CalCEF Clean Energy Angel Fund hasn’t ruled out raising a second angel fund, although it will first focus on scouring for opportunities to invest the $11 million it raised for its first angel fund, which closed last week.
The San Francisco-based fund says it expects to announce a new investment by year-end.
“The Fund’s current focus is on due diligence, making new investments and supporting the existing portfolio companies, ” a spokeswoman emails G.E.R. She adds. “There are no definite plans for a second fund at this time, but it hasn’t been ruled out.”
With $11 million, CalCEF Angel Fund actually came out shy of the $12 million it had initially set out to raise. The raise remains a “success given the fund raising climate over the past two years,” says the spokeswoman.
The CalCEF Clean Energy Angel Fund seeks to back cleantech and renewable energy startup with investments averaging $500,000 per round. Recent investments include Berkeley, Calif.,-based Alphabet Energy, which has developed technology that recovers waste heat to turn it into electricity. The Alphabet Energy technology was first developed by the Lawrence Berkeley National Laboratory.
