TLDR:
- World Fund, a European climate tech investor, has closed its fund at over $300 million.
- The fund will focus on investing in start-ups that can significantly reduce carbon emissions.
Article Summary:
World Fund, a European climate tech investor, has successfully closed its fund at €300 million ($320 million) after facing challenges in raising capital due to the downturn in the tech market. The fund received investments from the European Investment Fund, KfW Capital, BPI France, PwC Germany, and pension funds. World Fund will now concentrate on investing in start-ups across various sectors that have the potential to reduce carbon emissions significantly. The fund has already invested in companies like Planet A Foods and IQM Quantum Computers.
World Fund plans to invest in seed and Series A stages of companies with a portion of its capital earmarked for follow-on investments. The fund’s managing partner, Danijel Višević, highlighted the challenges faced by European funds, particularly the lack of venture capital and the necessity to understand the scalability of hardware. To address these challenges, World Fund’s team includes experts in engineering and science to help in the investment selection process. Višević, along with Daria Saharova, Tim Schumacher, and Craig Douglas, aim to make 25 to 30 investments during the lifespan of this fund.
World Fund’s strategy includes focusing on companies that can make a significant impact in reducing emissions, with a rigorous due diligence process centered on this goal. The fund also intends to support companies at the Series B stage, a critical phase that often lacks sufficient capital for scaling. Overall, World Fund’s mission is to support climate tech innovations and contribute to the global effort in achieving carbon emission reductions.
