Elemental Excelerator has unveiled its new climate tech fund Earthshot Ventures. Earthshot has raised $60 million in its first close. Earthshot’s limited partners include Emerson Collective, John Doerr, Tom Steyer, McKinley Alaska, Microsoft, Employees’ Retirement System of Hawaii and Stafford Capital Partners.
HONOLULU and EAST PALO ALTO, Calif., Sept. 8, 2021 /PRNewswire/ — Earthshot Ventures, a new venture capital fund launched to support entrepreneurs tackling climate change, today announced its first close of $60M. The fund is designed to bring together new and existing networks in the climate tech space to more rapidly scale critical solutions.
Earthshot Ventures is spinning out of Elemental Excelerator, a global climate tech organization that pioneered the use of the accelerator model for climate technologies. Since 2012, Elemental has evaluated over 5,000 companies, invested alongside 2,000 co-investors, and built an inclusive community to advance climate investing. Three of Elemental’s team members will lead the fund: Dawn Lippert, Elemental founder and CEO, Mike Jackson, who has served as Elemental’s investor-in-residence since 2017, and Ramsay Siegal, former head of Elemental’s portfolio.
Earthshot is backed by Limited Partners including Emerson Collective, John Doerr (Chairman, Kleiner Perkins), Tom Steyer (Founder, NextGen America), McKinley Alaska, Microsoft, Employees’ Retirement System of Hawaii, Stafford Capital Partners, Chris Cox (Chief Product Officer, Facebook), David Crane (Co-Founder & CEO, Climate Real Impact Solutions), and Impact Engine. These partners share a commitment to investing in bold climate solutions and working together to help companies succeed.
Additionally, Launch Alaska, a clean technology accelerator and deployment engine that has worked closely with Elemental since its founding, has also partnered with Earthshot to provide dealflow and access to customer networks. Launch, founded in Alaska, and Elemental, founded in Hawaii, bring real-world experience and insight deploying technologies in communities on the front lines of climate change.
Quotes from Earthshot Ventures
“We built Earthshot Ventures to increase catalytic funding for bold and diverse founders who are transforming markets. Earthshot gives us a new tool to help founders tackle enormous challenges, while providing investors access to the world’s biggest growth opportunity: combating climate change,” said Dawn Lippert, Founding Partner, Earthshot Ventures.
“Earthshot is unique because of our team’s deep experience working alongside ventures as they are deploying technology. We have a strong sense of what has commercial traction and the ability to make rapid impact. This enables us to invest in both hardware and software companies at the early stages, and supercharge their efforts by plugging into our global network of customers, investors, and policy-makers,” said Mike Jackson, Managing Partner, Earthshot Ventures.
“Over the last 10 years, Elemental operated one of the largest climate tech portfolios in the industry, and have celebrated 20 exits to date,” said Ramsay Siegal, Partner, Earthshot Ventures. “The stars are aligning, we have the right ingredients. There is no better time than now to be a climate entrepreneur.”
Quotes from Earthshot Ventures Limited Partners
“Earthshot raises the bar for equitable climate tech investment,” said Laurene Powell Jobs, President, Emerson Collective and Board Chair, Elemental Excelerator. “Our deeply aligned group of investors is seeking the most audacious entrepreneurs to rapidly address the climate crisis.”
“Backing cleantech entrepreneurs—and motivating others to do the same—is not only the smart thing for investors to do, it’s one of the most profitable things they can do,” said John Doerr, chairman of Kleiner Perkins. “The team behind Earthshot Ventures has deep experience growing climate organizations, and their track record is exceptional. They have the grit and perspective it takes to roll back the threat of climate change.”
“Recent global catastrophes have proven that our collective commitment to combating the climate crisis must become mainstream,” said Tom Steyer, Founder of NextGen America. “Earthshot is finding some of the most impactful founders in the field, proving that significant investment opportunity and significant climate impact can go hand in hand.”
“The ability of Elemental and Launch Alaska to attract some of the world’s top climate entrepreneurs gives Earthshot a distinct advantage in sourcing startups,” said Joseph Jacobson, Director of Private Equity at McKinley Alaska Private Investment, LLC. “We believe Earthshot will address climate and social equity issues while delivering returns for its Limited Partners.”
“Microsoft is investing in Earthshot because of their ability to deliver impactful and equitable climate solutions, two top priorities for our Climate Innovation Fund,” said Brandon Middaugh, director of the Microsoft Climate Innovation Fund. “We look forward to supporting the new technologies made possible by this investment, which are key to a net zero carbon future.”
“The approach that Earthshot is taking to climate-tech investment is unique, and we believe that a fund with roots in Hawaii represents a model for the world to follow,” said Elizabeth Burton, Chief Investment Officer of Employees’ Retirement System of Hawaii. “We are excited to support a fund born out of Elemental, given its strong work advancing Hawaii’s entrepreneurial ecosystem and breaking open markets for new climate technologies.”
About Earthshot Ventures
Earthshot Ventures is a $60 million early-stage venture fund investing in entrepreneurs solving the toughest climate challenges. The fund invests in both hardware and software companies from Seed through Series B, and helps companies scale by plugging them into our global network of customers, investors, and policymakers. In 2021, Earthshot spun out of Elemental Excelerator, a global climate tech organization that pioneered the use of the accelerator model for climate technologies. The fund is led by Dawn Lippert, Elemental founder and CEO; Mike Jackson, who served as Elemental’s investor-in-residence since 2017; and Matt Logan, who previously evaluated startups and led corporate partnerships for Elemental.