London-based project capital company Systemiq Capital has gained $70m (£59.2m) within the first shut of its Fund II to spend money on early-stage weather tech startups.
Extra particularly, Systemiq Capital is taking a look to again startups working in transportation, meals and subject material manufacturing.
The general shut of the fund is predicted throughout the subsequent 12 months and is focused on $200m (£169m).
“From growing the house chargers which are crucial for buying other folks into electrical cars, to pioneering brief haul hydrogen flights, those are the startups that may catapult our weather ambitions whilst securing exceptionally wholesome returns,” mentioned Paul Polman, founding spouse, Systemiq Capital.
“However in an effort to develop, those companies want greater than ‘money and contacts’.”
Fund II follows within the footsteps of the company’s Fund I, which has invested $30m since its release in 2018.
Systemiq Capital was once arrange by way of Systemiq that very same 12 months, with Paul Polman, Jeremy Oppenheim, Systemiq and Irena Spazzapan its founding companions.
Polman was once in the past the CEO of British multinational client items industry Unilever, whilst Spazzapan used to paintings as a commodities govt at Goldman Sachs.
“We’re delighted on the urge for food we’ve observed for Fund II,” mentioned Spazzapan. “That is capital for programs alternate, and the sturdy message from our backers is that we’re filling a big hole within the funding panorama, and it’s late.”
Systemiq Capital’s portfolio accommodates Circulor, whose CEO and founder Doug Johnson-Poensgen recently spoke with UKTN about how the corporate is the usage of blockchain to trace fabrics inside provide chains.
Buyers in Fund II come with Lombard Odier, Andre Hoffman, The Grantham Basis for the Coverage of the Surroundings and Dara Holdings.
Systemiq Capital is the most recent climate-focused VC that has lately closed a big investment spherical.
Climentum Capital launched a £128m fund to spend money on startups which are decreasing carbon emissions, whilst Kiko Ventures launched a £375m atmosphere tech fund.
