Lowercarbon Capital has raised $550 million across two venture capital climate vehicles. The capital split between the two funds was not disclosed.
Managing partner and cofounder Chris Sacca said the vehicles “were oversubscribed by multiple times before we sent out the fundraising letter,” in an unorthodox announcement on the firm’s website.
Lowercarbon Capital invests across the areas it views as most in need of climate finance, which includes energy, building materials, food, forestry, industrial chemicals and transportation.
The firm’s two previous funds have invested in agtech start-ups such as kelp farming business Running Tide, cultivated meat producer Mosa Meats, fermented oil producer Zero Acre Farms and sustainable dairy start-up Formo, among others.
The capital raise takes the firm to more than $2 billion in assets under management. Since it was founded in 2018, Lowercarbon Capital has backed more than 130 start-ups across its climate focused strategies.
Sacca is renowned for his work at his previous firm Lowercase Capital, which invested in now ubiquitous companies such as X (formerly Twitter), Uber, Instagram, Twilio and Stripe, among others, many of which Lowercase backed at the angel and seed stage.