University of California is among the limited partners for sustainability-focused fund Congruent Ventures, which targets themes including clean energy, additives and urbanisation.
University of California is among the limited partners that have backed a $92m sustainability-focused fund called Congruent Ventures.
The university is participating through its Office of the Chief Investment Officer together with fellow investors including Prelude Ventures. It was unclear whether the vehicle would in any way prioritise California spinouts.
Congruent Ventures targets investments aligned with sustainability issues including urbanisation and mobility, clean energy, food and agriculture, and industrial and supply chains.
The fund’s managing partners are Joshua Posamentier, owner of photography provider Posamentier Photography, and Abe Yokell, former partner at RockPort Capital Partners.
The fund has already backed nine businesses to date working on a range of products which include additive manufacturing, sustainable fashion and Lidar technologies.
Among these is University of Washington biotech spinout Phase Genomics, which received $1m in a December 2017 round backed by Congruent.
Congruent claims it raised more capital than originally planned, with the hope of “reinvigorating” early-stage investment in sustainability-related technologies, after a previous surge disappointed ten years ago.
The fund’s investment thesis anticipates renewed momentum because developers now have the option of outsourcing more infrastructure and resources, according to Axios.
It also expects growing interest from institutional investors hoping to reduce their exposure to fossil fuels and other traditional energy sources.
