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Business Standard
23-05-2025
- Business
- Business Standard
Sun Pharma to invest $25 million in Pharmazz Inc; raises stake to 22.7%
Sun Pharmaceutical Industries Ltd on Friday announced it will invest up to $25 million in US-based Pharmazz Inc, increasing its total stake in the biopharmaceutical company to 22.7 per cent. The investment, priced at $5.88925 per share in cash, will also trigger the conversion of an earlier Simple Agreement for Future Equity (SAFE) investment at a 20 per cent discount, translating to a conversion price of $4.7114 per share, the company said in a stock exchange filing. Sun Pharma stated that $10 million from the fresh investment, along with $7.5 million from the second SAFE tranche, will be infused by or before May 31, 2025. The remaining $15 million is expected to be invested by or before November 30, 2025, or on another mutually agreed date. Both drugs have been approved in India and are marketed via partners under the brand names Tyvalzi (Sovateltide) and Lyfaquin (Centhaquine). Sun Pharma currently holds exclusive rights to license and distribute Sovateltide in select emerging markets. Following this latest investment, the company will also gain the option to negotiate licensing rights for Sovateltide in certain developed countries. Pharmazz has received US FDA approval to conduct Phase-3 Investigational New Drug (IND) trials for both drugs. Notably, Sovateltide has also secured a Special Protocol Assessment (SPA) from the FDA, outlining a defined regulatory pathway. The company plans to initiate global Phase-3 trials to pursue approvals in the US and other international markets.
Cision Canada
20-05-2025
- Business
- Cision Canada
FPX Nickel Provides Update on Affiliate Company CO2 Lock Corp.
VANCOUVER, BC, May 20, 2025 /CNW/ - FPX Nickel Corp. (TSX-V: FPX) (OTCQB: FPOCF) (" FPX" or the " Company") is pleased to provide an update on the activities of its affiliate company, CO2 Lock Corp. (" CO2 Lock"). Background In 2022, FPX announced the formation of CO2 Lock as a self-funding subsidiary to pursue geoscience-related carbon capture and storage (" CCS") opportunities via permanent mineralization of carbon dioxide. FPX retains 100% of the carbon credits associated with CCS on FPX's own properties, and can use any intellectual property developed by CO2 Lock for the benefit of FPX's own properties. Since its inception, CO2 Lock has completed multiple field programs at its flagship SAM site in central British Columbia, including a successful CCS field program in 2023, which included drilling an exploration well. This achievement marked a significant milestone in the development of CO2 Lock's innovative in-situ CO 2 mineralization technology. Commercial Updates In recent months, CO2 Lock has achieved several commercial milestones, including the signing of preliminary agreements with key counterparties in the CCS value chain as follows: Letter of Intent with Cielo Carbon Solutions (" Cielo") and Carbon Quest outlining the framework for capturing and sequestering 100,000 tonnes of CO 2 per year, scaling up to a target of 1 million tonnes per year. This strategic relationship combines Cielo and Carbon Quest's point-source carbon capture solution with CO2 Lock's storage solution to create an end-to-end value chain from industrial emitters to the permanent storage of carbon dioxide. Memorandum of Understanding with Ionada Carbon Solutions LLC (" Ionada") to pursue a variety of commercial arrangements relating to the capture and storage of carbon dioxide and the related sale of carbon credits into the commercial market. The collaboration will integrate Ionada's proprietary carbon capture technology with CO2 Lock's permanent mineralization storage solutions, creating end-to-end carbon capture storage systems that are cost-effective and scalable. Letter of Intent with a leading carbon marketplace platform (the " Platform"), under which the Platform will purchase up to 33% of the carbon credits generated annually from CO2 Lock's flagship SAM carbon sequestration site, representing the potential for over 300,000 verified carbon credits (tonnes) per year. Following the successful field program in 2023, CO2 Lock has submitted an application for a carbon capture and storage exploratory reservoir license with British Columbia's Ministry of Energy and Climate Solutions. Receipt of this license would provide CO2 Lock with the regulatory approval to advance the project towards commercial operations at the SAM project. CO2 Lock Financing and Restructuring CO2 Lock recently completed the final $600,000 tranche of its latest funding round, which raised a cumulative total of $1.7 million through a Simple Agreement for Future Equity (" SAFE") from third-party investors. Since its inception, CO2 Lock has raised a total of approximately $3.4 million from third-party investors. In connection with the closing of the SAFE round, FPX and CO2 Lock have agreed to a restructuring of CO2 Lock's capital structure such that FPX's undiluted ownership interest in CO2 Lock has been reduced from approximately 88% (prior to the SAFE round) to 30% (on conclusion of the SAFE round). This restructuring better positions CO2 Lock to seek additional funding from third party investors going forward, while ensuring that FPX retains a meaningful ownership interest in CO2 Lock and enduring rights to utilize CO2 Lock's intellectual property for the benefit of FPX's own properties. About FPX Nickel Corp. FPX Nickel Corp. is focused on the exploration and development of the Baptiste Nickel Project, located in central British Columbia, and other occurrences of the same unique style of naturally occurring nickel-iron alloy mineralization known as awaruite. For more information, please view the Company's website at or contact Martin Turenne, President and CEO, at (604) 681-8600 or [email protected]. On behalf of FPX Nickel Corp. "Martin Turenne" Martin Turenne, President, CEO and Director Forward-Looking Statements Certain of the statements made and information contained herein is considered "forward-looking information" within the meaning of applicable Canadian securities laws. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed in the Company's periodic filings with Canadian securities regulators. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.
