quarterly newsletter q3 2021

Dear Partners,

It’s been another frenetic quarter here at FootPrint Coalition with many of our portfolio companies making solid strides, our media integrations coming together, and new investment opportunities taking their turn under the due diligence microscope. 

 

The past three months saw an announcement of our portfolio company Aspiration going public through a SPAC merger; our first investment in the cheese market with Nobell; and another portfolio (whose investors and financing are still undisclosed) launched its debut energy storage product in the market. We also doubled down on the high growth insect protein provider, Ÿnsect, and launched FootPrint Syndicates to give our investors even more of a chance to participate in the opportunities our activities are creating.

 

We strongly believe that doing good and doing well can go hand in hand in our Venture Funds. One of our first proof points, Aspiration Bank, announced it will list on the NYSE under the ticker ASP in a transaction expected to close before the end of the year, and we could not be more excited for the team to bring its sustainability focused banking services – including the company’s new credit card – to even more customers.

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Nobell Foods is the most recent addition to our plant-based protein portfolio. Prior to sampling their cheese, we had often found ourselves underwhelmed by the functionality and mouthfeel of plant-based cheese options. Nobell’s answer – casein produced in its proprietary soybeans – does not just make delicious plant-based cheese that melts and stretches at a fraction of the environmental footprint of animal equivalents, but also holds the promise of being able to do so cheaper than cows. That’s something we can get behind on all fronts.

 

Our bet on the battery market announced their first products earlier this quarter. It’s a revolutionary chemistry which uses a novel three-dimensional graphene structure to provide incredibly powerful, incredibly energy dense battery systems. This graphene material does not only enable safer, faster charging, more powerful lithium-sulfur batteries, but also has additional applications in lightweight structural materials.Beyond mobility, things continue apace across many of our portfolio companies. Incredible solutions to the climate crisis are moving forward thanks to your investments in us and our investments in them. 

 

The FootPrint Coalition Ventures Team

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Fund strategy

The climate crisis is far too great a challenge and opportunity to be left to a small number of institutional LPs. Instead, we are looking to mobilize a much broader following that can ignite the tech leaders of tomorrow. 

FootPrint Coalition Ventures is a media and investment company that seeks to scale high growth sustainable technology companies. We bring a unique value add approach to our portfolio, with Robert committing his global audience and his creativity to generate enormous awareness to companies addressing the climate crisis.

With our publishing and community building efforts, we create a passionate following of consumers and investors in areas like food, mobility, fashion and so much more. We expand and activate our audience across channels like Discovery Network, Netflix, YouTube, Instagram, and LinkedIn.

We use this audience to access investments in top-tier venture backed companies, with leading VCs and entrepreneurs inviting us to participate in their cap tables. We then offer our community the opportunity to invest in these companies with us, leveraging our research and portfolio management in funds and syndicates open to everyday people.

Crowdfunding and retail investment platforms have democratized public stock investing and shown us the power of the individual investor. We believe the same can – and needs to – happen for high growth climate tech investments. If you would like to join us and participate in our investments, you can do so in two ways:

Invest in our Rolling Funds

We offer an early-stage fund for companies under $5M in revenues, and a late-stage fund for companies with over $5M in revenues. We close a new fund each quarter, with a one-year drawdown period and a 10-year life.

 

Investors in our funds participate in all our investments during the period of their subscription. Additionally, investors in our rolling funds receive a priority allocation in our Syndicates.

Back our Syndicate

Signing up is free. Once approved, we will notify you about investments that have capacity for co-investment and invite you to join a Syndicate to invest in a particular company.

 

We will share our investment analysis with you so that you can make a timely decision. We will monitor the investment over its life and report regularly on progress at the company.

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Nobell

The Company

Nobell Foods has developed a technology to produce plant-based cheese that not only tastes, but also behaves like the animal equivalent. The underlying technology are proprietary soybeans that accumulate casein – the key protein that gives cheese its taste profile and functional properties like melting and stretching.

The Team

The company is led by Magi Richani, CEO & Founder. Magi has built a strong senior leadership team over time, including Vivanna Lanquar, VP of Plant Biology and previously Director of Discovery at JUST, Glenn Bowers, VP of agronomy and previously head of soybean breeding at Syngenta, as well as Monte Casino, Director of Culinary and formerly the culinary co-founder of Kite Hill.

Deal Terms

FootPrint Coalition invested in Nobell’s $75M Series B out of our early-stage fund. The round was led by Breakthrough Energy Ventures with participation from Andreessen Horowitz and 50Years among others.

