NYC gets a VC-backed climate-tech accelerator
Venture capital and city services are coming together to launch New York City's latest climate tech accelerator: the International ClimateTech Center.
Why it matters: There is only so much public funding for climate technology, so urban centers are teaming up with deep-pocketed venture investors to help early-stage climate tech companies get off the ground.
Details: The International ClimateTech Center is backed by Jerusalem Venture Partners, an Israeli venture capital firm, with support from Mini's Urban-X, a startup program backed by the automaker, and the city of New York.
- It accepted eight startups into its inaugural cohort from roughly 250 applicants, JVP founder Erel Margalit told Axios. It anticipates increasing the cohort size to roughly 35 over the coming years.
- Margalit is particularly interested in companies that utilize cybersecurity software to protect renewable energy infrastructure, as well as biotech applications for agriculture and food production.
Yes, but: Startups are not guaranteed funding from JVP upon completing the program, unlike other accelerator groups, Margalit says.
What they're saying: "This is the model we have built in the north of Israel, where local Arab and Jewish companies work together," Margalit says.