Energize Capital, a climate software venture firm, has raised $300 million for its second growth fund, bringing its total assets under management to $1.2 billion.
The Chicago-based firm, anchored by founding partner Invenergy, is backed by Caisse de dépôt et placement du Québec (CDPQ), Caprock, Credit Suisse, SE Ventures (the corporate venture arm of Schneider Electric), GE Renewable Energy, Xcel Energy, Caterpillar and HASI, it said. American Electric Power Pension Fund and Equinor Ventures of Norway have also invested in at least one of the firm’s funds, according to affiliate title Venture Capital Journal research.
“As the market for climate software matures and companies grow into billion-dollar valuations, growth equity investors have access to an abundant pipeline of enduring businesses in climate for the first time,” managing partner John Tough said in a statement. “At Energize, we intend to be the go-to partner for entrepreneurs as they scale – from venture capital to growth equity and beyond.”
Founded in 2016, Energize (formerly known as Energize Ventures) closed on $165 million for its first venture fund in 2018 and $330 million for its second flagship fund in 2021.
Energize has invested in 26 climate software companies to date. Last year, the firm added 12 new team members and deployed $260 million across its portfolio.