Climate-focused start-ups are on a roll
They have raised more in the first half of 2024 than all of 2023.
Venture Capital Journal reports that climate-focused start-ups have raised $6.9 billion in 2024, exceeding all of 2023 when those in the sector raised a total of $5.2 billion.
The article attributes the larger number midway through the year to Breakthrough Energy Ventures (BEV), the Bill Gates-backed fund. Founded in 2015, its focus is on accelerating innovation in sustainable energy and other technologies to reduce greenhouse gas emissions.
According to the article, BEV filed a July 31 report with the Securities and Exchange Commission showing that it had closed on more than $839 million for its Breakthrough Energy Ventures III L.P.
Knoxville-based Holocene secured coveted funding through the Gates-backed “Breakthrough Energy Fellows” program and last September announced that it was one of 12 companies to share in a $7 million buy facilitated by Frontier Climate on behalf of buyers Stripe, Shopify, and H&M Group.
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