To invest in the next set of Danish founders poised to take centre stage in solving the world’s most pressing - climate change issue, London-based fund Giant Ventures has rolled out a new incentive plan worth $5 million each year until 2030. In an exclusive interview with Tech.eu, Cameron McLain, co-founder and managing partner, Giant Ventures spills the beans on how it is on a quest to find the next green tech Danish unicorn.
Dubbed the Giant Prize, the funding will range from $750,000 to $5 million and will support one winner each year for the rest of the decade. The 8 winners until 2030 and up to 5 runners up will be considered for funding each year.
According to McLain, the programme will focus on very early-stage startups. To be eligible, companies should have raised no more than $1 million. Also, it should have at least one Danish founder but can be based anywhere.
The startups should work in the field of climate finance, carbon capture and storage, regenerative agriculture, climate data, carbon offset verification, electric vehicle infrastructure, novel battery technology, and smart energy-grid software.
Commenting on the new programme, McLain added: “We are seeing a lot of innovation in early-stage Danish climate startups. We created the Giant Prize to find the hidden gem that might not otherwise receive funding. We also wanted to inspire the best Danish founders to turn their attention to climate tech.”
Denmark’s carbon footprint is comparatively small, when compared to countries such as the U.S. and China. Yet, the country continues to be an important player when it comes to climate change policy and early adoption of green technology.
With currently eight unicorns such as Pleo, Unity and Trustpilot, the country is also home to a number of clean tech startups, including FieldSense which raised recent funding to bring better weather updates for farmers.
Tommy Ahlers, former Danish minister of education and Giant Prize council of judges member concluded: “Home-grown Danish technology and innovation will play a crucial role in Denmark hitting its climate targets and safeguarding the future of our planet.”
The prize is being launched in partnership with Denmark’s state investment vehicle Vækstfonden. Applications will run from 6 April to 30 September 2022. Entrepreneurs can apply at giantprize.dk
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