G2VP, a Menlo Park, Calif.-based newly formed venture capital firm dedicated to building and supporting industrial technology companies, closed its first fund, at $350m.
LPs included global corporates, family offices, foundations, endowments and high net worth individuals, such as venture capital veteran John Doerr.
Founded in 2017 by Kleiner Perkins Green Growth Fund (GGF) partners David Mount, Brook Porter, Ben Kortlang and Dan Oros, the fund will invest in entrepreneurs and companies that are digitizing traditional industry in sectors ranging from energy and manufacturing to logistics, transportation and agriculture.
As the digitization of industry, a multi-trillion dollar trend, takes root, and industries worldwide transition from traditional analog to digital processes, the firm sees an enormous opportunity for value creation, economic growth, and sector disruption.
The portfolio includes;
– Shift, an online marketplace for used cars,
– Scoop, a carpooling app that improves the daily commute through offering carpooling to commuters in partnership with their employers, and
– Kespry, an aerial intelligence platform delivering solutions from drone data capture to industry-specific analytics.