Global climate tech venture firm Aera VC has announced a $US30 million ($40 million) first close for its second fund.
The $US100 million target fund will invest in technology start-ups that contribute towards sustainability. Investors include sustainability committed high net-worth individual investors, family offices and institutions from around the world.
Aera was founded in 2016 by New Zealanders Derek Handley and Nick Winstone with Handley based in New Zealand and Winstone in New York. The firm’s first fund has investments in Houston-based chemical decarbonisation company Solugen, which was recently valued at $US1.8 billion; Shiok Meats, Singapore; Carbon Chain, London; Noya and Twelve, San Francisco; and Queensland-based meat alternative company Fable Food.
The new fund is expected to invest in up to 30 seed projects over the next two years and will also provide follow-on funding.
Aera recently transferred its headquarters to Singapore. The firm’s dispersed partners now include Alex André de la Porte in Sydney; Guneet Banga, Hong Kong; Milena Nikolova, Singapore; and Josh Thompson, New York.
Image: Aera co-founder Derek Handley.