Blue Bear Capital has raised a new $ 150 million fund that will be used to find and invest in startups developing technologies to accelerate the adoption and industrialization of renewable energy.
This is the venture capital firm’s second fund, which it says is oversubscribed. Blue Bear has already backed nine new businesses since 2020. The company said the new funds would be used to fund digital technologies “have a disproportionate impact” on markets such as wind, solar, grid, EV infrastructure, transport and energy-intensive industries.
“Billions of dollars will be spent to develop renewable energy, modernize infrastructure and secure sustainable supply chains,” Ernst Sack, partner of Blue Bear, said in a statement. “Meanwhile, artificial intelligence is redefining the way data is captured, decisions are crazy and relationships are building all around us. Where these two forces converge – by applying the power of AI-based technologies to the immense challenges of the energy transition – this is where Blue Bear sees the greatest opportunity for investment and impact of our lives. “
Blue Bear has a two-pronged investment strategy. The company’s investors are looking for those who “nail a vertical” – that is, the code of startups that have developed software-as-a-service solutions that help industries solve operational bottlenecks and manage niche use cases. Blue Bear is also looking for startups that have developed software that can scale horizontally in many markets.
Companies in Blue Bear’s ‘nail a vertical’ compartment include FreeWire Technologies, which has developed a suite of mobile charging products for EV and Omnidian, a distributed solar asset management company. The companies at the horizontal scale that BlueBear has supported include Urbint, which focuses on infrastructure safety and Demex, a climate and weather risk management company.
Like Blue Bear’s first fund, this one aims to help start-ups grow – and not just by investing capital. The VC boasts the expertise of its partners, who have decades of experience in sustainable investments and hands-on work in climate, policy, business, cloud computing and other related technologies.
“As specialists, we believe in a high conviction and relatively focused approach to portfolio building,” said Vaughn Blake, partner of Blue Bear, in a statement, adding that the company selects companies in a spirit of partnership. long-term. Blake also said the company eschews the high-volume approach to business, where a handful of companies are expected to offset a fund’s returns while the bulk of it is left behind. “
Investors in the Blue Bear fund include AIMS Imprint of Goldman Sachs Asset Management, Rockefeller Brothers Fund and the McKnight Foundation, as well as leadership from other private equity firms and energy companies. Members of the advisory board include First Reserve Chairman Alex Krueger, former NASA astronaut Tim Kopra and former BP CEO Lord John Browne.