Climatetech

The Altree Kadzi Gender Climate Fund (AKGCF) is an impact-focused blended finance vehicle managed by Altree Capital, targeting early- to growth-stage companies in Sub-Saharan Africa that advance gender equality, women's empowerment, and climate adaptation and mitigation. Established by Altree Capital — an investment manager founded in 2006 by Jenni Chamberlain with a long-standing commitment to driving international capital into Africa — the fund represents one of the continent's few vehicles explicitly combining gender-lens investing with a climate-smart mandate across a single portfolio. The AKGCF targets a raise of between USD 50 million and USD 80 million, deploying capital through a mix of equity, debt, mezzanine, convertible notes, and revenue-based financing. This multi-instrument approach is designed to de-risk investments across the capital structure and reach companies too mature for traditional venture capital but too early for conventional private equity. At least 60 percent of the portfolio is directed at businesses addressing climate adaptation and mitigation, while 40 percent focuses on women's health. Every investment must qualify for at least three of the 2X Criteria for gender-lens investing, ensuring a rigorous, measurable approach to gender impact across the portfolio. Key portfolio companies include Wahu! Mobility, an electric vehicle venture operating in Ghana and Togo, and Kasha, an e-commerce platform focused on women's health and personal care. Altree Capital maintains offices in Bermuda, the United Kingdom, South Africa, and Kenya, providing hands-on investor support across the regions where the fund operates. The AKGCF has received backing from the Climate Gender Equity Fund (CGEF) and support from the Visa Africa Women's Investment Fund (AWIF), validating the fund's blended finance approach and commitment to gender and climate impact in emerging markets.

Axeleo Capital Green Tech Industry I is the debut climate and industrial technology fund raised by Axeleo Capital, an independent French venture capital manager that has expanded its platform from B2B enterprise software into the green economy. The fund represents Axeleo Capital's strategic entry into deep industrial technology, targeting European startups at the critical transition from laboratory to first commercial factory, addressing the capital gap between research grants and scaled manufacturing investment. The fund focuses on financing the first commercial factories of European industrial startups dedicated to the ecological transition, investing across four impact-driven verticals: energy technologies including novel renewable energy sources and storage systems; chemistry and advanced materials including biomaterials and plastics recycling; agriculture and food systems including bio-based fertilizers, pesticides, and food innovation; and sustainable mobility including electric motor technologies and decarbonization of air and sea transportation. Axeleo targets 15 to 20 investments across Europe with lead ticket sizes ranging from EUR 3 million to EUR 10 million, focusing on founders with proprietary technology and a credible path to scaled industrial production. Axeleo Capital Green Tech Industry I announced a first close at EUR 125 million in November 2024 against a total target of EUR 250 million. Anchor commitments came from the Révolution Environnementale et Solidaire fund (Crédit Mutuel Alliance Fédérale), Bpifrance via the Fonds National de Venture Industriel as part of France's Plan France 2030 industrial policy, and the Veolia environmental services group. The fund is actively fundraising toward its EUR 250 million target, making it one of the largest dedicated industrial climate tech vehicles raised in France.

The BSocial Impact Fund II is a closed‑end venture capital vehicle managed by Ship2B Ventures, dedicated to investing in early‑stage companies that generate measurable social and environmental impact while pursuing market‑rate financial returns. The fund builds on the team’s track record in impact investing and seeks startup entrepreneurs whose business models are explicitly designed to address systemic challenges such as vulnerable populations, decarbonisation and ecosystem regeneration.The fund focuses on companies with high growth potential across Spain (and potentially beyond) that combine innovation and scalability with strong impact intention. Ship2B Ventures employs rigorous impact‑measurement frameworks (including defined KPIs and Theory of Change) ensuring that investments are not only financially viable but also aligned with measurable positive outcomes for people and planet.Investment opportunities are selected in sectors where technology, disruptive business models and purpose converge — for example healthtech, care for ageing or vulnerable groups, climate tech, circular economy and digital solutions for inclusion. The fund aims to partner with entrepreneurial teams that are committed, experienced and ready to scale. By using blended‑finance mechanisms (including support instruments, first‑loss protection tranches, and technical assistance) the model seeks to mobilise more private capital into impact‑oriented ventures.Through its strategy of “triple return” (financial, social and environmental), the fund aspires to demonstrate that purpose‑driven investment can achieve commercial success while contributing to systemic change. By doing so, it aims to play a key role in strengthening the Spanish impact ecosystem, bridging the gap between venture capital and the goals of social inclusion, climate mitigation and sustainable development.

