US-based venture capital firm G2 Venture Partners (G2VP) has closed its Fund II at $500m with commitments from oil supplier Shell, diversified conglomerate Mitsui, carmaker Daimler and industrial technology producer ABB Switzerland.
The McKnight Foundation and John Doerr, chairman of VC firm Kleiner Perkins, also committed to the fund, according to a TechCrunch report citing an official spokesperson.
Shell contributed through its corporate venturing arm, Shell Ventures. It was also a limited partner in G2VP’s inaugural fund, which was sized at $350m.
G2VP was founded in 2017 as a spinoff from Kleiner Perkins’ Green Growth fund. It focuses on companies developing emerging technologies that could accelerate sustainable transformation in traditional industries.
Robert Linck, chief investment officer of Shell Ventures, said: “This team has consistently shown vision and taken action that is ahead of the curve on many aspects of the digital industrial transition the world is in the midst of.
“The knowledge at this firm will be a significant asset to the new generation of technology leaders and pathbreakers that is emerging today.”
The firm’s portfolio companies include Proterra, the electric bus producer that agreed a $1.6bn reverse takeover in February this year, as well as computer vision software provider Scandit and autonomous commercial vehicle developer Seegrid.