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DCVC wanted to raise $500M for its first climate fund, but the market had other plans
The firm dropped its target down to $300 million but recent market demand made them realize they could hit $400 million.
Now, a source familiar with the matter tells TechCrunch that things have started to fall into place and $400 million may be a more accurate reflection of where the fund is headed. As part of the Davos event in February, Bogue called out AI applications for climate technologies as one of the “major opportunities” for DCVC, alongside techbio and robotics. While both LPs and analysts have told TechCrunch that they aren’t expecting 2024 to be a significantly better year for VC fundraising — some think it might be worse than 2023 — for DCVC’s new climate fund, things may actually be headed in a better direction than its recent SEC disclosures have indicated.
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