Targeting more than $100M USD, The Fund Will Focus on Investments in Companies That Provide Positive Impact on People and the Planet
SANTA CLARA, Calif., Aug 2, 2023 — 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.”
For more information on NOVA Prime fund visit http://www.clearimpact.vc
For more information on LG NOVA and the Mission for the Future Program visit: www.lgnova.com.
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About Clearbrook
Established in 2004, Clearbrook is an innovative investment management and consultancy firm with over $10B in assets under advisement and management. Clearbrook provides innovative investment solutions for institutions, family offices and high-net-worth individuals to maximize risk-adjusted returns over various market cycles. Independent and privately held, Clearbrook serves as expert advisors with capabilities spanning non-discretionary advisory services, Integrated CIO services, customized alternative investment research, private products, and specialized portfolio solutions. Clearbrook has provided SRI, ESG and, most recently, DEI based research and investments to its clients.
About LG Electronics Inc.
LG Electronics is a global innovator in technology and consumer electronics with a presence in almost every country and an international workforce of more than 74,000. LG’s four companies – Home Appliance & Air Solution, Home Entertainment, Vehicle component Solutions and Business Solutions – combined for global revenue of over KRW 80 trillion in 2022. LG is a leading manufacturer of consumer and commercial products ranging from TVs, home appliances, air solutions, monitors, service robots, automotive components and its premium LG SIGNATURE and intelligent LG ThinQ brands are familiar names world over. Visit www.LGnewsroom.com for the latest news.
About LG Electronics USA
LG Electronics USA, Inc., based in Englewood Cliffs, N.J., is the North American subsidiary of LG Electronics, Inc., a $68 billion global innovator in technology and manufacturing. In the United States, LG sells a wide range of innovative home appliances, home entertainment products, commercial displays, air conditioning systems, solar energy solutions and vehicle components. LG is a 10-time ENERGY STAR® Partner of the Year. The company’s commitment to environmental sustainability and its “Life’s Good” marketing theme encompass how LG is dedicated to people’s happiness by exceeding expectations today and tomorrow. www.LG.com.
About LG NOVA
LG NOVA, the North American Innovation Center for global innovation leader LG Electronics, is a team focused on bringing innovation from the outside to LG. LG NOVA is based in Santa Clara, Calif. The center’s mission is to build, nurture and grow innovations that impact the future. Learn more about LG NOVA at www.lgnova.com.
About NOVA Prime Fund
NOVA Prime Fund is a venture capital fund with a target of more than $100M and an objective of investing in private companies focused on clean energy, digital health, immersive AI, and industries of the future. The Fund will be managed by ClearImpact Ventures and will invest in high growth technology companies and seek to accelerate them in collaboration with LG NOVA. Aligned on innovating for a better life, NOVA Prime Fund’s portfolio companies will be predominantly sourced from the Mission for the Future corporate acceleration program, led by LG NOVA, LG Electronics’ North America Center of Innovation. NOVA Prime Fund will focus on investing in mission-driven companies working towards solutions for a sustainable future for people and the planet.
Important Note Regarding LG and Clearbrook Relationship
LG Electronics will be an investor in the NOVA Prime Fund, which will be managed by ClearImpact Ventures. ClearImpact Ventures will rely on the registration of CBF Advisors, LLC, one of Clearbrook’s investment adviser entities that is registered with the Securities and Exchange Commission. While neither Clearbrook nor ClearImpact Ventures provided compensation to any person for the statements included in this press release, given the strategic alliance described herein and LG NOVA’s interest in the Mission for the Future Program, LG Electronics has an incentive to positively highlight Clearbrook, ClearImpact Ventures and the NOVA Prime Fund, and there is a mutual benefit to LG Electronics and Clearbrook if the fund is successful in both reaching its target size and achieving its investment objective.
For more information, please contact:
Clearbrook, LLC
Katie Fox
+1 248 930 0551