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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