Yahoo
13-05-2025
- Business
- Yahoo
Nido Launches Fundraising Campaign to Unveil First Local Membership
Nido has launched a fundraising campaign to lay the foundation for a hyper-local social infrastructure with global reach. San Francisco, California, May 13, 2025 (GLOBE NEWSWIRE) -- Nido, a high-touch yet accessible community-building platform known for fostering real-world connections, has opened a fundraising initiative. This step is pivotal toward actualizing Nido's mission to create thoughtfully designed, hyper-local spaces that support authentic relationships and intentional living in the digital era. Nido Structured as a Simple Agreement for Future Equity (SAFE), the capital raised will finance the launch of Nido's pilot membership program in San Francisco. The funds will support brand-building efforts, community activation, and the operational groundwork needed to bring the first location to life. This move reflects Nido's desire to reimagine how urban dwellers gather and connect with themselves, one another, and their neighborhoods. Nido intends to add three additional US neighborhoods in 2026, later expanding globally. The fundraising initiative will turn this vision into reality, setting the standard for what the organization calls a new social infrastructure. 'We want to create a globally scalable yet locally rooted network of community experiences,' says founder Mercy Favrow. 'We've spent the last few years designing a model that meets people where they are. Participating in our first fundraising means investing in a new social fabric built on trust, beauty, and intentional gathering.' The pilot, known as the Local Membership, is scheduled to roll out this year. Employing its neighborhood approach, Nido will offer curated weekly experiences to encourage members to step away from screens and re-engage with their surroundings. Events co-created by a local team, including a community lead, chef, and an artist-in-residence, will rotate between a neighborhood dinner, hands-on workshop, cocktail hour, and outdoor activity. This structure allows each Nido neighborhood to develop a personality of its own while remaining integrated within the broader Nido network, where members can engage with sister communities around the world. Besides the weekly events, the plan for each market includes a Community Hub. It's a full-service location that offers amenities such as a restaurant, spa, curated event programming, and boutique lodging. These hubs function as anchors for urban members, particularly Millennials and Gen Z, who may not have the space to host friends or access to restful environments within their own homes. Nido also intends to offer a Country Home membership, where it will offer rural retreats for rest and reconnection. As the organization aims to scale to over 10,000 members, these countryside sanctuaries will provide communal access to rejuvenating experiences. The motivation behind this venture stems from Favrow's work with top-tier brands and executive teams at companies. Her experience in hospitality, event production, and retail helped her understand the operational rigor and emotional resonance needed to build spaces people genuinely care about. Nido was, therefore, built by her and fellow builders, creatives, and strategists who share a common vision of creating consistent, welcoming environments where members can connect meaningfully and sustainably. Nido is thrilled to position itself as a global network of locally grounded communities. The organization is strategically exploring which international markets to expand to outside of the US market. It aims to continue advocating for intentional spaces, real relationships, and a slower, more meaningful way to engage with the world at a time when digital interaction is often prioritized and personal isolation is rampant. Media Contact Name: Mercy Favrow Email: info@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Forbes
17-04-2025
- Business
- Forbes
The Fast-Growing Fintech Bringing Stripe-Like Payments To Latin America
Toku cofounder and CEO Cristina Etcheberry has secured the largest ever Series A fundraise for a female-founded tech startup in Latin America. Toku Toku, a 170-person startup based in Santiago, Chile, has raised $39 million in new funding to make it easier for Latin American companies to accept and track the digital payments they receive from consumers. Founded five years ago by entrepreneur Cristina Etcheberry, Toku aims to do for business-to-business payments what Brazil's Nubank has done for consumer banking: use technology to dramatically improve the outdated status quo in the region. Fintech-focused venture capital firm Oak HC/FT led the new Toku fundraise, which values the startup at more than $175 million. Existing backers also invested, including F-Prime Capital, Gradient Ventures (Google's investment fund), Clocktower, Y Combinator, Mexican VC firm Wollef and Brazilian VC Honey Island. The $39 million in Series A funding comes a year after Toku received $9 million in a Simple Agreement for Future Equity (SAFE) fundraise, where no valuation was set. That $9 million investment will now be converted into Series A