2150, a venture capital firm incubated by Denmark-headquartered real estate developer NREP, reached the €130m ($158m) first close of a flagship fund anchored by NREP, yesterday.
Pharmaceutical company Novo, the Denmark state-backed Green Future Fund and investment firm Chr Augustinus Fabrikker have also committed to the fund together with unnamed family offices and investors from the real estate sector.
2150 is targeting developers of technology that can impact the efficiency and sustainability of urban environments, for example, those developing new materials for the construction sector or producing software to improve the safety of buildings.
The firm is looking to raise €200m for the vehicle and expects to reach a final close by mid-2021. It plans to build a portfolio of 20 companies and will initially invest approximately $1.2m to $8.5m per deal, with the capacity to invest upwards of $48m per company in total.
The fund completed its first investment in September 2020 by participating in a funding round of undisclosed size for Canada-based carbon capture system developer CarbonCure Technologies.
E-commerce group Amazon’s Climate Pledge Fund and Breakthrough Energy Ventures co-led the round, which included software provider Microsoft, BDC Capital, Thistledown Foundation, Taronga Group and GreenSoil Investments.
Christian Hernandez, general partner at 2150, said: “We see a huge opportunity to make a serious impact on the way cities are developed and the way our citizens live, work and are cared for by completely reimagining and reshaping the urban environment for good.”