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Summary of Carbon & Emissions Tech VC Trends (Q1 2025)

Core Content

This report provides an analysis of venture capital (VC) activity in the carbon & emissions technology sector during Q1 2025. It outlines the current landscape, highlights key trends, and presents deal data across different segments and regions.

Main Trends and Key Information

Overview of the Carbon & Emissions Tech Landscape

The carbon & emissions tech ecosystem is divided into four main segments:

• Carbon Tech: Focuses on carbon capture and storage (CCS) technologies.
• Industry: Encompasses low-carbon manufacturing, industrial processes, and green resource generation (e.g., green mining, green chemicals, circular economy).
• Built Environment: Involves technologies aimed at reducing emissions in the construction and real estate sectors.
• Land Use: Includes soil pollution remediation, voluntary carbon markets, and ecosystem health initiatives.

VC Activity in Q1 2025

• Total Deal Value: $3.5 billion across 225 deals.
• Quarterly Decline: A 12.1% drop from Q4 2024's $4 billion.
• Segment Breakdown:
  • Industry Segment: Largest with $1.6 billion in deal value across 78 deals.
  • Built Environment Segment: Second largest with $1.2 billion in deal value.
  • Carbon Tech Segment: $432.4 million in deal value.
  • Land Use Segment: $312.6 million in deal value.
• TTM Deal Value: $4.5 billion for the industry segment, followed by carbon tech ($3.4 billion), built environment ($2.9 billion), and land use ($1.4 billion).

Notable Deals in Q1 2025

Large Deals (> $100 million)

• Reno: Raised $624.3 million in Series B funding for real estate decarbonization.
• KoBold Metals: Secured $537 million in Series C funding for subsurface mapping and mineral exploration.
• Electra: Raised $180.4 million in Series B funding for low-carbon steel production.
• Tidal Vision: Raised $172.1 million in Series B2 funding for biopolymer technologies.
• Elvy: Raised $153.5 million in early-stage funding for building energy efficiency services.

Early-Stage Deals

• Phoenix Manufacture: $20.7 million in seed funding for voluntary carbon market infrastructure and biological carbon removal.
• Foundation Alloy: $16.9 million in seed funding for green chemicals & materials.
• Oxyle: $16.0 million in seed funding for voluntary carbon market infrastructure and biological carbon removal.
• ReSource Chemical: $15.0 million in seed funding for carbon utilization.
• Augmenta: $10.0 million in seed funding for green construction.
• TWO FIFTY SEVEN: $9.2 million in seed funding for building energy efficiency.
• Biosphere: $8.8 million in seed funding for green chemicals & materials and fertilizer alternatives.
• Selixium: $7.7 million in seed funding for green mining.
• MacroCycle Technologies: $6.5 million in seed funding for polymer recycling.
• Montamo: $6.5 million in seed funding for heating & cooling.

Regional Breakdown

• North America: Accounted for 53.1% of Q1 deal value, slightly down from 54% in 2024.
• Europe: Held 39.3% of Q1 deal value, up from 34.6% in 2024.
• Asia: Represented only 5% of Q1 deal value, down from 9.2% in 2024.
• Deal Counts:
  • North America: 99 deals.
  • Europe: 92 deals.
  • Asia: 23 deals.

Exit Activity

• Total Exits: 4 in Q1 2025.
• Notable Acquisitions:
  • Trane Technologies acquired BrainBox AI for building energy efficiency.
  • Swegon acquired American Geothermal via LBO for cooling and heat pump technologies.
  • Martin Energy Group acquired Chomp for food waste processing and biogas production.
  • LayerOne acquired Bioenvision for sustainable industrial chemicals and additives.

Market Map and Segmentation

• The market map highlights venture-backed or growth-stage companies in the carbon & emissions tech space.
• The land use category now includes soil pollution remediation technologies, a smaller but growing segment with an average annual deal value of $17.2 million (2020–2025).
• This segment covers applications in agriculture, industry, voluntary carbon markets, and ecosystem health.

Deal Value and Valuation Insights

• Median Deal Value: $11.3 million in Q1 2025, down from $12.5 million in Q4 2024.
• Pre-Money Valuation: Median pre-money valuation was $14.2 million in Q1 2025.
• Deal Value by Stage:
  • Seed stage: $11.3 million median deal value.
  • Series A: $27.5 million median deal value.
  • Series B: $624.3 million for Reno.
  • Series C: $537 million for KoBold Metals.

Conclusion

The carbon & emissions tech sector continues to be a significant area of VC investment, though Q1 2025 saw a decline in deal value compared to Q4 2024. North America and Europe remain the dominant regions for investment, while Asia lags behind. The industry segment leads in deal value, followed by built environment, with carbon tech and land use trailing. Key players in the space are focusing on scaling operations, especially in the face of regulatory and tariff challenges. Early-stage investments are also showing promise, particularly in green construction, biological carbon removal, and sustainable chemical production.