Galvanize Climate Solutions Closes Over $1 Billion for First Venture and Growth Equity Fund
14.9.2023 15:00:00 EEST | Business Wire | Press release
Galvanize Climate Solutions (“Galvanize”), a global climate-focused investment firm, today announced the final close of its Innovation + Expansion Fund (“the Fund”) at over $1 billion. With commitments from a diverse set of institutional investors, including leading endowments, foundations and family offices, the Fund is one of the largest climate venture funds raised to date. The Fund targets investments in early- to growth- stage climate companies that drive timely decarbonization, providing both capital as well as interdisciplinary resources to help accelerate the path to commercial scale.
Founded by seasoned investors with decades of collective experience working in the climate ecosystem, Galvanize is purpose-built to scale the defining climate companies of our generation. To this end, Galvanize has assembled a veteran investment team augmented by in-house experts in disciplines vital to climate company builders - including climate science and technology, regulatory affairs, market development, impact measurement, and talent acquisition. With these resources, the Fund is distinctly positioned to identify, evaluate, and amplify transformative climate companies.
“Fully realizing the most significant investment opportunity of our time and succeeding in ushering in the climate transition will require more than capital alone,” said Tom Steyer, Co-Executive Chair of Galvanize, who previously founded and ran one of the first multi-strategy global investment firms, Farallon Capital Management, which grew to over $36 billion in assets under management under his leadership. “That’s why, based on years of investment experience and an understanding of the resources needed to accelerate critical climate solutions, we deliberately built Galvanize to forge a new model for climate investing, alongside constructing a world-class team built for this moment. We are thrilled to have the support of our partners in pursuit of this opportunity.”
The Fund is led by Veery Maxwell, Saloni Multani and Cliff Ryan, who collectively bring deep climate expertise coupled with a history of building and managing multi-billion dollar investment strategies at leading global firms, including Hellman & Friedman and Riverstone Holdings.
“We are witnessing an inflection point in the transformation of the global economy,” said Saloni Multani, co-head of Innovation + Expansion at Galvanize. “The alignment of market forces – including corporate commitments, regulatory and policy progress, consumer expectations, workforce talent preferences, technological maturation and economic competitiveness – is driving substantial tailwinds behind the climate sector. We believe immense value will accrue to the technologies and solutions that can drive meaningful decarbonization over the next decade.”
With its climate-focused, integrated model, the Fund takes an interdisciplinary approach across the full cycle of an investment, providing a differentiated set of resources to advantage the companies in its portfolio and create long-term value for its investors. This includes facilitating priority customer introductions, assisting talent recruitment, and providing regulatory analysis and guidance. Members of Galvanize’s portfolio services team have previously held roles at ARPA-E, the National Renewable Energy Laboratory and the White House Council on Environmental Quality, among other leading climate, technology and government organizations.
To-date, the fund has invested in 11 companies across the electricity, transport, industry, buildings, agriculture and carbon removal sectors: alcemy, Arable, Lydian, Plotlogic, Pulsora, Regrow, The Routing Company, VEIR, Watershed, Worldly and Zhero.
ABOUT GALVANIZE CLIMATE SOLUTIONS
Galvanize Climate Solutions (“Galvanize”) is a climate-focused global investment firm delivering capital and expertise to accelerate climate solutions. Founded by Katie Hall and Tom Steyer, Galvanize invests across asset classes including venture capital and growth equity, public equities, and real estate. We integrate expertise across investment, climate impact, measurement, market development, talent, technology, and policy with the aim of driving material climate impact and creating long-term value for our investors.
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