Breakthrough Energy Ventures (BEV), a Bill Gates-backed climate venture capital firm, has raised $839 million for its third flagship fund, BEV III.
The raise, detailed in a regulatory filing, makes it the largest climate fund raised this year, as reported by PitchBook.
The fund, launched in July last year, follows a $1.25 billion raise in its second fund in 2021 and $1 billion for its first in 2019.
In 2022, Gates said that BEV, founded in 2015, would aim for $1 billion or more for Fund III, although it has not been confirmed whether this remains the case.
The company has previously shared that Breakthrough Energy Ventures seeks to finance, launch, and scale companies that will “eliminate greenhouse gas emissions throughout the global economy.”
It has more than $3.5 billion in committed capital to invest in over 110 cutting-edge companies, which range from seed to growth stage, according to its website.