G2VP VC raises $500 million to fund sustainable tech
The firm invested in 15 late-stage companies in Fund I and anticipates to invest in a comparable variety of companies in Fund II. G2VC normally invests $10 million to $50 million in each business. Previous portfolio business consist of lidar producer Luminar, EV tech company Proterra, computer system vision solutions provider Scandit, self-governing robotic business Seegrid and farming supply chain platform ProducePay, among others.
Investors in the brand-new fund consist of Shell Ventures, Mitsui & & Co., Daimler AG, ABB Switzerland Ltd. and The McKnight Foundation, a G2 representative told TechCrunch. John Doerr, well known investor and VC at Kleiner, likewise personally invested in the fund. Doerr invested in G2VP’s preliminary $350 million fund back in 2018, and he’s known for delivering an psychological TED Talk in which he argued for increased investments in tidy energy.
With Fund II, G2 is most bullish about technologies in transport, logistics, farming, energy and production, with an increasing concentrate on sustainability, according to a representative for the firm.
The firm has actually currently led rounds in AVEVA-acquired industrial data management platform OSIsoft, Oracle-acquired utility consumer engagement platform Opower and solar energy company Enphase. Kleiner led Enphase’s past fundraising rounds back in 2010, and in 2017, Doerr stepped back in to assist the economically struggling company with another $10 million together with T.J. Rodgers. G2 would not provide names of portfolio business for this most recent fund yet, but a spokesperson did say Fund II will be buying a brand-new set of business. Any follow-on investments in business from Fund I will be constructed out of that fund.
“This team has consistently shown vision and taken action that is ahead of the curve on numerous elements of the digital commercial transition the world is in the middle of,” said Robert Linck, primary financial investment officer of Shell Ventures, a minimal partner in G2’s very first and second funds, in a declaration. “The brain trust at this company will be a significant property to the new generation of technology leaders and path breakers that is emerging today.”
“The launch of our 2nd fund expands our ability to deal with companies that are moving the needle to redefine and reinvent their respective markets,” stated G2VP founding partner David Mount in a statement. “We will continue to partner with innovation companies that are pushing the future of market forward, driving financial growth with decreased resource strength.”
G2 Venture Partners, a firm that drew out of Kleiner and Perkins Caufield & & Byers, has raised $500 million to support entrepreneurs that intend to make existing markets more efficient, socially accountable and environmentally friendly.
“The launch of our 2nd fund broadens our ability to work with companies that are moving the needle to redefine and change their particular markets,” said G2VP starting partner David Mount in a declaration. G2 would not supply names of portfolio companies for this most recent fund yet, but a spokesperson did state Fund II will be investing in a brand-new set of companies. The company invested in 15 late-stage companies in Fund I and anticipates to invest in a comparable number of companies in Fund II.