Sweden-based venture capital fund Pale Blue Dot entered the market in 2020 with a €53 million fund to help climate-focused startups. This fund grew again by €34 million in April 2021, and after investing in 28 climate-focused companies, the investor announced this week that it has officially closed its second fund. It is valued at €93 million (about $101 million at today’s valuation), with the same premise in mind: supporting climate technology-focused startups.
Founded by general partners Joel Larsson, Heidi Lindvall and Hampus Jakobsson, Pale Blue Dot appears to be making pre-seed and seed investments in European-based companies, though it is also open to deals from the US.
“Climate technology is here to stay,” Lindvall said in a statement to Acutely.info. “As long as the climate crisis is not solved, we will have to continue to invest more money in technical solutions. This space will continue to see accelerated growth as individuals, companies and governments try to figure out how to decarbonise and prepare for a new world.”
The company prefers to conduct rounds and write checks between €500,000 and €2 million. Of its 28 investments to date, the company highlights some examples of what it’s looking for in the form of Phytoforma British-American biotech agritech company, climate risk data analysis company Climate X; Logistics company based in the UK leviedDanish EV charging platform Monta and a French fintech company Got green. There are still some investments to be made from the first fund before the company officially starts deploying funds from its second investment vehicle. With this fund, the GPs want to invest in 35 startups in sectors such as food and agtech, industry, mobility and fintech, provided that they are aimed at making a positive difference in the direction of climate change.
The Pale Blue Dot team. Image Credits: Light blue dot
Larsson, Lindvall and Jakobsson are all former startup founders themselves, giving them a strong founder focus in the companies they want to invest in. They are also the only members of the investment team, which has no hierarchy. Every startup that is offered a meeting with the GPs meets all three. If they choose to make an investment, the founders can expect the GPs to work closely with them to help their startups grow and prosper.
“It’s good to get interest and recognition from the industry,” says Jakobsson, “but the fact that great founders continue to choose us as their partners on their journeys is the biggest vote of confidence and why we get up in the morning.”
The new €93 million fund was created with investments from serial entrepreneurs, family offices and institutional investors from Europe and the US. .
Pale Blue Dot tells Acutely.info it is eager to meet ambitious founders from diverse backgrounds who want their startups to tackle climate change.
