G2 Venture Partners, a company spun off from Kleiner and Perkins Caufield & Byers, has raised $ 500 million to support entrepreneurs who aim to make existing industries more efficient, environmentally friendly and socially responsible.
With Fund II, G2 is most optimistic about technologies in transportation, logistics, manufacturing, agriculture and energy, with a growing focus on sustainability, according to a company spokesperson.
“The launch of our second fund expands our ability to work with companies that are making the difference to redefine and revolutionize their respective industries,” said David Mount, founding partner of G2VP, in a statement. “We will continue to partner with technology companies that advance the future of the industry, driving economic growth with reduced resource intensity. ”
Investors in the new fund include Shell Ventures, Mitsui & Co., Daimler AG, ABB Switzerland Ltd. and The McKnight Foundation, a G2 spokesperson told TechCrunch. John Doerr, famous investor and VC at Kleiner, has also personally invested in the fund. Doerr invested in G2VP’s initial $ 350 million fund in 2018, and he is known to deliver a Emotional TED Talk in which he advocated for increased investment in clean energy.
The company has previously toured the industrial data management platform OSIsoft acquired by AVEVA, the customer engagement platform Opower acquired by Oracle and solar energy company Enphase. Kleiner led Enphase’s previous fundraisers in 2010 and in 2017 Doerr returned to help the struggling company with an additional $ 10 million alongside TJ Rodgers. G2 would not yet provide the names of the portfolio companies for this new fund, but a spokesperson said Fund II will invest in a new set of companies. Any subsequent investment in companies of Fund I will be made from this fund.
The company has invested in 15 late stage companies in Fund I and plans to invest in a similar number of companies in Fund II. G2VC typically invests between $ 10 million and $ 50 million in each business. Former portfolio companies include lidar maker Luminar, technology company EV Proterra, computer vision solutions provider Scandit, autonomous robot company Seegrid, and agricultural supply chain platform ProducePay, among others. .
“This team has consistently demonstrated vision and taken action that is ahead of many aspects of the digital industrial transition the world is in,” said Robert Linck, Chief Investment Officer of Shell Ventures, a sponsor of the first and second funds, in a press release. “The confidence of the brain of this company will be an important asset for the new generation of technology leaders and pioneers emerging today. “