Early-stage venture capital (VC) firm Merak Venture and Huddle, an accelerator-led fund, on November 11, launched ClimAct, an accelerator program of $1.5 million for climate tech startups.
Accel, Matrix Partners, Sequoia Capital, Aavishkar Capital, Lok Capital, Nexus Venture Partners, and Stellaris Venture Partners have participated as ClimAct’s fund partners, according to the company's statement.
In the statement, the VC firm said selected companies will get a pre-seed capital of $2,00,000 per startup, with a potential follow-on investment of up to $1.5 million post the programme.
The firm said ClimAct’s applications are open from today and the programme's first cohort will conclude in June 2023.
Starting in February 2023, the four-month programme aims to accelerate and fund early-stage climate-tech startups in India working in areas such as agriculture-wastage, supply chain efficiency, mobility and transport, climate finance, carbon accounting and sequestration, and digital solutions.
“With ClimAct, we will serve as the conduit for early-stage start-ups to get pre-seed funds, amass value from our partner network, and ease of access to climate focussed venture capital,” said Sheetal Bahl, partner of Merak Ventures.
“Through ClimAct, we look forward to helping India decarbonise and achieve its Net Zero carbon emissions target by 2070,” said Ishaan Khosla, founding partner of Huddle.
The VC firm also said ClimAct will also provide selected companies with the support of industry veterans, an extended network for pilot opportunities, and customised credits of up to $5,00,000 across technology and business functions to ensure that the focus on sustained decarbonisation of the economy gains momentum.
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