Climate Finance | September 8, 2021

Elemental Excelerator spins out Earthshot Ventures with $60 million for inclusive climate tech

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, Sept. 8 – Honolulu-based Elemental has built a track record over the past decade backing entrepreneurs like BlocPower’s Donnel Baird and ChargerHelp’s Kameale Terry and Evette Ellis, who are responding to the climate crisis in their own communities. The nonprofit accelerator has notched 20 exits, including Scoot, Proterra, Ampaire and Xos.

Elemental is now spinning out Earthshot Ventures, a new climate VC firm that has raised $60 million from Emerson Collective, Microsoft’s Climate Innovation Fund, NextGen America’s Tom Steyer, Kleiner Perkins’ John Doerrand others. “Earthshot raises the bar for equitable climate tech investment,” said Emerson’s Laurene Powell Jobs, who chairs Elemental’s board.

The fund will “increase catalytic funding for bold and diverse founders transforming markets,” said Elemental’s Dawn Lippert, who will lead the venture fund alongside Elemental investor-in-residence Mike Jackson and Ramsay Siegal, former head of Elemental’s portfolio.

The fund will invest in climate tech hardware and software early-stage startups from seed rounds to Series B, and connect founders with its global network of investors, policymakers and other partners.

Other limited partners in the fund include Employees’ Retirement System of Hawaii, McKinley Alaska Private Investment, Stafford Capital Partners and Facebook’s Chris Cox.