Early-stage impact investment firm Giant Leap is looking to raise $50 million for its second fund.
The Giant Leap II fund has already landed $35 million towards its target, with NRMA Insurance among the backers of the Victorian VC.
Giant Leap Managing Partner Will Richardson said they were seeing interest from institutional investors for the first time.
“Driving towards a $50 million fund seems ambitious, however, given the discussions we’re having with investors, we believe it’s achievable,” he said.
“These funds will allow us to expand alongside our portfolio companies and enable us to continue to support their growth and development.”
NRMA Insurance head of investments Ainsley Lee said they’d been following Richard and the Giant Leap team since its first fund, launched in 2015.
“The team have shown great discipline in the areas of impact investment combined with providing solid financial returns,” he said.
“By NRMA, investing into Giant Leap II has allowed us to align our own beliefs at the NRMA and invest for environmental and social impact while supporting a fantastic team in delivering these goals.”
Giant Leap made more than 20 investments with their $15 million first fund.
Fund II will have a similar mandate to invest in rapidly scalable businesses with deep social and environmental impacts across three key themes: sustainable living, health and wellbeing and empowering people.