BlackRock is making good on its pledge to focus more on sustainability by leading a $50 million Series C1 round for Zero Mass Water, which makes hydropanels that collect water from the atmosphere.
Zero Mass has raised a little over $100 million, including the current $50 million injection, according to CEO and Founder Cody Friesen.
Zero Mass began fundraising in September and negotiations with BlackRock grew serious in December, Friesen said.
“We wanted to be respectful of the social justice work going on,” Friesen said, pointing to the Black Lives Matter movement taking hold across the U.S. Friesen told Barron’s that he started Zero Mass as a way to provide social equity.
The Zero Mass investment is coming from BlackRock’s Innovation Capital, which was formed in 2019.
The BlackRock unit will typically invest, on the lower end, from $20 million to $25 million to, on the higher end, $75 million to $100 million, in growth companies that aren’t yet profitable, a person familiar with the situation said.
“We are thrilled to be investing in Zero Mass Water and its proven team,” said William Abecassis, head of BlackRock’s Innovation Capital, in a statement.