Venture capital firm (VC) Lightrock has closed €860m (£741.9m) for its Climate Impact Fund, surpassing the original target of €600m (£517m).
Lightrock will deploy investments of €10m (£8.6m) to €40m (£34.5m) into European and North American growth-stage climate companies.
Pål Erik Sjåtil, CEO and global managing partner, Lightrock said: “This is Lightrock’s third successful fund close in little over a year and it represents a resounding endorsement of our mission to scale impact investing.”
The Lightrock Climate Impact Fund funds will be used for early-stage companies that demonstrate “emerging commercial traction”.
Capital came from the likes of LGT, private banking clients, the First Swedish National Pension Fund, Netherlands-based Carbon Equity, European asset manager Golding Capital Partners and the US-based Grantham Foundation, amongst others.
Headquartered in London, the VC has further offices in Switzerland, India, Kenya and Brazil.
“I want to extend my grateful thanks to our investors for their confidence in and support of our mission,” added Sjåtil.
It comes hot on the heels of Lightrock closing a $300m Latin America growth fund back in May and its $900m Lightrock Growth Fund I in June last year.
Other VCs that are focusing on climate tech investment are Contrarian Ventures which launched its £84m fund in August and Systemiq Capital with its £59m fund.