Pale Blue Dot continues to invest in its climate vision with its second $100M fund.

Sweden-based VC fund Pale Blue Dot has entered the scene with a €53 million fund in 2020 to help climate-focused startups. This fund will grow again in April 2021 with 34 million euros and after deploying investments in 28 climate friendly companies, the investor announced this week that it has officially closed its second fund. This was estimated at 93 million euros (about 101 million dollars in today’s value), with the same theory in mind: to support startups based on climate technology.

Founded by general partners Joel Larsson, Heidi Lindvall and Hampus Jacobson, Pale Blue Dot looks to make pre-seed and seed investments in companies based in Europe, although it is also open to offers from the US.

“Climate technology is here to stay,” Lindvall said in a statement to TechCrunch. “Until the climate crisis is resolved, we must continue to invest more in technology solutions. This space will continue to see accelerated growth as individuals, corporations and governments try to address carbon and prepare for the new world.”

The firm prefers to lead rounds by writing checks between €500,000 and €2 million. Of the 28 investments the firm has made so far, it highlights some examples of what it wants in the form of a guide. PhytoformBritish-American Biotech-Agritech Business, Climate Risk Data Analysis Organization Climate Ex; A logistics company in the United Kingdom Hivethe Danish EV charging platform Montana and a French fintech company Green Goth. There are still a few investments to be made from the first fund before the company can officially deploy the money from the second investment vehicle. The GPs plan to invest in 35 startups with this fund in sectors such as food and agtech, industry, mobility and fintech, as long as they focus on making a positive difference in climate change.

The Pale Blue Dot Team. Image Credits: Light blue point

Larsen, Lindvall and Jacobson are all former startup founders, giving them a strong founder focus in the companies they choose to invest in. They are also the only investment group members without a hierarchy. Any startup that presents a meeting with a general practitioner will meet with all three. If they choose to invest, the founders can expect to work closely with the startups to help them grow and flourish.

“It’s great to receive interest and recognition from the industry,” Jacobson said, “but the fact that amazing founders are choosing us to be their partners on their journey is the biggest vote of confidence and why we get up in the morning.”

The new €93 million fund was created from a series of entrepreneurs, family offices and institutional investors from Europe and the US, with approximately two-thirds of the LPs from the second fund, and the new LPs invited to join. .

Pale Blue Dot told TechCrunch that it looks forward to meeting founders from diverse backgrounds who want to tackle climate change with their startups.