Congruent Ventures is raising a second fund two years after a first $92m vehicle closed with an anchor investment from University of California.
Congruent Ventures, the venture capital firm anchored by University of California, is aiming to raise $125m for its second, sustainability-focused fund, according to a regulatory filing published Thursday.
The filing states Congruent Ventures II is still to raise capital. None of its potential limited partners have been identified.
Founded in 2017, Congruent backs early-stage startups that advance sustainability objectives in areas such as urbanisation and mobility, clean energy, food and agriculture and industrial and supply chains.
The firm is interested in hardware and software-led applications for both consumers and enterprises and also tracks deep technologies such as artificial intelligence.
Congruent’s existing portfolio includes self-driving industrial vehicle producer Fox Robotics, plant-based meat supplier Emergy Foods and solar energy-focused insurer Energetic Insurance.
The first Congruent fund closed at $92m in 2018 with a $50m contribution from University of California’s Office of the Chief Investment Officer in addition to Prelude Ventures and undisclosed additional investors.
Joshua Posamentier, co-founder of Congruent Ventures, worked for Prelude Ventures as a principal partner from 2012 until 2017, investing in areas including sustainability, energy, software and the internet-of-things.
