Early-stage cleantech investment firm WovenEarth Ventures announced that it has raised $155 million at the final close of WovenEarth Fund II, aimed at delivering strategic exposure to early-stage cleantech companies with outsized return potential in energy, industry, and resilience.
Founded in 2022, Palo Alto, California-based WovenEarth provides diversified exposure to early-stage cleantech companies through fund investments and direct co-investments.
The company said that the fund is expected to provide exposure to 250+ companies by investing in a select group of US early-stage cleantech funds and reserving roughly one-third of investable capital to co-invest alongside those funds. To date, the fund has made commitments to seven funds and 20 co-investments in subsectors including geothermal energy, battery storage, critical minerals, robotics, and orchestration software and others.
The new fund included commitments from investors in WovenEarth Fund I, including The Pennsylvania State University, Glenmede, Mortenson Family Foundation and M.A. Mortenson Companies, as well as new investors including foundations, family offices and J.M. Huber Corporation.
Jane Woodward, Managing Partner at WovenEarth Ventures, said:
“We believe we are in the midst of a massive innovation wave: We call it Cleantech 2.0. We see cleantech as fundamental to the future of the global economy—it has the capacity to boost profit and reduce risk in key areas such as AI-driven electricity demand, domesticating supply chains, and the rising cost of extreme weather. In our view, cleantech companies cover a broad range of sectors and are no longer a niche investment category. We see them as better businesses that happen to be clean.”
