The fund said the success of its new funding round reflected calls for more investment in high growth sectors such as climate innovationClimate venture capital group the Clean Growth Fund (CGF) has announced the first close of its second fund, securing £49m for UK-based startups. The CGF was set up in 2020 with joint funding from the Government and CCLA Investment Management to support low-carbon technologies. After closing its first funding round in 2022 with £101m, CGF is now aiming to secure £150m. The fund said its new round reflected calls for more investment of pension funds in high growth sectors such as VC and climate innovation. The first fund invested in 19 startups which were now projected to reduce over 55 million tonnes of CO2 equivalent by 2030, said CGF.