Cleantech vc firm Terra Venture Partners LP held the first close of its second fund at $20m.
Partners include a US-based PE firm, existing Italian investors, and a Brazilian bank.
The fund, which aims to close the fund at $50m, will focus on investing in cleantech startups, energy, water, software and mobile technologies with a positive impact on the environment.
Selected by the Israeli Industry Ministry, Terra will launch and manage an incubator in the north of the country for the next 8 years. For any dollar invested by the firm, the State ot Israel will invest $5,5 while 30% to 50% of the shares of a startup will go to Terra.
The vc firm aims to back 5/6 startups a year.
Founded in 2007 by Astorre Modena and Harold Wiener, Terra has invested in Phoebus Energy Ltd, Wi-Charge Ltd., and SmarTap Ltd.