Lab-grown fish startup BlueNalu lands $60 million to build out factory
San Diego startup BlueNalu, which is growing fish fillets in a lab directly from real fish cells, has raised $60 million in convertible debt financing to build out a pilot factory, continue to pursue regulatory approval and launch its seafood in restaurants. The 3-year-old firm, which was featured on CNBC's Streets of Dreams with Marcus Lemonis on Tuesday, is developing cell lines to grow up to eight species of seafood — with mahi-mahi and bluefin tuna targeted as its initial products. Depending on the pace of U.S. Food and Drug Administration review, BlueNalu could roll out its first lab-grow...
The San Diego Union-Tribune
Rivian raises another $2.65 billion in funding as EV nears June launch
Rivian announced another $2.65 billion in funding Tuesday, as the electric truck manufacturer gears up for its June launch. The latest investment round, led by T. Rowe Price, brings the total to $8 billion raised by Plymouth, Mich.-based Rivian since 2019, an upfront bet that the startup company will find a broad market for its electric truck, SUV and commercial vehicles. Amazon, which has ordered 100,000 custom delivery vans from Rivian, is among the existing investors participating in the new funding round. “This is a critical year for us as we are launching the R1T, the R1S and the Amazon c...
The World’s Most Valuable Unicorn In 2020
These are the 76 companies that reached unicorn ($1billion) status in 2020 – including Gymshark, Udemy and more…Q3 2020 hedge fund letters, conferences and moreWhat Is A Unicorn?A ‘unicorn’ is a term used in the business world to describe a privately owned startup that is worth more than $1 billion, including the likes of Airbnb, Roblox, and, as of this month, Tipalti too, after they hit a valuation of more than $2 billion, bringing total funding raised to date to around $280M million.While millions of startups spring up each year, only a handful ever make a success of it, which is why a priva...
Auto review: My 1st ride in a Lordstown Motors electric pickup: It's real, but will that be enough?
Lordstown Motors, the plucky electric pickup startup that aims to turn an abandoned General Motors plant into a hub of manufacturing and technological leadership, faces a long road and uncertain prospects, but it’s the only prospective EV pickup giving demo rides to independent journalists, and they claim to have sold out the first year of production for their Endurance pickup.That makes them worth a look, and I got one during a demo ride and briefing at Lordstown’s engineering center in suburban Detroit.Lordstown went from a privately held company with limited means to a publicly traded one M...
Detroit Free Press
Here's how auto startups are getting the cash to challenge Big Three carmakers
Not since the early 20th century have there been so many startups in the U.S. auto industry.Add Phoenix, Ariz.-based Atlis Motor Vehicles to a growing list of electric-vehicle startups across the United States — Rivian Automotive, Nikola Corp., Lordstown Motors Corp. and Bollinger Motors among them — seeking to make their marks. The surge in 21st-century startups is inspired by the meteoric success of Silicon Valley EV-maker Tesla Inc. as well as government regulations that for the first time mandate the powertrains automakers must use.Upstart automaker Atlis Motor Vehicles is betting its Atli...
The Detroit News
Is it a parking lot or delivery hub? That question earned Miami startup $1 billion
Miami-based REEF, best known for its so-called ghost kitchens that provide off-site food delivery, announced Tuesday it had raised a total of $1 billion to expand its operations.A growth equity funding round of $700 million is being led by United Arab Emirates-based Mubadala Capital in partnership with SoftBank’s Vision Fund and other investors. REEF is also raising $300 million through Oaktree Capital Management, L.P., to acquire additional real estate assets.REEF’s model involves investing in underutilized urban real estate, especially parking lots, and leasing them out as staging areas to b...
New program to help Black-owned online businesses
ATLANTA — Many Black entrepreneurs struggle to get bank loans and professional help to launch new businesses. A new program aims to remove those stumbling blocks.An Atlanta nonprofit and another business have committed $150 million to the 1 Million Black Businesses effort, which will make loans and provide financial and business advice to Black-owned startups and established small businesses. Atlanta-based nonprofit Operation Hope, which helps consumers improve credit scores, is kicking in $20 million, and Shopify, the online e-commerce is adding another $130 million for the loans and website-...
The Atlanta Journal-Constitution