ImpactAlpha, October 4 — At One Ventures has backed 27 early-stage startups developing disruptive hardware and physical products from its inaugural $150 million fund. The San Francisco-based venture firm has raised $375 million for a second fund to build on the track record of the first, with larger checks and more portfolio support for roughly 30 companies.
The fund targets deals in climate-critical sectors like buildings and construction, energy and transportation, and food and agriculture.
“We didn’t shy away from technologies that are more capital intensive, or technologies that will just take a bit more time to scale, because those are the solutions that we need to face climate change,” At One Ventures’ Helen Lin told ImpactAlpha.
The second fund has backed nine companies to date.
Companies in At One’s portfolio include battery recycler Ascend Elements, compostable packaging producer Cruz Foam and Okra Solar, an Australia-based distributor of solar hardware and software to off-grid households in emerging markets. The firm is looking to boost its investment in regenerative solutions that support biodiversity, such as Dalan Animal Health, a portfolio company that has developed a vaccine for honeybees.
At least 14 of the founders in the portfolio identify as people of color and women. The firm casts a global net to source “as many deals from diverse founders as non-diverse founders,” said Lin. “It turns out that those are the stats we ended up with.”
Investors in the second fund include Temasek’s Gen Zero, World Wildlife Foundation, CalSTRS, MacArthur Foundation and the New Mexico State Investment Council.