Convective Capital raises an $85 million fund to build disaster resilience
Convective Capital has launched an $85 million fund aimed at enhancing disaster resilience. This fund follows a previous $35 million fund and is primarily backed by institutional investors. The firm plans to invest in technologies that address various natural disaster risks, expanding its focus beyond just wildfires.
- ▪Convective Capital's new fund is focused on building resilience against natural disasters.
- ▪The firm has previously invested in companies that have generated $100 million in revenue.
- ▪79% of the portfolio companies from Convective's first fund have progressed from seed to Series A funding.
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Fire season kicked off early in California this year, with flames already approaching a former nuclear test site outside of Los Angeles. The rising number of natural disasters in California, and around the world, demand our attention — and, in Silicon Valley, venture investment. Convective Capital, an early-stage venture fund led by Bill Clerico, announced a new $85 million fund Thursday, following up on a $35 million fund raised in 2022. While the first fund was mainly backed by wealthy individuals (including Clerico, a cofounder of WePay who sold the startup to JPMorgan for $300 million in 2017), this latest fund is largely backed by institutions, including insurance companies and asset managers.
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