G2VP Closes First Fund At $350mn
G2VP, a new venture capital firm dedicated to building and supporting industrial technology companies, announced it has closed its first fund, with total capital commitments of $350 million. With alignment from global corporates, family offices, foundations, endowments and high net worth individuals, including venture capital veteran John Doerr, the fund will invest in entrepreneurs and companies that are digitizing traditional industry in sectors ranging from energy and manufacturing to logistics, transportation and agriculture.
G2VP was founded in 2017 by Kleiner Perkins Green Growth Fund (GGF) partners David Mount, Brook Porter, Ben Kortlang and Dan Oros. The team, which worked together for ten years while at GGF, share more than two decades of sustainable industry investment experience in companies like OSIsoft (shares sold to SoftBank and Mitsui & Co., Ltd.), SilverSpring Networks (acquired by Itron) and ServiceMax (acquired by GE). That domain knowledge and network base informs the firm's thesis: to find, build and support the companies that are modernizing traditional industries through digital advances.
"Today every corner of the industrial world, from energy and manufacturing to logistics, transportation and agriculture, is being disrupted by technology. And while these industries comprise more than half of the economy, they are largely overlooked by the venture community," said David Mount, G2VP Co-founder and Partner.
With a focus on industrial technologies, G2VP is investing in venture and growth stage disruptors that align with its new definition of sustainability.
"As our conversations with the fund's investors took us around the world, it became clear that this new approach to sustainable investing, infusing emerging digital technologies into traditional industries, has enormous global economic potential," said Brook Porter, G2VP Co-founder and Partner. "The world is still in desperate need for solutions to sustainability. Over the past ten years, a new palette of technologies has emerged, from low-cost distributed sensing to machine vision to digital marketplaces, that is enabling startups to re-write the rules of the game and drive efficiency across industries."