It`s encouraging to see that one of the world`s richest men is investing more money into the cleantech sector.

Bill Gates-backed climate VC Breakthrough Energy Ventures has gathered $839 million in its effort to raise the firm’s third flagship fund, according to a regulatory filing, making it the largest climate fund raised so far this year.

One of the most remarkable aspects of Gates`investment activity is that he invests a lot in early stage climate tech start ups. This strategy carries a considerable risk, mostly because of the long time horizon for exits and the significant capital required to scale novel hardware technologies.

Founded in 2015 by Gates, Breakthrough was one of the first VC funds dedicated solely to climate bets. That unique approach, and Gates’ connections in the climate world, catapulted Breakthrough into the ranks of leading early-stage investors just as climate dealmaking took off in 2020.