Azolla Ventures and Prime Coalition's Climate Fund Spotlighted in Bloomberg

Prime Coalition and Azolla Ventures have rolled out a $239 million fund to invest in early-stage startups that are unlikely to lure traditional investors for their climate technology solutions.

The new fund will look at three factors as part of its investment criteria — impact, lack of alternative funding options and commercial potential of the climate solution, according to a statement Thursday.

The Cambridge, Massachusetts-based nonprofit Prime Coalition and investing firm Azolla will look for startups with the potential to reduce or remove at least half a gigaton of CO2-equivalent emissions by 2050. While being overlooked by mainstream investors, these “solutions must have high potential for achieving commercial success,” the groups said in a statement.

The latest funding platform underscores the rush among sustainability-focused investors and policymakers to seek climate solutions in a rapidly warming planet that’s smashing temperatures records globally and triggering extreme weather events more frequently.

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