Pale blue dot closes second fund subscription at €93M

Malmö-based venture capital (VC) firm Pale blue dot has concluded its second fund subscription at €93 million.

More than two-thirds of Pale blue dot’s existing limited partners (LPs) subscribed for the second fund, which the company said was oversubscribed. Pale blue dot’s LPs for the first fund include Prima Materia, Pirates Impact, and several founders from well-known firms like Contentful and Delivery Hero.

“Receiving interest and recognition from the industry is good, but the fact that amazing founders keep picking us to be their partners on their journeys is the biggest vote of confidence and why we get up in the morning,” said Hampus Jakobsson, general partner at Pale blue dot.

The recent fund followed Pale blue dot’s inaugural fund of €87 million, announced less than three years ago. The company’s ticket size averages from €500,000 to €2 million.

According to Pale blue dot, it still actively invests in several startups via the first fund and is currently finalising details of those tickets before opening the second fund. Pale blue dot has invested in 28 promising startups, including Patch, Green Got, and Phytoform Labs.

Similar to the first fund, the Swedish VC firm plans to invest in 35 startups in Europe and the US with the second fund.

Pale blue dot focuses on climate tech startups

Established in 2020, Pale blue dot focuses on early-stage startups in Europe and the U.S. that offer innovative solutions to tackle climate change. Its affinity in the climate technology sector lies in the fact that the climate crisis is one of the biggest modern challenges for mankind.

Pale blue dot claims climate tech offers significant growth opportunities due to its significance in achieving a sustainable future. The sector encompasses various types of businesses, including manufacturing, mobility, and agri-food.

In addition to funding, Pale blue dot also develops programmes to support the growth of startup founders and their businesses. Its funding strategy involves becoming the leader or a co-leader in seed rounds.