💰 ClimateHack Vol 95: Growth stage capital

Hi There,

The climate capital stack is growing, with an estimated $217B in total private climate assets under management (AUM) raised to date - but still one area in the capital stack continues to fall behind. Yep, you guessed it, it’s growth.

To help later stage founders navigate this funding valley of death, we put together a list of 30+ growth stage funds to know, representing over $40bn+ in AUM earmarked for climate. Happy reading.

In Today’s Edition;
 
🧬 US-based Caladan Bio raised $5M to build ‘next generation benchtop bioreactors’.
🚤 Sweden’s X Shore secured €8.5M to build out high performance all-electric powered boats.
🧱 Kenya’s Kubik raised $1.9M to transform recycled plastic waste into interlocking building materials.

AgriFood x Climate

🧬 Caladan Bio, based in the US, raised $5 million in a seed funding round led by Twelve Below. Its aim is to build ‘next generation benchtop bioreactors’, designed to help synbio companies to lower the cost of their experiments as they scale their technology.

🍄 Canada’s Maia Farms secured CAD2.3 million in a pre-seed funding round led by Joyful Ventures, PIC Group, and Koan Capital. It will use the funds to scale production of CanPro, a textured protein ingredient made with mycelium, which it claims “dramatically” improves the taste and texture of food products.

🌾 UK-based CroBio secured €1.45 million seed funding to tackle drought and soil regeneration using microbes that express a sponge-like material around crop roots, also helping to reduce greenhouse gas emissions.

🦠 Jooules, based in New Zealand, raised NZ$1 million in a pre-seed funding round led by Sprout Agritech LP. It uses gaseous fermentation and specific microbe strains to turn CO2 into a complete protein powder. 

🔎 Shiru launched an ‘Amazon for proteins’, the “world’s first” AI-powered protein discovery platform, designed to allow companies to find and buy sustainable proteins for product development.

Carbon x Climate

📊 French startup Carbonfact secured $15 million, in a funding round led by Alven, for its carbon accounting and management platform designed specifically for the fashion industry.

Construction x Climate

🧱 Kubik, based in Kenya and Ethiopia, raised a $1.9 million seed extension for a total of a $5.2M seed round, to transform recycled plastic waste into interlocking building materials, including bricks, beams, and columns.

• Kubik’s Founder & CEO, Kidus Asfaw, will also be speaking at the HackSummit this June in Lausanne.

Energy x Climate

🌡 UK-based Nusku, founded by a former Dyson engineer, raised £1 million, including a £727,000 grant from the UK government’s Department for Energy Security & Net Zero. Its technology is based on air source heat pump technology that is cheaper and quicker to install, and it will use the funds to test its product at the University of Salford’s Energy House.

Materials x Climate

💧 Sydney-based Xefco, which uses plasma to create a highly efficient, water-free solution for textile dyeing and finishing, raised $10.5 million in a seed extension round to further expand its operations, as it aims to potentially eliminate up to 20% of the world’s water pollution and 3% of the world’s carbon emissions.

♵ CARBIOS broke ground on the world's first PET biorecycling plant in France, where it will offer an industrial-scale solution for the enzymatic depolymerisation of PET waste.

⛏ Engineers at Hokkaido University's Center for Advanced Research of Energy and Materials have developed a technique to recover phosphorous from sewage sludge using heat and chemical treatment, potentially helping to address the declining supply of phosphorus ores.

Mobility x Climate

🚤 Sweden’s X Shore, whose electric boats use no fossil fuels and have minimal impact on marine wildlife, secured €8.5 million, bringing its total raised to date to €100 million. It will use the funds for product R&D, improving sales and marketing strategies, and designing and scoping future new X Shore models. 

• X Shore Founder, Konrad Bergström, will also be speaking at the HackSummit this June in Lausanne.

🏍 Stockholm-based STILFOLD raised €427,000 to launch MetaFold Academy, a new programme focused on improving eco-friendly manufacturing in the automotive industry.

💰 Rivian is set to receive $827 million in incentives from the state of Illinois to expand its local factory and support building its next-generation electric vehicle, the R2.

🛩 Researchers at China’s Tsinghua University have been examining ways of turning CO2 into sustainable aviation fuel.

Funds x Climate

🇩🇰 Novo Holdings, parent company of the creator of Ozempic, has earmarked €188 million to support seed-stage quantum startups in Denmark.

💰 Discover our list of 30+ Growth Stage Climate Tech Funds - representing $40bn+ in AUM - ready to

Community x Climate

Join the upcoming ClimateHacks Meetups happening in :

🇮🇱 Tel Aviv: May 8th - Exploring opportunities for climate solutions in the insurance industry. Register Here.

Climate x Memes

🥑 Success in fundraising is convincing potential investors that you’re just right ripe.

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Editorial by Arman, Curation by Nicola