Al Gore says a “game changer” for green tech has arrived


More than 1,500 people have died in Pakistan’s devastating floods, which at times submerged around a third of the country. Mega droughts in western US threaten Lake Powell. Forest fires are raging in Spain and Portugal. Heat waves have dried up part of the Yangtze River in China.

It is becoming increasingly difficult to ignore the catastrophes caused by global warming. “Business leaders of all ages are responding to this — and many of them are saying that we believe we can make a difference with our business models and our business plans,” said former Vice President Al Gore, who for decades has warned of what rising temperatures will do to the world planet, told me cheerfully the other day during a zoom call.

As an investor, Gore has a critical impact on how companies respond. About 18 years ago he founded Generation Investment Management, a sustainable investment company that invests in the public and private markets and today has approximately $35 billion in assets under management. On the private side, the company’s growth stocks arm raised a $1.7 billion fund earlier this year and now has about 18 investors on its growth stocks team, led by Lila Preston.

“We’re not seeing any drying up of startups or even funding for these companies,” Preston says of companies geared to addressing climate, health or financial inclusion issues – startups she describes as “sustainable.”

The company, which publishes sustainability research annually, has cited the Russian invasion of Ukraine and the passage of the anti-inflation law as key turning points in its latest report, released this week, detailing where the company sees opportunities in power, transportation, Country and food and other markets.

In Europe, which is heavily dependent on Russia for oil and gas, that dependency has become a “national security issue,” Gore says, adding to environmental and business concerns that already exist. And Gore says the new US legislation has “crossed a threshold” as it represents the “largest investment in the sustainability transition we’ve seen from any country.” He’s already seeing generation-back companies making changes to qualify for the tax credits they can get from the clean energy transition.

“I think it’s going to be a real game changer,” says Gore.

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Preston expects Generation to invest in 15 to 18 companies from the new growth fund. Generation has previously supported Gloat, an AI-powered career development marketplace that helps managers make data-driven hiring decisions. The company has completed another investment focused on the health of the planet, but Preston says they’re not ready to share what it is.

Preston acknowledged that both public and private markets are going through a period of volatility, but said that “corporate fundamentals remain strong,” even as companies “need to hunker down and think about their cost structures.”

“These are not trends. They are movements,” says Preston. “We’re shifting huge chunks of our economy towards a lower footprint and a more sustainable model – and that just offers a lot of economic opportunity.”

stocks fall. Interest rates rise… Yesterday the US Federal Reserve approved another 75 basis point rate hike, raising the bank’s lending rate to target levels of 3% to 3.25%. Rising interest rates make borrowing more expensive for private companies. It also means LPs could turn their attention to other asset classes. I wrote about that here.

to close Kittyhawk… The autonomous electric aircraft startup backed by Google co-founder Larry Page is expiring, according to a LinkedIn post by the startup yesterday, showing how current market conditions could prove challenging for companies in high cash-burn industries. Kittyhawk has a venture arm that has backed startups like Vytalize, Outpost, and Orbify, among others. Boeing does not expect the Kittyhawk closure to disrupt operations at Wisk, a joint venture between Kittyhawk and Boeing to develop an autonomous air taxi.

Until tomorrow,

Jessica Mathews
Twitter: @jessicakmathews
E-mail: [email protected]
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Jackson Fordyce curated the deals section of today’s newsletter.

VENTURE OFFERS

Pie insurancea Washington, DC-based provider of small business workers’ compensation insurance, raised $315 million in Series D funding. Centerbridge Partner and Alliance X co-chaired the round and was joined by investors including White Mountains Insurance Group, Capital of Gallatin Point, Greycroft, Acre Capitaland other.

Innovafeeda Paris-based insect producer for animal and plant nutrition, raised $212 million in Series D funding. Qatar Investment Authority led the round and was joined by investors including Creadev and Temasek.

