Merak Ventures joins Huddle to launch accelerator programme to support climate tech tartups
- ByStartupStory | November 8, 2022
Merak Ventures, which is an early-stage venture capital (VC) organization, and Huddle, an accelerator-led fund for India’s early-stage startups, made the announcement that they would be collaborating to launch ClimAct, a climate-tech accelerator programme. The goal of the programme is to help early-stage ClimateTech start-ups in India accelerate their growth and get finance. The fields of farm waste reduction and supply chain efficiency, mobility and transport, climate finance, carbon accounting and sequestration, and digital solutions are some of the areas in which these start-up companies will be working.
Today, November 8, marks the beginning of the application season for ClimAct, and the first cohort of participants in the programme will start in February 2023. After a period of operation lasting for a total of eight months, the programme will be finished in June 2023. The selected companies will be given access to an upfront Pre-Seed finance of up to $200,000 per start-up, in addition to the prospect of a follow-on investment of up to $1.5 million following the end of the 4-month programme. ClimAct’s fund partners include Aavishkar Capital, Accel, Lok Capital, Matrix Partners, Nexus Merak Ventures Partners, Sequoia Capital, and Stellaris Venture Partners.
Condition of Merak Ventures In the year 2021
“In the year 2021, finance for climate technology amounted to 5.5% of total Merak Ventures capital across the globe; however, the amount was substantially smaller in India, coming in at around 1.5%…. According to Sheetal Bahl, a Partner at Merak Ventures, “With ClimAct, we will operate as the conduit for early-stage businesses to acquire pre-seed funding, collect value from our partner network, and have ease of access to climate-focused venture capital.” ClimAct was developed by Merak Ventures.
“The climate system requires active intervention, and there is no time like the present to make investments in the development of technologies that will drive the transition…. “Through ClimAct, we are looking forward to supporting India in decarbonizing its economy and attaining its goal of Net Zero carbon emissions by the year 2070,” said Ishaan Khosla, Founding Partner of Huddle.
India plans to invest somewhat more than one billion dollars in climate technologies during the course of the period extending from 2016 to 2021. When compared to the forty billion dollars that will be spent among 600 or more enterprises all across the world, this represents a huge shortfall. It is vital that India makes an attempt to invest in climate technologies in order for the nation to meet its ambitious goal of generating net zero carbon emissions by the year 2070.
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