Former KP partner Michael Linse collects $700m for industrial tech

Investors include affiliates of Oppenheimer & Co, investment arms of Daimler Truck and Taiwan Mobile and more than 400 family offices.

Linse Capital, founded by former Kleiner Perkins partner Michael Linse, has raised $700 million in fresh capital.

Photo of Linse Capital team, including managing directors Bastiaan Janmaat and Michael Linse
Linse Capital is led by managing directors Bastiaan Janmaat and Michael Linse, third and fourth from left

About $563 million of the total will go to Linse Capital Fund I, which will invest in a “select handful of new companies per year, investing between $100 million and $400 million in each business over time,” the firm said. The remainder will be used to support portfolio companies Skydio, a drone manufacturer, and Verkada, a developer of cloud-based building security systems.

Limited partners include more than 400 family offices, affiliates of Oppenheimer & Co and investment arms of Daimler Truck and Taiwan Mobile, the firm said in a statement.

Based in San Juan, Puerto Rico, Linse Capital has raised more than $1.1 billion since its inception in 2015. It invests in industrial technology companies across four sectors: transportation, energy, logistics and real estate.

“We are in the early innings of the fourth industrial revolution, where technological trends such as artificial intelligence and software-enabled hardware are bringing unprecedented innovation to industries that have traditionally been slower to innovate,” said Bastiaan Janmaat, who manages the firm alongside Linse. “We are grateful for the support of the large LP network we have assembled. Most of all, it’s exciting to back the founders and change-makers building the companies that are at the forefront of this new paradigm.”

Linse Capital said it “aims to become the largest or one of the largest shareholders at exit.” It noted, for example, that it was a leading early investor in ChargePoint (CHPT: NYSE), which operates EV charging stations, and was the company’s largest shareholder at IPO in 2021.

Before founding Linse Capital, Linse was a partner from 2009-2015 at Kleiner Perkins, where “he invested in businesses like ChargePoint, Proterra, uShip, Telogis, INRIX, Friedola, HYLA, UpWind and Redaptive,” according to his LinkedIn profile. Prior to KP, Linse spent a dozen years at Goldman Sachs and was a managing director. In addition to founding Linse Capital, he co-founded Levitate Capital in 2017 to invest in “next-generation air mobility, drones, and space technology.”