Valo Ventures Raises $175 Million Debut Fund to Invest in Digital and Cloud-Scale Technologies that Advance Specific Social, Economic, and Environmental Megatrends

Valo Ventures has raised $175 million for its first fund, which will be used to invest in startups that are integrating digital technologies in innovative ways to improve the quality of life today and for future generations. The fund will invest in series A, B and C stage startups across North America and Europe. Valo is a thematic focused fund targeting five social, economic and environmental megatrends — Climate Change, Empowered Users, Autonomy and Mobility, Urbanization and the Circular Economy.

Valo is led by partners Scott Tierney, Mona ElNaggar and Julia Brady. The three have diverse backgrounds and are grounded in shared values, with a bias toward optimism, action and service. As a partnership built on decades of friendship and complementary experience, they founded Valo with the intention of bringing ESG investing to venture-stage startups.

Tierney brings the perspective of having been on both sides of the table, as an entrepreneur and investor. He spent the previous seven years at Google, where he was co-founder of CapitalG (formerly Google Capital), as well as the leader of strategy and corporate development at Google Fiber and Nest Labs. Prior to that he was a Partner at Steelpoint Capital and President of a nuclear and plasma physics-related startup. ElNaggar brings decades of international experience financing technology companies at all stages, from startups to large public corporations. She is an experienced board director, was one of the co-founders of Morgan Stanley’s European investment banking practice and led non-US investing for TIFF Investment Management. Brady brings expertise in strategy and marketing, honed at The VIA Agency and McKinsey. She has built brands and led integrated marketing communications for both Fortune 500 companies and startups for over 20 years.

“We started Valo because we believe that today’s entrepreneurs and emerging digital technologies are shaping what the future looks like for generations to come,” said Tierney. “The macro themes that we are focused on are driving long term global economic outcomes, and we’re eager to work with innovative companies who are tackling the resulting challenges and opportunities facing our society. Mona, Julia and I are optimistic about the future and look forward to offering our expertise in scaling businesses to meet these opportunities.”

Valo’s anchor limited partner is Fortum—a leading global clean energy company headquartered in Helsinki, Finland, whose mission is to accelerate the change toward a cleaner world by reshaping the energy system, improving resource efficiency and providing smart solutions. Valo and Fortum are aligned in their vision for a cleaner world, their focus on digital technologies to accelerate this transition, and their orientation toward learning and giving back. Valo provides strong support for its portfolio companies through its global network, access to pilot opportunities, go-to-market strategy and governance expertise. Valo finds alignment with entrepreneurs who seek a thought partner and welcome strategic insights based on its collaboration with its corporate partner. The fund supports companies forging a bold path to a regenerative economy, one in which the end condition is better than the original state. It backs businesses that develop people and global capacity while respecting natural resources and restoring the environment.

Valo has already begun investing out of Fund I, having made recent investments in Atollogy, an industrial IoT company that uses machine vision and AI to help companies improve operational efficiency; PlanetIQ, which is building, launching and operating a constellation of GNSS-RO satellites for high-definition weather forecasting to deliver high-quality and cost-effective data for on-the-ground decision making; and Landit, a personalized career pathing platform that enables women and diverse talent to succeed in the workplace. Valo has also invested in a stealth company developing an AI platform for electricity demand and supply forecasting.

“Commercialization of emerging technologies developed by today’s leading entrepreneurs will significantly contribute to making our vision for a cleaner world a reality,” said Pekka Lundmark, President and CEO of Fortum. “The Valo Ventures team has a proven track record of successful investing and brings unparalleled expertise for identifying transformative technologies and teams that are developing solutions to some of the world’s most pressing problems.”

About Valo Ventures

Valo is a mission-driven venture capital firm, investing in a brighter future by championing innovative digital technology companies that create economic value as well as long-term social and environmental benefits. Based in Palo Alto, we are a passionate, experienced team focused on five global megatrends—climate change, empowered users, autonomy and mobility, urbanization and the circular economy. For more information, visit www.valoventures.org.
 

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Contact Information

James Christopherson

PR

Valo Ventures

press@valoventures.org