Just six months after the first close of its flagship fund, newcomer Copenhagen/Berlin/London-based 2150 has pushed the ceiling even higher, announcing the final close at a lofty €268 million. The fund is backing startups and companies that are seeking to change the game, and reimagining and reshaping what it means to call urban, well, urban.
Not solely focused on any one sector per se, 2150 is making investments across the entire landscape; from new materials and automation in construction, algorithms that are making buildings more efficient, right on through to sensors and software that improve the health, safety, and productivity of urbanites, and data and tools that help mitigate cities’ carbon footprint.
With a ticket size in the €4 to 5 million range for Series A investments, 2150 is looking to add around 20 companies to the initial portfolio.
The first investment made by the fund was CarbonCure, a company that, “introduces recycled CO₂ into fresh concrete to reduce its carbon footprint without compromising performance,” and most recently, Normative a startup that helps companies track and retain accountability for their carbon footprint.
Additional investments include Aeroseal whose technology is in use in HVAC air ducts and building envelopes, increasing their overall efficiency, algorithm developer Nodes & Links, a startup that provides for sustainable infrastructure projects to be delivered on budget and on time and Ampd Energy which electrifies the construction site and minimises harmful pollutants.
Combined and at scale, 2150’s initial portfolio has the potential to mitigate 1.6 gigatonnes of CO₂, a number reflective of the entire annual output of Germany, The UK, and France combined.
2150 is anchored by Northern European real estate private equity platform NREP, Chr. Augustinus Fabrikker, Novo Holdings and Denmark’s Green Future Fund. Not wanting to miss the boat, new investors in the final close include Credit Suisse, an undisclosed client advised by AIMS Imprint of Goldman Sachs Asset Management, the Norwegian sovereign climate investment company, Nysnø as well as the BMW Foundation and Woven Capital, the investment arm of Toyota's Woven Planet Group.
As a testament to investor interest in the sector, since February of this year, the total footprint of real estate developed, built, or managed by 2150’s backers has more than tripled since February of this year to 430 million square feet (399 million square metres), a number that would account for approximately two-thirds of greater London.