Barclays invests £3m in Sustainable Ventures for UK climate tech growth
Thu 9 Nov 2023
Sustainable Ventures, a UK climate tech incubator, has announced a £3 million investment round led by Barclays Sustainable Impact Capital.
This funding is earmarked to propel the expansion of climate tech hubs across the UK, starting with a new launch in Manchester slated for 2024.
With Manchester’s vibrant £5 billion digital tech ecosystem and its status as the ‘most digitally inclusive city outside of London’, Sustainable Ventures’ expansion will contribute to the city’s ambitious 2038 net-zero target, creating inclusive green jobs and fortifying the regional economy.
The investment will also enable Sustainable Ventures to tap into local talent and offer enhanced professional services to startups.
The organisation, which opened its doors in 2011, has nurtured over 450 climate tech companies, generating more than 5,500 jobs, and providing access to a pipeline of over £1 billion in investment opportunities.
Andrew Wordsworth, Co-founder and Managing Partner of Sustainable Ventures, said: “After specialising in the sector for more than 20 years, climate tech is now the sector of choice for entrepreneurs and it’s imperative that local initiatives, entrepreneurs and capital meet. With the support of Barclays Sustainable Impact Capital investment, we can help hundreds more innovators to go further and faster on their journey to overcome the challenges of climate change.”
Barclays Sustainable Impact Capital is also committing £500 million from Barclays’ equity capital to foster climate tech startups addressing environmental challenges. The bank has previously invested in Airex, Brill Power, and Sunswap – companies all supported by Sustainable Ventures.
This new influx of funds is set to integrate local stakeholders into burgeoning regional tech ecosystems while ensuring that climate tech specialists and entrepreneurs are well-supported.
Steven Poulter, Head of Principal Structuring and Investments at Barclays, said: “The UK with its world-leading universities, research and manufacturing capabilities has the potential to be the global hub for climate tech companies that become future unicorns.”
Poulter is also set to join the Board of Sustainable Ventures, bringing his expertise to the forefront of the organisation’s strategic growth.
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