💰 ClimateHack Vol 95: Growth stage capital

PLUS: X Shore secures €8.5M to build out high performance all-electric boats

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

Image Credits: Caladan Bio

🧬 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

Image Credits: Carbonfact

📊 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

Image Credits: Kubik

🧱 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.

HackSummit : Founders Spotlight

Real estate for corals, Tesla-inspired electric boats, AI-powered energy grids, metal-mining with plants, coffee-free coffee, cement-making micro-organisms…

The Founders behind these (and many other) breakthrough technologies are all heading to the HackSummit this June 13-14th. Including:

  • Ginger Krieg Dosier, Founder of US-based Biomason who’s using biology to build calcium carbonate biocement.

  • Konrad Bergström, Founder of Sweden’s X Shore which just raised €8.5 million to build out high performance all-electric powered boats.

  • Sonja Stuchtey, Founder of Germany’s The Landbanking Group a nature fintech that’s raised €10.5M to bring nature on the balance sheet

  • Jasmin Hume, CEO and Founder of USA’s Shiru who just launched a FOAK AI-powered discovery platform and marketplace for proteins.

Join them, plus these 56 fellow visionary founders who are taking to the stage to share their insights and learnings as they build out their Climate startup.

Save 20% with code CLIMATEFOUNDER when applying for your pass to Europe’s largest climate tech event here.

Energy x Climate

Image Credits: Nusku

🌡 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

Image Credits: Xefco

💧 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

Image Credits: X Shore

🚤 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. 

🏍 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

Image Credits: Novo Holdings

🇩🇰 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

🦜 The What; Smart contracts run on blockchain have massive potential – they allow fully automated incentive systems that can directly reward individuals and companies for sustainable practices such as regenerative agriculture, carbon offsets, and crop insurance.

Startups in this space are seeing the opportunity – many are looking at tracking and verifying greenhouse gas (GHG) emissions, facilitating fundraising for biodiversity projects, and promoting transparency and traceability in supply chains.

📊 The Stats; One study found that each 1% rise in the use of blockchain translated to a 0.341% increase in remanufacturing and recycling, or in other words, a higher level of materials circulation and less nature-harming pollution.

👀 The Who; There are 15+ companies globally working on Blockchain for Biodiversity, including:
- US based Biota Nexus which offers a fintech platform utilizing blockchain technology to create a transparent and efficient mechanism to allocate resources for biodiversity conservation.
- Estonia based Single.Earth who hav raised $7.9M to date from investors including EQT Ventures to build accessible and scalable tools to mitigate climate change and biodiversity loss.

💡 Learn more; Deep dive into the world of Blockchain for Biodiversityand the 15+ companies working in this space in our latest climate deep dive.

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