TLDR:
- Breakthrough Energy Ventures, backed by Bill Gates, has raised $839 million for its third fund.
- The firm focuses on investing in startups that innovate in climate technology and reduce emissions.
A recent SEC filing revealed that Breakthrough Energy Ventures, a climate-focused investment firm founded by Bill Gates, has raised $839 million for its third flagship fund. The fund will continue to support startups that focus on emission reductions and innovation in climate technology across various sectors such as electricity, transportation, manufacturing, and food and agriculture. The firm, which has already raised more than $3.5 billion in committed capital, counts companies like E.V. battery maker QuantumScape and electric plane company ZeroAvia in its portfolio.
Established in 2015, Breakthrough Energy Ventures was created by Gates and other notable investors like Jeff Bezos, Jack Ma, Reid Hoffman, and Michael Bloomberg to address climate challenges through venture capital investments. The firm’s previous funds, BEV I and BEV II, closed at $1 billion and $1.25 billion respectively. Gates has indicated that the third fund, BEVIII, will be of similar size, with the goal of expanding the firm’s portfolio by 40 percent.
As part of the larger Breakthrough Energy umbrella group, Gates’ climate-focused venture capital initiative collaborates with policy teams, a fellows program, and a Catalyst initiative that funds large-scale projects. Gates, a long-time advocate of tech climate solutions, has made other climate investments outside of Breakthrough Energy Ventures, including $1 billion in Terrapower, a nuclear energy startup.
