UK-based Founders Factory has unveiled a £100-million venture fund to give a boost to early-stage climate startups. Backed by the British media giant Sky, the Planet Fund will focus on broad sustainability themes, including decarbonisation, resource preservation, climate resilience and the circular economy.
The ‘operator-first’ approach will see Planet Fund provide entrepreneurs with hands-on support in addition to capital.
The 25 startups, which were earlier a part of Sky Ocean Ventures set up in 2018, have now been to the Planet Fund. The cash injection will also include the proceeds from the sale of paper bottle maker Choose Packaging to Hewlett Packard.
The newly launched fund is set to speed up Founders Factory’s climate tech focus, which in recent years has seen it launch G-Force, a pre-seed investment programme for climate startups, partner with social innovation agency Nesta to create new ventures tackling household carbon emissions and recently announced ocean technology program – the Blue Action Lab.
Henry Lane Fox, CEO at Founders Factory said: “We’ve seen a huge migration of tech talent wanting to work in the climate, and know there is a gap to provide high-conviction capital and hands-on support to the next generation of ambitious planet focused companies.”
Brent Hoberman, founding advisor and Founders Factory executive chairman said: “Sky’s focus on environmental activism and its reach coupled with our entrepreneurial DNA will allow us to invest in and nurture the best climate entrepreneurs who can help to unlock a more sustainable future for us all.”