2150 holds first close on €130m for debut fund

The fund has a target of €200m, while the final close is expected by the second or third quarter of 2021. The fund was launched in September 2020.

The firm's team comprises partners including NREP chairman and co-founder Mikkel Bülow-Lehnsby; Jacob Bro, former chief product officer of Rocket Internet; Christian Jølck, the founder and former chairman of industry climate advocacy group Synergi; and Christian Hernandez, a former Facebook executive.

Investors
LPs in the fund include Denmark's Green Future Fund, Novo Holdings and Chr Augustinus Fabrikker – a former Denmark-based tobacco company that now serves as the investment company of the Augustinus Foundation. The anchor investor for the fund is NREP, a real estate fund manager.

Investments
The vehicle is expected to back 20 companies, offering equity cheques of up to €40m across the life of an investment.

The fund will back technology companies that seek to address the resilience, efficiency and sustainability of cities, according to a statement. It will invest across the urban environment, from new materials and automation in construction, to algorithms making buildings more efficient, to sensors and software that improve the health, safety, and productivity of its occupants, and the data and tools that help mitigate the carbon footprint of cities.

The fund has made one investment to date, in CarbonCure Technologies, which is based in Canada.

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