California-based venture capital firm Greener Capital securing commitments totaling US$33M for its second cleantech fund that backs businesses that produce, manage energy
October 5, 2011
– Key Investors Attracted by Innovative Strategy and Outsized Returns
Greener Capital, a venture capital firm focused on breakthrough solutions in clean technology, today announced that it has a first closing on commitments totaling $33 million for its second cleantech fund, Greener Capital Partners II, L.P. Greener's first fund has returned approximately 45%, net of fees, since inception in 2009. The partners expect the fund to continue to attract strong interest from investors.
Charles Finnie, founder and managing partner, observed, "The success of our first fund has fueled tremendous interest in this second fund, in contrast to a notable pull-back in clean technology investments overall this year. There are reasons our investments have been successful thus far:
We back entrepreneurs who offer unconventional, even radical solutions to major problems in the production and management of energy
We invest in capital-efficient businesses that can be cost competitive with traditional energy providers, without government subsidies
Since most investment capital is chasing later-stage investments, we are able to invest at compelling valuations in earlier stage companies"
About Greener Capital:
Founded in 2009, Greener Capital is a venture capital firm based in Berkeley, California that successfully accelerates the growth of breakthrough solutions in clean technology. The firm is led by partners Thomas Cain, Charles Finnie and Michael Katz.
Mr. Cain is one of the earliest cleantech venture capitalists. He co-founded SAIL Venture Partners in 2002, and subsequently co-managed two high-return funds of approximately $150M. Prior to joining SAIL, Cain led the turnaround of a Texas-based oil and gas business. Prior to entering the energy industry, Cain had a long and successful career as an IT innovator, entrepreneur, and CEO.
Mr. Finnie was previously a General Partner at Crosslink Capital, a venture capital firm with over $2 billion under management. His investment activities at Crosslink focused on software, Internet, and clean energy technology companies, both public and private. Prior to Crosslink Capital, Finnie was a General Partner and Senior Research Analyst at Volpe Welty & Company, a San Francisco-based investment bank. He led the firm's Internet practice, successfully completing over 50 IPOs and other liquidity events. He began his clean energy career at the Solar Energy Industry Association in 1985.
Mr. Katz is a serial entrepreneur with ample investment and operational experience in a wide range of industries. Most recently, he co-invested and was CEO of clean-tech innovator Oryxe Energy International, where he led a turnaround and successful exit. Mr. Katz was the founder and CEO of Walstone Realty Group, with investments across Mexico and Central America. He is a frequent speaker at Latin American investment conferences.
For more information, visit www.greenercap.com