CGF invests in innovations that reduce greenhouse gas emissions or improve resource efficiency across power, transport, industry, buildings, waste and water.
Typically make an initial investment between £500k and £3m
During Seed or Series A stages
Clean Growth Fund is a £101 m UK VC fund (est. 2020 by Beverley Gower-Jones OBE) that invests £0.5–3 m in seed–Series A climate-tech startups to cut emissions and boost efficiency, targeting a 2.5× return and 20% IRR under strict “return on carbon” ESG standards.
Mission:
Clean Growth Fund’s mission is to accelerate the UK’s transition to Net Zero by investing in early-stage climate tech companies that significantly reduce greenhouse gas emissions and improve resource efficiency.
Goals:
Values:
The Clean Growth Fund was founded in 2020 by Beverley Gower-Jones OBE, who serves as the fund's Managing Partner. The origin story of the fund traces back to Gower-Jones' extensive background in the energy sector and her deep commitment to addressing climate change through technological innovation.
A geologist by training who studied mining geology at Cardiff University, she spent nearly 20 years at Shell International. Her passion for environmental protection was sparked by her experiences as an avid scuba diver, witnessing firsthand the degradation of coral reefs and ocean pollution.
After leaving Shell, Gower-Jones founded Carbon Limiting Technologies in 2006, a cleantech consultancy that has since supported hundreds of early-stage clean technology companies. Through her work at CLT, she observed the significant funding challenges faced by cleantech entrepreneurs and recognised the need for dedicated venture capital support in this sector.
The Clean Growth Fund officially launched in May 2020. Gower-Jones' leadership in establishing the fund earned her an OBE in 2023 for services to Net Zero innovation, and she currently serves as an independent member of the UK Government's Net Zero Innovation Board.
Beverley Gower-Jones OBE Founder and Managing Partner
Clean Growth Fund is a £101 million venture capital fund established in 2020 to invest in UK-based early-stage companies that significantly reduce greenhouse gas emissions or improve resource efficiency. The fund's investment focus centers on commercially viable clean technologies that demonstrate clear potential for substantial carbon reduction across six key sectors: power and energy, transport, industry, buildings, waste and water, and agrifood.
The fund targets seed and Series A stage companies with typical first investments ranging from £500,000 to £3 million, focusing on businesses that show product-market fit and have either early revenues or a clear pathway to near-term commercialisation. Clean Growth Fund seeks innovations across the technology spectrum, including hardware, software, process systems, materials, deep tech, and business model innovations that can drive rapid, scalable change on a global scale. The fund particularly emphasises companies capable of abating significant amounts of CO2-equivalent emissions per year, supporting the UK's net zero transition while delivering superior financial returns to investors.
Clean Growth Fund operates with a UK-centric geographic focus, maintaining strict criteria that require all portfolio companies to be UK-based. The fund's investment mandate specifically targets UK-based innovations that significantly reduce greenhouse gas emissions or improve resource efficiency and UK-based early-stage companies. The fund is structured as a UK-only venture capital fund with headquarters in London.
Power: Investment in energy storage, smart grids, and renewable integration through solar optimisation software and flexible energy trading platforms.
Transport: Zero-emission refrigeration systems and sustainable biofuels from algae-based maritime fuel technologies.
Industry: High-temperature heat pump solutions, carbon capture technologies, and circular materials from waste-to-product innovations.
Buildings: AI-driven energy efficiency through smart socket systems, zero-emission heating via electric boiler technology, and property decarbonisation analytics platforms.
Agrifood: Microbial bioproducts for sustainable agriculture, replacing chemical inputs with biocontrols and biofertilisers.
The fund's investment criteria are designed to target innovations that significantly reduce greenhouse gas emissions or improve resource efficiency across multiple sectors. The core investment criteria require companies to be UK-based and demonstrate the potential to significantly reduce greenhouse gas emissions or improve resource efficiency. Companies must operate within CGF's target sectors, which include power, transport, industry, buildings, with the fund also extending to agrifood technologies. The fund focuses on early-stage companies at Seed to Series A stages, typically making initial investments between £500,000 and £3 million.
From a technological and commercial perspective, CGF seeks companies with limited technical risk but accepts some engineering risk, particularly around scale-up capabilities. A critical requirement is that innovations must demonstrate the potential to abate significant amounts of CO2-equivalent emissions per year, serving as a key performance indicator and differentiator for investment decisions.
The fund's investment approach is commercially focused, targeting superior financial returns with a target internal rate of return of 20% and a 2.5x return multiple. Companies must demonstrate substantial market potential and present a clear path to commercialisation.
Clean Growth Fund invests in UK-based seed to Series A clean-tech companies, deploying £0.5–3 million initially. It requires scalable technologies with clear product market fit and mandates significant CO₂-equivalent abatement measured via a “return on carbon” metric. Companies undergo an initial eligibility and impact screen, followed by financial and technical due diligence, independent impact verification, and Investment Committee approval. Successful investments balance commercial viability, market potential, and carbon reduction cost-effectiveness, with ongoing governance support and ESG monitoring to ensure both superior returns and Net Zero impact.
