Paris-based venture capital firm Blisce is launching a climate tech fund with a target of $160 million

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Luck has become the latest venture capital firm to launch a fund focused on climate tech, for which it plans to raise as much as €150 million (about $162 million). The company hires investor Pierre-Edouard Berion to lead the fund, and Lucie Basch, the co-founder of Too good to gowill support the fund as a venture partner.

If you’re not familiar with Blisce, the VC firm is based in Paris, has an office in New York, and is better known as the investment vehicle of Alexandre Mars (photo above). Mars is an entrepreneur turned philanthropist who founded a handful of tech companies in the early 2000s and sold them to big names like Publicis and Blackberry. Blisce has raised 240 million dollars (approximately 225 million euros) for this last fund.

More recently, Mars launched Blisce, a classic for-profit venture capital firm, although it carries a B Corp label. He started too Epica non-profit foundation that funds organizations that reduce inequality among children when it comes to education or health care, and supports organizations that fight climate change.

It’s hard to talk about Blisce without mentioning Epic, because a portion of Blisce’s profits are reinvested in Epic to cover the foundation’s operating costs. Likewise, the Blisce team dedicates 20% of its carried stake to Epic.

It seems to have worked well, especially since Blisce has invested in several unicorns such as Spotify, Pinterest and Headspace. More recently, the company invested in Brut, Sorare and Welcome to the Jungle. As you can see, the company’s portfolio consists of a mix of consumer tech companies, and is not yet focused on climate tech.

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With the company’s new fund, Blisce aims to invest in tech startups that have a positive impact on climate change, especially in polluting industries such as materials, food, construction, mobility and energy. The company will be building a dedicated team for this fund and, as mentioned above, has hired Pierre-Edouard Berion to lead it.

Berion is a well-known face in Paris’s VC circles. After working for several years as an investment director at Eurazeo (investing in Zenly, Withings and Vestiaire Collective), he joined Invest in companies as a partner.

As for Lucie Basch, she already knows the Blisce team quite well, as the company invests in her company Too Good To Go. She will become a venture partner for the new climate fund – in VC jargon this means that she will stay at Too Good To Go and also help the fund. Blisce is still raising money for its new fund, so it will be interesting to see how much they manage to raise.

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