stock, and Toku is combining the two financings into a $48 million Series A round. According to PitchBook, it's the largest Series A fundraise ever by a female-founded technology startup in Latin America. The closest runner-up was a $35 million fundraise in December 2021 by Mexican corporate spend management startup Mendel. Similar to payment giant Stripe's fast-growing Billing product, Toku helps businesses with features like accepting consumer payments, sending payment reminders and signing up consumers for auto-pay. It first launched in 2023 in Chile, followed by Mexico and Brazil, and has 475 medium-sized and large businesses as customers. So far, it has targeted companies in five industries: insurance, lending, real estate property management, education and utilities. This year, Toku has reached slightly more than $10 million in annualized revenue, roughly doubling from a year ago, and has spent just $11 million in investment capital to get there. Such capital efficiency is much better than that of most fintech startups, according to Rocio Wu, a Toku investor and board member, and Allen Miller, a partner at Oak who led the new Toku investment and is also joining the startup's board. Have a story tip? Contact Jeff Kauflin at jkauflin@ or on Signal at jeff.273. Growing up in Santiago, Chile, Etcheberry started learning about the intricacies of payments as a teenager. Back then, a consortium of banks called Transbank was the only payment processor in the country. But in 2007 her father, Javier Etcheberry, who had previously led the Chilean government's Internal Revenue Service, started his own payments company. 'My dad was the first one that challenged this monopoly. So I grew up learning about the problems in the current payments infrastructure,' says Toku's 32-year-old CEO. Her father's business, originally called Multicaja and later renamed Klap, has gone on to grow to 500 employees and processes more than three million transactions a day for a 9% share of the payment processing market. (Last year, Javier Etcheberry left Klap and was reappointed as the head of Chile's Internal Revenue Service.) Before founding Toku in 2020, Etcheberry worked as a product manager at Latam Airlines, where she worked on projects like leading the airline's integration with Amazon's Alexa in Brazil. When she started Toku with cofounders Francisca Noguera and Enzo Tamburini, her father wrote the first check to get the startup off the ground. The payments processing market in Latin America is highly fragmented and vastly different from the U.S. market. Ninety-five percent of businesses process payments through local banks, Etcheberry says, and American fintechs like Stripe and Adyen have little market presence there. Payment methods differ by country, and Latin American consumers don't use credit and debit cards as much as Americans do. For example, in Brazil, paying through your bank account with the country's high-speed Pix system is extremely popular. Mexico has its own Pix-like rails called Spei. Oak's Allen Miller says that many elements of payments in Latin America are 'very regional-specific, where a U.S. competitor cannot come in and recreate this overnight.' Toku's software has a few features that aren't currently offered by the incumbent-bank payment processors. First, it helps businesses more easily accept payments from multiple processors. Transactions fail more often in Latin America than they do in the U.S., causing businesses to manually contact customers to collect. Toku's software can route payments to multiple processors so that, if a transaction drops with one, it can quickly move to another to try to complete the payment. Second, it tracks businesses' incoming payments in one place, which helps them more easily send billing reminders to consumers. Third, it helps companies enroll more customers in automated bill pay by offering it at the point of sale. Auto-pay is less popular in Latin America than it is in the U.S. because consumers often need to fill out paperwork or make a phone call to set it up, Etcheberry says. Toku's software sits between companies' accounting systems and their payment processors, and Toku typically doesn't process the actual payments, though it offers that feature too. When asked why she's not pushing harder into payment processing, Etcheberry says Toku will only invest more in building those features 'if we think we can do a better job than the banks … But most of the pain points that our customers have, we can solve through software.' Another likely factor at play: Since credit and debit cards (and the lucrative interchange fees that they come with) aren't as dominant in Latin America, there's less revenue up for grabs in providing processing services. With its new funding, Toku plans to focus on growing in Mexico and Brazil. Brazil has huge potential since it's the largest market in Latin America, but it's also the toughest to conquer. Few Latin American fintech companies have successfully expanded into Brazil after starting elsewhere, says Toku investor Rocio Wu, though she thinks Etcheberry is up for the challenge. She says of Toku's CEO, 'I can totally see her ringing the Nasdaq bell.'
