Sweden-based venture capital fund light blue dots In 2020, it re-emerged with a €53 million fund to help climate-focused startups. The fund grew again by 34 million euros in April 2021, and the investor announced this week that it has officially closed its second fund after investing in 28 climate-forward companies. The project, valued at 93 million euros (about $101 million at today’s valuation), has the same purpose: to support climate technology-oriented start-ups.
Pale Blue Dot, founded by general partners Joel Larsson, Heidi Lindvall and Hampus Jakobsson, wants to make pre-seed and seed investments in European companies, though it is also open to deals from the US.
“Climate tech is here to stay,” Lindvall said in a statement to TechCrunch. “As long as the climate crisis is not resolved, we will need to continue to pour more money into technological solutions. Growth in this area will continue to accelerate as individuals, businesses and governments try to figure out how to decarbonize and prepare for the new world.”
The company prefers lead rounds, writing checks for between 500,000 and 2 million euros.Of the 28 investments it has made to date, the firm has highlighted some examples of what it is looking for in the form of plant forman Anglo-American biotech agtech company, climate risk data analytics company Climate X; British logistics company honeycombDanish EV Charging Platform Monta and French fintech companies green The first fund still needs to make some investments before the company can officially start deploying capital from its second investment vehicle. GP’s aim is to use the fund to invest in 35 startups across sectors such as food and agritech, industrial, mobile and fintech, if they focus on making a positive impact on climate change.
Larsson, Lindvall, and Jakobsson are all former startup founders themselves, giving them a strong founder focus on the companies they choose to invest in. They are also the only members of the investment team that do not have a hierarchy. Any startup that offers to meet with a GP will meet with all three of them. If they choose to invest, founders can expect a GP to work closely with them to help their startup grow and prosper.
“Getting interest and recognition from the industry is great,” says Jakobsson, “but the fact that amazing founders keep choosing us as partners on their journey is the biggest vote of confidence and why we get out of bed in the morning.”
New EUR 93 million fund with investment from serial entrepreneurs, family offices and institutional investors in Europe and the U.S. About two-thirds of the LPs in the second fund are LPs in the first fund, the new of limited partners have been invited to join.
Pale Blue Dot told TechCrunch that it is eager to meet ambitious founders from diverse backgrounds who are looking to tackle climate change with their startups.