(Bloomberg) —

A new venture capital fund targeting climate change and other “big fundamental problems” has raised $100 million, according to people familiar with the matter. 

The new firm, called 9900 Capital, is managed by former investors at the Bill and Melinda Gates Foundation and the London-based investment firm  Hedosophia, according to the people, who asked not to be identified discussing private information. 

Rory Mounsey-Heysham, formerly of the Gates Foundation, is a managing partner at 9900, according to his LinkedIn profile, as is Chris Corbishley, formerly of Hedosophia. The London-based 9900 launched earlier this year, according to the men’s profiles.

The new fund will aim to tackle large global problems including climate change, and will invest about $5 million per bet, the people said. 

A representative of the firm did not immediately respond to a request for comment. 

The firm’s numerical name comes from the average number of working days in a lifetime: 9,900. 

To contact the author of this story:
Sarah McBride in San Francisco at smcbride24@bloomberg.net

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