Congruent Ventures Raises $300M to Finance its Climate-Tech Startups
Early-stage climate tech investor Congruent Ventures has more than doubled its total capital raised through the final close of its $300 million third fund – Congruent Continuity Fund I LP.
Co-founded by Abe Yokell and Josh Posamentier, the startup’s new vehicle comes six years after the San Francisco-based firm raised $92 million for its debut fund, before picking up $175 million for Fund II in 2021.
Unlike its previous funds, which are aimed at the seed and Series A stages, the new Continuity Fund will focus on providing financing for its portfolio companies, which include alternative protein startup Meati Foods, recycling tech business AMP Robotics, geothermal tech developer Fervo Energy and Span.IO, which makes smart-home energy systems.
LPs backing the new fund include CalSTRS, investors advised by Cambridge Associates, multiple US and Canadian pension funds, the Grantham Foundation, Builders Vision, the Three Cairns Group and Sobrato Capital.
Congruent now has more than $700 million in assets under management and has made over 50 investments across its early-stage pure play climate tech portfolio.
