What our $18.2M Series A means for Crux partners: A deeper, more liquid market and new products

We are excited to share today that Crux has raised an $18.2M Series A financing led by Andreessen Horowitz with participation by Lowercarbon Capital, New System Ventures, and Overture. This new round brings total capital raised to $27M and accelerates our mission to make sustainable finance more efficient and interconnected. 

This new financing comes on the back of our inaugural Market Intelligence Report and significant growth in Crux’s ecosystem — with $8.3B of credits currently available and hundreds of millions in transactions closed and being facilitated through the platform. We’ll use this new capital to fuel rapid growth of the largest ecosystem for transferable credits and make significant investments in our team and software. Our strategy will continue to prioritize partnering with intermediaries such as banks, tax advisors, syndicators, and brokers. 

We wanted to share more about how we are deploying this capital to support our current and prospective partners.

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At the highest level, this round will allow us to:

• Drive efficient pricing and more certainty via the deepest and most liquid market
• Streamline transactions with powerful purpose-built software
• Accelerate financing for developers and manufacturers by launching new products 
• Enhance transparency through continued investment in market leading content and data

To deliver these outcomes, we will rapidly grow our team from 15 to 30+, across our technology and commercial teams, including by adding even deeper subject matter expertise across tax, accounting, clean energy project finance, and development. We may also explore selective inorganic growth if it allows us to better meet the needs of our partners. 

For developers and sponsors

For our developer partners, the most important result of this round will be more and faster bids on your credits as our network of buyers and buyer advisors grows. A more liquid market will lead to more certainty, improved pricing, and increased transparency. 

Additionally, we’ve heard from many of our developer clients about the need for more streamlined access to other sources of capital. With this round, we’ll launch new offerings to improve access to capital – including through facilitating bridge lending, minority investments and JV partnerships, and more – in conjunction with a wide network of financing partners. If you are interested in setting up time to talk about these new solutions, please let us know. 

For credit buyers

For our corporate buyers, Crux will continue to ensure all your needs are met by offering the widest market across all credit sizes and technology categories. We will do more to support you in de-risking credits.  Our expanded tools will further simplify all the steps of the transaction from bid to post-close. 

You will also be able to tap into our expanded network of buyer advisors, for those that want diligence and white-glove advisory services on top of Crux’s liquidity and technology.

For intermediaries

Intermediaries are critical participants in the Crux ecosystem. Our platform can be branded by intermediaries and used to manage transactions and access liquidity. With this round, we’ll invest even more heavily in the growth of our intermediary partners’ businesses. Intermediaries will also disproportionately benefit from the growth of our network. Our platform will specifically accommodate more configurations of hybrid tax equity + transfer deals, and other types of financing transactions. 

We will continue to invest in our tools for intermediary partners to build your “digital syndication desk” on Crux and streamline transactions. Banks and other large enterprise intermediaries can feel confident partnering with a well capitalized company that exists to serve them. 

Closing

We are grateful to our 100+ intermediary, developer, and corporate buyer partners. Your trust, insights, and feedback are critical to our collective goals of building a deep, liquid, and efficient market for transferable tax credits. We are excited to have even more resources to build and support you as we work together to make sustainable finance more efficient and interconnected.