Venture Capital: Venture Capitalist Chris Sacca Raises $800M For Climate Funds
Sacca and his wife Crystal founded climate-focused VC fund Lowercarbon Capital.
Chris Sacca’s Lowercarbon Capital announced Thursday (August 12, 2021) that it raised $800 million “in fiat, to keep unf**king the planet.”
“There has never been a better time to start a company focused on emissions reduction or actively removing carbon already in the atmosphere,” Sacca wrote in Cash Cools Everything Around Me, a blog announcing the raise. “The total addressable markets are literally the biggest in history and we have no doubt that multitrillion-dollar market caps are just up ahead.”
According to Bloomberg, Sacca is launching four climate-tech funds with the new money.
Sacca said he wrapped up the fundraising within just a few days after starting – amidst pollution that “may have lent a warm, beautifying haze to our Zoom calls,” and had to “say ‘no thanks’ to some very flattering offers.”
Sacca made a brief reference to the U.N.’s Intergovernmental Panel on Climate Change (IPCC) report in his blog, calling it “bleak.”
A landmark climate report released Monday by the IPCC warned that human influence had warmed the atmosphere, ocean, and land and that the changes inflicted on the planet, especially oceans, would be “irreversible for centuries to millennia.”
It also said continued warming will lead to an acceleration of “extreme events unprecedented in the observational record.”
U.N. Secretary-General Antonio Guterres said there was irrefutable evidence that greenhouse gas emissions from fossil fuel burning and deforestation were choking the planet.
He called the report a ‘code red’ for humanity.
Sacca: Urgency of crisis or financial returns? Doesn’t matter
“We are thrilled to see how many investors understand the urgency of the climate crisis and are already dedicating their time, as well as their capital, to real solutions,” wrote Sacca. “However, to be frank, we were also heartened by those investors who actually don’t care that much about the planet and instead are just chasing financial returns.”
“Of course, that’s part of our underlying thesis: Massive change will happen because these types of investments will pay off for sheer business reasons alone,” he added.
His vision should be respected. After all, he made his money from savvy VC bets such as on Twitter, Instagram, Uber, Stripe, and Kickstarter.
His four new funds will likely invest the proceeds of the raise based on Sacca’s three-pronged plan to bring down the CO2 in the earth’s atmosphere:
- Slashing new emissions of CO2 and other greenhouse gases to zero.
- Sucking up at least a trillion tons of carbon already swirling around the sky.
- Buying all of humanity, including those most vulnerable, more time by actively cooling the planet.
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