Noida-based GoMassive Earth Network on Wednesday said it has launched an early-stage investment syndication platform for pollution reduction and climate technology startups.
Dubbed Climate Angels, it will enable angel investors to back sustainability startups in the clean energy, mobility, water, food and cities sectors, a statement said.
“We will curate exclusive deal flow that not only fits our mandate but also has a viable exit strategy,” Sumeet Singh, managing partner, GoMassive Earth Network, said.
The investment network has already received funds from Paytm founder Vijay Shekhar Sharma, Apollo Global partner Nipun Sahni, Seedfund founding partner Praveen Gandhi, Stanford Angels founder Paula Mariwala, Massive Mobility co-founder Shailesh Vickram Singh, SR Asset Advisory founder Sandeep Baid, Elevate Services CEO Lokendra Tomar. It also counts DS Group as a corporate investor, the statement said.
This is the first batch of investments for the 2017-founded GoMassive Incubators-owned firm, managing partner Singh told TechCircle.
Led by entrepreneurs, seasoned angel investors, corporates and venture capitalists, GoMassive invests in sustainability startups solving pollution and climate change issues. The network looks to offer capital, mentorship and validation of ideas through its partnerships with research labs, tech academia and policy think tanks.
“In India, angel investors have been very active in the consumer and enterprise technology space... However, there aren't any syndication platforms that focus exclusively on pollution reduction and climate change. Further, marquee funds like Sequoia, Accel and India Quotient have started investing in agritech and climate tech in India,” the company said in the statement.
According to a PwC study, titled Sustainability Practices Report on the State of Climate Tech 2020, globally venture capitalists have deployed more than $60 billion in the climate tech space, with 43 startups turning into unicorns between 2013 and 2019.
Globally, clean energy startups and climate tech has garnered some interest. In June this year, ecommerce giant Amazon announced a $2 billion venture capital fund to invest in clean energy startups. Closer home, startups such as online climate school Terra.do raised a $1.4 million seed round from investors including Stanford Angels & Entrepreneurs, Singapore-based venture capital firm Beenext, and Zerodha-backed startup incubator and fund Rainmatter Capital.