Despite a recent dip in climate tech funding, Berlin-based venture capital firm, World Fund, has successfully secured an additional €50+ million for its climate-oriented investment endeavors. This achievement comes against the backdrop of disheartening statistics revealing a substantial 57.6 percent decrease in climate tech investments between Q1 2022 and Q1 2023. Notably, World Fund welcomed new investors into its fold, including Germany’s KfW Capital and Lithuania’s Ignitis Group, a company specializing in renewable energy.
A white paper published by World Fund underscores the urgency of increased funding in the climate tech sector. The report argues that current funding levels are significantly below where they should be, emphasizing the necessity for a staggering annual increase of 590 percent to reach a target of $4.35 trillion annually.
Daria Saharova, expressing optimism about the development, stated, “We see this as a strong signal for climate tech in Europe, especially against the backdrop of the venture capital slowdown. We are glad to see this renewed interest and commitment to climate tech. We are pleased to be attracting capital from across the board, with our investors ranging from large private partners to institutional investors and private individuals.”
World Fund recently took a co-leading role in a €40 million growth funding round for Scottish mycoprotein biotech company Enough. Enough specializes in producing sustainable protein through the fermentation of fungi, aimed at alternative meat and dairy product applications.
Darius Maikštėnas, CEO of Ignitis Group, emphasized the strategic importance of investing in climate tech through venture capital, saying, “We are pleased to further our net-zero commitments by investing in climate tech through venture capital. We clearly see that this asset class is crucial for the energy sector in order to meet EU climate and our strategy targets as well as maintain competitive advantage. We conducted an 18-month research and public tender process, where World Fund stood out among a competitive group of VCs due to its clear investment and climate methodology, ability to attract climate-focused investors, and experienced team with a background in science, entrepreneurship, and venture capital.” Ignitis Group aims to establish a 100 percent green and secure energy ecosystem in Lithuania and the Baltics, aligning with broader climate goals.
