Berlin, Germany – In an impressive showcase of resilience and commitment to environmental sustainability, World Fund, a venture capital firm rooted in the ethos of decarbonization, has successfully closed its first fund at €300 million. Founded by the innovative minds behind the Ecosia search engine, known for using search query revenues to plant trees, World Fund embarked on this journey with an ambitious target of €350 million in 2021. Despite falling short by €50 million, the achievement is significant amidst a backdrop of global unrest, economic fluctuations, and a challenging fundraising landscape.

Danijel Višević, a managing partner at World Fund, highlighted the adversities faced over the past three years, including the war in Europe, rising interest rates, and the cautious approach of Limited Partners (LPs). “2023 presented a super hard fundraising environment,” Višević remarked, emphasizing the rigorous journey to this successful close.

The fund’s strategic focus is on pioneering decarbonization technologies, allocating over two-thirds of its capital to follow-on investments. This approach aims to address the gap in later-stage funding within Europe, particularly for ventures requiring significant hardware components. “Europe needs to refocus on hardware for climate,” Višević stated, underscoring the critical role of hardware in combating climate change. The fund also invests in expertise, including biotech and biochemistry, to thoroughly evaluate potential investments.

Already, World Fund has made notable investments in several climate tech companies, including IQM Quantum Computers, Space Forge, and Planet A Foods, among others. With the newly acquired €300 million, World Fund plans to expand its portfolio with 25 to 30 additional investments in European startups focused on decarbonization.

Support for World Fund’s vision comes from an array of backers, including a €50 million contribution from the European Investment Fund. Other investors include KfW Capital, Wachstumsfonds, Bpifrance, PwC Germany, NRW.BANK, and Ignitis Group, alongside pension funds like the U.K. Environment Agency Pension Fund and Croatia’s Erste Plavi.

This fundraising milestone arrives at a pivotal time for European climate tech startups, which raised over $20 billion in 2023, maintaining the momentum from the previous year. Countries like the U.K., Sweden, and Germany lead in climate tech venture capital, with emerging growth in nations such as Iceland, Lithuania, and Bulgaria. The sector remains robust, with valuations holding steady and a 15% year-over-year increase in European energy-related patents.

Founded in 2021 by Daria Saharova, Višević, Tim Schumacher, and Craig Douglas, World Fund operates from its bases in Berlin, Munich, Cologne, and Amsterdam, poised to drive forward the mission of environmental sustainability through innovative technology investments.