Venture Capital: At One Ventures Scores $375M For Second Climate Tech Fund
The oversubscribed second fund is dedicated to supporting innovative technologies across a wide spectrum of industries, including but not limited to the built environment, transportation, energy, and agriculture.
One Ventures, the climate tech venture capital firm founded by Tom Chi, a founding member of Google X, has successfully closed its second fund, raising a substantial US$375 million. Much like its inaugural fund, Fund II is dedicated to supporting early-stage startups with innovative technologies aimed at enhancing the health of the planet. These technologies are poised to address some of the most environmentally damaging industries, including construction, energy, transportation, and agriculture.
The funding for Fund II came from a diverse group of Limited Partners, including GenZero, a decarbonization-focused investment platform owned by Temasek, as well as prominent organizations like the World Wildlife Foundation, the MacArthur Foundation, CalSTRS, and the New Mexico State Investment Council (NMSIC). Furthermore, At One Ventures continued to receive backing from individual investors and family offices aligned with its mission. (CISION PR Newswire)
One of At One Ventures’ distinguishing characteristics is its commitment to fostering diverse perspectives and backgrounds among the startups it supports. A notable 40% of the founders backed by the firm belong to underrepresented groups, including BIPOC and female entrepreneurs. Additionally, the firm boasts a geographically diverse portfolio, with 70% of its investments in North America and the remaining 30% spread across Europe, Africa, South America, and Israel.
At One Ventures operates based on a strategic framework known as the Triad, which emphasizes disruptive deep tech, improved unit economics, and enhanced environmental economics. This unique approach minimizes adoption barriers and promotes profitable and environmentally friendly production methods.
The firm’s portfolio includes groundbreaking technologies such as Dalan Animal Health’s USDA-approved vaccine for honeybees, Halo Car’s remote-piloted electric vehicle transportation, and Finless Foods’ lab-grown bluefin tuna. These inventions are reshaping their respective industries and driving positive change for the planet.
Moreover, At One Ventures actively monitors the impact of its portfolio companies in key areas: Air, Water, Soil, and Biodiversity. Instead of solely focusing on carbon emissions reduction, the firm seeks to establish regenerative and generative relationships with nature. For example, companies like Dendra are using drones to restore ecosystems by planting trees, emphasizing a holistic approach to environmental restoration.
This new fund, Fund II, marks a significant milestone for At One Ventures, doubling the capital raised compared to Fund I. With over half a billion dollars in assets under management, the firm has supported companies like Ascend Elements, Colossal Biosciences, and Monarch Tractor, all of which have achieved substantial valuations.
It is clear that At One Ventures is at the forefront of climate tech investing, leveraging deep technical expertise to drive positive change and solve pressing global challenges.
Related Story: Galvanize Closes On $1B+ Climate Innovation Fund
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