Like a marmot and its shadow, many venture capitalists see a shrinking economy and are digging it out, resting their check-signing hand for better days.
But climate-focused VCs have been gaining momentum lately, pumping more than a billion dollars a quarter into startups that strive to cut emissions as the Earth bakes.
Buoyant Ventures is such solid momentum for the industry. The Chicago-based investor told regulators via an SEC filing this week that it has blocked just over $50 million from a new fund. Buoyant declined to comment when TBEN sent an email, but the filing shows that the company has been raising money for the fund since at least May 2021. So far, 75 (unnamed) limited partners have contributed and Buoyant is fishing for just $50 million more.
Led by Electronic Arts and Energize Ventures alum Amy Francetic and former Accenture executive Allison Myers, Buoyant’s first deal dates back to the summer of 2020, then it supported Raptor Maps, which aims to help solar parks squeeze more juice from the sun due to problems. — such as panel damage and shadow — with drones and sensors.
Buoyant said in 2021 it is targeting “solutions for the industries that contribute most to carbon emissions,” including energy, transportation, agriculture and buildings. Since then, it has funded at least four other early-stage startups, including FloodFlash, StormSensor, and others looking to monetize emissions reduction or climate adaptation.
Several other notable climate (and climate-adjacent) VC fundraisers have passed over our desks in recent weeks, including Fifth Wall’s $500 million fund, Climentum Capital ($157 million), Equal Ventures ($94.8 million) and Systemiq Capital ($70 million).