Bloomberg Law
March 14, 2023, 5:46 PM

California Incubator Launches Fund, Backs Women-Owned Green Firms (1)

Ella Ceron
Ella Ceron
Bloomberg News

Los Angeles Cleantech Incubator has launched a second fund with support from former California Governor Arnold Schwarzenegger in a bid to back communities that often struggle to raise financing. The fund is expected to reach $30 million.

LACI, founded by the city of Los Angeles and its department of water and power in 2011, created its first impact fund in 2019. Of the 17 companies tapped for the first fund, 25% had a Black or Brown founder and 29% included a female founder, according to Chief Executive Officer Matt Petersen. Such funding could become even more important following the collapse of Silicon Valley Bank, which had ...