ImpactAlpha, September 12 – World Fund secured €50 million from KfW Capital, the German development bank’s venture arm, and Lithuanian utility Ignitis Group. The Berlin-based climate tech VC firm, which launched in 2021, is targeting a raise of €350 million ($375 million) to invest in Europe’s early and growth-stage climate entrepreneurs.
It has backed 10 companies, including seed-stage Freshflow, which last year raised €1.7 million for an AI-powered grocery inventory system to curb food waste. It also led a €128 million equity round for IQM Quantum Computers, which is helping to model climate solutions “impossible to achieve through current levels of computing power.”
Climate VC gaps
After defying gravity for months, climate tech funding earlier this year suffered an even steeper drop than overall tech VC funding. The biggest gap now is growth and late-stage funding, World Fund says.
Also backing World Fund are the European Investment Fund, which previously invested €50 million, and the UK Environment Agency Pension Fund.