ImpactAlpha, June 22 – In the crowded climate tech investing space, it helps to be a specialist. Overture VC, an early stage venture capital firm, was founded a year ago by former Obama administration officials to help climate startups navigate the rules, regulations and corridors of power, as the Biden administration rolls out hundreds of billions of dollars in incentives to decarbonize the economy.
“Climate startups are most successful when they effectively partner with the US government,” Overture wrote in a blog post announcing the news. “But early-stage startups rarely know how to engage the government effectively.”
The Washington, DC-based firm partners with climate-focused government affairs firm Boundary Stone Partners to help its portfolio companies identify opportunities for government support such as grants, low-cost loans, permitting assistance and policy.
“We didn’t want to just be a check,” says Overture’s Michael O’Neil told ImpactAlpha. “We wanted to provide in climate tech something unique.” That specialty has helped Overture get into competitive deals and attract $60 million for its debut fund.
Early stage
Overture co-invests in pre-seed, seed and Series A climate tech deals, typically writing checks of around $1 million. It has invested in 21 startups to date, including thermal battery maker Antora, tax credit marketplace Crux, and Dexmat, a maker of high-performance carbon materials.
The debut fund was backed by Schneider Electric’s SE Ventures and WovenEarth Ventures, a women-led fund of funds. WovenEarth recently secured $152 million for its own debut fund, which will invest in early stage climate-focused funds. Its fund was backed by three major university endowments, Glenmede, the Mortenson Family Foundation, and M.A. Mortenson Companies.
Overture is one of 13 US-based early stage climate tech venture funds Palo Alto-based WovenEarth has invested in.
