Convective Capital raises an $85 million fund to build disaster resilience

Fire season kicked off early in California this year, with flames already approaching a former nuclear test site outside of Los Angeles. The rising number of natural disasters in California, and around the world, demand our attention — and, in Silicon Valley, venture investment.

Convective Capital, an early-stage venture fund led by Bill Clerico, announced a new $85 million fund Thursday, following up on a $35 million fund raised in 2022. While the first fund was mainly backed by wealthy individuals (including Clerico, a cofounder of WePay who sold the startup to JPMorgan for $300 million in 2017), this latest fund is largely backed by institutions, including insurance companies and asset managers.