Despite the climatetech funding dip that has emerged from Q1 2023 figures, Berlin-based climatetech VC World Fund has added another €50+ million to its kitty. The successful raise, amid the reports that the purse strings for climatetech dropped 57.6 percent between Q1 2022 and Q1 2023, saw some new investors come on board including Germany’s KfW Capital and Lithuanian renewables-focused energy firm, Ignitis Group.
Additionally, a white paper produced by World Fund suggests that funding in the climate tech sector is a good way behind the levels it should be at. It says that ‘funding volumes must urgently increase by 590 percent per annum to $4.35 trillion annually'.
“We see this as a strong signal for climate tech in Europe, especially against the backdrop of the venture capital slowdown,” says Daria Saharova. “We are glad to see this renewed interest and commitment to climate tech. We are pleased to be attracting capital from across the board, with our investors ranging from large private partners to institutional investors and private individuals.”
World Fund recently co-led a €40 million growth funding round in Scottish mycoprotein biotech Enough which produces sustainable protein from fermenting fungi for use in alternative meat and dairy products.
"We are pleased to further our net-zero commitments by investing in climate tech through venture capital. We clearly see that this asset class is crucial for the energy sector in order to meet EU climate and our strategy targets as well as maintain competitive advantage. We conducted an 18-month research and public tender process, where World Fund stood out among a competitive group of VCs due to its clear investment and climate methodology, ability to attract climate-focused investors and experienced team with a background in science, entrepreneurship and venture capital,” says Darius Maikštėnas, CEO of Ignitis Group which aims to create a 100 percent green and secure energy ecosystem in its home country of Lithuania and the Baltics.
Lead image: Markus Spiske