Swedish VC Pale Blue Dot closes debut Climate Tech Fund on €87m

The fund was launched in June 2020, when it held a first close on €53m.

Based in Malmo, the GP is looking to invest in around 35 pre-seed and seed-stage tech companies in Europe and the US that are focused on making a positive impact on the climate.

Investors
According to startups-focused newswire Sifted, LPs in the fund include the Swedish government-backed VC investor SamInvest, H&M family office Ramsbury Invest, and Atomico. Founders of several companies, including Contentful, Zendesk, Supercell, Wise and Delivery Hero, also invested in the fund.

Investments
The GP leads or co-leads seed or pre-seed rounds for European and US-based startups. Its ticket sizes range from €200,000 to €2m. According to Sifted, the GP aims for 10% stakes in companies and plans to reserve half the fund for follow-on investments. 

Pale Blue Dot has already backed 10 companies, namely Hack Your Closet, an online clothing rental service; Cirplus, an online marketplace for recycled plastic; Monta, an electric-vehicle-charging startup; Hier, an app that connects food businesses with regional suppliers; and Overstory, which uses satellite data to track changes in land and vegetation.

People 
Pale Blue Dot – Heidi Lindvall, Hampus Jakobsson, Joel Larsson (partners).  

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