ESG in VC Insights

Edition #4

Hello ESG in VC followers,

Welcome to the 4th edition of ESG in VC Insights. Curated with 🖤 every month by ESG in VC team.

ESG in the News

• Over the last several weeks, anti-ESG efforts have gained steam in the United States with Republican-leaning states including government officials in Texas and Florida pursuing legal routes to combat certain firms promoting ESG initiatives

• In their recent Harvard Business Review article, Kenneth Pucker and Andrew King discuss the common misconception that ESG investing can be relied upon to finance companies that will help save the planet

• The Norrsken Foundation, a non-profit ecosystem for impact founders, releases the Impact100, its annual list of some of the world’s most promising impact start-ups

• In its recent piece, the Carbon Disclosure Project finds that no G7 country is on track to meet the Paris Agreement’s 5°Celsius target

• FAIRR and GFI release new reporting frameworks for alternative protein manufacturers and ingredient suppliers aiming to address items such as sourcing, certification, soil health, and water consumption, among others

• PwC Switzerland announces a long-term contract with Direct Carbon Capture firm, Climeworks, to remove CO2 from the atmosphere as part of its net zero roadmap

The Regulatory Report

• California legislators approve $54 billion in climate spending including $14.8 billion for transit, rail, and port projects, $8 billion to clean up and stabilize the electrical grid, and $6.1 billion for EVs along with a vote to keep the state’s last nuclear plant in operation

• Brazil creates the National System for Reducing Greenhouse Gas Emissions, a new carbon-trading system, by Presidential decree, ahead of October elections

• President Biden appoints John Podesta to oversee the distribution of $370 billion in climate spending approved via the passage of August’s historic Inflation Reduction Act

• Many fashion firms look to increasingly produce single-fiber apparel as the EU shares its proposal to require labelling indicating the recyclability and environmental friendliness of clothing products

Noteworthy Raises in E

🇪🇺 🇬🇧Europe

• FoodTech start-up Planted, a Switzerland-based developer of plant-based proteins, raises CHF 70 million of Series B funding led by L Catterton

  • SDGs - 12, 13, 15

• Clean energy start-up, Blue World Technologies, a Denmark-based developer of methanol fuel cell technologies, raises DKK 275 million of Series B funding led by Deutz, Vaekstfonden and Breakthrough Energy Ventures

  • SDGs - 7, 13

• Carbon market start-up, Ceezer, a Germany-based voluntary carbon credit marketplace, raises EUR 4.2 million led by Carbon Removal Partners

  • SDG - 13

• EV start-up, Lightyear, a Netherlands-based developer of solar-powered vehicles, raises EUR 81 million led by Koenigsegg Automotive and Invest-NL

  • SDGs - 12, 13

• Consumer services start-up, Oxwash, a UK-based provider of eco-friendly laundry services, raises GBP 10 million of Series A funding led by Untitled

  • SDGs - 12, 13

🌎Americas

• Clean energy start-up, Zanskar, a Utah-based developer of geothermal discovery technologies, raises $12 million of Series A venture funding led by Union Square Ventures and Lowercarbon Capital

  • SDGs - 7, 13

• Clean energy start-up, Ascend Elements, a Massachusetts-based developer of battery recycling technologies, raises $151.3 million of Series C funding led by SK Ecoplant

  • SDGs - 7, 12, 13

• AgTech start-up, puna.bio, an Argentina-based developer of extremophile microbes intended to improve crop yields, raises $3.7 million of seed funding led by At One Ventures and Builders VC

  • SDGs - 2, 12, 15

🌏 Asia & Australia

• ClimateTech start-up, Pixxel, an India-based developer of hyperspectral satellites designed to capture geospatial data for climate monitoring, crop yield prediction, urban planning and other means, raises an undisclosed amount of venture funding from Accenture Ventures

  • SDGs - 12, 15

🌍 Africa

• Clean energy start-up, Mobile Power, a Nigerian-based provider of pay-per-charge battery packs, raises GBP 1 million led by All On, a Shell-funded independent impact investing firm

  • SDGs - 7, 13

Noteworthy Raises in S

🇪🇺 🇬🇧Europe

• EdTech start-up, Code First Girls, a UK-based provider of training and advisory services intended to support women in becoming developers, raises £4.5 million of Series A funding led by Active Partners

  • SDGs - 4, 5, 8

🌎Americas

• Digital health and EdTech start-up, Psych Hub, a Tennessee-based multi-media educational mental health platform, raises $16 million in Series A funding led by Frist Cressey Ventures and HC9 Ventures

  • SDGs - 3

• FinTech start-up, Plural, a Colombia-based provider of micro and commercial lending products and mobile payment solutions designed to promote financial inclusion, raises $20 million of debt funding from Fasanara Capital

  • SDGs - 1, 10

• HealthTech start-up, Kindbody, a US-based provider of holistic health and fertility services intended to improve affordable access, raises $26.7 million of venture funding from undisclosed investors

  • SDGs - 3, 5

• FinTech start-up, My Bambu, a Tennessee-based developer of a money remittance platform designed for the unbanked and underbanked, raises $35 million of venture funding from undisclosed investors

  • SDGs - 1, 10

🌏 Asia & Australia

• EdTech start-up, Edupia, a Vietnam-based and AI-enabled and affordable English learning platform, raises $14 million in Series A funding led by Jungle Ventures

  • SDGs - 4, 8

• EdTech start-up, Sunstone, an India-based online education platform intended to create industry-ready professionals utilizing a pay-after-placement model, raises $35 million of Series C funding

  • SDGs - 4, 8, 10

• Digital health start-up, Health Match, an Australia-based medical platform designed to connect sick patients with access to clinical trial networks, raises AUD 10 million of Series C funding led by Folklore Ventures

  • SDGs - 3

Noteworthy Raises in G

• We’re always on the lookout for new start-ups addressing governance challenges – If you know of any you think should be highlighted, please reach out!

Latest Funds Announcements

• QIC, a Brisbane, Australia-based sovereign wealth fund, announces the launch of fundraising for its new Queensland Natural Capital Fund targeting A$500 million to be invested in pastoral land, forestry, and other agricultural assets

• The venture arm of German electric utility E.ON, Future Energy Ventures, establishes a new fund Future Energy Ventures Fund I SCA SICAV-RAIF targeting EUR 250 million to invest in Series A and Series B energy transition start-ups

• Denmark’s Copenhagen Infrastructure Partners closes on a EUR 3 billion green hydrogen fund CI Energy Transition Fund I

• Singapore-based Heritas Capital Management launches a $50 million impact fund, Asia Impact First Fund, to invest in high-growth social enterprises across Asia

• Monaco’s sovereign wealth fund Fonds de Reserve Constitutionnel invests EUR 10 million in London-based Ocean 14 Capital, a blue economy venture fund aiming to protect the ocean’s biodiversity