Systemiq secures $70 million to fund early-stage climate tech founders

Systemiq Capital, a backer of early-stage climate tech startups, says it has secured $70 million to kick off its second fund.

The London-based VC aims to raise as much as $130 million more; that would mark quite a step up for the firm, which says it has funneled $30 million into 19 startups since 2018.

As far as putting that money to use, Systemiq says it is out to fund founders who are focused on making large industries and cities “more efficient and sustainable.” In practice, it’ll fund key areas like regenerative land use, oceans, transportation and the circular economy.

Systemiq’s past deals include climate data company Jupiter, shipping data firm Nautilus Labs (whose co-founder later launched Bedrock) and ESG-focused investing startup OpenInvest. Last year, OpenInvest sold to J.P. Morgan, the world’s top funder of fossil fuels. 

Systemiq was co-founded by McKinsey veterans Jeremy Oppenheim and Martin Stuchtey. The consulting giant, which pulls in an estimated $10 billion a year in revenue, also has a lengthy history of work with many of the world’s top polluters.

Systemiq partner and former Goldman executive Irena Spazzapan will steer the second fund, along with Oppenheim and former Unilever CEO Paul Polman, the firm said.