Pale Blue Dot, a Swedish venture capital firm, burst onto the market in 2020 with a €53 million fund to support entrepreneurs focusing on the environment. After investing in 28 climate-conscious businesses, this fund again increased by €34 million in April 2021. This investor this week revealed it has finally concluded its second fund. This one has the same goal in mind: to promote firms that are focused on climate technology. It is valued at €93 million (about USD 101 million today’s valuation).
Pale Blue Dot, founded by general partners Hampus Jakobsson, Heidi Lindvall, and Joel Larsson, focuses on pre-seed and seed investments in European-based businesses. However, it is also open to deals from the United States.
In a statement, Lindvall asserts that “climate technology is here to stay.” We’ll need to keep putting more money into tech solutions as long as the climate catastrophe isn’t resolved. As people, businesses, and governments struggle to figure out how to decarbonize and get ready for a new future, this sector will continue to increase.
The company prefers to lead rounds when writing checks between €500,000 and €2 million. Out of its 28 investments to date, the company cites Phytoform, a British-American biotech-agritech company, Climate X, U.K.-based logistics company Hived, Danish EV charging platform Monta, and French fintech company Green Got as some examples of what it is looking for. Before the company formally begins allocating cash from its second investment vehicle, a few investments from the first fund still need to be made. With this fund, the GPs hope to invest in 35 startups in food and ag-tech, industry, mobility, and finance, provided they are committed to combating climate change.
Being former startup founders themselves, Larsson, Lindvall, and Jakobsson have a strong founder emphasis on the businesses in which they choose to invest. They are the sole individuals on the investing team, which is decentralized. Any startup that is allowed to meet with the GPs does so. The entrepreneurs may anticipate the GPs working closely with them to support the growth and success of their startups if they decide to invest.
Serial business owners, family offices, and institutional investors from Europe and the United States have contributed to creating the new €93 million fund. About two-thirds of the second fund’s limited partners (LPs) were LPs of the previous fund, and the new LPs were asked to participate.
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