(Bloomberg) — A pair of former bankers are raising a new venture capital fund to focus on investments in the climate technology sector, highlighting the growing appetite for backing such deals even amid a broader downturn.
Vilnius, Lithuania-based Contrarian Ventures is in talks to raise its second fund capped at 100 million euros ($101 million) and has already held a first closing, according to people familiar with the matter, who asked for anonymity because the news isn’t public.
The firm is led by managing partner Rokas Peciulaitis, who founded Contrarian at age 26, after previously working as a trader at Bank of America Corp., and general partner Tomas Kemtys who was previously an investment banking associate at Centerview Partners LLC.
A representative for Contrarian declined to comment.
Launched in 2017, Contrarian has so far backed companies such as electric bike maker Zoomo, hydrogen startup H2Pro and solar technology firm PVcase, according to its website. Contrarian aims to invest 1.5 million euros at the earliest stages of a startup’s development while taking a roughly 10% to 15% ownership stake, the people said.
Funding for startups working on climate and sustainability-related technology has surged amid investor interest, even during a collapse in the value of many technology companies due to rising interest rates and fears of an economic slump.
Climate tech startups are on track for record funding this year, with first-quarter investment into the sector rising 131% to $15.7 billion, BloombergNEF said in a report.
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