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Climate tech startup-backed Systiq Capital said it has raised $70 million to launch its second fund.
The London-based VC aims to raise up to $130 million in additional funding. It marks a milestone for the company, which says it has committed $30 million to 19 startups since 2018.
As far as putting the money to use, Systemic says it’s to support startups focused on making big industries and cities “more efficient and sustainable.” In practice, it supports key areas such as regeneration of land use, oceans, transport and the circular economy.
Systemiq’s past deals include climate data company Jupiter, shipping data firm Nautilus Labs (whose co-founder later launched Bedrock), and ESG-focused investment startup OpenInvest. Last year, OpenInvest Sold to JP MorganFossil fuels are a major financier.
Systemiq was founded by McKinsey veterans Jeremy Oppenheim and Martin Stuchtei. The $10 billion annual consulting firm has a long history of working with many of the world’s biggest polluters.
Systemiq partner and former Goldman executive Irena Spazapan will lead the second fund, along with Oppenheim and former Unilever CEO Paul Polman, the firm said.
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