Los Angeles Cleantech Incubator Seeks to Raise $30M to Invest in Climate Startups
Los Angeles Cleantech Incubator (LACI) has launched a second impact fund this week, aiming to raise $30 million and enlisting the help of former California Governor Arnold Schwarzenegger amongst its first investors. The fund seeks to support diverse entrepreneurs from all backgrounds, with 29% of the 375 startups it has supported over the last decade led by female founders and 24% by Black/Brown founders.
In order to reach its fundraising goal and provide further access for underrepresented founders, LACI is co-founding the Advancing Climate Tech and Clean Energy Leaders Program (ACCEL), as well as launching a $6 million debt fund. Through this endeavor, the incubator looks to kick off what Schwarzenegger calls an investment “into the future”.
One such example of these investments is ChargerHelp, an EV charging station repair service which was initially backed by LACI before raising $25 million in total capital with 50 employees currently working in 17 states. Repurpose, another female-founded startup, is also among those new companies which have been supported through this impact fund.
In a statement released by LACI’s Chief Executive Officer Fred Walti on Tuesday, he said that “Through our funds we are committed to supporting innovative clean technology companies that will create jobs in our local communities while tackling global climate challenges”. He also expressed his enthusiasm regarding Schwarzenegger’s involvement and thanked him for his “innovation passion” as well as raising awareness on sustainability matters worldwide.
The inclusion of Schwarzenegger as one of their first investors signals LACI’s commitment towards inspiring change through innovation and amplifying underrepresented voices in tech entrepreneurship. Alongside providing both financial resources and mentorship opportunities to talented entrepreneurs who have difficulty accessing traditional sources of capital, this impact fund looks set to play a crucial role in driving growth across California’s green economy.
As we look towards establishing a more sustainable future through responsible business practices and promoting gender equality within entrepreneurship circles, initiatives like these allow us to draw attention towards some remarkable people doing remarkable work for society today. It remains to be seen how far this newly launched impact fund goes in helping bridge the inequality gap between traditionally advantaged groups versus those from historically marginalized backgrounds but it certainly offers us hope for greener pastures ahead.
The Los Angeles Cleantech Incubator is now calling on the public to help them reach their $30 million goal and join in their mission of bringing climate tech solutions to market. To learn more about how you can become part of this effort, visit the LACI website or follow them on social media. This can help us all to be part of the much-needed transformation in creating a more equitable, eco-friendly future. Together we can make a difference.