Systemiq Capital, a backer of early-stage climate tech startups, has secured $70 million to start its second fund. The London-based VC is aiming to raise up to $130 million more; that would mark a big step forward for the firm, which says it has funneled $30 million into 19 startups since 2018.
As for using that money, Systemic says it's meant for fund founders who focus on making large industries and cities "more efficient and sustainable". In practice, it will finance key areas such as regenerative land use, oceans, transport and the circular economy.
The previous agreements Systemic include weather data company Jupiter, shipping data company Nautilus Laboratories (whose co-founder later launched Bedrock) and investment startup focused on ESG OpenInvest.
Systemic was co-founded by McKinsey veterans Jeremy Oppenheim and Martin Stuchtey. The consulting giant, which draws an estimated $10 billion a year in revenue, also has a long history of working with many of the world's top polluters.
The partner of Systemic and former Goldman executive, Irena Spazzapan, will direct the second fund, along with oppenheim and the former CEO of Unilever, Paul Polman.