DCVC Climate Select is a venture capital fund targeting climate startups at the mid-stages of development. The fund is located in Palo Alto, California. The fund is focused on climate technologies and applications in AI, tech bio, and robotics, where it sees opportunities for investment in underfunded areas. The fund is managed by the well-established Silicon Valley VC firm DCVC, which has invested $360 million from other funds into climate startups over the last decade. DCVC Climate Select initially aimed to raise $500 million, but this target has since been lowered to $400 million due to challenging market conditions.

The Decarbonization Partners Fund I focuses on investing in late-stage venture capital and growth private equity for next-generation companies that support the acceleration of decarbonization and the transition to a net-zero economy. The fund has attracted a diverse set of over 30 institutional investors representing 18 countries, including public and private pension funds, sovereign wealth funds, insurance companies, and corporates and family offices across North America, Europe, and Asia Pacific. The diversity and depth of the investor base reflect the global nature of the opportunity around climate investing, directly aligning with Decarbonization Partners’ global focus. The Fund’s target investments include companies that drive intentional, material, and measurable decarbonization outcomes. It invests in companies with de-risked technologies that are ready to scale and can benefit from BlackRock and Temasek’s complementary platforms and deep access. The Fund’s investments span several innovative decarbonization technologies, including sustainable materials, clean hydrogen, science-based carbon management services, low-emissions battery recycling, EV fleet management, and thermal energy storage for industrial applications. The partnership aims to invest in companies that provide solutions and technologies to help accelerate global efforts to achieve a net-zero global economy by 2050. The sectors targeted for investment include Carbon Capture, Storage and Utilization, Bio and Low Carbon Products, Next Generation Energy, Advanced Mobility, Carbon Management Services, and Digital Transformation. The team has built a robust pipeline of proprietary deal flow and intends to continue executing on this in the coming months. The Decarbonization Partners team, which has grown to over 25 members, includes experienced venture capital and growth equity investment and portfolio management professionals across offices in New York, San Francisco, Singapore, London, Paris, and Houston. The team was intentionally constructed to provide portfolio companies with trusted value-add partners who bring significant technical and operational experience to the table.

Energize Ventures Fund III, with $430 million in capital commitments, is a VC fund by Energize Capital. The fund went over its initial target of $350 million. This fund aims to invest in early-stage companies developing digital and software-enabled solutions that drive energy and industrial transformation. The closure of Fund III brings Energize Capital's total assets under management to over $1.8 billion. The fund focuses on asset-light, digital-first climate solutions, particularly in sectors such as industrial digitization, next-generation infrastructure, and the energy transition. Energize Capital plans to invest in companies at the Series A to C stages, with average check sizes ranging from $15 million to $20 million. Initial investments from Fund III include Tyba, a battery optimization software platform; Archive, a resale technology solution for brands; and Nira Energy, a grid interconnection software platform for energy developers. Energize Ventures Fund III is backed by a diverse group of institutional, corporate strategic, family office, and impact investors. New limited partners include Sweden’s Första AP-Fonden (AP1), Capricorn Investment Group, Reference Capital, Keeling Capital, Keysight Technologies, and WEX Venture Capital. Returning investors comprise GE Vernova, Caisse de dépôt et placement du Québec (CDPQ), Builders Vision, UBS, and WEC Energy Group.

FORWARD.one Fund III is a €200 million industrial technology venture fund aiming to back Europe’s next generation of breakthrough hardware and deeptech companies. With a hard cap set at €250 million, the fund will deploy initial tickets in the range of €1–3 million, reserving additional capital for follow‑on financing. The fund intends to build a concentrated portfolio of 25–30 early‑stage companies, focusing on domains such as semiconductors, robotics, sensors, advanced automation, climate tech, and industrial innovation. Its geographic focus includes the Benelux, Germany/Austria/Switzerland (DACH), the Nordics, and other European innovation hubs. FORWARD.one brings a hands‑on, commercialization‑oriented investment style. Its value proposition is rooted in bridging the “deeptech gap” by combining technical domain expertise, rapid execution, and industry networks to help founders transform advanced research into scalable products for real markets. The fund also builds on FORWARD.one’s performance track record: Fund I (launched ~2018) delivered a net IRR of ~41 % and 2× DPI, with exits such as Sensorfact (acquired by ABB) and Mayht (acquired by Sonos). Fund II (launched ~2021, ~€145 million) is mid‑deployment, targeting similar sectors. With Fund III, the firm aims to scale its backing of Europe’s industrial tech champions and deliver strong returns for LPs.

