Mike Schroepfer, former Chief Technology Officer at Meta, has raised $250 million for Gigascale Capital, a fund focused on backing founders developing climate solutions for global energy and material shortages.
Schroepfer's new fund targets the intersection of climate technology and resource scarcity, backing companies working on sustainable energy alternatives and material innovations. The capital raise demonstrates sustained investor interest in climate tech despite broader venture pullbacks in recent years.
Gigascale Capital positions itself to support founders addressing the physical constraints facing global infrastructure. The fund's focus on energy and materials reflects a strategic approach to climate challenges that extend beyond carbon reduction alone.
Schroepfer left Meta in 2022 after eight years as the company's CTO. His move into climate-focused venture capital follows a broader trend of tech executives shifting focus toward sustainability challenges, though Gigascale's substantial fund size sets it apart in a crowded space.
The fund's launch comes as climate tech continues to attract capital despite economic headwinds affecting the broader venture ecosystem.
Bain Capital Ventures has secured $1.6 billion to fund early-stage companies building artificial general intelligence and the infrastructure to run it. The fund targets founders developing core AGI technologies and efficiency-focused systems.
Europe's new technology fund is in talks to invest in ElevenLabs Inc., a UK-based artificial intelligence startup. The funding would mark a significant backing for the AI company from a major European institutional investor.
Drone delivery startup Zipline is negotiating a $1 billion funding round that would value the company at roughly $20 billion, nearly tripling its $7.6 billion valuation from January.