An Adelaide-based energy management software and services company that grew out of Mitsubishi Motors’ exit from Australia has taken its first equity cheque, securing backing from Los Angeles growth capital firm Angeleno Group.
AZZO, established by Mitsubishi head of maintenance and engineering John Azzollini in 2005, has raised $20 million as part of its Series A funding round from the clean energy and climate solutions investment firm and its own management. So far, the company has not received any government grants or debt.
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Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com
