Climate Tech Investment Trends: 2023

Climate tech venture and growth investment totaled $32bn in 2023, down 30% from 2022, as higher interest rates and a cautious private market raised the bar for deployment. Founders and investors adopted a wait-and-see approach.

This report goes deeper than past editions, with analysis of exits, graduation rates, investor activity, and trends across sectors and product types.

• Investment totaled $32bn in 2023, down 30% from 2022, and deal count fell 3%.
• Growth investment fell 41% and Series C fell 35%.
• Average deal size fell 28%, as smaller rounds drove the overall decline.
• Industry replaced Food & Land Use in the top three verticals.
• Since 2020, about 2,600 climate tech companies have raised more than $142bn across 4,156 deals.