Sustainable Finance

Lisbon-Based Faber Closes Climate-Focused Fund at €32 Million

Published on: 27 June 2022
by KnowESG
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Today, Portuguese VC firm Faber has launched its deep tech fund dedicated to boosting ocean sustainability and climate action innovation – Faber Blue Pioneers I. The fund has reached a total of €32 million, exceeding its initial target.

Climate action is very much at the forefront of European innovation in 2022, and it’s comforting to see this continue to be the case. There’s no doubt that European startups are generating some fascinating solutions and innovations to tackle the greatest challenge of our time. But, startups need one thing to help them develop these ideas into actionable solutions – capital. 

Lisbon-based VC firm, Faber, has launched a fund to do exactly that. Establishing itself as Southern Europe’s first VC fund specialising in deep tech for ocean sustainability and climate action, the fund has reached €32 million and has already made its first investment – supporting German cleantech company Fuelsave. 

Faber Blue Pioneers I is backed by impact-driven institutional investors such as the EIF and Portugal Blue, Sociedade Francisco Manuel dos Santos, Builders Initiative, Calouste Gulbenkian Foundation, and Champalimaud Foundation, as well as by successful entrepreneurs such as Peter Rive (co-founder of SolarCity, now part of Tesla), and Pedro Bizarro (co-founder of Feedzai).

With sustainability programmes at the forefront of the fund’s aims, the investors represent a select group of people who want to support and contribute to a positive impact on ocean sustainability and climate action. Faber envisions amplifying this group further, with additional investors joining the fund’s final closing by the end of 2022.

Faber combines a specialised focus on deep tech early-stage (pre-seed and seed) startups with thematic funds, dedicated investment teams, and expert advisors who actively work with entrepreneurs to build global companies using AI and data for ocean and climate technologies.

This fund has the ambition of investing in a portfolio of 20 to 25 early-stage companies developing innovative deep-tech solutions with global ambition. Areas such as blue biotechnology, food and feed, ocean health, ocean intelligence, or the decarbonisation of multiple industries are key priorities – all reflecting the UN’s Sustainable Development Goals.

The new fund is managed by a dedicated investment team led by Rita Sousa, Carlos Esteban (fund Partners) and Bruno Ferreira (Venture Partner), combining extensive investment, entrepreneurial and technical track records. The team will work closely with a specialised network of expert advisors, including senior strategic advisor Tiago Pitta e Cunha (CEO of Oceano Azul Foundation) and scientific lead advisors Susana Moreira and Joana Moreira da Silva (Science and Innovation Officers of Ciimar) among other scientists, founders, and industry experts.

The investment team, based between Lisbon and Barcelona, has already analysed more than 600 startups from all over Europe. Committed to supporting southern European innovation, the focus is on projects coming from the Iberian province and those looking to extend operations into the region. 

The fund’s first investment is the German cleantech startup Fuelsave, which focuses on the decarbonisation of the maritime industry, and Faber has more investments in the pipeline to be completed during the next few weeks. 

Alexandre Barbosa, Faber’s Managing Partner, said: 

“It is with great pride that we announce the first close of Faber Blue Pioneers I above the initial target with such a notable group of impact-driven investors, joining us in the strong belief that science- and purpose-driven entrepreneurs can accelerate innovation and make a positive impact on ocean sustainability and climate action. It is also with great satisfaction that we welcome Fuelsave to the fund’s portfolio, as we believe their team will pave the way for the decarbonisation of the maritime industry.”

Source: EU-Startups

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