Top Cleantech VC/GE (2021 Update)
Saw some legacy posts on cleantech VC/growth funds, but wanted to see if there was anyone who had an update post-COVID with the recent wave of SPAC interest? For reference, coming from a BB P&U team with some renewables experience but hoping to move to the earlier stage cleantech side after banking. Hoping someone has an idea who are the biggest players, funds with good growth trajectories, and places that hire juniors. Currently in NY but also interested in SF/Boston since more ops there.
G2VP spin out from Kleiner Green / Clean Tech (forget the specific title while they were at Kleiner)
Thanks! Yeah looks like an interesting shop + have a few juniors from banking.
Yeah used to be part of Kleiner's Green Growth Fund. Those guys don't have the best rep w/in the industry TBH (at least in my circles).
Would personally way rather join Prelude Ventures, which also hires associates out of banking.
Vision Ridge is also interesting but more real assets focused, not actual VC or growth.
Otherwise don't personally know much about any hiring practices at any of the other earlier stage clean tech shops.
Can you say more? I thought the opposite
Energy Impact Partners has been a lead investor in the space for the last number of years, seems like now every VC is launching their own cleantech fund so not sure how dynamics play out long term
Thanks! Looks like an interesting team. Any idea on how they have done recently and if they are hiring analysts? See some of the team comes from more TMT backgrounds.
NuclearPenguins and ww9 are right on. What’s your definition of cleantech? a lot of the new strategies from established platforms are basically doing the same stuff (software, hardware, consumer products that’s adjacent to “green” trends). If you’re coming from P&U you’re probably more interested in true cleantech and the list is much narrower.
Agree with your view point on broad green/sustainability funds vs. purely renewable energy funds. From my perspective, I have found the broader funds more interesting but I have also noticed the broad funds typically pull analysts/associates from a TMT background vs. P&U. The more asset / project based funds working in the renewables space would seem like an easier fit for P&U, but as you said, more narrow and potentially less interesting.
Any insight on how you would split the funds out there between the two groups and how you have seen them select candidates from different industry backgrounds? Thanks!
You're correct "Cleantech" - thinking about software / maybe consumer retail investments that try to solve climate change - seems to recruit heavily out of tech banking. Renewable energy is different than cleantech, its more of an infra asset class and so recruits more out of infra backgrounds. That's why you see all the major infra investors have a real asset renewable energy fund, whereas someone like G2VP doesn't own any renewable energy projects. Renewable infra funds pull from your standard P&U groups but also some project finance groups as thats an applicable skillset.
Finally, I'll note that "cleantech" is probably not as sexy as some may make it out to be. There's never really going to be a big IPO for a software company that helps utilities assess damage on their wires in real time, as an example. It's critical to fighting the CA wildfires, however, you're never going to 10x your money on something like that.
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