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Climate tech VC 2150 has closed its second fund at €210m, lifting assets under management to €500m and reinforcing its bet that cities are actually the best place to apply carbon-fighting technologies.
In a statement, the London-based firm, the venture arm of urban-focused investor Urban Partners, said the fund has attracted a broadened LP base spanning Europe, Asia, and North America. Backers include Viessmann Generations Group, Novo Holdings, Denmark’s sovereign fund EIFO, and US-based Church Pension Group.
Fund II stays tightly focused on technologies reshaping cities and the heavy industries that power them, from industrial heat and cooling to circular economy and lower-carbon materials. The fund has already made seven investments, including electrified industrial heat specialist AtmosZero, refurbished electronics marketplace GetMobil, metals recycling platform Metycle, and direct air capture startup Mission Zero Technologies, alongside three unannounced deals.
Since launching its first fund in 2021, 2150 has built a 27-company portfolio generating more than $1bn in combined annual revenues, with climate impact measured at megatonne scale. Like its predecessor, Fund II is classified as an Article 9 vehicle. Article 9 in the Paris Climate Agreement covers investment products targeting sustainable investments and those that have sustainable investment as their objective.
Co-founder Christian Hernandez Gallardo told Pathfounders the strategy remains unchanged: backing cost-competitive technologies that make cities “more efficient, resilient and sustainable,” even if climate policy momentum has been hit by ructions from the US administration.
Fund I investments include home decarbonisation platform 1Komma5º, e-mobility leasing and battery-swapping network Vammo, and ultra-efficient cooling company Blue Frontier.