London-based VC 2150 raises €197M second fund focused on urban innovation

London-based VC 2150, the venture arm of private investment firm Urban Partners, has raised €197 million for its second fund, dedicated to urban innovation across North America and Europe. The fund will target investments in 20 Series A and B companies.

• Founded in 2019 by Christian Hernandez, Jacob Bro, Mikkel Bülow-Lehnsby, and Christian Joelck, 2150 is a venture capital firm investing in technology startups that are transforming cities and urban industries. 
• The firm is part of Urban Partners and focuses on sustainable solutions in the "Urban Stack" to address urban challenges and reduce emissions.
• The new fund aims to invest in 20 Series A and B companies from Europe and North America, with investment tickets ranging from €3 million to €15 million. Half of the fund will be reserved for follow-on investments.

"The thesis remains the same, research-led identification of solutions to the greatest challenges of the urban environment to help make cities and its citizens more efficient, resilient and sustainable," 2150's team, commented on LinkedIn.

• 2150 plans to take double-digit ownership in its portfolio companies, with stakes varying between 7% and 17%. The firm is looking for founders who bring a strong blend of commercial, scientific, and manufacturing expertise.
• 2150 Fund II has already made three investments:

1. Metycle: 2150 led a €14.1 million Series A in Metycle, a Cologne-based marketplace for sustainable metal recycling.
2. Mission Zero Technologies: The firm led a £22 million Series A in Mission Zero, a London startup developing carbon capture technology.
3. AtmosZero: 2150 participated in a $21 million Series A for AtmosZero, a US-based startup creating industrial heat pumps to decarbonize industrial steam.

• The fund is backed by several prominent investors, including the Danish Augustinus Foundation, Novo Holdings, the Danish state-backed fund EIFO, and the US-based pension fund Church Pension Group. Additionally, the German family office Viessmann Generations Group and Finnish family offices Security Trading Oy and Virala Group also support the fund as LPs.