Global innovator
LG Electronics and Clearbrook LLC, a global investment advisory and asset
management firm with nearly two decades of experience in impact and sustainable
investing, announced a strategic alliance to support companies developing
solutions to bring positive change to people and the planet. The two companies
are collaborating in NOVA Prime Fund, a venture capital fund with a target of
more than $100 million (USD). The Fund's objective will be to invest in
companies advancing innovations to build a better future, drawing from the pool
of companies participating in the Mission for the Future Program sponsored by
LG Electronics' North America Center for Innovation, LG NOVA.
As a part of our
business transformation to a Smart Life Solution company, LG is innovating to
expand its services and solutions in new areas of business growth," said
LG Electronics Global CEO William Cho. "The strategic investments we've
made with LG NOVA and its Mission for the Future Program has led us to take the
next step in working with Clearbrook and others to support the accelerated
growth of new technological solutions in digital health, sustainability and
future solutions platforms that benefit society. Clearbrook's investment track
record with a clear focus on impact and sustainable investing aligns perfectly
with LG NOVA's mission."
ClearImpact
Ventures, Clearbrook's venture capital arm, invests at the intersection of
sustainability, profit, and purpose will act as General Partner of the NOVA
Prime Fund while LG Electronics will be a Limited Partner. The NOVA Prime Fund
will focus on investing in mission-driven companies concentrated on sustainable
energy, digital health, immersive AI, and industries of the future. Based in
Silicon Valley and investing across both national and international markets,
the NOVA Prime Fund will seek to advance both companies' long-standing
commitment to societal impact, as the fund seeks to empower innovative startup
companies to build the tools required for a more sustainable future.
LG NOVA will
serve as a contributing source of innovative companies for the fund to invest
in and provide a commercial acceleration path for those companies selected
through its programs. Selected portfolio companies are also expected to benefit
from Clearbrook's global commercial acceleration resources. LG NOVA's Mission
for the Future is a global program to identify leading companies with
innovative concepts and transformative solutions that create a positive impact
on people and the planet. Selected companies may have an opportunity to explore
new venture creation, and may benefit from an accelerated path to growth with
support from LG.
"We
anticipate that LG NOVA's acceleration capabilities will help startups, as well
as our portfolio companies succeed in their business initiatives - providing a
valuable scenario for the fund to achieve its mission of growing companies that
provide a positive impact on society," said Clearbrook's Chairman and CEO
Elliott Wislar. "Our strategic alliance is the result of a shared vision
that impact investing is an essential part of a business ecosystem that
contributes to an improved society for all. Through our combined forces, we
will seek to accelerate and amplify innovation for a better tomorrow. Our focus
will encompass environmentally friendly solutions with a reduced environmental
impact, and we will actively seek to support cutting-edge innovations in
healthcare, sustainable energy, and other solutions that foster a smarter,
healthier lifestyle."
"By
investing in this fund, we are intentionally bridging sustainability and
innovation to drive exponential growth in viable solutions for the challenges
we face today," said Sokwoo Rhee, Head of LG NOVA and SVP of Innovation
for LG Electronics. "We, in collaboration with Clearbrook, are moving
forward in our vision for a brighter future created with innovative solutions
to help people live a better life."
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