BOARDROOM
Sustainable transport fund closes €220mn round
Shift4Good, a VC fund with a focus on accelerating sustainable transport in Europe and Asia, has closed its first funding round at €220mn. Founded two years ago by four French investors, Shift4Good has offices in Paris and Singapore. It has invested in 13 companies to date and is now looking to double its portfolio. Some of the businesses it has backed include Bound4Blue, which helps maritime firms achieve 30% fuel savings with suction sail technology, and Neu Battery Materials, a Singapore-based recycling start up. The fund has attracted investors including Renault Group, BNP Paribas Group and the European Investment Fund.
Forest fund gets $480mn boost
Manulife Investment Management has closed its final round for a fund to support sustainable forestry at $480mn. The Manulife Forest Climate Fund delivers high-quality carbon credits to investors via well-managed sustainable forestry assets and has the ultimate aim of capturing six million tons of carbon. Half the fund has already been deployed for the acquisition of 150k acres of woodland in states including Washington, Louisiana and Michigan.
Funding boost for DNA testing startup
A New York-based startup that uses saliva samples to provide rapid health insights has raised $14mn in series A funding. Nucleus Genomics was founded five years ago by 25-year-old Kian Sadeghi, who was drawn to the issue after a cousin died suddenly of a genetic condition they were unaware of. Nucleus offers a $400 consumer testing service, which allows people to send a single swab of saliva for DNA analysis. Four weeks later they receive a detailed report grading their predisposition to more than 800 different health conditions, from schizophrenia to prostate cancer. It has attracted investors from groups including Seven Seven Six, the Thiel Foundation and Founders Fund. The startup, which also tests for IQ, has fielded criticism that testing for intelligence could lead to discrimination.
Goldman Sachs Asset Management working on $3bn climate fund
Goldman Sachs Asset Management is looking to raise $3bn for a new climate credit fund, according to Bloomberg. The West Street Climate Credit fund will focus on US and European opportunities, with a focus on lending to corporates working in the green transition, such as renewable energy firms. GSAM is providing $150 million to the fund, according to sources close to it. The news comes as America is roiled by the return of President Trump, who has attacked the climate agenda and thrown his weight behind fossil fuels within days of his inauguration.
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