Khosla Ventures raises 1 bln dlrs for green tech

Sep 02, 2009
Venture capitalist and founder of Khosla Ventures Vinod Khosla. Two new US venture capital funds have raised more that one billion dollars to help propel a green technology revolution, the company founded by influential investor Khosla said.

Two new US venture capital funds have raised more that one billion dollars to help propel a green technology revolution, the company founded by influential investor Vinod Khosla said.

The 750-million-dollar Khosla Ventures III fund will focus on more traditional early and mid-stage investments in firms that develop and use clean technology, while a seed-stage fund is committing 250 million dollars towards more high-risk tech investments, Khosla Ventures announced.

Leading technology blog TechCrunch described the fundraising as the largest by a venture firm in two years, and the first time the capital was raised from external sources, suggesting that an appetite might be growing again for green tech funding after a period of flat investments amid the economic crisis that began last year.

Khosla, himself a billionaire who co-founded , said the new funds will help his team "assist and mentor entrepreneurs" in technology-based markets such as clean energy, sustainability and information technology.

"We will continue to foster high-risk technology innovation and unproven but high-impact science experiments, now with greater resources," Khosla said in a statement.

In the same statement the company said it believed societal infrastructure could be on the cusp of a "technical re-invention," creating vast opportunities for firms that develop breakthrough green technologies.

Companies that became part of the Khosla portfolio this year include solar energy harnesser Skywatch, and HCL CleanTech, which is developing technology to convert cellulosic materials into biofuels.

As part of its expansion, Khosla Ventures also announced the company had hired two new heavy-hitting partners: former Facebook chief financial officer Gideon Yu, who is also a former CFO for YouTube, and Jim Kim, a former senior partner at CMEA Capital where he worked in cleantech investing.

(c) 2009 AFP

Explore further: Yahoo builds mobile muscle with Flurry buy

add to favorites email to friend print save as pdf

Related Stories

Israeli, U.S. venture firms open joint lab

Mar 02, 2006

An Israeli venture-capital firm and a U.S. venture-capital company announced Wednesday they would join forces to invest millions in 10 new tech startups.

Huge drop in clean-tech venture funding

May 13, 2009

Investments in clean-tech startups plummeted in the first quarter of 2009 compared with recent quarters, according to a report issued this week by Ernst & Young.

VCs seek dot-com success stories in India

Mar 24, 2006

Manik Arora of Battery Ventures, the Silicon Valley-based VC that prefers to call itself a "lead institutional investor in its portfolio companies," spends a lot of time researching on Indian Internet ventures these days. ...

Recommended for you

Ex-Qualcomm exec pleads guilty to insider trading

13 hours ago

A former high-ranking executive of US computer chip giant Qualcomm pleaded guilty Monday to insider trading charges, including trades on a 2011 deal for Atheros Communications, officials said.

Media venture creates press litigation fund

14 hours ago

The media venture created by entrepreneur Pierre Omidyar said Monday it was establishing a fund to help defend journalists in cases involving freedom of the press.

User comments : 0