The Westly Group Closes $100 Million Seed Fund to Transform the World’s Largest Industries
July 02 2024 - 11:43AM
Business Wire
New fund builds on firm’s 17-year history of
investing in industrial sectors
The Westly Group today announced it successfully raised an
oversubscribed $100 million seed fund to invest in entrepreneurs
transforming the energy, mobility, building, and industrial sectors
that make up more than 50 percent of the world’s GDP.
The seed fund is an extension of the firm’s four core funds,
which includes a $312M Fund IV focusing on A, B & C Round
investments.
Since its founding in 2007, The Westly Group has backed
exceptional entrepreneurs. The firm has nine IPOs with four
multi-billion dollar exits including Tesla, SentinelOne, Luminar,
and Procore.
"Our new seed fund will enable us to support visionary
entrepreneurs, providing the capital and strategic guidance to
reshape the world's biggest industries," said Jason Kalira, Partner
at The Westly Group, who helps lead the seed fund.
Building Partnerships for Commercial
Success
“Our core differentiator is that we provide our portfolio
companies with unparalleled access to our global network of 32
leading energy, mobility, and industrial companies,” said Steve
Westly, Managing Partner at The Westly Group.
Limited partners in the seed fund include existing investors
Alaska Airlines, Duke Energy, Origin Energy, American Electric
Power, and Trane Technologies. New investors include PPL, Pinnacle
West Corporation, ONEOK, OGE Energy Corp., Vontier, Avista, and
Evergy. They join a group of financial institutions and prominent
family offices to close out the seed fund.
Investing in Global
Impact
The Westly Group seeks to invest in technological innovation
that impacts global climate change and the digitization and
automation across industrial sectors.
The firm now has a family of funds investing from seed through
Series C, has expanded its team, and opened new offices in San
Francisco and Washington, D.C. in addition to the Silicon Valley
office.
First Seed Fund Investments Focus on
Digitization, Data
The Westly Group’s seed fund has led three investments to
date:
- Condoit, an all-in-one data platform designed for electrical
engineers and commercial electricians in the field, with a mission
to transform electrical infrastructure
- Diagon, a supply chain software company focused on
next-generation, automated capital expenditure (CapEx) procurement
for manufacturers
- Sightline, a market intelligence company that provides
investors, corporations, and governments with insights into climate
sectors and technologies
About The Westly Group
The Westly Group is a multi-stage venture capital firm that has
been investing in transformative companies across the world’s
largest industries for nearly 20 years. Notable portfolio companies
include Tesla, SentinelOne, Luminar, and Procore. Learn more at
www.westlygroup.com and contact the team at
info@westlygroup.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240701742925/en/
Connie Sung Moyle connie@westlygroup.com 415-488-6031