Local startup business incubator Elemental Excelerator has a new venture capital fund, with some prominent backers, that specializes in climate and technology based in the Islands.
Earthshot Ventures, which is being spun out of Elemental, has an initial $60 million to invest in climate tech hardware and software companies, from Seed through Series B. The idea is that it can help companies scale by connecting them to a global network of investors and policymakers.
Elemental CEO Dawn Lippert, Elemental investor-in-residence Mike Jackson, and Ramsay Siegal, the former head of Elemental’s portfolio, will lead the fund.
"We built Earthshot Ventures to increase catalytic funding for bold and diverse founders who are transforming markets," Lippert said in a statement. "Earthshot gives us a new tool to help founders tackle enormous challenges, while providing investors access to the world's biggest growth opportunity: combating climate change."
Siegal added, “Over the last 10 years, Elemental operated one of the largest climate tech portfolios in the industry, and have celebrated 20 exits to date. The stars are aligning, we have the right ingredients. There is no better time than now to be a climate entrepreneur.”
Earthshot is being backed by limited partners like Emerson Collective; John Doerr, chairman, Kleiner Perkins; Tom Steyer, founder, NextGen America; McKinley Alaska; Microsoft; Employees’ Retirement System of Hawaii; Stafford Capital Partners; Chris Cox, chief product officer, Facebook; and Impact Engine.
“Microsoft is investing in Earthshot because of their ability to deliver impactful and equitable climate solutions, two top priorities for our Climate Innovation Fund,” said Brandon Middaugh, director of the Microsoft Climate Innovation Fund, in a statement. “We look forward to supporting the new technologies made possible by this investment, which are key to a net zero carbon future.”
Earthshot will work with another clean tech accelerator, Launch Alaska, for networking.
Also at Elemental this week, the incubator announced its first four fellows for its just-created Policy Lab. The lab is meant to focus on driving policy change in government at local and national levels, by translating what entrepreneurs are doing on the ground into action on climate, jobs and equity.
The four are Louise Bedsworth, Heather McTeer Toney, Randall Winston and Josh Stanbro. Stanbro, a self-described "climate hawk," is senior policy director for the Honolulu City Council. The other three have climate advocacy experience in California and beyond.
“Heather, Josh, Louise, and Randall are some of our country’s most talented climate leaders, who know how to take a policy idea from concept to reality,” said Aimee Barnes, Elemental's Policy Lab director, in a statement. “I am thrilled that the Lab will support these seasoned change makers as they pursue bold, innovative policy solutions to the climate crisis.”
