New €360m climate fund launches despite market downturn

The venture capital firm that bankrolled the “Tesla of tractors” is bucking the trend of retreating climate tech investors.

Astanor has invested in startups that include US-based Monarch Tractor, which makes autonomous electric tractors, as well as UK-based seaweed-packaging upstart Notpla and German alternative protein producer MicroHarvest. Archambeau says he has advised portfolio companies to prepare for a scenario where they’ll need to operate without fresh funding for two years, instead of setting aside the six-month cash reserve that Silicon Valley startups typically allocate.

The new fund’s announcement comes as venture money for climate tech has slipped substantially. Funding for climate-tech startups in the first half of 2023 plunged by as much as 40% compared to a year ago, according to Climate Tech VC, a market research group.

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