ESG Today writes that this is Toyota's second climate-focused fund, following the first one, launched back in 2021. Toyota Ventures Climate Fund, which was led by Climate Fund partner Lisa Coca, invested in 18 companies that offered solutions in the areas of renewable energy, energy storage solutions and carbon capture.

Officials at Toyota Ventures said that the second fund will build on top of the first, financing startups focused on climate solutions and that can support the company's environmental goals.

Jim Adler, Founder and General Partner of Toyota Ventures, said that "we’re scaling up by doubling down on our initial Frontier and Climate Funds. With seismic breakthroughs in generative AI, e-fuels, space commercialization, carbon capture, and synthetic biology, it’s a crucial time to be investing for Toyota."