Investors wrote checks totaling over $670 million to businesses in the sector in 2021, more than treble the $201 million invested in 2020, according to data from PitchBook.Įurope's rapid growth has been underpinned by strict legislation that aims to reduce greenhouse emissions across the bloc to 55% below 1990 levels by 2030. The moves by two of America's most prominent tech investors add to the growing momentum in the European climate tech sector, where VCs have pumped record levels of cash into the industry's startups. It comes a day after Coatue, best known for backing the likes of Snap, Spotify, and DoorDash, led a $73 million round into French carbon management startup Sweep. Watershed, a Californian carbon management startup that counts Sequoia among its investors, just announced a dual headquarters in London as it plans to "invest deeply" in Europe. Carbon management firm Watershed has opened a dual-HQ in London while Sweep has raised $73 million.Įurope's position at the center of the burgeoning climate tech sector has been further confirmed by decisions at Sequoia and Coatue to back two startups in the region accelerating the race to net zero.US investing giants Sequoia and Coatue are backing two different horses in the race to net zero.Europe has a reputation as a hub for climate tech with legislation and consumer pressure forcing companies to go green.Account icon An icon in the shape of a person's head and shoulders.
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