Support from European Politics

Substantial public backing and funding for cleantech initiatives have been facilitated through the European Investment Bank and various local government initiatives. The EU Commission's Innovation Fund is set to allocate $10 billion over the next decade to support cleantech enterprises. For more details on this program launched last year, you can visit the official website.

According to reports, KfW, Germany's public bank, stands as the world's largest investor in clean energy, accounting for approximately one out of every nine loans granted globally in this sector, totaling nearly $28 billion.

In the venture capital landscape, pinpointing precise fundraising figures can be quite challenging. Nevertheless, here are three of the most active cleantech investors in Europe (source: Pitchbook): Scottish Enterprise (27), Enterprise Ireland (27), Oost NL (16).

Additionally, here are the three cleantech companies in Europe that have received the highest funding:

1. VOI Technology 🇸🇪: Operates an electric scooter marketplace catering to urban commuters in Stockholm, with over 4 million users leveraging Voi for daily travel or city exploration (raised $257.9M).
2. Zola Electric 🇳🇱: Develops renewable energy solutions utilizing cutting-edge solar, battery, and power electronics technology. Zola's solar systems are available for purchase via PAYGo micro-finance leasing and mobile payment options (raised $239.1M).
3. Climeworks 🇨🇭: Specializes in capturing CO2 from the atmosphere through marketable carbon dioxide removal technology. Their facilities utilize primarily low-grade heat as an energy source to capture CO2 with filters. The purified CO2 is then sold to clients across key markets, including commercial agriculture, food and beverage, energy, and automotive sectors (raised $124.28M).

At Early Metrics, our research team has conducted insightful analyses on various segments of the cleantech market. As previously mentioned, cleantech is a broad field, and we've sought to identify specific trends, including:

➡️ Advancements in agritech for more sustainable farming practices

➡️ Key developments in sustainable finance

➡️ Innovations in sustainable packaging

Recently, we also introduced a new rating system to assess the environmental and social impact of startups — Early Metrics ESG Rating.

Now, let’s dive into this week's updates! 🧐

#TECHWATCHBYSEB — WEEKLY ISSUE #18

🥇 Deliveroo 🇬🇧 has officially gone public on the London Stock Exchange, although initial trading results fell short of expectations. This puts pressure on European stock markets to attract upcoming IPOs like Wise, Trustpilot, and Klarna.

🥈 Softbank has acquired 40% of Autostore 🇳🇴 for $7.7 billion. The warehouse automation company recently announced a major funding round of $2.8 billion for 40% of its equity from the renowned Japanese firm.

🥉 Spotify 🇸🇪 has acquired the U.S. startup Betty Labs for approximately $50 million. This startup is recognized as a direct competitor to ClubHouse, which has gained notable traction recently.

Bonus: Following last week's newsletter, TechWatchbySeb #17 — "No Code for Europe," the quoted company BRYTER 🇩🇪 just secured a $66 million funding round! 🥳

That's all for this week. Wishing you a fantastic week ahead! 🖐

Stay safe! ❤️

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