Kleiner Perkins steps up green investing with two new funds

Kleiner Perkins Caufield & Byers said Thursday that it expand its greentech investing through the formation of two new funds.

The Menlo Park venture firm raised a $700 million fund that will invest in greentech, information technology and biology companies. Kleiner Perkins also formed a $500 million Green Growth Fund, which will focus on accelerating mass-market adoption of goods and services addressing the global climate crisis.

Within greentech, the firm's $700 million fund, called KPCB XIII, will focus on backing early-stage entrepreneurs while the Green Growth Fund will support companies that are more established, having already entered their growth phase.

Content Continues Below

The Green Growth Fund will be managed by John Denniston, a Kleiner Perkins partner, and Ben Kortlang, who worked together running alternative energy investments at Goldman Sachs (NYSE: GS).

Both funds extend the firm's collaboration with London-based Generation Investment Management, chaired by former Vice President Al Gore and a Kleiner Perkins Partner.

"Disruptive innovation is essential to solving today's crucial challenges in energy, healthcare and communications," said John Doerr, a partner at Kleiner Perkins. "We're seeing compelling ventures across greentech, life sciences and information technology."