In brief: ‘Science’ convinced BMW to back climate VC’s €160m debut

Planet A Ventures has closed its debut fund 60% above target with a strategy that gives scientists veto power for impact.

Thematic investing is not enough for a climate venture fund backed by BMW and Allianz IM. Planet A Ventures has closed its debut fund on €160 million – 60 percent above target – with an investment model that requires “untouchable scientific proof” of impact, according to a founder. The fund employs “in-house scientists [that] hold us accountable for the investments we make… [and] have the power to veto investments if there is no significant positive and quantifiable impact on the planet”, co-founder Christian Schad said in a LinkedIn post.

“Planet A’s scientific approach to identify and support game-changing ventures is one of the most convincing we have seen so far in the market,” Frank Niederlander, who sits on the board of BMW Foundation, said. The fund had targeted €100 million, a source familiar with the matter told New Private Markets. It will make approximately 30 investments, with initial ticket sizes of €0.5-3 million and capacity for re-ups, the source said.