Client Success: Aegon Asset Management and Avenue Capital Group Closes $50MM in Growth Financing


HMB congratulates clients Aegon Asset Management and Avenue Capital Group which recently announced the closing of a $50 Million growth financing round in Intellihot to advance innovative green technologies.

Intellihot is a clean technology company creating innovative, next-generation solutions focused on creating breakthrough technologies to disrupt the $81 billion global HVAC market.  Sridhar Deivasigamani, founder and CEO of Intellihot said, "We are proud to announce our planned expansion, enabled by this round of growth financing... We are dedicated to disrupting the ways commercial facilities heat and use water, slashing greenhouse gas emissions, and in doing so, ushering in a more sustainable future."  The growth financing will be used to expand Intellihot's sales, marketing, and operations capabilities, propel the company's research and development of advanced sustainable technologies, and increase production and scaling of existing products. As part of the planned expansion, Intellihot will add 50 new positions over the next two years, a 50% increase in company headcount. A significant portion of the expanded team will be based in Intellihot's new Chicago headquarters slated to open in 2022.

The Avenue Sustainable Solutions Fund, L.P. seeks to provide creative financing solutions to high-growth companies that can demonstrate a measurable, positive environmental outcome alongside competitive financial returns. It focuses generally on North American companies within the underserved segment of the market created by the widening financing gap between commercial banks and larger debt funds.  Aegon Asset Management's 370 investment professionals manage and advise for a global client-base of pension plans, public funds, insurance companies, banks, wealth managers, family offices and foundations. The firm's investment capabilities include offerings from four investment platforms with dedicated teams, organized globally and committed to their specialist areas, including its US Sustainable Fixed Income strategy and Impact Venture Credit strategy.  As clients of HMB's Social Impact and Venture Capital practices, Avenue Capital Group and Aegon Asset Management are two of the leading private funding sources in the impact and sustainable investing community.

Congratulations also to the Avenue and Aegon team members involved in the transaction, including James Rich, John Larkin, Sean Coleman, Sol Jin and Nathan Wachowiak. HMB's team on the transaction was led by partner Brian H. Axelrad and also included Raymond J. Jacobi III, Payal J. Patel, Loan K. Tran and Ati P. Khatri.

Read the full press release by PR Newswire.

Learn more about HMB's Social Impact practice here.

Learn more about HMB's Venture Capital and Emerging Companies practice here.

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