2150 Urban Tech Sustainability Fund I

2150 is an urban Sustainability Fund focused on technologies that support decarbonization of the built environment. 

2150 Urban Tech Sustainability Fund I

2150

2150 UTSF I is Europe’s leading urban sustainability technology fund. 2150 tackles the huge challenge of decarbonizing the built environment which contributes over 40% of global GHG emissions.

Investment themes include building automation, heating & cooling, concrete and cement, off-site modular construction and carbon capture and storage amongst others.

2150 UTSF I is backed and incubated by NREP – the largest real estate investor and developer of the Nordics with EUR 10bn AUM.

The general partners have extensive experience and financial track-record within urban sustainability investing with notable deals such as Spacemaker and CarbonCure together with Breakthrough Energy Ventures.

Opportunity overview

EUR 100,000

Minimum ticket size

EUR 3.6m

Feeder target size

Seed - Series B

Investment focus

Closed: 3.6m committed 100%
Fund target size
EUR 250 million
Fund type
Venture Capital
Investment focus
Seed - Series B
Geographical focus
Global
Industry Focus
Built environment
Climate impact thesis
Built environment contributes ~40% of the world's GHG emissions as a result of materials use (cement, steel), building energy use (heating/cooling), refrigerants and numerous other contributors
Fund lifetime
10 + 1 + 1 years
Investment period
5 years
Closing date
Q3 2021 [first close February '21 at EUR 130 million]
Min. ticket size
EUR 100,000
Return target
3x gross money multiple

Key Problems

Key Themes

Unhealthy and unsafe indoor environments in homes, workplaces and institutions.

Energy In-efficient existing building stock with long replacement cycles.

Unsustainable building materials.  

Inefficient building processes cause energy and material waste.

As urban populations double cities need digital infrastructure to foster sustainable growth.

Key Themes

Safety & Security
Construction tech SaaS
Facility Management Tech
Waste management
Healthy Buildings
Concrete and cement
Geospatial & ESG analytics
Off-site modular construction
Heating & cooling
Carbon Capture & Storage
Ageing in place
IOT Networks & Sensors

Our motivation to invest

Material decarbonization potential with the urban environment contributing over 40% of global emissions. 2150 sets GHG emissions reduction and/or avoidance targets for each investment and specifically focuses on Gigacorns ‘a company that can reduce 1 GT CO2 (2% of global emissions)’ while being commercially viable.

2150 UTSF I targets disruptors across the relatively mature urban environment vertical (“Urban Tech”), which is characterized by favorable demographic trends, as well as by high adoption rates of new products and technologies. Urban Tech covers the urban living experience, how we operate and build the urban environment, and the enabling infrastructure technologies.

2150 grew out of NREP, one of the leading real estate investors and developers in the Nordics, providing a unique sourcing and distribution platform for the Fund and its portfolio companies, as well as a highly institutionalized mid- and back office that the Fund is benefitting from.

Complementary and balanced team of seasoned professionals with relevant backgrounds in venture capital, real estate investing, corporate incubators and operations as former entrepreneurs/founders within the Urban Tech environment. 2150 is supported by an 8-person Advisory Board consisting of leaders in urban planning, sustainability, real estate and public policy at institutions such as Princeton University, McKinsey & Company, Unity, EDGE, i[X[ Investments and University of Toronto. 

The 2150 team has a deep and relevant track record with a total invested capital of €115 million across 70 investments (ranging from Seed to Series B) returning on average 2.5x TMM of which 21 exits have been (partially) realized returning 4.8x TMM. The (partially) realized investments include several companies that have achieved unicorn status at exit such as Zendesk, Dollar Shave Club, Freshly and Bark-Box.

2150 UTSF I has a unique positioning as a dedicated urban sustainability fund. The expertise, network and dealflow of 2150 specific to urban sustainability makes 2150 a preferred co-investment partner for leading generalist tech and/or impact funds such as Breakthrough Energy Ventures, Northzone and Atomico.

2150 has a best-in-class impact investment strategy where it identifies the key problems for the industry to become net-zero, does intensive research to analyse industry dynamics and highest potential technologies, maps start-ups operating on those spaces and matches deal sourcing and selection accordingly

The Fund’s portfolio is developing in line with expectations with one investment closed, one signed and three in final stages of due diligence. Early visibility on the quality of the portfolio companies, as well as on the deployment of the Fund further strengthens the case for a commitment into 2150 UTSF I.

Significant support from high quality institutional investors validates the 2150 platform, as well as the attractiveness of the Urban Tech vertical, whilst a variety of strategic investors create a fertile investment ecosystem.

The Fund commitment from the GP, its affiliates and NREP as its sponsor is a combined €26 million or ~10% of total commitments, creating very strong alignment between the GP and the limited partners.

GP experience and trackrecord

Selected investments and track-record are based on investments done before the partners were part of 2150. These investments are therefore not all related to climate tech. 

2150 gp

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