HomeUSAGreentown Labs and Prithvi Ventures Establish New Fund Proceed Partnership

Greentown Labs and Prithvi Ventures Establish New Fund Proceed Partnership

Greentown Labs, a Somerville, MA-based climatetech incubator in North America, and Prithvi Ventures, a NYC-based early-stage climatetech investment fund, announced a partnership to accelerate climate impact and fill a capital gap among climate startup support organizations.

Effective immediately, Prithvi Ventures will donate a percentage of proceeds received from its Fund 1 and Fund 2 to Greentown on a quarterly basis, in perpetuity. A longtime member of Greentown and an engaged investor within the incubator’s startup community, Prithvi Ventures has invested in multiple Greentown member companies including Carbon Upcycling, Mars Materials, Nth Cycle, and Rheom Materials.

Greentown is a 501(c)(3) nonprofit accelerating climatetech innovation and commercialization by empowering entrepreneurs and enabling collaboration. As an organization founded by entrepreneurs, for entrepreneurs, Greentown does not take equity in its startups. Rather, it provides its startups with the community, connections, and resources they need to grow. It is home to more than 200 startups and has a network of more than 85 corporate partners.

Led by Kunal Sethi, Founder and General Partner, Prithvi Ventures invests in early-stage startups that fight climate change by reducing greenhouse gas emissions. They invest in boring problems with interesting solutions taking a monopolistic approach to achieve the net-zero goals. The fund has made more than 30 investments and is now deploying capital from its second fund.

VCWire

25/06/2024