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Today: October 3, 2024
August 12, 2024
1 min read

Record-breaking Climate Tech VC Funding in 2024 Surpasses Last Year

TLDR:

  • Climate-focused venture capital funds have raised $6.9bn in 2024, already surpassing the total for 2023.
  • Bill Gates’ Breakthrough Energy Ventures has played a significant role in the increase in funding.

Climate-focused venture capital funds have seen a significant increase in funding in 2024 compared to the previous year. According to a report from Venture Capital Journal, funds have already raised $6.9bn since the beginning of the year, up from $5.2bn for all of 2023. While the number of funds closed has decreased slightly, the average pot size has grown from $202mn to $267mn. Bill Gates’ Breakthrough Energy Ventures (BEV) has been a key player in this increase, closing a third fund at over $839mn, along with a smaller $555m fund earlier in the year. The investment thesis of BEV is to back technologies that have the potential to decarbonize all aspects of the world economy. In addition to global investments, several homegrown climate tech funds in Europe have also raised substantial amounts of money in 2024, indicating a positive trend for the sector as a whole.

This increase in climate tech funding is a promising sign for the sector as the world moves towards decarbonization efforts. Despite an overall downturn in tech investment, climate tech has remained resilient, with total private investment in climate tech in 2023 surpassing $50bn globally. With heightened VC activity in the sector, it suggests a positive outlook for the future of climate tech innovation.

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