startups, mentored on campus, and sponsored entrepreneurship clubs and competitions in the UW Foster School of Business and Paul G. Allen School of Computer Science & Engineering, we are thrilled to be taking our collaboration with U.W. to the next level! On the back of this news and early successes, we are hosting a webinar for accredited and interested L.P.s to learn about joining Fund II - https://lu.ma/pbwih7xa What Is the Latest On Fund I? - 26 companies backed in 3 years - 12 have raised additional funding at higher valuations - $135M+ in additional funding and grants - Invested alongside Madrona, FUSE, Khosla Ventures, Y Combinator, Pioneer Square Labs, Trilogy Equity Partners, Cercano, Washington Research Foundation, and dozens of other top investors. - Supported founders in Software, Life Sciences - Recognized as a top 5 most active life science investor in the PNW in 2022 - 80+ L.P.s supported our vision How is Pack Fund II Starting? - Ti Zhao joined full-time - let's go!!!! - Agreement (M.O.U) signed with U.W., making us a preferred venture partner - 2 investments alongside top VCs - 50+ L.P.s already joined - Fund II is larger than Fund I already - Hundreds of companies reviewed already See the news from U.W. here -https://lnkd.in/girhA3BM GeekWire and Taylor Soper covered our vision masterfully here - https://lnkd.in/gHYFAxzY Thanks to all of the Pack members and founders who have been on this journey with us!

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Summary: A settlement agreement has been reached between Venture capital firm Fearless Fund and the American Alliance for Equal Rights, resulting in the shutting down of Fearless Fund's Strivers Grant program. The program was initially developed to provide funding for small businesses owned by Black women, but faced a lawsuit for alleged discrimination against non-Black founders. Key takeaways: The Fearless Fund's program has been shut down due to a lawsuit from AAER claiming it discriminated against non-Black founders. The fear of legal repercussions has resulted in the Fearless Fund losing partnerships and shifting focus away from initiatives benefiting minorities. Despite the settlement, Fearless Fund remains committed to helping under-resourced entrepreneurs. Counter arguments: Some argue that using the Civil Rights Act of 1866, intended to help the formerly enslaved, against a program benefitting Black entrepreneurs is ironic and counterproductive. The shutting down of the program is a blow to the diversity, equity, and inclusion movement, as companies continue to struggle with addressing disparities in funding and opportunities for minority groups.

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Underleveraged regions in California face economic isolation, inadequate infrastructure, and housing instability. Low education attainment and high poverty rates are compounded by social inequities that create a talent drain. Despite being home to the largest public higher education system, comprising 150 community colleges and universities, economically underleveraged regions face limited access to quality education and vocational training, resulting in lower educational attainment. The UC system is a powerhouse but has limited reach across the extensive regions comprising underleveraged California, such as the San Joaquin Valley, Inland Empire, Imperial, or the Upper Sacramento Valley. Public-private partnerships can extend the reach and impact of UC-powered startup accelerators by integrating programming into the communities where the solutions will solve California's most pressing problems. Embedding startups in the communities they affect and alongside the industries they serve will catalyze workforce development approaches that include upskilling and reskilling experienced workers to power the growth of these startups. #EconomicGrowth #Innovation #CaliforniaTransformation

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https://lnkd.in/eW5rVi4b Scope3, a NYC-based provider of a collaborative sustainability platform decarbonizing media and advertising, raised $25M in funding. The round was led by GV with participation from existing investors Venrock, Room40 Ventures, Craft Ventures, Aperiam Ventures and Virgo Strategic Investments. The company intends to use the funds to expand its work beyond the advertising ecosystem and tackle the pressing climate impact of the AI industry. Led by CEO Brian O’Kelley, Scope3 provides a platform that allows users to visualize, measure, and reduce their carbon emissions in the advertising ecosystem. This is made possible with its emissions model developed from open-source methodology to precisely measure the complex and interconnected advertising ecosystem. It sits at the core of Scope3’s collaborative sustainability platform and every emissions reduction solution offered by the company, including Climate Shield and Green Media Products (GMPs). Now, as AI innovation hits an inflection point and the environmental impact is coming to light, Scope3 is taking its proven approach to decarbonizing the advertising and media supply chain and applying it to AI. Thousands of brands use Scope3 to measure and decarbonize their media – including Coca-Cola, General Motors, Mastercard, Sanofi, and more. Scope3 is a public benefit corporation with a global team of researchers, technologists, and digital advertising pioneers distributed across North America, Europe, and APAC, tackling the biggest challenge of our generation: the climate crisis.

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Tapping into overlooked resources is driving a new wave of innovation. In a panel with Jun Park of Hashed, Anna Bertha of Digital Currency Group, Vinayak Kurup of Escape Velocity (EV3), moderated by Rob Schmults of Blockchange Ventures, investors reveal how DePIN is transforming energy, broadband, and storage: DePIN creates new opportunities by disrupting high-CapEx industries with decentralized networks. By leveraging these networks, #DePIN breaks traditional oligopolies and makes services like energy and broadband more accessible, efficient, and scalable. Full talk you can find below👇🏻

Last week, I had the pleasure of moderating a discussion on navigating FOAK in climate tech at the Greentown Labs Summit in Boston (which had >600 people!!). Here’s a quick rundown of what was shared by Katherine St. James of Spring Lane Capital, Paris Smalls, PhD of Eden GeoPower, and Hannah Friedman of Planeteer Capital: 🌱 What is the definition of FOAK? We discussed how the term can be controversial - it's almost too general because it doesn't identify what kind of "First" FOAK refers to - first team project? First geography? First of a technology in a sector? First time for the integration of a system? It's also too specific because it has the word "first" in it, which can be anathema to later stage / project finance investors. 💰 Partnerships for Funding FOAK Projects We discussed how important it is to build a blended capital stack & use off-balance sheet capital for a project so you're not using the most expensive equity dollars to fund an infrastructure project with low-ish IRR. We also talked through being creative about using corporate partners to provide in-kind services or ink some agreement (at least an LOI) to attract this funding. 🏛 Role of Government We talked about how government capital is seen by investors & how it can be catalytic for FOAK. Government capital can provide validation that a startup has passed a rigorous diligence process by a third party - and incentives like grants or credits can help improve returns for the first project- but it's important to be doing this in conjunction with getting customer validation and to be able to present line of sight to competitive economics without concessionary capital. 👥 Advice for FOAK startups The panelists offered some very specific pieces of advice for startups going through FOAK: how to get creative with things like revenue sharing agreements or convertible notes, getting smart with project development early on (like with DeveloperU), being careful about using FOAK too liberally with certain investor groups, getting the right commercialization / FOAK talent in and around you early Huge thanks to the panelists and the team at Greentown Labs (Jill Kirkpatrick, Julia Travaglini, Aisling Carlson, etc you rocked it!!) for hosting this discussion on bridging the FOAK gap. Also immensely enjoyed the rest of the agenda. Check out the full recap & videos here: https://lnkd.in/d9ApYe9Y #ClimateTech #FOAK #ClimateFinance #ProjectDevelopment #GreenTech #CleanEnergy

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Check out the latest issue of my investor-focused newsletter Not From Concentrate!

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