Los Angeles Cleantech Incubator (LACI) is looking to raise a $30M second fund to "back communities that often struggle to raise financing."
The fund has received backing from actor and former California governor Arnold Schwarzenegger.
The city of Los Angeles established LACI in 2011 along with the Department of Water and Power.
- Its first impact fund was launched in 2019.
- LACI backed 17 companies with the first impact fund, 25% of which were led by Black or Brown founders and 29% by female founders.
- EV support company ChargerHelp! and homeware company Repurpose are two of the companies backed by the first fund.
- The company aims to continue its mission of supporting founders from underserved communities, especially now with the absence of prominent cleantech backer SVB.
Female-founded startups raked in 2% of all venture capital deployed in 2021.
