New vehicles from Bill Gates’ VC firm Breakthrough Energy Ventures have pushed the year-to-date climate fundraising total to nearly $6.9 billion, up from $5.2 billion for all of 2023, according to Venture Capital Journal research.
The number of funds that have held partial or full closes has grown to 24, just two fewer than the number for 2023.
The average amount raised for climate funds this year is $286 million, up from an average of $202 million in 2023 and $267 million in 2022. The median fundraising amount is $250 million, up from $181 million in 2023 and $70 million in 2022.
The larger numbers for 2024 are largely due to new funds from BEV. The firm closed on more than $839 million for its third flagship fund, according to a July 31 SEC filing. The filing does not disclose a target amount, but Breakthrough Energy Ventures III is aiming to raise about $1 billion, according to a report by affiliate title New Private Markets (registration required), which broke the news that Fund III started fundraising in July 2023.
Other additions to our running list of climate funds include:
- Breakthrough Energy Ventures Select Fund I, which held a first close on $555 million in January. BEV did not disclose the target for Select Fund I. LPs include AP Fonden 2, Daikin Industries and Development Bank of Japan, according to fundraising data from affiliate title Buyouts (registration required).
- BEV Follow-On Fund I, which held a final close on $105 million in May. No LP names were disclosed.
- Forbion BioEconomy Fund I, which held a first close on €75 million in July toward a target of €150 million. Investors include KfW Capital, Novo Holdings and Rentenbank, as VCJ previously reported.
- Primo Climate, the debut climate vehicle from Italian venture firm Primo Ventures. The fund held a first close on €40 million in July toward a target of €60 million. LPs include CDP Venture Capital, per our earlier report.
Below is a list of all the climate funds raised this year. For details on more than 60 climate funds that have raised capital since 2022, see VCJ’s master list here.