North America’s largest Climate tech incubator
Greentown Labs, North America’s largest climatetech incubator, and Prithvi Ventures, an early-stage climatetech investment fund, have announced a first-of-its-kind partnership aimed at accelerating climate impact and bridging the capital gap for climate startups. This collaboration, effective immediately, involves Prithvi Ventures making quarterly donations from its Fund 1 and Fund 2 proceeds to Greentown Labs in perpetuity, thereby providing crucial financial support to startups and enabling them to focus on their innovative solutions.
A Commitment to Climate Innovation
Prithvi Ventures, known for investing in bold founders tackling climate change, has a history of supporting Greentown Labs’ startups. These include notable companies like Carbon Upcycling, Mars Materials, Nth Cycle, and Rheom Materials. Founder and General Partner Kunal Sethi emphasized the importance of this partnership, drawing parallels between venture capital and sports teams: “The best teams always take responsibility and look out for each other. This partnership embodies that spirit.”
Prithvi Ventures: Investing in the Future
Prithvi Ventures focuses on startups addressing ‘boring problems with interesting solutions,’ such as energy efficiency in industrial processes or sustainable waste management, aiming to achieve net-zero goals through innovative technologies that reduce emissions. With over 30 investments from their first fund, they are now deploying capital from their second fund, often being the first significant investor in startups.
Greentown Labs: Empowering Entrepreneurs
Greentown Labs, a 501(c)(3) nonprofit, accelerates climate tech innovation by empowering entrepreneurs. Unlike many incubators, Greentown Labs does not take equity in its startups. Instead, it offers a robust support system, including community connections and resources necessary for startups to thrive. With locations in Somerville, Massachusetts, and Houston, Texas, Greentown Labs supports over 200 startups and has fostered the growth of more than 500 startups since its founding in 2011.
Deepening Relationships for Greater Impact
Aisling Carlson, Senior Vice President of Partnerships at Greentown Labs, expressed gratitude for Prithvi Ventures’ support: “Through this new partnership, Prithvi Ventures and its limited partners are setting an example for how the venture community can directly support incubators and accelerators catalyzing climate tech innovation.”
Prithvi Ventures’ Vision for a Greener Future
Prithvi Ventures is dedicated to investing in early-stage startups that fight climate change by reducing greenhouse gas emissions. Their approach involves tackling significant yet often overlooked problems with innovative solutions, striving for monopolistic success in achieving net-zero goals. Based in New York, Prithvi Ventures has a solid track record of impactful investments and is committed to continuing this legacy through its partnership with Greentown Labs.
Greentown Labs: A Hub for Climatetech Innovation
As North America’s most prominent climate tech incubator, Greentown Labs has driven climate innovation. With incubators in Somerville and Houston, it provides a nurturing environment for startups, offering community, connections, and resources. Since its inception, Greentown Labs has supported over 500 startups, collectively creating more than 11,000 jobs and raising over $5.7 billion in funding.
A Unique Partnership Model
This partnership between Greentown Labs and Prithvi Ventures is unparalleled in its structure and long-term vision. Prithvi Ventures ensures continuous support for incubating climate tech startups by dedicating a percentage of their proceeds to Greentown Labs. This model not only provides financial assistance but also fortifies the ecosystem of climate innovation, setting a new standard for partnerships in the sector.
The Road Ahead
This partnership is poised to significantly impact the climate tech sector. With a shared commitment to providing sustained financial support and leveraging their respective strengths, Greentown Labs and Prithvi Ventures are dedicated to fostering a new wave of innovative solutions to address the climate crisis.
Conclusion
The collaboration between Greentown Labs and Prithvi Ventures marks a significant step forward in the fight against climate change. By combining resources and expertise, these organizations are poised to substantially impact the climate tech landscape, supporting startups that are developing the solutions needed for a sustainable future.
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