Kleiner Perkins Venture Firm Spin Off G2VP Raises $350 Million For Its First Fund

Courtesy of Shift

G2VP, a venture firm that spun out of Kleiner Perkins Caufield & Byers’ greentech-focused investment arm, has raised $350 million for its first fund, including a financial commitment from famed investor John Doerr.

The firm, which was founded in 2017 by Kleiner Perkins Green Growth Fund partners David Mount, Brook Porter, Ben Kortlang and Dan Oros, raised abut $75 million more than it had initially targeted.

“We think the fund is right-sized for us; it’s enough to allow us to really lean into companies we’re excited about,” Porter told Fortune.

Unlike many other Silicon Valley-based venture firms, G2VP isn’t focused on consumer internet companies. Instead, the VC plans to invest its $350 million into companies that are using digital technologies to modernize traditional industries, specifically in the agriculture, energy, logistics, manufacturing, and transportation sectors.

“Transportation is the one industry that is most obviously being disrupted by digitization,” said Porter. For example, some of the biggest threats in transportation today are companies like Uber, Google, and Tesla that are all “digital first” and they’re rethinking their approach to the entire industry, Porter added.

G2VP Partners 2018
Founding partners of G2VP from left to right: David Mount, Daniel Oros, Ben Kortlang, and Brook Porter.

G2VP has announced investments in three companies in the past year, two of which are focused on the transportation sector. G2VP participated in a $37 million financing round for Shift, an online marketplace for used cars. Its newest portfolio company is Scoop, a corporate carpooling app that connects commuters with co-workers. Scoop is working with companies like LinkedIn, Samsung, and Workday.

G2VP also announced an investment in Kespry, an industrial drone company.

Porter told Fortune that the fund has closed investments in two other companies—one in additive manufacturing, the other in transportation—that have not been made public.

The firm will focus on later-stage companies with an average investment ranging between $15 million to $25 million. This means the company will ultimately have about 15 to 20 companies in its portfolio.

The firm might be new, but it’s loaded with institutional knowledge. The four managing partners worked together at Kleiner Perkins’ GGF, which has invested in companies like Inrix, Proterra, peer-to-peer short-term car rental app Turo, and Uber. Some of their successful exits include SilverSpring Networks, which was acquired by Itron, and ServiceMax, which was purchased by GE.

About a dozen companies are still under the GGF portfolio. The four that left to start G2VP remain the stewards of those companies, according to Porter.

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