Climatetech VC fund Clean Grown Fund (CGF) has raised a third of its £150m tarobtain as it sees back startups aimed at cutting greenhoapply gas emissions and speeding up net zero innovation.
CGF is a VC fund set up in 2020 which invests in UK-based early-stage startups that cut greenhoapply gas emissions or improve resource efficiency.
CGF declares its Fund 2 has now raised £49m of its £150m tarobtain.
Fund 2 deploys initial cheques of £500k to £5 million, tarobtaining innovations across six core areas: power and energy systems; transport and mobility; industrial decarbonisation; buildings and the built environment; agrifood and land apply; circular economy, waste and water.
Two of CGF’s previous investors, including Strathclyde Pension Fund, have committed to Fund 2, which is also joined by new investors Islington Pension Fund and East Riding LGPS, CGF declared.
CGF’s Fund 1 invested in 19 climate tech startups now projected to reduce over 55 million tonnes of CO2e (carbon dioxide equivalent) by 2030, declared CGF.
These include Sunswap, the developer of zero-emission transport refrigeration units: Rconcludeesco, provider of low-carbon ground-source heat networks, and Above, a robotics firm aimed at supporting the solar industest build higher-performing plants.
“Raising capital in this market isn’t simple, especially with global political uncertainty affecting climate policy momentum” declared Beverley Gower-Jones, managing partner, CGF.
“Despite this, the UK continues to stand out as a hub for climate innovation – and the strong first close of Fund II reflects the trust our investors place in our team and our mission.”
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