London investment vehicle rolls out to support climate tech startups

Thursday, March 17, 2022 6:00 a.m.

Elbow Beach founders Nick Charman, Jonathan Pollock and Thomas Hardy

A new £20m investment vehicle was rolled out in London today to target early-stage tech companies tackling climate change, as UK investment in space continues to rise.

Elbow Beach Capital, set up by three friends worried about the future of their favorite beach, said the new fund would seek companies developing technologies in areas such as the circular economy, energy infrastructure and chain decarbonization. supply.

Co-founder Jonathan Pollock said early support for climate tech companies was crucial for the net zero transition to succeed.

“The sustainability and environmental technology sectors are growing, but growth will need to accelerate dramatically if governments are to meet their ambitious climate goals,” he said.

“We see tremendous value creation opportunity in seed investments across a range of impact verticals.”

Elbow Beach has an initial £20m to draw on, and the founders have said they will look to funnel money into businesses in the UK and beyond, generally backing businesses with long-term growth capital injections of between £0.5m and £1.5m. .

The new investment vehicle comes as investment in UK climate tech surges as investors seek to accelerate the net zero transition and reap the rewards.

Analysis by startup network TechNation found that in the 100 days since Cop 26 began in October, venture capital investment in climate tech companies jumped 62% to $926 million. dollars.

Venture capital investments in climate technology companies in November last year reached $345 million, while in December investments reached $354 million, beating the 2021 monthly average by more than 52%.

The number of climate tech “unicorns” – companies valued at more than $1 billion – also increased by 36 globally in the 100 days following COP26.

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