SlateVC secures €132M first close for climate tech growth fund
What’s the deal? SlateVC has announced a €132M first close of its inaugural growth fund, aimed at backing European climate tech scaleups. The fund targets later-stage B2B companies where environmental performance is tied to strong unit economics.
Limited partners include the European Investment Fund, Bpifrance, BNP ParibasDealroom has a profile for this one. Try Dealroom →, Aurum ImpactDealroom has a profile for this one. Try Dealroom →, Après-demainDealroom has a profile for this one. Try Dealroom →, and a group of family offices and private investors. SlateVC has already begun deploying capital.
Why now? The first close comes amid a tougher fundraising climate for climate-focused venture funds. SlateVC says the timing reflects renewed investor appetite for scaled solutions in energy transition, low-carbon industrial processes, and circularity.
The firm argues that climate impact increasingly requires scale, pushing funds to raise larger vehicles to support companies beyond early stages. Growth capital remains scarce in Europe compared with early-stage funding.
What could go wrong? Growth-stage climate investments are capital-intensive and exposed to policy, pricing, and execution risks. Scaling industrial and energy businesses often takes longer and costs more than expected.
Market volatility could also slow exits. If public markets or late-stage buyers stay cautious, returns may take longer to materialise.
The signal: The raise points to a shift in climate investing from experimentation to industrialisation. Funds are moving up the value chain to support companies that can scale proven technologies.
It also shows institutional capital re-engaging with climate tech, provided the focus is on competitiveness as well as impact. For European founders, the gap between early capital and true scale may be starting to narrow.
Sources:
Tech Funding News
Impact Loop
EU startups
SlateVC's LinkedIn post
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