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OpenStorea Miami-based startup that acquires Shopify businesses and provides entrepreneurs with liquidity has raised $32 million in funding. Lux Capital led the round and was joined by investors including Atomic, start-up fund, General Catalyst, and Khosla Ventures.

monosa Vancouver-based travel and sustainability lifestyle brand, raised $30 million in Series B funding. venn growth partner led the round and was joined by investors including strand equity and Michele Romanov.

appearancesa Berlin-based mobile subscription provider for phones and wearables, raised $20 million in Series A funding. Gradient VenturesUber CEO Dara Khosrowshahi, YC Continuity FundDoorDash CEO Tony XuInstacart CEO Fiji Simoand other angels invested in the round.

Hyperlanesa developer of a secure infrastructure platform for interchain applications, has raised $18.5 million in seed funding. variant led the round and was joined by investors including Galaxy Ventures, coinfund, Circle, figure, block daemon, octopusand NFX.

Noblea Tel Aviv-based developer of a credit-based product and services platform, raised $18 million in Series A funding. Insight Partners led the round and was joined by investors including Cross River Digital Ventures, Y combiner, Flexport Fund, TLV partner, operator partner, Verissimo Ventures, Interplay Ventures, plug and playand the Georg Kaiser Family Foundation.

codacya Lisbon-based code-shipping platform for software development teams, raised $15 million in Series B funding. Bright pixel capital led the round and was joined by investors including Armilar Venture Partners, Faber Ventures, Join the capital, Caixa capital, EQT things to doand Iberian capital.

Sylvatexan Alameda, California-based clean battery manufacturing solutions company raised $8.4 million in Series A funding. Catalus capital led the round and was joined by investors including reinforce capital, How women investand other.

Lyfegena Basel, Switzerland and Newark, NJ-based value-based healthcare software analytics company, has raised $8 million in Series A funding. a moon led the round and was joined by investors including APEX things to do and other.

Civilian Roboticsa San Francisco-based autonomous surveying solution for civil engineering and infrastructure projects, raised $5 million in seed funding. ff venture capital and Alley Robotics Ventures led the round and joined Trimble Ventures.

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TULUa New York-based provider of home appliances, groceries and entertainment equipment for building tenants, raised $5 million in additional Series A funding from Regeneration.VC.

neeman embedded finance platform based in Karachi, Pakistan, raised $2.5 million in seed funding. SparkLabs Fintech led the round and was joined by investors including Arif Habib, Cordoba Logistics and Ventures, Taarah Ventures, My Asia VC, Concept Vinesand build capital.

PRIVATE EQUITY

Vector capital 100 million dollars invested Malwarebytes, a Santa Clara, California-based cybersecurity company. Vector Capital will hold a minority interest in the company.

Admiral Pioneer acquired a minority stake Wagonex, a Cardiff, UK-based provider of mobility subscription platforms. Financial terms were not disclosed.

HIGH acquired Northern Biogas, a Morgantown, WV-based natural gas company. Financial terms were not disclosed.

FUNDS + FUNDS OF FUNDS

Lesser Hippeau, a New York-based venture capital firm, raised $230 million through two funds. LH Seed VIII will focus on pre-seed and seed stage companies and LH Select IV will focus on Series A through C companies.

SentinelOnea Mountain View, California-based autonomous cybersecurity platform company committed $100 million to a fund focused on security and data companies.

PERSONS

Huge venturesa London-based venture capital firm Hayden wood as a cooperation partner. He used to be with me pear.

IKGa London-based alternative wealth manager David Lomer as Head of Great Britain, Scandinavia and Benelux. He used to be with me JP Morgan.

manna treean investment firm based in Vail, Colorado Steve Young as managing director. He used to be with me Bellisio Foods.

Monroe Capitala Chicago-based asset management firm Brian Dutzar and brian lee as directors and Markus Friedrich as managing director. Dutzar used to be there Perella Weinberg Partners/AgilityLee was there Ashmore groupand Frederick was there Western wealth management company.

Northwest Venture Partnersa Palo Alto-based private equity firm Zack Scott as a general partner for the health practice. He used to be with me revelation partner.

Vision Ridge Partnersan investment management company based in Boulder, Colorado and New York Christina Scalzo as principal. She used to be with me Vista Corporation.





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