KfW Capital and Ignitis Group

Vital funding for climate tech: KfW Capital and Ignitis Group join institutional LPs in investing more than €50M in World Fund

  • World Fund, Europe’s leading climate VC fund, secures more than €50M from KfW Capital, Ignitis Group and a leading German reinsurance company
  • Fresh capital sends a strong positive signal for climate tech in Europe amid a wider slowdown in venture capital deployment  
  • World Fund is committed to funding disruptive startups that are building technologies with the potential to decarbonise entire industries

Berlin, Germany - 7th September 2023 - World Fund, Europe's leading climate tech VC, has raised a further €50+ million from institutional LPs. New investors secured in recent months include KfW Capital, the investment arm of the world's largest national development bank, Ignitis Group, the Lithuanian renewables-focused integrated utility, and a leading German reinsurance company.

“We see this as a strong signal for climate tech in Europe, especially against the backdrop of the venture capital slowdown,” says Daria Saharova.

In the first half of 2023, the investment environment for climate tech had slowed - the levels of capital being invested and deployed across the sector dropped 57.6 per cent between Q1 2022 and Q1 2023. This development came as interest rates soared, and Europe entered a broader inflationary and recessionary environment.

“World Fund has bucked the trend", Daria says, adding: “We are glad to see this renewed interest and commitment to climate tech. We are pleased to be attracting capital from across the board, with our investors ranging from large private partners to institutional investors and private individuals.”

Ignitis Group is pursuing venture investments with World Fund and others as part of an enhanced and targeted net-zero strategy. Longer term, the entity aims to create a 100 percent green and secure energy ecosystem in its home country of Lithuania and Baltics.  

Darius Maikštėnas, CEO of Ignitis Group: "We are pleased to further our net-zero commitments by investing in climate tech through venture capital. We clearly see that this asset class is crucial for the energy sector in order to meet EU climate and our strategy targets as well as maintain competitive advantage. We conducted an 18-month research and public tender process, where World Fund stood out among a competitive group of VCs due to its clear investment and climate methodology, ability to attract climate-focused investors and experienced team with a background in science, entrepreneurship and venture capital.”  

This fundraise is a clear example of renewed interest from institutional investors in climate tech, and should send a great signal to European entrepreneurs. Climate tech startup founders can be sure that this fresh injection of capital will directly translate into funding available to support their much-needed technologies.

However, levels of investment into the climate tech sector are still far from those needed for Europe to meet its emissions goals. As BloombergNEF data - captured and analysed in World Fund’s white paper – indicates, funding volumes must urgently increase by 590% per annum to $4.35 trillion annually. This will take commitment from governments, LPs and VCs - and World Fund will continue to play an active part in campaigning for this goal.  

About World Fund:
World Fund is the leading Europe-focused climate venture capital fund established by Daria Saharova, Danijel Višević, Craig Douglas, and Tim Schumacher. From energy, food, agriculture, and land use, to building materials, manufacturing and transport, World Fund is investing in European tech with significant climate performance potential (CPP). The investment team comprises engineers, physicists, chemists, biologists, early and growth stage investors. World Fund is backing those entrepreneurs who are building tech for a regenerative world.

About Ignitis Group:
Ignitis group is a renewables-focused integrated utility. By developing a low-carbon generation portfolio with the focus on offshore wind, onshore hybrid, P2X & storage technologies while leveraging our integrated business model, we are enabling the green and flexible capacity build-out and are planning to deliver 4–5 GW of installed capacities by 2030. We are strengthening our contribution to Europe’s decarbonisation and energy security in our region and targeting to reach net zero emissions by 2040–2050.

As featured in: Handelsblatt,

Elsa Sahiti, World Fund

Communications Manager

Artūras Ketlerius, Ignitis Group

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