Systemiq secures $70 million to fund early-stage climate tech founders

Systemiq Capital, a backer of early-stage climate tech startups, says it has secured $70 million to kick off its second fund.

The London-based VC aims to raise as much as $130 million more; that would mark quite a step up for the firm, which says it has funneled $30 million into 19 startups since 2018.

As far as putting that money to use, Systemiq says it is out to fund founders who are focused on making large industries and cities “more efficient and sustainable.” In practice, it’ll fund key areas like regenerative land use, oceans, transportation and the circular economy.

Systemiq’s past deals include climate data company Jupiter, shipping data firm Nautilus Labs (whose co-founder later launched Bedrock) and ESG-focused investing startup OpenInvest. Last year, OpenInvest sold to J.P. Morgan, the world’s top funder of fossil fuels.

Systemiq was co-founded by McKinsey veterans Jeremy Oppenheim and Martin Stuchtey. The consulting giant, which pulls in an estimated $10 billion a year in revenue, also has a lengthy history of work with many of the world’s top polluters.

Systemiq partner and former Goldman executive Irena Spazzapan will steer the second fund, along with Oppenheim and former Unilever CEO Paul Polman, the firm said.

About Systemiq Capital: Systemiq Capital was spun out from SYSTEMIQ, the world’s only ‘pure play’ climate and systems change company on a mission is to accelerate the transition to a net-zero, nature-positive and more inclusive economy. We are a multi-specialist climate VC fund with deep expertise in sustainable food and materials, climate intelligence and finance, clean transport and climate restoration. We back the best climate-tech entrepreneurs at late seed to Series A/B and connect them to our ecosystem of corporates and policymakers, giving portfolio companies a platform to accelerate their growth and influence.

Systemiq Capital seems to be a fascinating startup with a motivating turn of events on venture capital and private equity principals startup. I’m sure this startup would continue to prosper in its journey ahead. My best wishes to the entire team of Systemiq Capital. This will give them a huge accomplishment in the future.

Shishir Gupta, Founder and CEO, StartupLanes

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