Pale blue dot, a climate tech VC fund based out of Sweden, has closed its second, oversubscribed fund at €93 million. This investment was closed less than three years after launching their first fund, which is still active and recently invested in HIVED and Improvin’.
The second fund saw investment from serial entrepreneurs, family offices, and institutional investors from Europe and US. Existing LPs represent more than two-thirds of the fund and will be joined by a handful of thoughtfully selected LPs invited to join the second fund.
Plans to back 35 startups
The three Pale blue dot GPs – Hampus Jakobsson, Heidi Lindvall, and Joel Larsson are former startup founders. The VC invests across all sectors, such as Food and Agtech, Industry, Mobility, and Fintech. It eyes to meet ambitious and diverse founders from across industries working to reduce or reverse the climate impact or help prepare for a new world.
The fund will invest in a handful of companies through the first fund, and plans to invest in 35 companies from the second fund. It will invest in pre-seed and seed rounds and prefer to lead rounds with €500k to €2 million tickets, and focus on Europe while being open to deals from the US.
“Climate tech is here to stay. As long as the climate crisis has not been solved, we will need to keep investing more money into tech solutions. This space will continue to see accelerated growth as individuals, corporates, and governments try to figure out how to decarbonise and prepare for a new world,” Heidi Lindvall, General Partner at Pale blue dot.
“Receiving interest and recognition from the industry is good, but the fact that amazing founders keep picking us to be their partners on their journeys is the biggest vote of confidence and why we get up in the morning.” Hampus Jakobsson, General Partner at Pale blue dot.