Indianapolis-based HG Ventures, the corporate venture capital arm of The Heritage Group, is taking part in an overseas investment focused on environmentally sustainable innovation. HG Ventures is partnering with Innovate UK, an arm of the United Kingdom government, which directs research and innovation funding.
The venture group says it is the only investor outside Europe involved in the program.
Innovate UK is awarding grants to startups that say they can reduce energy and resource use or otherwise drive sustainable innovation. Startups that receive these grants must be funded by one of five investor partners, including HG Ventures, and carry out a development project ranging from 50,000 to 2 million British pounds ($68,000 to $2.7 million US).
“We are honored to be chosen by Innovate UK to identify companies for our collective investment, knowing the lasting positive impact these startups will make on the environment and the economy,” said Kip Frey, managing director of HG Ventures. “It is inspiring to be part of such a forward-looking vision, and exciting to participate in a program so closely aligned with our areas of investment focus and the industries in which The Heritage Group operates.”
HG Ventures says has already made several European-based investments in its focus areas of environmental services, green chemistry, and sustainable infrastructure.