Apr 25, 2018

Kleiner Perkins’ green tech investors are back in business

Kleiner Perkins in Menlo Park, California. Photo: Smith Collection/Gado/Getty Images

Kleiner Perkins’ green tech investors are back in business, this time with a spin out fund named G2VP. According to a SEC filing, it has closed nearly $300 million, which it began raising last year.

The backstory: A decade ago, Kleiner Perkins made a lot of headlines for the disappointing results of its enthusiastic clean-tech investing.

  • Since then, its core funds have kept away from the sector, but in 2008 it raised a separate Green Growth fund to focus on later-stage investing in the area, which has done fairly well, as one green tech investor described to Axios.
  • Still, it’s not surprising that the firm is spinning out this second fund into a separate brand to truly distance itself from the sector.

Green trend: G2VP says it’s backing startups that are “digitizing industry” rather than focusing on cleantech like renewable energy, as it used to be trendy. Other veteran investors in the sector are also taking these alternative approaches to investing in green tech.

Update: The firm tells Axios that this isn't the final size of its fund, merely an update.

Go deeper

Coronavirus spreads to more countries, and U.S. ups its case count

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

The novel coronavirus continues to spread to more nations, and the U.S. reports a doubling of its confirmed cases to 34 — while noting those are mostly due to repatriated citizens, emphasizing there's no "community spread" yet in the U.S. Meanwhile, Italy reported its first virus-related death on Friday.

The big picture: COVID-19 has now killed at least 2,359 people and infected more than 77,000 others, mostly in mainland China. New countries to announce infections recently include Israel, Lebanon and Iran.

Go deeperArrowUpdated 4 hours ago - Health

Wells Fargo agrees to pay $3 billion to settle consumer abuse charges

Clients use an ATM at a Wells Fargo Bank in Los Angeles, Calif. Photo: Ronen Tivony/SOPA Images/LightRocket via Getty Images

Wells Fargo agreed to a pay a combined $3 billion to the Justice Department and the Securities and Exchange Commission on Friday for opening millions of fake customer accounts between 2002 and 2016, the SEC said in a press release.

The big picture: The fine "is among the largest corporate penalties reached during the Trump administration," the Washington Post reports.