News Formal

New €360m climate fund launches despite market downturn

  • 📰 Moneyweb
  • ⏱ Reading Time:
  • 38 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 77%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Astanor Ventures, with the new fund, will continue to invest in solutions for the food system, which is responsible for up to a third of global greenhouse gas emissions.

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in NG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Lehlohonolo Majoro's inspiring business venturesFootball can be a funny business so creating additional revenue streams would benefit footballers immensely, and that is exactly what Lehlohonolo Majoro has done! Check out his business ventures!
Source: KickOffMagazine - 🏆 36. / 51 Read more »