Avaana logs final close of $135-million climate fund
Avaana Capital, an early-stage investment firm that has backed startups in the consumer, food and agri sectors, has made the final close of its dedicated climate and sustainability-focused fund at $135 million.
The firm which was initially targeting to raise $100-125 million had made the first close of this fund at $70 million in June last year. Through this specialised fund, Avaana Capital plans to invest in 20-25 early-stage companies.
The average first cheque size will range from Rs 10 crore to Rs 30 crore, and it plans to double down on successful investments.
According to Avaana Capital founding partner Anjali Bansal, climate change and sustainability will cause a major transition in social systems, like digitalisation that had a significant social and economic impact over the last few decades.
“The biggest investment opportunities, and subsequently returns, come from innovations in areas that are undergoing large transitions. If you look at the two mega trends playing out in the world right now … first is artificial intelligence and everything that comes with it, and the second is climate change,” Bansal told ET.
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