Convective Capital, led by WePay cofounder Bill Clerico, has raised an $85 million Fund II focused on disaster resilience, expanding beyond its original wildfire-tech mandate. The new fund is backed primarily by institutional investors including insurance companies and asset managers, a shift from the individual backers of its $35 million debut fund. Initial investments include a timber mill company, an AI-powered home design firm, a Y Combinator-backed drone startup for power line inspection, and a commodity price hedging insurance product. Clerico argues that worsening natural disasters have created large economic dislocations — utilities going bankrupt, insurers exiting markets — that open opportunities for startups. The fund's first portfolio has generated $100 million in revenue across companies valued at a collective $2 billion, with 79% of seed companies advancing to Series A.
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