Portuguese VC company, Faber, has reportedly completed the first close of its Faber Blue Pioneers I fund, aimed at deep tech solutions for climate action and ocean sustainability, at €32 million ($34 million), surpassing its initial target of €30 million ($31 million).
Faber, the first venture capital fund from Southern Europe, has also made its first investment as Faber Blue Pioneers I in the German startup Fuelsave.
Faber Blue Pioneers I’s backers include Sociedade Francisco Manuel dos Santos, Portugal Blue, Champalimaud Foundation, Gulbenkian Foundation, Calouste, and Builders Initiative, along with entrepreneurs like Pedro Bizarro, Feedzai’s co-founder, and Peter Rive, SolarCity’s co-founder.
The investors of the fund are a select group of people who support and contribute toward a positive impact on climate action and social sustainability. Faber aims to further advance this group by bringing more investors to join the fund’s final closing before the end of this year.
Faber will bring together its focus on deep tech early-stage startups with funding, advisors, and dedicated investment teams who will actively work together with entrepreneurs to create global businesses via data and AI for climate and ocean technologies.
The fund’s objective is to invest in around 20-25 early-stage startups that work on innovative and global deep-tech solutions, in areas ranging from ocean intelligence, ocean health, food and feed, and biotechnology, to the decarbonization of several industries.
Faber Blue Pioneer I’s investment team has already analyzed 600+ startups across Europe and will be focusing on projects that are either from the Iberian region or are looking to expand operations there.
Fuelsave, the fund’s first investment, focuses on decarbonizing the maritime industry. Faber has planned for further investments in the line which will be done within the coming few weeks.
Alexandre Barbosa, Managing Partner, Faber, stated that the firm is proud to have such impact-driven investors join it in the belief that science and purpose-driven entrepreneurship can drive innovation and positively impact climate action and ocean sustainability.
Barbosa welcomed Fuelsave to the fund’s portfolio and stated that the firm believes in the German team to lead the way for decarbonization in the maritime industry.