G2 Venture Partners, the well-known spinout from Kleiner Perkins Caufield & Byers, is raising its third round of funding, with a target of $750 million, TechCrunch has learned.
The funding, revealed in a regulatory filing, is a bullish vote of confidence in climate and sustainability startups, but other investors say they're hoping for a boost under the incoming Trump administration. He expresses cautious optimism about the fate of these companies.
The company has invested in well-funded startups including renewable power data platform Arcadia, home appliance installer platform 1Komma5, and power and AI data center developer Crusoe, which recently raised $600 million.
According to its website, G2VP invests in founders who aim to “break the link between consumption and growth.” The company did not immediately respond to questions about the new fund.
G2VP's limited partners in previous funds included Daimler, Mitsui & Co., Shell Ventures, and the McKnight Foundation. The second fund, which ultimately reached $500 million, was closed in 2021.
The new fund's $750 million target represents a healthy step up and suggests G2VP believes there are plenty of tailwinds for climate and sustainability startups to ride over the next decade. .