If you want to solve climate change, there are few better places to start than cities.
“The city is kind of like this beautiful vampire squid that sucks in all the resources,” Jacob Bro, co-founder and partner at 2150, told TechCrunch. “They basically aggregate all the prosperity in the world — 80% of GDP — but also 70% of emissions and all the other resources, all the waste, and all the downsides of the good life.”
Plenty of investors have raised large funds to tackle climate change in recent years, with many measuring success by returns and carbon reductions. 2150 does the same, but to find fertile ground for investments, it starts by looking at problems and opportunities in cities, specifically.
“If we look at all the stuff we consume, all the stuff we need to build, to make the urban platform of prosperity operate and thrive, you can identify technologies and the bottlenecks,” Bro said.
The climate angle helps give the fund an edge, he said. “Sustainability, if done well, is just better business, right? It’s cheaper, faster, and more independent from geopolitics.”
That dual focus has helped 2150 raise a new €210 million second fund from a range of institutional investors and family funds, including Chr. Augustinus Fabrikker, Church Pension Group, the Danish sovereign fund EIFO, Fund of Funds Carbon Equity, Novo Holdings, Islandbridge Capital, Security Trading Oy, and Viessmann Generations Group. The new fund brings the European firm’s assets under management to €500 million.
In total, the new fund has 34 limited partners, said Christian Hernandez, co-founder and partner at 2150. “Pretty meaty checks,” he added.
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