Beware the climate crossover investors

We don't need to tell you that venture capital investment in climate tech is bananas.

• Such deals soared nearly 50% from 2020-2021, Silicon Valley Bank found in a recent report.
• That investment last year was roughly eight times the industry's previous peak, in 2008 — aka the top of Cleantech 1.0.

Yes, and: That, combined with the broader tech correction, has got investors talking about a peak.

• "You’ve seen the Tiger Globals — and SoftBank was already doing it — coming much earlier and downmarket to get into these companies," Silicon Valley Bank market manager Matt Trotter tells Axios.
• "With what the market is doing and those crossover investors, it does seem that we did hit the top of the market, and there’s a correction happening now as far as valuations and dollars going into venture," Trotter continues.

What we'll be watching: Whether hedge funds and mutual funds start to pull back on follow-on commitments to their climate tech portfolio companies.

• In short: Look out, founders.