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World Fund closes first €300M climate tech fund, seeking to follow on and back hardware
After a three-year fund-raise, World Fund has finally closed a €300 million first fund, €50 million short of it’s target in 2021, but still a considerable After a three-year fund-raise, World Fund has finally closed a €300 million first fund, €50 million short of it’s target in 2021, but still a considerable number given a background of war and economic uncertainty. The VC originally emerged from the founders of the Ecosia independent search engine, where search enquires funded the planting of trees.
World Fund has already deployed some of its cash into a number of climate tech companies, but it says this capital will enable it to make 25-30 investments into European startups around decarbonisation. In 2023 there was over $20 billion raised by European climate tech startups, almost matching the previous year, and bucking declining trends in other sectors, according to Dealroom. The U.K., Sweden and Germany led for total climate tech VC in 2023 but Iceland, Lithuania and Bulgaria showed notable growth.
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