CalCEF Angel Fund Backs Solar, Biofuels, Lighting

When we spoke to investors at the CalCEF Angel Fund last month, they had been investigating which early stage startups would receive the first investments from the firm’s planned $20 million fund. This morning the investors say they have invested in three firms — efficient-lighting startup HID Labs, biofuels company Allopartis Biotechnologies, and an undisclosed solar investment that is adapting chip manufacturing to make cheap, efficient solar cells.

The fund says it has also raised additional funding towards its $20 million goal, inching toward $10 million — up from $7 million in September. It has also added limited partners, including PCG Clean Energy & Technology Fund (PCG).

Founded in April 2008, the CalCEF Angel Fund took some of the money from an original nonprofit CalCEF fund, which was established in 2004 with $30 million from a PG&E bankruptcy case. But that fund was mainly being invested in later stage companies. This new CalCEF Angel Fund is very much for-profit and is looking to invest some $300,000 to $500,000 into 15 or so deals, and move technology from the lab to the early stages of commercialization.

loading

Comments have been disabled for this post