Climate-focused VC firm Congruent Ventures closed its first Continuity Fund with $300M in capital commitments from limited partners.
The fund will enable the firm to back Series C and D-stage portfolio startups looking to scale their operations.
- The San Francisco-based VC firm previously focused on early-stage startups addressing climate change or sustainability.
- Congruent
launched the new fund after LPs urged the company to enhance exposure
to late-stage climate startups to mitigate climate risk embedded in
their portfolio, per managing partner Abe Yokell.
- The move
contradicts the current trend in the overall VC industry, where
investors are limiting their exposure to continuity and opportunity
funds.
- The new fund pushed the firm's assets under management to over $700M.
- LPs
in the new fund include the California State Teachers Retirement
System, Grantham Foundation, Sobrato Capital, and Three Cairns Group.
- Congruent's
Continuity Fund has already backed four portfolio companies, namely
Meati Foods, AMP Robotics, Fervo Energy, and Span.IO.
