HomeUSAClimactic Launches With $65M Inaugural Fund

Climactic Launches With $65M Inaugural Fund

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A group of seasoned founders, CEOs, operators and venture capitalists announced the launch of Climactic, a New York City and San Francisco, Calif.-based venture capital firm, with a $65M inaugural fund dedicated to accelerating the growth of software-first climate tech startups.

Notable LPs in the fund include Reid Hoffman, Chris Sacca, Ev Williams, Mike Schroepfer, Chris Larsen, Alison Pincus, Mark Pincus, Logan Green, Stephen Simon, Jeff Clavier, John Zimmer as well as institutional investors StepStone, HG Ventures, Brown Advisory, MIO Partners, Knollwood, NfX, and Mayfield. 

The new fund intends to focus on early-stage companies helping enterprise and mobility sectors become more sustainable, with seed investments ranging from $1-3M in capital. 

They already invested in Arrive Recommerce, Lightship, Mootral, Mounspace, NCX, Nori, Populus, Renoster, Rubi, Climate AI, Sinai, and Weavegrid. 

The veteran leadership team includes Josh Felser and Raj Kapoor (both serial VCs, founders and operators), Paul Hawken (best-selling author and climate activist) and advisor Van Jones (CNN host and former special advisor to President Obama).  

Raj Kapoor, co-founder and managing partner, co-founded Snapfish (acquired by HP for $300M) before co-founding Fitmob, a fitness marketplace acquired by Classpass and subsequently, Mindbody, a B2B and B2C fitness technology company. During his seven-year tenure at Mayfield Fund, Kapoor was the first VC investor in Lyft, marking a personal shift toward fighting climate change. He later joined Lyft as a Chief Strategy Officer, driving the company’s transition to an electric, self-driving fleet. 

Josh Felser, Co-founder and managing partner, played a vital role in the digitization of everything as the founder of one of the first internet music companies, Spinner.com (acquired by AOL for $320M). He later founded Crackle, a digital video platform acquired by Sony for $65 million. Felser then founded Freestyle, an early-stage tech venture capital firm, facilitating investments in unicorn companies Airtable, Patreon, Betterup, Intercom and more.

Paul Hawken joins the team as Strategic Partner. Hawken is the author of the reference books on climate change, “Drawdown” and “Regeneration,” which have shaped the discourse around climate solutions. Hawken is also the lead sustainability advisor to corporations like Walmart and Nestle. 

Van Jones, CNN host and former special advisor to President Obama addressing climate change and social justice, joins the firm as Strategic Advisor, offering expertise in government, policy, and climate justice. 

VCWire

14/12/2023