Boston-based venture capital firm MCJ has backed dozens of early stage climate tech companies since 2020, including carbon capture and storage startup Heirloom, ductless heat pump maker Quilt, and fusion “micro-reactor” designer Avalanche Energy. Its second fund will write pre-seed to Series A checks averaging $500,000, with reserve capital for follow-on investments, MCJ’s Cody Simms told ImpactAlpha.
MCJ counts strategic corporate investors in insurance, maritime shipping, construction, steel and other industries among its limited partners. Members of the impact investing network Toniic also participated.
Funds raising
Announcements of new climate funds are rolling in ahead of this month’s Climate Week NYC. New Jersey-based Aiga Capital Partners closed its inaugural climate infrastructure fund with over $240 million from seven institutional investors. The fund will invest in “ready-to-build” sustainable infrastructure in North America.
Ardabelle Capital, launched by Virginie Morgon, former CEO of French private equity firm Eurazeo, is in the market with a €500 million ($554 million) climate buyout fund.
Climate network
MCJ Collective, which stands for “My Climate Journey,” is a “member network for tech and industry leaders who are building, working for or advising on solutions to address the inevitable impacts of climate change,” said Simms.
With its second fund, the organization is calling its venture arm simply MCJ. The fund fell short of its $125 million target.
