Venture capital as a whole might be in a bit of a funk, but that’s not true for every investor or sector.
Take Congruent, a climate tech-focused VC: last week, the firm filed paperwork with the SEC to start raising for a $250 million fund, TechCrunch+ has exclusively learned.
Congruent typically focuses on early-stage investments, so it’s likely that the new fund, the firm’s third, will follow suit. If the team can meet its target, it would be a healthy step up from its most recent early-stage fund, which draws from a $175 million pool.
If the new fund is also targeted at early-stage startups, it suggests that the firm’s partners see potential for a fresh crop of promising climate tech companies to come up in the coming years. It also suggests that LPs are still bullish about the sector and see strong prospects for growth in the coming decade.
Abe Yokell, one of the firm’s managing partners, declined to comment.