Systemiq Capital, a financier of climate tech startups, says it has secured $70 million to launch its second fund.
London-based VC is aiming to raise a whopping $130 million more; that would be a big step forward for the company, which says it has funneled $30 million into 19 startups since 2018.
As for using that money, Systemiq says it’s intended to fund founders focused on “making major industries and cities more efficient and sustainable.” In practice, it will fund key areas such as regenerative land use, oceans, transport and the circular economy.
Systemiq’s past deals include climate data company Jupiter, marine data company Nautilus Labs (whose co-founder later launched Bedrock) and ESG-focused investment startup OpenInvest. Last year, OpenInvest sold to JP Morganthe world’s largest financier of fossil fuels.
Systemiq was co-founded by McKinsey veterans Jeremy Oppenheim and Martin Stuchtey. The consulting giant, which brings in an estimated $10 billion a year, also has a long history of working with many of the world’s biggest polluters.
Systemiq partner and former Goldman director Irena Spazzapan will drive the second fund, along with Oppenheim and former Unilever CEO Paul Polman, the company said.