UK climate tech investor CGF raises $110 million for its second fund
Clean Growth Fund's Fund II has now raised more than half its £150 million target, backing early-stage UK startups working on emissions-cutting technology.
UK-based venture capital firm Clean Growth Fund (CGF) has raised £81.5 million ($110.5 million) at the second close of its Fund II, which invests in seed- and Series A-stage UK companies building technology to cut greenhouse gas emissions or improve resource efficiency. The close brings the fund more than halfway to its £150 million target.
The £22.5 million anchor commitment came from Border to Coast Pensions Partnership's UK Opportunities Fund, representing 18 local-government pension partners, with Strathclyde Pension Fund adding another £10 million for a total Fund II commitment of £30 million.
Fund II aims to back 25 companies across sectors including batteries, food, heavy industry and buildings, and has already invested in four. CGF's first fund backed 19 UK startups that are on track to cut an estimated 27 million tonnes of CO2-equivalent annually by 2030.
Reporting by Kenny Fisher for ESG Today. Original: https://www.esgtoday.com/cgf-raises-over-110-million-for-climate-tech-venture-fund/
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