Fintech startup Crux announced that it has raised $50 million in a Series B funding round to further develop its capital market platform for developers, manufacturers, investors, and lenders working on clean energy projects.

Launched in 2023, Crux provides capital markets technology aimed at making funding options for clean energy projects more accessible. The company’s existing platform allows developers and manufacturers to exchange tax credits for investments in their companies, as well as access debt financing. More than 90 banks, credit funds, asset managers, insurance companies, pensions, and family offices are part of the Crux network and have collectively issued over $1 billion in term sheets for debt products in the last quarter. The recent raise brings the company’s total funding to $77 million, and will help it expand its team and improve its technology, including the integration of AI, as it expands the platform to include more types of debt financing.

Crux said that with the new capital, it will “build the central capital markets platform for the clean economy.”

Alfred Johnson, CEO and co-founder of Crux, said:

“We’re in a new era of global competition, with energy demand rising to the highest levels ever observed. This new round of funding will help us to meet growing energy demand by making it easier, faster, and more affordable for clean energy developers and manufacturers to finance their projects. We started by solving challenges in tax credit transfers and debt raises, and now we’re bringing that same efficiency, liquidity, and market intelligence to every stage of energy and manufacturing finance.”

Lowercarbon Capital was the leading investor in the round, which also included existing investors Andreessen Horowitz (a16z), Ardent Venture Partners, CIV, New System Ventures, and The Three Cairns Group. New investors included Liberty Mutual Strategic Ventures, MassMutual Ventures, and OMERS Ventures, who are backed by parent companies that collectively manage hundreds of billions of dollars of assets. Venture capital firms Acrew Capital and Giant Ventures also joined the round.

Johnson added:

“We’ve been proud to partner with these strategic investors to execute deals and improve our offering. Today, we are adding insurance and pension investors with hundreds of billions of assets under management. We look forward to partnering with our new investors Liberty Mutual Strategic Ventures, OMERS Ventures, and MassMutual Ventures as we grow the platform and deploy billions into energy and manufacturing infrastructure.”