Breakthrough Energy Ventures raising new, climate-focused fund
The firm has raised $2.25 billion for U.S. investments since its first fund in 2016. The goal of its latest fundraising has not been announced.
Here’s an alert for climate-focused companies.
Breakthrough Energy Ventures (BEV), the investment arm of the Bill Gates-backed Breakthrough Energy, is raising a third fund, according to Boston Inno.
BEV announced its first fund of $1 billion in 2016 and its second of $1.25 billion in 2021. Both were focused on financing, launching, and scaling companies that will eliminate greenhouse gas emissions throughout the global economy. In between those two U.S.-focused funds, BEV also raised a €100 million fund to support clean energy investments in Europe.
In its filing on July 28, the firm declined to disclose how much it was raising for Breakthrough Energy Ventures III LP. BEV told Boston Inno that the fund would be similar to the first two in the U.S. with a focus on climate innovations in five key investment areas: electricity, transportation, manufacturing, buildings, and food and agriculture.
According to BEV’s website, there are currently 89 companies in its portfolio.
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