GEF US Climate Solutions Fund II LP is a private equity fund managed by GEF Capital Partners. It focuses on investing in North America-based lower middle-market companies that have developed solutions to address climate change and pollution mitigation. The fund exceeded its original $250 million target, closing with $325 million of capital commitments. Limited partners in Fund II include various climate change-focused institutions such as Blue Earth Capital, HQ Capital, ODDO BHF, INGKA Investments, GEM Investments, Första AP-fonden, Quilvest Capital Partners, Granite Capital Management, and Nordea. The fund aims to support small-scale businesses critical to the transition to a net zero and circular economy by providing both capital and guidance from impact investors. GEF Capital invests in companies in sectors including clean energy, energy efficiency, waste, water, and resource efficiency. As of May 2024, the fund has invested in six companies: InSite, a Washington DC-headquartered provider of software used by real estate owners and operators to reduce energy usage and improve building performance in order to meet sustainability goals (2021); Lifecycle Renewables, a Massachusetts-based recycler of used cooking oil into a branded heating oil that is used by universities, hospitals and utility companies to attain net zero carbon emission targets (2022); Murf E-Bikes, a California-based designer and maker of electric bikes (2022); Polargy, a California-based designer of energy efficient systems for hot and cold aisle containment systems, modular walls and structural ceilings in data centers (2023); Civic Renewables, a Maryland-based provider of residential solar energy installation services (2023); and Next Step Energy Solutions, a Colorado-based provider of LED lighting systems used in the healthcare, manufacturing and commercial real estate sectors (2023).. With the closing of Fund II, GEF Capital welcomed two new operating partners, bringing expertise in carbon credit development, sales, marketing, and operational support to deepen value creation and impact for portfolio companies. The fund aims to showcase that environmental outcomes can result in strong financial and environmental benefits. FirstPoint Equity served as the lead placement agent for GEF Capital in fundraising for Fund II, attracting a broad spectrum of responsible investors. Additional placement agent services were provided by Asante Capital, TritonLake, and Impactus Partners. Latham & Watkins served as legal counsel for the formation of Fund II.

Magnesium Capital I focuses on profitable European companies with proven technologies or tech-enabled services that are positively impacting the decarbonisation of the production, distribution, and consumption of energy. The team has been backing the buyouts of such businesses for a number of years on a direct deal basis. Since inception, Magnesium has completed seven platform investments, signed six follow-on acquisitions, and exited two investments for 4.2x gross MOIC. The fund targets high-growth, profitable businesses in Europe and the UK that support the energy transition. It likes to partner with entrepreneurial management teams and support them on their next stage of growth. Magnesium looks for companies with competitive advantages in their core technology or tech-led service that have a positive impact on the way energy is produced, distributed, or consumed. The fund takes controlling stakes in each of its investments but considers significant minority positions in certain circumstances. The fund closed its inaugural Fund, Magnesium Capital I, at its hard cap of €135m, exceeding the €100m Fund target. The final close occurred less than a year after the Fund’s first close with Magnesium attracting blue-clip institutional investors from the US, Europe, and the UK. The combined impact of these portfolio companies already directly contributes to the avoidance of over 30 million tonnes of CO2 equivalent per annum, demonstrating their focus on impactful investments with positive environmental outcomes. The fund prefers investments ranging from €15 million to €50 million in companies with enterprise values of €25 million to €100 million.

Marathon Fund III is the latest €75 million seed-stage fund from Athens-based Marathon Venture Capital. The firm continues its mission to be a “Day One partner” to Greek tech founders, focusing on those building globally competitive companies from the outset. This new vehicle brings Marathon’s total assets under management to €175 million, reflecting the firm’s growing influence in the European venture ecosystem. Marathon’s investment thesis centers on founders addressing complex challenges in significant markets. These challenges often require specialized knowledge, such as advanced research expertise, or navigating regulated and overlooked industries like power grid management. The firm emphasizes capital efficiency and resilience, qualities inherent in the Greek tech community, enabling startups to serve global markets effectively from their inception. The firm has a track record of successful investments, including the acquisition of Augmenta by CNH Industrial for $110 million and a secondary sale of shares in Hack the Box to The Carlyle Group. These exits underscore Marathon's ability to identify and support startups with significant growth potential and global appeal.