Local weather investor Bay Bridge Ventures is elevating a brand new $200 million fund, TechCrunch has solely realized.
Bay Bridge filed paperwork Monday for the brand new local weather fund with the U.S. Securities and Alternate Fee. The elevate comes at a time when enterprise buyers are more and more bullish on local weather tech.
Although the previous few years have been marked by a downturn within the normal enterprise market, a variety of corporations have raised eye-popping sums to again local weather tech founders. SOSV introduced on Tuesday a $306 million deep tech fund that can be 70% centered on local weather. New Summit Investments is elevating a $100 million impact fund. And Congruent Ventures raised a $275 million fund in 2023, turning down $325 million in additional LP interest.
The distinction, although, is that these are all comparatively established corporations. Bay Bridge Ventures is new, having been based in 2022 with a concentrate on ESG extra broadly and sustainability particularly. Although the agency participated in a $10 million spherical for SailPlan in 2022, based on PitchBook, it doesn’t seem to have every other investments or funds on document, based mostly on a search of SEC filings and PitchBook knowledge.
Nonetheless, that doesn’t imply Bay Bridge lacks expertise. Basic associate Andrew Karsh left pension fund CalPERS to co-found the agency. His co-founders Joe Blair and Kim Kolt aren’t new to the scene, both. Blair beforehand labored at Cota Capital and Apparent Ventures and at the moment hosts the Epic Human Podcast. Kolt based For Good Ventures and beforehand labored at Goldman Sachs and Deutsche Financial institution.
The agency didn’t reply to a request for remark previous to publication.
The workforce’s earlier investments span a variety of industries, together with sustainable shoe firm Allbirds, electrical grid software program startup Arcadia, fleet EV charging firm Amply and area launch startup Astra.
