American billionaire Bill Gates met with German politicians last week in Berlin to share his wisdom on scaling climate tech ventures.
Elsewhere at the conference, an idea was floated to launch a fund to supply project finance to climate techs to help them build their first large-scale plants (known as first-of-a-kind facilities, or FOAKs).
The news comes as Gates’ VC firm, Breakthrough Energy Ventures — which closed a $555m fund in January this year — also ramps up its focus on Europe. The VC primarily backs climate tech companies.
Gates also invests through the Bill and Melinda Gates Foundation, which gives grants and makes equity investments. It focuses primarily on healthtech.
Here are the European startups he’s backed via those funds.
The Breakthrough-backed European companies
Mission Zero
UK-based Mission Zero builds direct air capture machines, which remove carbon from the air. Breakthrough Energy Ventures led the company’s seed round in 2020 and followed on in its £21.8m Series A earlier this year.
- HQ: Brentwood, UK
- Founded: 2020
- Raised to date: £33.9m
Heart Aerospace
Swedish electric plane startup Heart Aerospace secured backing from Breakthrough Energy Ventures earlier this year, in its $107m Series B round. The company hopes to get its plane in the air by 2028.
- HQ: Gothenburg, Sweden
- Founded: 2018
- Raised to date: $157m
Blue World Technologies
Blue World develops methanol fuel cells for the automotive industry. Breakthrough backed the company in its €37m Series B round in 2022.
- HQ: Aalborg, Denmark
- Founded: 2018
- Raised to date: $52.8m
Dioxycle
Paris-based Dioxycle has developed a system that turns carbon dioxide into chemicals such as ethylene, which is used widely in the production of textiles and plastics. Breakthrough backed the company in July 2023, in a $17m Series A, alongside Lowercarbon Capital.
- HQ: Paris, France
- Founded: 2020
- Raised to date: $17m
H2site
H2site builds tech that can produce hydrogen on site for businesses that need it as a fuel. Breakthrough participated in the company’s Series A round in 2022.
- HQ: Derio, Spain
- Founded: 2019
- Raised to date: $13.9m
Reactive Technologies
London’s Reactive Technologies is working on electricity grid stabilisation tools. It received backing from Breakthrough in a $15m raise in 2021.
- HQ: London, UK
- Founded: 2010
- Raised to date: $16m
44.01
44.01 is working on using rocks to capture carbon dioxide from the air. The process accelerates a natural mineralisation reaction. 44.01, which is working on its tech in Oman, secured backing from Breakthrough in 2021 as part of its seed round.
- HQ: London, UK
- Founded: 2020
- Raised to date: $6.3m
Bloom Biorenewables
Bloom Biorenewables uses natural materials found in biomass to create cost-competitive products as an alternative to petroleum. Its tech can extract valuable chemicals from biomass waste and convert them into sustainable packaging solutions. Breakthrough backed the company in 2021, in its €3.9m seed round.
- HQ: Marly, Switzerland
- Founded: 2017
- Raised to date: $8.9m
Quell Therapeutics
One of Breakthrough’s healthtech investments, Quell engineers regulatory T-cells which can help fight disease, to boost patient immune systems. The company, which has secured a partnership with AstraZeneca, received backing from Breakthrough in its $156m Series B round in 2021.
- HQ: London, UK
- Founded: 2019
- Raised to date: $236m
Breakthrough Energy Ventures also runs a fellowship programme for startups. European companies that have taken part include Denmark’s Nitrovolt, which develops fertilisers that don’t rely on nitrogen. Swedish startup CemVision, which is working on greener cement tech, and secured R&D funding from Breakthrough.
The European companies backed by the Melinda and Bill Gates Foundation:
Picnic
Dutch online supermarket company Picnic delivers low-cost groceries to people’s homes. It raised funds from the Bill and Melinda Gates Foundation in January this year, as part of its €355m fundraise.
- HQ: Amsterdam, Holland
- Founded: 2015
- Raised to date: €1.3bn
Aphea.Bio
Belgian startup Aphea.Bio, a spinout from Ghent University, is working on pesticide alternatives that boost crop growth with a more minimal environmental impact. It secured backing from the Gates Foundation in its €70m Series C round last year.
- HQ: Ghent, Belgium
- Founded: 2017
- Raised to date: $127m
Bactolife
Danish startup Bactolife works on proteins it says can strengthen the gut microbiome of humans and animals, aiming to reduce gastrointestinal infections. The company secured backing from the Gates Foundation in 2023.
- HQ: Copenhagen, Denmark
- Founded: 2017
- Raised to date: $45.7m
Eleven Therapeutics
Eleven Therapeutics works on using AI to boost nucleic acid therapeutics. Its 2022 seed round included backing from the Gates Foundation.
- HQ: Cambridge, UK
- Founded: 2020
- Raised to date: $28.3m
Smart Immune
Smart Immune develops T-cell therapies for the immune system. It secured backing from the Gates Foundation as part of its $5m fundraise in 2023.
- HQ: Paris, France
- Founded: 2017
- Raised to date: $25.2m
Achilles Vaccines
Achilles works on early stage development tech for biopharmaceutical products, particularly vaccines and immuno-therapeautics. It secured backing from the Foundation in its 2020 seed round.
- HQ: Siena, Italy
- Founded: 2017
- Raised to date: €10.8m
Read the orginal article: https://sifted.eu/articles/bill-gates-europe-startup-invest/
