As The Recursive reports, this comes through Speedinvest's new Climate and Industry Opportunity fund, and the money will be used mainly to support companies that are already part of Speedinvest's portfolio.

Investments will also be made, however, in some European startups that are not yet funded by the investor.

Oliver Holle, Managing Partner at Speedinvest said that “investing in Climate Tech is a must for us as a fund and the industry as a whole. Apart from the moral obligation we all share, there is obvious growth potential in the sector. The talent and entrepreneurial energy of an entire generation is now focused on building the technologies that will ensure our planet’s survival. Supporting these innovators is where we want and need to be.”

The news came after Speedinvest infused two of their supported companies with fresh new funds, Packhelp and TIER Mobility.

Last year in November, the investor backed sustainable packaging platform Packhelp with 40 million euro Series B round and electric micro-mobility provider TIER Mobility with an undisclosed Series D round.

There is no strict strategy to the share of the funds, but the majority of the money will go towards climate focused startups in Speedinvest's portfolio.

The follow-on financing rounds will be conducted with co-investors, and one of the companies that could enjoy fresh funds is Refurbed, a marketplace for refurbished electronic goods.

As mentioned before, the Climate and Industry Opportunity fund will be made available for a few select new startups in co-investment with other VC firms.

Speedinvest plans to focus on companies that work on the digitalization and decarbonization of the industrial sector.

Marie-Helen Ametsreiter, General Partner at Speedinvest, says that the industrial tech ecosystem in Europe has grown by 81% since 2014 and it is currently valued at about 74 billion euro.

The Climate and Industry Opportunity fund is expected to come to an end sometime in the middle of 2022 and one of the VCs that invested in the new fund include American New Enterprise Associates, which has companies such as Plaid and Robinhood in its portfolio.