Climate-focused venture capital funds
Climate-focused venture capital funds have already raised $6.9bn since the beginning of 2024, up from $5.2bn for the entirety of 2023, according to a new report from Venture Capital Journal.
While climate VCs have closed less funds overall — 24 compared to 26 last year — the average pot size has swelled from $202mn to $267mn so far in 2024.
This climate tech cash boost is largely reflective of a new fund from billionaire Bill Gates’ Breakthrough Energy Ventures (BEV). The American climate tech funding vehicle recently closed its third fund at more than $839mn. BEV also closed a smaller, but still significant, $555m fund in January.
Bill Gates founded BEV in 2015 alongside some of the world’s richest people (men), including Jeff Bezos, Michael Bloomberg, and Richard Branson. The investment thesis was clear: back technologies that have the potential to decarbonise all facets of the world economy.
Source: thenextweb.com