Xos Trucks Raises $20 Million to Produce Electric Delivery Vehicles
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Xos Trucks, a commercial electric truck maker, announced Tuesday it has raised $20 million to ramp up production as California tightens emissions control on big rigs and delivery vans.
The North Hollywood-based startup formerly known as Thor Trucking launched four years ago focusing on green delivery trucks. They're already making vehicles for United Parcel Service and armored vehicles company Loomis.
The investment was led by Proeza Ventures, a mobility-focused VC firm backed by the Mexican conglomerate Metalsa's holding company, and BUILD Capital Group.
Xos Turcks' X-Platform 1 is a skateboard chassis that is used for medium-sized commercial trucks.
The company said it will use the funds to scale their X-Platform 1, a skateboard chassis that is used for medium-sized commercial trucks often used for last mile delivery. The Mexico-based auto supplier Metalsa helped design the platform and is providing parts.
"It's our goal to provide reliable, affordable, and sustainable transportation as the volume of e-commerce demands are increasing, and have accelerated during the pandemic," said Dakota Semler, co-founder and CEO of Xos Trucks.
California requires half of all commercial trucks sold in the state be zero-emissions by 2035, and all trucks by 2045. And the company is gearing up for the onslaught of demand as large fleet services and transportation companies scramble to comply.
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Proptech startup Pacaso emerged from stealth mode Thursday, aiming to make it easier for a larger swath of the population to own a second home, or at least a portion of one.
The company announced a $17 million seed round led by venture capital firm Maveron, with participation from Global Founders Capital, L.A.'s Crosscut and individual investors such as former Starbucks CEO Howard Schultz, real estate coach Tom Ferry, former Zillow executive Greg Schwartz, and Amazon CEO of Consumer Worldwide Jeff Wilke. Pacaso also raised $250 million in debt financing to purchase homes.
BAM Ventures, the early-stage, consumer-focused fund co-founded by corporate lawyer-turned-L.A. serial entrepreneur-turned-venture capitalist Brian Lee, has filed paperwork with the SEC indicating that it is in the process of raising a third fund with $50 million in dry power.
Lee and Shamin Rostami Walsh, BAM's managing director, declined to comment on the offering. Companies are barred by SEC regulations from "general solicitation" while they are raising capital, which includes speaking to the media.