Malmö, Sweden-based climate tech VC firm Pale blue dot has announced the close of its second fund at €93 million. According to the firm, they are still actively making investments from the first fund, and are ironing out the final details of these tickets before officially uncorking the second vintage.
Rooted in a pan-climate tech thesis, Pale blue dot invests in, but is not limited to, European and US-based food and agtech, industry, mobility, and fintech startups at the pre-seed and seed stage with an average ticket size ranging from €500,000 - €2 million. On par with the firm's first fund, the plan is to invest in 35 promising startups via the second fund.
In a strong show of support for the firms’ methodology, more than two-thirds of existing LPs chose to return to the table for Pale blue dot’s second outing and include serial entrepreneurs, family offices, and institutional investors from Europe and US.
While not specifically named in the second fund, LPs of Pale blue dot’s first fund include Prima Materia, the investment firm founded by Spotify CEO Daniel Ek and Shakil Khan, Pirates Impact, as well as the founders of companies like Contentful, Delivery Hero and Wise.
“Receiving interest and recognition from the industry is good, but the fact that amazing founders keep picking us to be their partners on their journeys is the biggest vote of confidence and why we get up in the morning,” commented Pale blue dot General Partner Hampus Jakobsson.