When we launched Congruent Ventures Fund I back in 2017, the Climate Tech landscape was a lonely place for a seed fund. It was also a tremendous opportunity to reignite the sector and invest in future climate leaders. We followed our first $92M fund family with a $175M Fund II in 2021 to write larger checks into the same pre-seed to Series A stage companies. From food to fusion and panels to power, we continue to back incredible entrepreneurs solving critical problems across the climate landscape, often in overlooked areas, but always with the potential to build big ecosystem-shifting companies.
Today, we’re announcing our $300M Continuity Funds alongside the release of our 2022 Impact Report. We’re delighted to see that our efforts have catalyzed over $1B of capital across 51 companies employing over 2,000 people. We’re also gratified that our capital was the first institutional capital invested in four out of five of our portfolio companies, with more than one in four of those women-led. There is always more work to do on our impact, and we will continue to invest in these efforts.
The Continuity Funds are designed to let us continue to back the breakout companies from our first two funds as they scale. We raised this fund largely to retain the agility we value throughout our firm and in response to our growing portfolio’s needs. We were joined by new and existing LPs who represent more than $2 trillion in assets including CalSTRS, investors advised by Cambridge Associates, multiple U.S. and Canadian pension funds, the Grantham Foundation, Builders Vision, the Three Cairns Group, Sobrato Capital, and multiple other institutions representing some of the largest endowments, pensions, and foundations in the world. This brings Congruent’s AUM to more than $700M with 51 investments across our early-stage pure play climate tech portfolio, making us one of the most active firms in the sector.
Since launching the Continuity Fund, we have made four investments in Congruent companies including Meati Foods, AMP Robotics, Fervo Energy, and Span. These companies are all scaling in their respective markets and have raised substantial capital from world-class syndicates.
We have also been building the firm beyond the dollars. Since closing Fund II, we have added two Partners, Jackie Kossmann and Tanuj Dutta, promoted Christina O’Connor to Partner and Nick Adeyi to Investor. We also brought on Suzie Parmar as our first VP Finance and most recently, Abby Steele as our first Executive Assistant. The team stands at 11 and each member brings a wide and valuable range of experience (and humor) to the firm.
We are excited to continue to look for and back amazing founders at the earliest stages of the journey and work side by side to address the biggest challenges in climate change. Join us!