Liberty Global’s investment unit has contributed to the equality and climatetech-focused Avesta Fund, which has raised over 80% towards its ceiling.

Liberty Global Ventures, mass media group Liberty Global’s corporate venturing arm, has invested $2m in US-based impact-oriented private equity firm Avesta Capital’s $20m Avesta Fund through a strategic partnership agreement.

Avesta Fund backs seed-stage, diversity and inclusion-minded companies working on technologies and products that could help mitigate inequality or address the climate change crisis. The firm said it has now secured more than 80% of the fund’s target size, indicated by a securities filing to be $20m.

Liberty Global Ventures has invested in some 75 companies and funds in diverse areas encompassing content creation, technology and infrastructure, providing between $5m and $30m per deal. AviatrixLaceworkPax8 and Plume are among its portfolio companies.

Avesta Fund on the other hand has backed companies including gig economy workers’ financial wellness service Line Financial and WattBuy, which is working to provide affordable and sustainable electricity to consumers.

John Gowen, managing director of Liberty Global Ventures, said: “Building on our strong sustainability credentials, this strategic partnership allows us to be early backers of companies that are tackling some of the biggest and most pressing issues facing society.

“We look forward to working with Avesta to help support companies that will deliver lasting positive impact, as well as superior financial returns.”