Apr 4, 2018

Congruent Ventures raises $92 million to invest in sustainable tech

Kia Kokalitcheva

Illustration: Lazaro Gamio / Axios

Congruent Ventures, a new firm led by veteran clean energy VCs Abe Yokell and Joshua Posamentier, has raised $92 million in funds to back early-stage companies focused on sustainability-related technology.

Reversing the trend: A decade ago, a surge in appetite for investing in cleantech ended in disappointment and losses. Congruent's partners say things are different this time.

  • In part, it’s because companies working in sustainable tech, including alternative energy, automotive, and material science can outsource more infrastructure and resources—similarly to the way Amazon Web Services made building internet apps and services easier.
  • Institutional investors are also regaining interest now as they increasingly want to divest from traditional energy like fossil fuels, according to Posamentier.

Notable investors: The University of California and climate-related VC firm Prelude Ventures are investors in Congruent’s fund.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 a.m. ET: 681,706 — Total deaths: 31,882 — Total recoveries: 145,696.
  2. U.S.: Leads the world in cases. Total confirmed cases as of 8 a.m. ET: 124,763 — Total deaths: 2,191 — Total recoveries: 2,612.
  3. Federal government latest: Trump announces new travel advisories for New York, New Jersey and Connecticut, but rules out quarantine enforcement. Per CDC, those residents should "refrain from non-essential domestic travel for 14 days," with the exception of critical infrastructure industry workers.
  4. State updates: Alaska issues a stay-at-home order — New York tries to nearly triple hospital capacity in less than a month and moves presidential primary to June 23.
  5. World updates: In Spain, over 1,400 people were confirmed dead between Thursday to Saturday.
  6. What should I do? Answers about the virus from Axios experts — What to know about social distancing — Q&A: Minimizing your coronavirus risk
  7. Other resources: CDC on how to avoid the virus, what to do if you get it.

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