Climate-focused investment firm Galvanize Climate Solutions announced the final close of its Innovation + Expansion Fund, its first venture and growth equity fund, at over $1 billion, marking one of the largest climate venture funds raised to date.
Galvanize was launched last year by hedge fund billionaire and former presidential candidate Tom Steyer and Hall Capital Partners founder Katie Hall, as a mission-driven investment platform to provide capital, expertise and partnerships necessary to produce and scale urgent climate solutions.
“Fully realizing the most significant investment opportunity of our time and succeeding in ushering in the climate transition will require more than capital alone. That’s why, based on years of investment experience and an understanding of the resources needed to accelerate critical climate solutions, we deliberately built Galvanize to forge a new model for climate investing, alongside constructing a world-class team built for this moment.”
The Innovation + Expansion Fund invests in early- to growth-stage climate transition-aligned companies, providing capital and interdisciplinary resources to help them accelerate to commercial scale. The fund’s investment approach targets companies with a clear route to leadership in end-markets expected to grow substantially in the climate transition, those with the potential for substantial value creation through Galvanize’s resources and relationships, and business models allowing for compelling returns through differentiated technology, network effects, and scale economics.
To-date, the fund has invested in 11 companies across sectors including electricity, transport, industry, buildings, agriculture and carbon removal.
Saloni Multani, co-head of Innovation + Expansion at Galvanize, said:
“We are witnessing an inflection point in the transformation of the global economy. The alignment of market forces – including corporate commitments, regulatory and policy progress, consumer expectations, workforce talent preferences, technological maturation and economic competitiveness – is driving substantial tailwinds behind the climate sector. We believe immense value will accrue to the technologies and solutions that can drive meaningful decarbonization over the next decade.”