For the first close of its Avaana Climate and Sustainability Fund, the venture capital firm Avaana Capital, which focuses on climate change, has raised $70 million.
The fund will concentrate its investments in three areas: energy transition & resource management, mobility & supply chains, and sustainable agriculture & food systems. The Mumbai-based company is aiming for a total corpus of $100-125 million for the fund.
Small Industries Development Bank of India (SIDBI), Self Reliant India (SRI) Fund, UK India Development Cooperation Fund (UKIDCF), among others, as well as corporations like Godrej Group, Murugappa, Torrent, Tsadik, and Bellerive Capital, are among the institutional investors who have shown interest in the fund.
Avaana Climate and Sustainability Fund, led by Anjali Bansal, Swapna Gupta, and Shruti Srivastava, will also invest in cutting-edge technological climate solutions. Eeki Foods, Aerem, Kazam, sentra.world, FarMart, Eggoz, Ninety One 91, Turno, and Terra.do are a few of its notable portfolio investments.
According to Avaana, money from the new climate fund has already been invested in five startups, with one deal that hasn’t been made public.
