ImpactAlpha, September 18 — Galvanize Climate Solutions has raised over $1 billion for its inaugural Innovation+Expansion Fund. The San Francisco-based growth equity fund, launched by billionaire investor Tom Steyer, received commitments from endowments, foundations, family offices and other institutional investors.
Galvanize is on the hunt for early- to growth-stage climate ventures driving timely decarbonization. The fund has backed nearly a dozen companies, including zero-carbon aviation fuel producer Lydian and sustainable farms lender Steward. The Innovation+Expansion fund also is buying up real estate assets to cut their carbon footprints.
Portfolio companies receive regulatory guidance, as well as introductions to priority customers. “Fully realizing the most significant investment opportunity of our time and succeeding in ushering in the climate transition will require more than capital alone,” said Steyer, who launched the fund two years ago.
“We deliberately built Galvanize to forge a new model for climate investing,” said Steyer. Co-leading the Innovation+Expansion fund are Saloni Multani, ex- chief financial officer of Joe Biden’s presidential campaign and Veery Maxwell, previously a founding partner at Ajax Investment Strategies, along with Cliff Ryan, a former managing director at Riverstone Holdings. Nicole Systrom joined from Sutro Energy Group as chief impact officer.