A cohort of eight innovative technology companies contributing to decarbonisation efforts across sectors such as logistics, biodiversity and agriculture have received commitments worth $30 million from Sydney-based Investible’s Climate Tech Fund.
Spanning four countries, the investment portfolio includes electric aircraft motor developer Kite Magnetics, electric boat jet propulsion system ZeroJet, agtech Digital Harvest, corporate carbon risk screening software Emmi, AI conservation platform Xylo Systems, designer dress rental marketplace Rntr, shipbroking software Spot Ship and proptech CIM.
A lead investor in Kite Magentics’ $1.85 million seed round, Investible is the first venture capital firm to co-invest in a tech startup alongside Breakthrough Victoria, which manages a $2 billion innovation fund.
Other investors for the round included Singapore-based K3 Ventures, New Zealand government-funded NZGCP, Movac, 5V, Carthona Capital, Galileo Ventures and Startmate.
The announcement marks the first round of investments for Investible’s Climate Tech Fund, which is aligned with the UN Environment Programme’s six-sector solution to climate change. It aims to invest in 50 early-stage companies which will contribute to emissions reduction and reversal, and mitigation of the effects of climate change.
“We have already reviewed over 1,500 pitches, in a sector which has seen $19 billion deployed in the first half of 2022, globally. As climate change is a global challenge, so too will be the solutions,” Investible co-head of climate tech Patrick Sieb said.
Six months ago, London-based Spot Ship secured £600,000 (AUD $1.04 million) in a pre-seed funding from Investible and Pershing Ventures. Founded in 2020 by Camille Goldstone-Henry, Xylo Systems secured $120,000 from Startmate in July based on a $1.5 million valuation.
Bucking the industry trend, 43 per cent of the completed and IC-approved companies include a female founder. According to a report from Cut Through Venture, 19 per cent of VC-backed companies had a female in the founding team last year.
“It’s hard not to be excited by the potential in this sector,” Investible co-head of climate tech Tom Kline said.
“Every dollar invested in Climate Tech companies today is also going further than ever, because climate solutions can leverage advancements in computing, big data, robotics, and automation so are getting cheaper to create and scale.
“Global decarbonisation, the next great disruption is underway, and we are fully committed to investing in a resilient, sustainable future. With an influx of quality dealflow, and a growing network of LPs and co-investors across SE Asia and ANZ, the Fund, and our firm are in an enviable position.”
Investible has also been actively deploying capital through its Early-Stage Fund 2 and syndicate of HNW co-investors, Club Investible. In total, the VC has completed 22 new and follow-on investments, with 23 more approved so far this year.
Meanwhile, its Sydney CBD tech hub Greenhouse - which is backed by the City of Sydney - is on track for completion in early 2023.
“For those of us who’ve long been active in true early-stage venture, the long game is always top of mind,” Investible CEO Rod Bristow said.
“Our primary focus is to stay closely connected with both our partners and the founders we back, ensuring they are well-positioned despite external conditions.”
A further eight investments have been approved in Pre-Seed to Series A companies for Investible’s Climate Tech Fund.
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