Venture fund favors green companies

A venture fund created by an internet investment firm is targeting companies that develop green technology. Kleiner Perkins Caulfield & Byers made its name with early investments in net companies such as Netscape, Amazon and Google. The company is now betting on green technology. This year the company will set aside $100 million of its $600 investment pool for a fund favoring companies that develop technology that helps provide cleaner energy, transportation, air and water.

The $100 million comes on top of the $50 million the company has already invested in seven companies that work on green technology. The commitment from Kleiner Perkins Caulfield & Byers comes during a widening interest in clean technology. According to a report by the trade group, Cleantech Venture Network, North American venture capitalists pushed $1.6 billion into green companies last year, a 35 percent increase over 2004. The field of green companies includes enterprises that develop technology related to water purification, air quality, nanotechnology, alternative fuels, manufacturing, recycling and renewable energy.

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