Above: Based in Colchester (UK), Above is a company that equips solar plant owners and operators with tools to efficiently manage assets and boost green energy output through advanced fault detection. Visit Above
Indra: A Malvern-based company led by CEO Adrian Moores, specialising in smart EV charging technology. Their Smart Pro charger optimises for clean, cheap electricity, and their bi-directional charger allows EVs to supply power back to the grid, supporting Net Zero goals. Visit Indra
HydRegen: An Oxford-based company led by CEO Dr Holly Reeve, specialising in bio-based catalysts for the pharmaceutical and chemicals industries. Their technology replaces toxic metal catalysts with environmentally friendly alternatives, enabling cleaner, safer, and more energy-efficient manufacturing while reducing CO₂ emissions and operating costs. Visit HydRegen
measurable.energy: A Reading-based company led by Co-Founders Dan Williams (CEO) and Josh Eadie (CTO). They develop smart, machine learning-enabled power sockets for commercial buildings that cut energy costs by over 20%. These sockets identify and automatically switch off devices wasting energy, and feature a light system to indicate whether the current energy supply is primarily from fossil fuels or renewables, encouraging better energy habits. Visit measurable.energy
FA Bio: A Harpenden-based company led by Co-founder & CEO Dr Angela de Manzanos Guinot. Specialising in sustainable agriculture, FA Bio develops advanced microbial bioproducts, such as biocontrols, biostimulants, and biofertilisers, that replace chemical inputs, enhance soil health, and cut greenhouse gas emissions. Their proprietary SporSenZ technology enables much faster and more effective microbe discovery, reducing development times from up to 6 years to around 18 months, making a significant impact in the industry. Visit FA Bio
Discover more successful investments: Clean Growth Fund Portfolio.
The £101 million Clean Growth Fund was seeded in 2020 with a £20 million commitment from the UK Department for Business, Energy & Industrial Strategy (BEIS) and a matching £20 million from ethical investment manager CCLA, giving the vehicle its initial £40 million mandate. Subsequent rounds attracted additional private capital from Aviva Investors, Aviva PLC and Queens’ College Cambridge, alongside major local-authority pension schemes, Strathclyde, Merseyside and South Yorkshire, which collectively injected £31 million at final close. These contributions enabled the fund to surpass its target, reaching £101 million in total committed capital by March 2022, positioning it as one of the UK’s largest early-stage climate-tech venture funds.
Investment Stage: Targets Seed and Series A companies , investing £0.5–3 million initially and supporting follow-ons.
Fund I Highlights:
Fund II (Launching 2025):
Recent Milestones:
The Clean Growth Fund (CGF) has established itself as a leading UK venture capital fund driving measurable impact in decarbonisation and resource efficiency. Since its launch in 2020, CGF has invested in 19 early-stage cleantech companies across sectors such as power, transport, buildings, industry, and the circular economy. Its portfolio companies are pioneering solutions that reduce greenhouse gas emissions, including innovations like zero-emission transport refrigeration units, smart energy management systems, and plant-based biomaterials. CGF’s investments have enabled the commercialisation of technologies that help major UK businesses, such as Tesco, cut emissions in their supply chains. The fund’s commitment to impact is further evidenced by its B Corp certification (achieved in 2024) and its inclusion in the Real Deals Future 40 Impact Investment Funds, recognising its outsized contribution to climate and sustainability goals. CGF also tracks and reports emissions reductions across its portfolio, supporting the UK’s net-zero transition while creating high-value jobs and fostering economic growth
The Clean Growth Fund fosters a vibrant community for cleantech entrepreneurs, offering far more than just financial investment. Portfolio companies gain access to a powerful network of industry experts, fellow founders, and world-class operators, engineers, and marketers. Regular Portfolio Days and networking events provide opportunities to connect, share insights, and build lasting relationships within the climate tech ecosystem. In addition, the Fund collaborates closely with Carbon Limiting Technologies, the UK’s leading early-stage incubator, to offer ongoing business development support, strategic guidance, and commercialisation expertise. This partnership ensures that founders benefit from hands-on consultancy, access to shared workspaces, and tailored advice to help scale their innovations. The Clean Growth Fund’s community-centric approach is designed to empower entrepreneurs, accelerate business growth, and create tomorrow’s climate tech leaders.
The Clean Growth Fund is composed of a highly experienced and diverse group of cleantech investment professionals who collectively bring decades of expertise in venture capital, engineering, sustainability, and climate science. At the helm is the Managing Partner, recently honored with an OBE for contributions to Net Zero innovation, whose background includes co-founding a pioneering carbon management enterprise and holding a senior leadership role at a major energy venture firm. The investment committee features individuals with over 20 years of venture investment experience from leading energy and utilities corporate venture arms, as well as specialists who direct technology investment activities with a track record of identifying and scaling early-stage innovations. The roster also includes environmental investors with two decades of climate change and resource-efficiency investing, and engineer-turned-investors with extensive board experience in portfolio companies spanning carbon capture, renewable energy, and low-carbon materials.
Supporting the core investment team are operational leaders overseeing finance and compliance functions. The Chief Financial Officer brings international fund-administration expertise from top global asset managers, while the head of compliance, ESG, and operations has nearly 20 years in financial services, including roles at prominent global venture funds. A dedicated team of investment managers, analysts, and marketing professionals drives deal execution and portfolio growth. This robust team is further advised by a distinguished board of climate science experts and seasoned investment professionals with governmental, institutional, and cleantech venture experience.
Learn more about the team on the CGF Team Page.
Beverley Gower-Jones OBE, a Cardiff-trained geologist and former Shell executive who founded Carbon Limiting Technologies in 2006. She earned an OBE in 2023 for Net Zero innovation.
Launching in 2025 with a £150 million target, £0.5-5 million tickets, LP minimum £10-40 million, aiming for 25–30 companies, 20% IRR, 2.5× returns.
UK-only focus, strong returns with measurable carbon impact, B Corp status, experienced leadership, government backing, and active portfolio support.
UK-based seed to Series A companies with clear product-market fit, scalable technology, measurable CO₂ abatement via “return on carbon,” and targets of 20% IRR and 2.5× returns.
To speed the UK’s Net Zero transition by investing £0.5-5 million in early-stage climate tech startups (seed to Series A) that cut emissions and boost resource efficiency across power, transport, industry, buildings, waste & water, and agrifood.
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