Early Tesla Backer Raises $300 Million to Fund ‘Transformative’ Startups
(Bloomberg) -- The Westly Group, an early Tesla Inc. investor, raised $300 million to invest in startups focused on transforming industries including energy, transportation and technology.
U.S. power giants Duke Energy Corp. and Vistra Corp. joined Alaska Airlines and State Farm Ventures as anchor investors in the latest fund by the Silicon Valley venture firm, Westley Group said Wednesday in an emailed statement. Industrial conglomerate ABB Ltd., American Electric Power Company Inc., Hitachi Energy and China Light & Power are also among the 22 companies invested in Fund IV.
The Westly Group aims to invest in “transformative companies focused on the digitization and sustainability of energy, mobility, buildings, industrial technology, and cybersecurity,” the Menlo Park, California-based firm said. The new fund plans to make investments of $5 million to $15 million in companies to accelerate commercial growth and build partnerships.
Fund IV has been established as demand for sustainability products and services is expected to rise with a growing number of governments and major companies committing to net-zero emissions targets by mid-century or earlier. The Westly Group was founded by Steve Westly, a former controller and chief financial officer for the state of California and an early board member of Tesla.
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