Kleiner Perkins Caufield & Byers has formed a $500 million “green growth” fund to invest in later-stage cleantech companies. peHUB first reported the news last week.
Kleiner Perkins Caufield & Byers (KPCB), the
KPCB separately announced today the formation of KPCB XIII (issued simultaneously, see: “Kleiner Perkins Caufield & Byers Forms $700 Million KPCB XIII Fund”), a $700 million fund that will invest in greentech, information technology and life sciences ventures. Within the greentech sector, KPCB XIII will mainly back early-stage entrepreneurs, while the Green Growth Fund will support companies that have already entered their growth phase.
The Green Growth Fund is an extension of KPCB's investment efforts, which historically have focused on startups. Current and new partners working on the Green Growth Fund will now offer the firm's company-building expertise to companies that have moved beyond their initial stage.
“We urgently need to advance our greentech industry at a speed and scale commensurate with the challenges we face,” said KPCB Partner John Doerr. “We believe green technologies are both the key to solving our energy crisis and a tremendous business opportunity.”
Green businesses are already booming in the