Sustainable Ventures, the UK-based venture capital firm dedicated to fostering climate-focused startups, has secured £3 million in its first funding round, with Barclays Sustainable Impact Capital leading the investment. This financial boost aims to support Sustainable Ventures' expansion across the UK, with plans to launch in Manchester by 2024. Additionally, it will enable the company to access top-tier talent and offer enhanced professional services to startups.
Founded in 2011, Sustainable Ventures prides itself on being one of the UK's most active tech investors and the largest of its kind in Europe. The company provides startups with a comprehensive package, including funding, workspaces, and expert support services. Their extensive network opens doors to over £1 billion worth of leading climate tech investment opportunities, and they have already backed over 450 companies, generating more than 5,500 jobs. Remarkably, over 90% of the climate tech startups that Sustainable Ventures supports have thrived.
Barclays Sustainable Impact Capital is playing a vital role in supporting climate tech startups by investing £500 million of Barclays' own equity capital. This investment facilitates the scaling of climate tech companies to tackle environmental challenges. Notably, Barclays has previously invested in three companies that are also supported by Sustainable Ventures: Airex, creators of the world's first smart air brick; Brill Power, pioneers in technology to extend battery life and efficiency; and Sunswap, leaders in zero-emission transport refrigeration solutions.
The collaboration between Sustainable Ventures and Barclays will create regional clusters and provide tailor-made support to climate tech specialists and entrepreneurs. Manchester, the UK's fastest-growing tech hub outside London, is set to benefit from this expansion. With a robust £5 billion digital tech ecosystem and a thriving community of over 10,000 startup and scale-up companies, Manchester is well on its way to achieving its ambitious 2038 net-zero target. The partnership between Sustainable Ventures and Barclays will not only help the region reach its climate goals but also stimulate the growth of green jobs and boost the local economy.
Steven Poulter, Head of Principal Structuring and Investments at Barclays, will join the Board of Sustainable Ventures, solidifying the collaboration's commitment to advancing climate tech solutions.
Andrew Wordsworth, co-founder & Managing Partner of Sustainable Ventures, expressed his enthusiasm about the future: "Climate tech is now the sector of choice for entrepreneurs, and it's imperative that local initiatives, entrepreneurs, and capital converge. This has been Sustainable Ventures' purpose for more than a decade. We're delighted that with the support of Barclays Sustainable Impact Capital investment, we can support hundreds more innovators to go further and faster on their journey to overcome the challenges of climate change."
Steven Poulter, Head of Principal Structuring and Investments at Barclays, added, "The UK, with its world-leading universities, research, and manufacturing capabilities, has the potential to be the global hub for climate tech companies that become future unicorns. Through Barclays Sustainable Impact Capital, the bank is investing its own capital in Sustainable Ventures' UK expansion to support growth at pace for these innovative low-carbon solutions, leveraging our experience as an advisor, bank, and investor."