Early Tesla investors close $400 million fund for startups with a social cause

Fortune
June 23, 2015

by 

Two early back­ers of Tesla have offi­cially closed on a $400 mil­lion fund to invest in star­tups that have an envi­ron­men­tal and social good com­po­nent, some­times called impact invest­ing. DBL Part­ners, with investors Nancy Pfund and Ira Ehren­preis, closed part of the funds last December.

DBL Part­ners stands for “Dou­ble Bot­tom Line” and it describes a style of invest­ing: invest in com­pa­nies that cre­ate mon­e­tary value and also value for soci­ety. The firm was orig­i­nally spun-​​out of JPMorgan’s Bay Area Equity Fund I and founded by Pfund.

This is the third fund from DBL and it’s the largest. DBL’s sec­ond fund of $150 mil­lion is almost fully invested now with at least 23 com­pa­nies.

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