European Investment Fund anchors new climate firm with €50 million
The EU's European Investment Fund agreed to invest €50 million (~$52 million) in newly formed climate investment group, World Fund.
Why it matters: The investment is one of EIF's largest commitments for first-time funds to date.
Driving the news: EIF joins search engine Ecosia, PwC and the U.K.’s Environment Agency as anchor LPs in World Fund's debut capital raise, which is targeting €350 million.
- World Fund spun out of Ecosia in 2021. The debut fund is expected to close in the first half of 2023, EIF says.
- World Fund has so far backed quantum computing company IQM, space tech company Space Forge, and fermentation startup Planet A Foods.
State of play: Private investment across parts of Europe has risen sharply, driven primarily by large deals in mobility and EVs.
- "The climate tech VC market in Europe is in its infancy," EIF CEO Alain Godard said in a statement.