Forbes
14-04-2025
- Business
- Forbes
Topgolf Founders Raise $34 Million For Poolhouse, Their Latest Sports Startup
FILE - David Blitzer participates in a New Jersey Devils press conference Thursday, Aug. 15, 2013, ... More in Newark, N.J. Major League Baseball has approved the sale of a minority stake in the Cleveland Guardians to David Blitzer, who also has ownership shares in the NBA's Philadelphia 76ers and the NHL's New Jersey Devils, two people familiar with the deal told the Associated Press on Thursday, June 16, 2022. (AP Photo/Julio Cortez, File) Poolhouse, a United Kingdom-based startup founded by the brothers behind Topgolf, has raised $34 million in a seed round. The company plans on using the proceeds to further develop its technology, gain a foothold in the competitive sports-themed entertainment retail industry and open locations where people can play a high-tech version of pool while eating, drinking and socializing. The seed round was co-led by Sharp Alpha, a venture capital firm based in New York, and dmg ventures, the venture capital arm of DMGT, which owns the Daily Mail newspaper among other holdings. David Blitzer, who owns a stake in the Philadelphia 76ers and New Jersey Devils and invests in sports-focused startups, participated in the round, as did investment firms Simon Sports and Active Partners. Poolhouse declined to disclose the valuation of the company following the seed round, some of which it raised via a Simple Agreement for Future Equity (SAFE) note that will convert to equity when the company raises a planned Series A next year. Poolhouse is the brainchild of twins Dave and Steve Jolliffe, who in 2000 started Topgolf to enhance the experience of going to a golf driving range. Topgolf merged in 2021 with Callaway in a deal that valued Topgolf at $2.1 billion. There are now 96 Topgolf locations in the U.S. and 12 locations in other countries. The Jolliffe brothers also founded Puttshack, a miniature golf entertainment concept that raised $150 million in October 2022 from Blackrock. There are 16 Puttshack locations in the U.S. and four in the United Kingdom. Poolhouse plans on opening its first venue early next year in London. The 21,348-square-foot, two-story building is located next to the city's Liverpool Street Station and will house 20 pool tables with food and beverage options. The Poolhouse venues will have regular sized pool tables and pool cues, but the company has developed technology that will enhance the experience, including superimposing images on the table, creating various games people can play and allowing them to track their progress on an app and video screens. The company also has a system that can track how good players are and a handicapping system similar to golf that makes it more competitive among players who have various abilities. Andrew O'Brien, a former Credit Suisse banker who invested in Puttshack and sits on the board of F1 Arcade, is Poolhouse's CEO and runs its day-to-day operations. Steve Jolliffe is Poolhouse's executive chairman and speaks with O'Brien every day. The Jolliffes remain the largest individual shareholders in Poolhouse, according to O'Brien. 'The look and the feel will be important, but ultimately, it's what the Jolliffes did with Topgolf,' O'Brien said. 'They create amazing technology to transform an existing sport. There's a reason why there weren't any Topgolf rivals for 20 years. It's because they're very strong on the patent side of things. They don't just design pretty. They design things that are difficult to replicate.' O'Brien added: 'With Poolhouse, I think they've done something very similar. They've created something on the back of technology, which is real pool tables, real pool balls, real cues. Everything's the same, but they've infused technology into it to augment the experience.' After launching in London, Poolhouse plans on opening two sites in the U.S., one in late 2026 and another in early 2027. The company plans on opening four to five locations per year in the U.S. starting in 2027 in downtown locations of major cities such as Boston, Chicago, Nashville, New York, Philadelphia and Washington, D.C. Poolhouse will lease space in buildings rather than own the buildings. Poolhouse has also struck a franchising agreement in Australia with Signature Hospitality Group, which has an equity stake in Poolhouse. Poolhouse expects to sign additional franchising or joint venture agreements in other countries. In addition, the company plans on licensing its technology to traditional pool halls, casinos, restaurants, apartment complexes and even homes or anywhere else that has a pool table. 'We think there's huge scope for this to be scaled across the world at quite a pace,' O'Brien said. Lloyd Danzig, managing partner of Sharp Alpha, said the venture capital firm spent 12 to 18 months evaluating companies in what he refers to as the 'competitive socialization' or 'eatertainment' industry, referring to Topgolf, Puttshack, F1 Arcade and other companies where people gather to socialize, eat, drink and compete in an activity. Sharp Alpha was looking for companies that had high food and drink spend at its venues, were conducive to corporate events, featured activities that could be done on a regular basis rather than a one-off basis and had proprietary software that could be licensed to a third parties at a high margin. He said he believes Poolhouse will meet all of those criteria. 'They, more than any other concept we've come across, really embody all four of those features,' Danzig said. 'The confluence of what we're bullish on at the category level and also at the concept level and what they're building dovetailed with just an absolutely incredible management and executive team. We give these guys an 11 out of 10 on founder-market fit.'
