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EIF announces €50M climate tech VC World Fund
December 15, 2022
The European Investment Fund has announced a donation of €50 million in the climate tech VC World Fund, with the support of InvestEU, according to a press release.
Other investors include PwC Germany, Ecosia and the UK Environment Agency's pension fund.
The investment aims to promote the EIF's stated objectives of supporting innovation and growth in small and medium businesses across the Eurozone, along with the EIF's minimum goal of 25% climate and environment project investment by 2024.
"The climate tech VC market in Europe is in its infancy, and World Fund stands out as a fund with a strong track record, network, investment hypothesis and experience, as well as scientific and commercial expertise within its founding team," Alain Godard, CEO at the EIF, said in the release. "These factors, alongside World Fund's climate performance potential measurement criteria, have convinced us to back their first fund, with the support of the European Commission, and we look forward to supporting the next generation of high-growth climate start-ups across the continent."
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