At One Ventures Launches $375M Climate Tech Fund

At One Ventures, a San Francisco, CA-based climate tech venture capital firm, launched its $375M second fund.

Limited partners included GenZero, the Temasek-owned decarbonization-focused investment platform company, World Wildlife Foundation, the MacArthur Foundation, CalSTRS, and New Mexico State Investment Council (NMSIC), as well as individual investors and family offices such as One Small Planet, Toba Capital, and Valhalla Foundation.

Fund II will focus on backing early-stage startups with innovative technologies that can improve planetary health by resetting the industries causing the most damage to the planet, such as buildings and construction, energy and transportation, and food and agriculture. 

Founded in 2020 by Tom Chi, At One Ventures invests in startups that are using deep tech to upend the unit economics of established industries while reducing their planetary footprint.While the firm does focus on traditional climate technology industry verticals, it has an additional layer of impact categories–Air, Water, Soil, and Biodiversity–and tracks the positive impact its portfolio companies have on each of these areas. 

To date, the firm has invested in 35 startups, including battery recycler Ascend Elements, de-extinction company Colossal Biosciences, and biodegradable packaging supplier Cruz Foam.

Fund II is more than double that of Fund I (US$150M in October 2021), bringing the firm’s total AUM to over half a billion.

FinSMEs

04/10/2023