Startup accelerator Founders Factory announced today the launch of Planet Fund, a new £100 million climate tech venture fund, backed by media and entertainment company Sky, to support early-stage climate solutions-focused ventures.

The Planet Fund aims to raise £100 million to support early-stage climate startups with “operator first approach” and will focus sustainability themes including decarbonization, resource preservation, climate resilience, as well as the circular economy.

The fund will kick off with a portfolio of 25 startups brought over from on Sky Ocean Ventures, an impact investment vehicle launched by Sky in 2018 to invest in solutions to keep plastic out of the oceans.

Henry Lane Fox, Founders Factory CEO, said:

“We felt compelled to build this fund both by the urgency of the problem and the scale of the opportunity. We’ve seen a huge migration of tech talent wanting to work in the climate, and know there is a gap to provide high-conviction capital & hands on support to the next generation of ambitious planet focused companies. We’re excited to have Sky, one of Europe’s leading voices on climate, as our first partner.”