Congruent Ventures Raises New Climate-Tech Fund - The Wall Street Journal
Congruent Ventures Raises New Climate-Tech Fund - WSJ
By
Luis Garcia
Congruent Ventures took in $275 million to back early-stage developers of technologies that help reduce carbon emissions, benefiting from increased investor interest in so-called climate-tech funds.
The San Francisco-based firm wrapped up its Congruent Ventures III fund with 38% more capital than its $200 million initial goal and 57% more than it collected for a predecessor fund that closed in 2021. The fundraising effort, which began in June, took less than six months and entertained investor offers totaling $600 million for the vehicle, the firm said.
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Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”