 

Given the early-stage nature of the business, it is too early to analyze the valuation based on financial multiples. Beyond Meat, Oatly and (likely soon) Impossible Foods have shown that large exits can create significant value in the alternative protein space and Nobell is well positioned to take a leadership position in the plant-based cheese market.

ŸNSECT

Completion of investment in Ynsect

In our Q1 newsletter we announced our plans for a follow-on investment in our portfolio company Ynsect. Our final allocation closed in August, giving even our Q3 investors exposure to the market leader in insect protein.

 

As a quick reminder - Ynsect is a globally leading manufacturer of insect protein at an industrial scale. The company farms insects and transforms them into a high-quality natural diet for farmed fish and poultry as well as for pet nutrition and soon, human consumption.

The company is on track to open the largest insect farm globally in 2022 (to be fully operational in 2023).

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CLIMATEAI

Additional Q3 Allocation in ClimateAI

FootPrint Coalition completed the final tranche of its allocation in ClimateAI’s Series A in August making the AI-enabled weather prediction company part of the portfolio of our Q3 investors as well as earlier LPs.

ClimateAI seeks to increase climate resilience in supply chains through the most precise medium-to-long term weather forecasting technology. The company applies machine-learning to generate insights on specific impacts to the client’s supply chains.

The company recently launched its Enterprise Climate Planning (ECP) platform. The platform offers agribusiness enterprises actionable insights around climate risk tailored to their supply chains. It analyzes long-term climate risks by growing region and crop type 10+ years down the line, so that companies can most effectively plan for long-term strategic expansion. In the ag value chain, the tool can provide insights into future climate impacts on growing seasons, including Growing Degree Days, future pest pressure, double cropping potential, and portfolio-level risk assessment.

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aspiration

Aspiration Announces SPAC Deal

Aspiration, one of the first deals out of our Q1 late-stage fund, agreed to go public via SPAC in August. The deal with InterPrivate III Financial Partners Inc. values the combined company at a total equity value of $2.3 billion and will provide Aspiration with $400 million in new cash. The companies expect to close the deal in Q4 2021, after which the company will be named Aspiration Inc. and trade on the NYSE under the ticker symbol ASP.

 

Aspiration addresses the needs of conscious consumers looking for a banking option that's aligned with their own focus on sustainability. For example, Aspiration’s customer deposits are never used to fund fossil fuel companies, monthly statements include carbon scoring and incentives for planet-friendly choices, and the company arranges convenient carbon offset programs for clients by planting trees. Meanwhile, the B Corp delivers a low-cost and convenient range of consumer banking services through its digital-only service delivery model.

Robert and the team at FootPrint recently produced a short clip on the heels of the launch of the company’s new credit card.


We believe the company is well positioned to trade at a premium value as the leading publicly listed ESG-oriented consumer finance company, with revenue run-rate forecast to grow from $160M at the end of this year to over $670M by end of 2023.

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Turntide

Turntide Launches Turntide for Buildings and Turntide Intelligent Barn

After raising $225M in fresh financing in Q2, Turntide launched its Turntide for Buildings Solution, which combines the company’s Smart Motor System™ for HVAC applications with building controls and intelligence to drive down energy consumption and operating costs. Turntide has already deployed its solution with grocery chains, quick service restaurants, retail stores and banks and is set to expand to several additional industries.
 

The company also launched Turntide Intelligent Barn powered by DairyBOS. Turntide’s offering integrates ventilation, cooling, lighting, and cattle handling solutions together to achieve an optimum environment for animal health and well-being.

Turntide’s goal is to eliminate the 25% of global electricity consumption that is wasted by legacy electric motors. The company designs high-efficiency and high-reliability switched reluctance electric motors as well as energy-saving software solutions. The company’s technology and motors have broad applications across HVAC systems, pumps, compressors, fans, and electric vehicle transport.

SEALED

Sealed Expands to NJ, CT, and PA

Our portfolio company Sealed has successfully expanded to New Jersey and Connecticut and just launched in Pennsylvania from their original core market, New York. The company is on track to expand across the country in 2022 and we are excited to be along for the ride

Sealed provides upfront financing for energy efficient home improvements as a hook to reel in customers and accelerate the transition to more energy efficient homes.

The company assesses energy savings, finances those home improvements, and coordinates with contractors for their installation. Customers set up a long-term contract with the company at an agreed-on price, and the company pockets the difference between the energy savings and customers’ spend.

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