While much of Europe's startup ecosystem has been hobbled by the rocky macroeconomic environment and soaring interest rates, climate tech has continued to lure funds from venture capitalists.
Many climate tech companies work with hardware, meaning debt financing is also an attractive non-dilutive option for working capital between funding rounds.
Global private market equity and grant funding for climate tech startups is actually down – it slid 40% to $65 billion in the 12 months ending September 30, according to PwC.
Some smaller climate tech companies have made cuts, including vertical farming company InFarm, which retreated from Europe and was declared bankrupt in the Netherlands.
Generally, however, layoffs have been a boon for climate as big tech talent has moved into or launched climate tech startups.
Persons:
—, Siobhan Brewster, Atomico, Brewster, Piotr Bukanski, Mike Schroepfer, Greg Sandoval, retrofits, Barcelona's, Balderton Capital's Magda Lukaszewicz, Stuart Ferguson, Schroepfer, Warner, Aenu's Brewster
Organizations:
Service, Business, Venture, Energy, Beringea, Gigascale, Sustainable Ventures, Silicon Valley Bank, Global, Ada Ventures
Locations:
London, Europe's, Ukraine, United States, Europe, Silicon, Netherlands