Hello ESG in VC followers,
Welcome to the 5th edition of ESG in VC Insights. Curated with 🖤 every month by ESG in VC team.
ESG in the News
Pitchbook releases its report summarizing the findings from its 2022 Sustainable Investment Survey polling over 1,000 LPs and investors on their sustainable investment views, practices, and challenges
Similarly, Morningstar’s recent survey finds that 80% of investors across a range of asset classes consider ESG to be a material consideration
In its recent article Sifted finds that Europe’s ClimateTech ecosystem grows by 121% to $104 billion as of 2021 noting that energy and electrification, carbon removal and sequestration, and supply chain traceability are particularly hot sectors to watch
Meanwhile, on the 2nd day of its Sifted Summit, VC investors (and myself included) discuss the growing need for ESG metrics to be standardized
Per PwC, ESG investments are projected to account for over 20% of global AUM by 2026
At the same time, threats of greenwashing remain prevalent, particularly among sustainability-linked bonds which have been found to often be tied to weak or immaterial ESG goals per recent research from Bloomberg
The Regulatory Report
In its recent article, the Atlantic claims that the US’s Inflation Reduction Act will have more profound impacts on the deployment of financial and human capital into green industries than originally anticipated
Despite climate and environmental concerns, the UK issues new licenses to allow oil and gas companies to explore for fossil fuels in the North Sea
India’s Ministry of Textiles signs a co-operation agreement with the United Nations’ Environment Programme (UNEP) and The Cotton Cooperation of India to mainstream sustainability in the country’s textile sector
Noteworthy Raises in E
🌎North America
Sustainable materials start-up, Green Theme Technologies, a New Mexico-based developer of fabric waterproofing treatments that reduces water usage and pollution, raises $5.4 million in Series B2 funding led by Cottonwood Technology Fund
Sustainable shopping application start-up, EcoCart, a Los Angeles-based developer of an application that calculates and eliminates the carbon footprint of online orders, raises $14.5 million of Series A funding led by Fifth Wall Climate
Waste management start-up, Trash Warrior, a San Francisco-based developer of an on-demand waste management platform for public spaces, raises $8 million of venture funding led by AltaIR Capital
Circular economy and HealthTech start-up, Blue-Zone Technologies, a Canada-based developer of proprietary technology to capture and purify anaesthetic drugs for resale, raises $8 million of venture funding led by Crédit Mutuel Equity and Round Pond Ventures
Energy storage start-up, Form Energy, a Massachusetts-based developer of sodium-based energy storage systems for renewable energy projects, raises $450 million of Series E venture funding led by TPG
🇪🇺 🇬🇧Europe
Clean energy and AI start-up Frequenz, a Berlin-based developer of an autonomous mind platform designed to improve the way renewable energy production and procurement is managed and executed, raises EUR 13 million of Series A funding from 468 Capital, SET Ventures and Alexander Rittweger
Alternative protein start-up, Gourmey, a Paris-based developer of cultivated meat solutions intended to re-invent foie gras, raises $48 million of Series A funding led by Earlybird Venture Capital
Sustainable materials start-up, Tracworx, an Ireland-based developer of returnable packaging solutions, raises EUR 2 million from undisclosed investors
Water purification start-up, Skuma, a London-based developer of zero-waste water purification systems, raises £300k of seed funding led by Jenson Funding Partners
🌏 Asia & Australia
EV start-up, Euler Motors, a New Delhi-based manufacturer of electric three-wheeler vehicles, raises $60 million of Series C funding led by GIC
Noteworthy Raises in S
🌎 North America
Digital health start-up, Sonara, a Texas-based platform designed to meet the specific needs of opioid addiction clinics and their patients, raises $3 million of seed funding led by Blue Cross Blue Shield of Kansas City and First Trust Capital Partners
HealthTech start-up, Vincere Health, a Massachusetts-based developer of monitoring devices designed to help low-income populations cut down and quit smoking, raises $1.75 million of seed funding from Inception Health, SixThirty Ventures and Flare Capital Partners
SDGs - 3
HealthTech start-up, InStride Health, a Boston-based provider of OCD and anxiety treatments for kids, teens, and young adults, raises $26 million of venture funding from .406 Ventures, Valtruis and Mass General Brigham Ventures
SDGs - 3
EdTech start-up, Magical I Am, a Georgia-based developer of games designed to help struggling and dyslexic children improve their reading skills, raises $2.5 million of venture funding from undisclosed investors
SDGs - 4
EdTech start-up, LearnLux, a Boston-based financial and benefits education platform built to help employees take control of their personal finances, raises $10 million of Series A funding led by Crosslink Capital
SDGs - 4
FinTech start-up, Nova Credit, a San Francisco-based developer of a global credit reporting platform designed to improve credit access for immigrants, raises $10 million of venture funding from HSBC ventures
🌍Africa
FinTech start-up, Numida, a Kampala, Uganda-based financial inclusion technology platform designed to provide unsecured digital loans to small African businesses, raises $12.3 million of venture funding led by Serena Ventures
FinTech start-up, ClinicPesa, a Kampala, Uganda-based digital micro-savings and loan platform providing convenient and affordable healthcare access, raises $50,000 from Investing in Innovation
🇪🇺 🇬🇧Europe
Blockchain start-up, Meditect, a Bordeaux-based developer of software intended to track the distribution of falsified medicines, raises $50,000 in grant funding from Investing in Innovation
SDGs - 3
🌏 Asia
EdTech start-up, Entri, an India-based developer of language learning applications designed to prepare job aspirants become employed, raises $6 million of venture funding from undisclosed investors
Noteworthy Raises in G
B2B SaaS start-up, BoardClic, a Stockholm-based developer of board evaluation and benchmarking software promoting transparency and business resilience, raises EUR 1.2 million of venture funding led by Curitas Ventures
SDGs - 16
CleanTech start-up, Global Sustainable Enterprise Systems, a Netherlands-based sustainability rating platform intended to holistically measure the sustainability performance of organizations, supply chains, projects and product, raises venture funding from undisclosed investors
Latest Funds Announcements
Mission-led and Paris-based asset manager, Mirova raises Mirova Energy Transition 5, its fifth energy transition infrastructure fund at EUR 1.6 billion
Madrid-based asset manager Alantra Capital and Spanish utility firm, Enagas, raise their Kilma Energy Transition Fund at EUR 210 million
US private equity investor Bregal announces plans for a new dedicated impact platform, Bregal Sphere whose first investment was recently made into PUR Project, a global nature-based solutions project developer
Munich-based private equity investors, Golding Capital Partners, launches Golding Energy Transition 2022, a EUR 300 million fund to invest in European and North American investments in solar and wind energy, and energy storage among other technologies
ESG in VC Podcast
A new episode will be launched this week and we have a great lineup of guests in the coming weeks, so please follow and tune in if you want to dive into the world of ESG further