Santiago Caniggia Bengolea, founder and partner of Mountain Partners Chile, is announcing the expansion of the size of the company’s climate-tech fund, from US$50 million to US$100 million.
This new fund focuses on investing in startups that have a positive impact on the environment, with special emphasis on companies that directly or indirectly reduce their carbon footprint.
“We believe that 85% of startups in Latin America, if they do not have a focus on sustainability, will not be disruptive enough to show that they are innovative,”
Caniggia Bengolea said in an interview with Forbes. The fund has already secured US$30 million and the first investment committees are being formed to make the first two or three investments.
Caniggia noted that the focus on climate technology has grown and is one of the least affected in the bear market that has slowed investment in startups and has come with a wave of layoffs.
“It has been a favored vertical because we have a world that is warming up,” he added. “We also believe that the Securities and Exchange Commission (SEC) will force all public companies listed in the United States to offset their carbon footprint. This is not a minor minor issue, it is a gigantic opportunity.” The main Limited Partner (LP) of the fund is Mountain Partners Switzerland, which has a track record of 20 years in Europe and 10 years in Latin America.
Mountain Partners also has other funds, including Mountain Chile 1 (formerly known as Nazca, which is about to be liquidated with a 4X return and five companies – out of twelve – in its portfolio valued at more than US$100 million) and Mountain Miami 1 . Caniggia said that those interested in partnering with the fund can communicate through LinkedIn or attend Mountain Partners face-to-face events.
“We have face-to-face events that we do and programs that we support, because we want to meet the entrepreneurs in person. Others contact us through Linkedin,” he concluded.