- ClimateHack Weekly
- All the newly announced climate tech funds from January
All the newly announced climate tech funds from January
Meet the 20 funds earmarked to go towards climate this year
2024 has started off with a banner of new climate fundraising announcements flooding the headlines - from dedicated climate tech VCs, to the more generalist funds with a climate angle.
We tracked a total of 20 announcements in January, some of which are still in the fundraising process, others which are full committed and ready to start deploying.
Interestingly, it’s not just the hotspots of North America and Western Europe that makes the list - but emerging markets like Poland, South Korea and Turkey that are closing ≈100M funds.
While last year VC as an asset class saw a reduction in overall funds raised, climate tech - while still affected - faired better than other sectors when it came to attracting new LP commitments.
Despite the promising early start, many insiders still agree, climate tech funding is still away from where it needs to be and far more capital (particularly at the scale up stages) needs to make its way to into this space - expect to see many more announcements in the weeks and months ahead.
🌎 Apax closed its Apax Global Impact Fund with $900 million to support mission-driven companies tackling critical environmental or social issues, including health, wellness, environment, social and economic mobility, and enabling digital impact.
🇺🇸 Innovation Endeavours announced the closure of its largest fund to date, securing $630 million in capital commitments to invest in the “intersection of science and technology” in sectors such as climate, intelligent software, engineering health and supply chain.
🇦🇺 Sydney-headquartered New Forests secured A$450 million at the first close of its Australia New Zealand Landscapes and Forestry Fund, which will invest in core forestry plantations and help to maximise the value of the whole landscape.
🇩🇪 Vidia Equity closed its oversubscribed Vidia Climate Fund I with €415 million to support decarbonisation technology within industrial materials, electrification and the circular economy across the DACH and Nordic regions.
🇪🇺 European founder-led investment group Plural announced a new €400 million fund to support early-stage, high-growth tech companies, with a particular focus on AI and climate tech startups.
🇨🇭 Swiss based Private Equity firm Blue Earth Capital closed $378 Million to invest in the 'missing middle' in climate tech focussed on helping companies to scale and develop their operation.
🇪🇺 Pan-European VC fund Speedinvest closed its fourth early-stage fund with €350 million, €50 million above target. It has built the largest seed stage investment team in Europe across its six vertical teams: Deep Tech, Fintech, Health & TechBio, Marketplaces & Consumer, Climate & Industrial Tech, and SaaS & Infrastructure.
🇬🇧 The UK’s Giant Ventures is launching two new funds, totalling $250 million, to invest across climate, health and what it calls “purpose-driven” early-stage and Series B startups.
Image Credit: Giant Ventures
🇮🇩 AC Ventures, based in Indonesia, closed its fifth fund with $210 million. Its portfolio already includes Indonesian electric vehicle maker MAKA Motors and sustainable farming startup Koltiva, and it will use the funds to support startups that are growing quickly and align with its impact goals.
🇩🇪 Berlin-based Future Energy Ventures announced the first €110 million close of its second climate tech fund, with a targeted total size of €250 million to support startups and scaleups developing and implementing digital solutions to drive the energy transition.
🇹🇷 Turkish VC Revo Capital is raising a $100 million fund to invest in regional startups, with particular focus on AI, energy, gaming, and B2B software.
🇱🇹 Practica Capital raised €80 million for its third fund, dedicated to supporting seed-stage startups in the Baltics. The fund is the biggest of its kind in the region to date and will focus on technology investments, particularly SaaS, Marketplaces, and Deep/Industrial tech.
Image Credit: Practica Capital
🇬🇧 Healthy fast-food chain Leon’s co-founder, Henry Dimbleby, launched Bramble Partners, a new VC firm on a mission to discover “better ways to feed the world”. Its £50 million fund will support startups making the food system more sustainable, healthier and more secure.
🇰🇷 Envisioning Partners closed its latest fund, Envisioning Impact Solutions Fund, with 44 billion Korean won (approximately $33 million) to support climate tech startups at Series A and beyond across Korea, the US, and Singapore.
🇬🇧 The UK’s Vectr7 Investment Partners is raising $25 million to invest in European early-stage climate tech startups, with a particular focus on GHG capture or avoidance within real estate, infrastructure, transport and utilities.
🇩🇰 Kost Capital completed the first close of its targeted €25 million first fund, with which it will support 20-25 pre-seed and seed-stage European startups using renewable biological resources to produce future food solutions. Its portfolio so far includes Estonian palm oil replacement company Äio, French infant formula company Numi, and Denmark’s Nutrumami.
Image Credit: Kost Capital
🇵🇱 Poland’s SMOK Ventures closed its second fund with $25 million. Its first $10 million fund was deployed into 24 startups, including Sweden’s SunRoof, which develops integrated solar roofs that generate electricity to help cover the energy demand of entire buildings.
🇬🇧 Carbon13 secured the first close of its latest fund, which has a target size of €30 million. It will use the initial funds to support 19 startups, including scalable EV charging service VoltVogel and maritime carbon reduction technology company Mardeca.
🌍 One Acre Fund announced a reinsurance fund to protect smallholder farmers in Africa against the impact of extreme weather events, helping to prevent losses when disaster strikes.
🔮 Bonus: What are these VC’s looking to invest into this year?
We asked 20 top Climate Tech VC’s what they’re excited about - from SpeedInvest to FirstMinute Capital, Extantia to Planet A Ventures here’s what they’re looking to invest in over the next 12 months.