Avaana Capital Raises $70 Million for Climate-Tech Fund
- ByStartupStory | June 22, 2023
Avaana Capital, a climate-focused venture capital firm, has raised $70 million for the first close of its Avaana Climate and Sustainability Fund. The fund, which is targeting a total corpus of $100-125 million, will focus on three sectors: energy transition and resource management; mobility and supply chains; and sustainable agriculture and food systems.
“We are excited to announce the first close of our climate fund,” said Anjali Bansal, co-founder and managing partner of Avaana Capital. “This fund will help us support the next generation of climate-tech startups that are working to address some of the world’s most pressing environmental challenges.”
The Avaana Climate and Sustainability Fund has already made a number of investments, including in the sustainable farming startup Eeki Foods, the solar rooftop financing company Aerem, and the electric vehicle charging software platform Kazam. The fund is also in the process of evaluating a number of other promising climate-tech startups.
“We are seeing a growing demand for climate-tech investment,” said Swapna Gupta, co-founder and managing partner of Avaana Capital. “This is a sign that the world is finally waking up to the urgency of the climate crisis. We are proud to be at the forefront of this movement.”
The Avaana Climate and Sustainability Fund is backed by a number of institutional investors, including the Small Industries Development Bank of India (SIDBI), the Self Reliant India (SRI) Fund, and the UK India Development Cooperation Fund (UKIDCF). The fund is also supported by a number of marquee corporates, including the Godrej Group, the Murugappa Group, and the Torrent Group.
“We are confident that the Avaana Climate and Sustainability Fund will play a significant role in catalyzing the growth of the climate-tech sector in India,” said Shruti Srivastava, co-founder and managing partner of Avaana Capital. “We are excited to partner with the next generation of climate-tech entrepreneurs to help them build a more sustainable future.”
The Avaana Climate and Sustainability Fund is a significant milestone in the development of the climate-tech sector in India. The fund’s focus on early-stage startups will help to ensure that India is at the forefront of the global climate-tech revolution.
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