Lisbon-based VC firm Faber has announced its blue economy/climate action fund has already exceeded its initial €30 million target at first close. Focusing on pre-Series A investments, namely in deeptech-focused startups haling Iberia, and the firm typically issues ticket sizes ranging from €100,000 to €1.5 million.
Seeking to support between 20 to 25 early-stage companies, Faber's Blue Pioneers fund has already invested in German cleantech startup, Fuelsave, which offers a number of retrofit energy solutions to a variety of sectors, including a focus on the decarbonisation of the maritime industry through hydrogen-powered marine generators.
“It is with great pride that we announce the first close of Faber Blue Pioneers I above the initial target with such a notable group of impact-driven investors, joining us in the strong belief that science- and purpose-driven entrepreneurs can accelerate innovation and make a positive impact on ocean sustainability and climate action,” commented Faber’s Alexandre Barbosa. “It is also with great satisfaction that we welcome Fuelsave to the fund's portfolio, as we believe their team will pave the way for the decarbonization of the maritime industry.”
Faber’s Blue Pioneers fund is backed by the European Investment Fund (EIF) and Portugal Blue, Sociedade Francisco Manuel dos Santos (through its investment arm Movendo Capital), Builders Initiative, the Calouste Gulbenkian Foundation, and the Champalimaud Foundation. Individual backers include SolarCity co-founder Peter Rive (now part of Tesla), and co-founder and chief science officer at Feedzai Pedro Bizarro.