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G2 Venture Partners, the high-profile firm spun out of Kleiner Perkins Caufield & Byers, is raising a third fund with a target of $750 million, TechCrunch has learned.
The increase detected in A Regulatory filingis a bullish vote of confidence in climate and sustainability startups, while other investors expressed cautious optimism about the fate of such companies under the incoming Trump administration.
The company has invested in some well-funded startups, including Arcadia, a renewable energy data platform, 1Komma5, a home electricity installation platform, and Crusoe, an energy data center and AI developer that recently raised $600 million.
G2VP invests in founders looking to “break the link between consumption and growth,” according to its website. The company did not immediately respond to questions regarding the new fund.
G2VP’s limited partners in previous funds include Daimler, Mitsui, Shell Ventures and The McKnight Foundation. Its second fund, which eventually reached $500 million, closed in 2021.
The $750 million target for the new fund represents a healthy move, indicating that G2VP believes there are plenty of tailwinds for climate and sustainability startups to ride in the next decade.
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