European Climate Tech VC Raises €300M Fund to Support Startups
Berlin-based World Fund has successfully raised a staggering €300M for its first-time fund, marking it as the largest fund raised by any climate tech venture capital in European history. Founded in 2021, World Fund focuses on investing in startups dedicated to decarbonizing various industries such as energy, buildings, transport, and agriculture. The fund has already supported 15 early-stage companies, including SpaceForge, a company manufacturing materials in orbit, and Juicy Marbles, which develops fake meat whole cuts. World Fund's managing partner, Danijel Visevic, emphasized their focus on backing companies and technologies with the potential to deliver substantial cuts in CO2 emissions and power systemic change. The fund aims to bridge the gap in funding for startups by concentrating on larger sums needed for scaling, with a specific focus on climate tech. World Fund plans to utilize the fresh capital to make new investments in over 25 European climate tech and deep tech startups. It co-led a €25mn founding round in UK-based Mission Zero, which builds energy-efficient carbon capture machines. The fund's significant size allows it to provide a substantial runway for budding companies. World Fund's success in raising capital can be attributed in part to the growing maturity and institutionalization of the climate tech sector. Notably, the fund managed to attract new investors, including the UK Environment Agency Pension Fund and British accounting giant PwC. The fund's mission to support groundbreaking technologies that contribute to a regenerative world has gained attention from institutional investors. Founded in 2021, World Fund has received backing from the European Investment Fund, KfW Capital, Wachstumsfonds, BPI France, PwC Germany, NRWbank, and Ignitis Group, with several pension funds also joining the initiative. World Fund's commitment to fostering climate tech innovation and addressing the pressing need for sustainable technologies has positioned it as a significant player in the European venture capital landscape.