Specialist climate tech venture capital firm Clean Growth Fund (CGF) has announced the first close (拢49m) of its second fund, targeting 拢150m to accelerate the next generation of net zero innovation.聽聽
Two of CGF鈥檚 Fund I investors, including Strathclyde Pension Fund, have recommitted to Fund II and are joined by new investors Islington and East Riding LGPS.
The London-based company鈥檚 first fund invested in 19 breakthrough startups in the industry, which are now projected to reduce over 55m tonnes of CO2e by 2030.聽
These included Sunswap, whose clients include DFDS and Tesco; rendesco, which has a 拢100m pipeline and has experienced 80% revenue growth in the last year; and Essex-based solar firm Above.
鈥淩aising capital in this market isn鈥檛 easy, especially with global political uncertainty affecting climate policy momentum,鈥� said Beverley Gower-Jones, managing partner at CGF.聽
鈥淒espite this, the UK continues to stand out as a hub for climate innovation 鈥� and the strong first close of Fund II reflects the trust our investors place in our team and our mission.鈥�
Certified B Corp CGF is led by a team combining sector expertise across climate, finance and technology.
Fund II, will continue its strategy of investing in UK-based, early-stage companies developing technologies with high potential to cut greenhouse gas emissions.聽
The fund will deploy initial cheques of 拢500,000 to 拢5m targeting innovations across the six core areas of power and energy systems, transport and mobility, industrial decarbonisation, buildings and the built environment, agrifood and land use, and circular economy, waste and water.
Ian Jamison, investment manager at Strathclyde Pension Fund, added: 鈥淐lean Growth Fund鈥檚 combination of rigorous investment discipline, clear climate impact and a strong focus on delivering commercial returns made our decision to reinvest straightforward.聽
鈥淭he UK needs mission-driven, sector experts like CGF to lead in net zero delivery.鈥澛�
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