Thursday, May 1, 2008

Kleiner Launches Two Funds, Targets Cleantech

Menlo Park-based Kleiner Perkins Caufield & Byers said today that it has formed a new $700M fund to invest in green technology, IT, and life sciences ventures, KPCB XIII. The firm also said it has created a new $500M investment vehicle, the Green Growth Fund, focused on speeding mass market adoption of clean technology. According to Kleiner, KPCB XIII will back early-stage entrepreneurs, while the Green Growth Fund will support companies already in growth phase. The Green Growth fund will be managed by John Denniston and Ben Kortlang, who was previously co-director of alternative energy investments at Goldman Sachs.