University of California is among the limited partners for venture firm Congruent Ventures’ latest sustainability-focused fund that had a $125m target.
US-based venture capital firm Congruent Ventures has raised $175m for an early-stage climate technology fund, from limited partners including University of California, according to Canary Media.
Software producer Microsoft’s Climate Innovation Fund, affiliates of Prelude Ventures, Three Cairns Group, clients of Cambridge Associates that include the Jeremy and Hannelore Grantham Environmental Trust and the Surdna Foundation, are also among the LPs.
Unnamed institutions, foundations and family offices have also backed the fund, which had a $125m target. The university participated through UC Investments.
Founded in 2017, Congruent typically invests in technology companies that are addressing sustainability issues across sectors such as energy transition, mobility, agriculture and sustainable production.
Congruent has tapped the fund to complete seven investments, in portfolio companies including Parallel Systems, the developer of an autonomous, electric freight transportation system.
The firm’s co-founders are Joshua Posamentier, a former principal at Prelude Ventures, and Abe Yokell, who was…
