Merak Ventures, Huddle lauches ClimAct Accelerator to back climate tech startups

Climate Tech

On November 11, the early-stage venture capital (VC) company Merak Venture and the accelerator-led fund Huddle announced ClimAct, an accelerator program for climate innovation firms offering up to $1.5 million in the capital.

According to a statement from the company, ClimAct’s fund partners include Accel, Matrix Partners, Sequoia Capital, Aavishkar Capital, Lok Capital, Nexus Venture Partners, and Stellaris Venture Partners.

The VC company stated in the statement that chosen businesses will get pre-seed money of $2,000 per startup, with the possibility of a follow-on investment of up to $1.5 million after the program.

According to the company, ClimAct applications are now being accepted, and the first cohort of the program will end in June 2023.

The four-month program, which will begin in February 2023, will help early-stage climate-tech startups in India working in industries like agriculture waste, supply chain efficiency, mobility and transportation, climate finance, carbon accounting, and sequestration, and digital solutions move ahead and receive funding.

Sheetal Bahl, Partner of Merak Ventures, said, “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.”

Ishaan Khosla, Founding Partner of Huddle, said, “Through ClimAct, we look forward to helping India decarbonize and achieve its Net Zero carbon emissions target by 2070.”

The venture capital firm added that ClimAct would also offer chosen startups the assistance of industry professionals, an expanded network for pilot opportunities, and tailored credits of up to $500,000 across technology and business operations to make sure that the emphasis on ongoing decarbonization of the economy gains momentum.

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