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Audacy to launch first fund in push to deploy capital to Aussie climate tech companies

Co-founder Toby Chan is looking to raise about $150 million for the fund to capitalise on the underinvestment in Australian climate tech.

Jassmyn Goh
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APAC accounts for 60% of greenhouse gas emissions but climate tech companies from the region are underfunded. Shutterstock/ Cherdchai101.

Hong Kong-based private equity firm Audacy will launch its first fund early next year as it focuses on helping decarbonise the APAC region.

The firm is looking to raise up to USD100 million ($151 million) for the new fund, which will launch with five investments, including Melbourne-based climate tech startup Conry Tech. Conry raised $3 million in seed funding in October.

Co-founder and general partner Toby Chan told Capital Brief that Audacy has invested USD25 million into 12 climate tech companies. Three of the companies — Conry Tech, Jet Zero and Edge Zero — are Australian.

“We’ve built out our portfolio with mostly principal capital but as we’ve built it up there are some close family and friends involved that are professional investors and peer family offices, and we've evolved to starting to take external capital,” Chan said.