This announcement follows Voyager's $100M Fund I in April 2022, landing a total of $200M to date to fund the future of a decarbonized global economy.
While investment in climate tech decreased in 2023, Voyager's new fund signals ongoing interest from limited partners (LPs) in backing climate tech startups, solidifying Voyager's standing and expertise in partnering with ambitious founders building the future of energy, transportation, materials and carbon removal. Notably, both Voyager's Fund I and Select I were oversubscribed, emphasizing the demand for climate investment opportunities.
Voyager Partners Select I will be deployed primarily to Series A, with consideration for Series B and beyond, software, hardware and biotech companies that are decarbonizing the global economy, and has so far invested in three companies: CarbonChain, Intensivate and Remora.
"We are excited to put the Select I fund to work in accelerating the commercial scale of climate tech companies poised for market dominance. We invest in technologies that can outcompete fossil-fueled products on price and performance alone, and we're seeing decarbonized products that are simply better technology take real market share from polluting legacy incumbents. The energy transition is a generational opportunity and forward-thinking investors recognize the potential for robust returns in climate tech," said Sierra Peterson, Founding Partner at Voyager.
"The transition to a decarbonized global economy is the biggest investment opportunity of our lifetime, as the world's largest industries - from transportation to energy to computing and food - undergo the most rapid change they've ever seen. We are investing at the forefront of innovation in these sectors. With this fund, Voyager is doubling down on the tremendous economic potential in companies leading our economy beyond reliance on fossil fuels," added Sarah Sclarsic, Founding Partner at Voyager.
Voyager Select I attracted investment from several institutional investors, including LPAC members, Northwestern University and Novo Holdings. Voyager's institutional partners include fund-of-funds, endowments, foundations and banking institutions in North America and Europe.
"Northwestern is proud to partner with Voyager as part of our commitment to identify and fund solutions in the transition to a low-carbon economy," said Harisha Koneru Haigh, Senior Allocator for Northwestern University's endowment. "Sierra Peterson and Sarah Sclarsic are highly respected and valued members of the climate tech ecosystem, and we are confident in their ability to generate strong investment returns for the endowment."
"Participating in Voyager Ventures' Select I Fund, and working with Sarah and Sierra, is a strategic move toward smart business. In the realm of investing, climate tech is a new and promising area. It's not just a solution, but a potential lucrative opportunity for astute investors who recognize that aligning with the future yields remarkable returns," said Søren Thinggaard Hansen, Senior Partner & Head of Private Equity at Novo Holdings.
"We are proud to work with Voyager, and since our earliest days, their guidance and support has been critical in our work to decarbonize heavy-duty transportation, capturing our customers' carbon emissions and turning them into a new revenue stream," said Paul Gross, CEO and co-founder of Remora. "It's rare to find investors with the range of climate expertise that Sarah and Sierra bring to the table, from carbon credit marketplaces to non-dilutive funding to adsorption science. Working with them has opened doors and unlocked strategic insights that have allowed Remora to move faster. They understand the operational reality of building a business in decarbonization, and are well connected in the wider worlds of policy and finance, and Remora has benefited many times from Voyager's ability to tap into that network on our behalf."
Voyager's founding partners - Sierra Peterson and Sarah Sclarsic - are climate experts with 32 years of climate domain expertise across company-building, policymaking, advanced academic research and investing in more than 35 early-stage climate tech companies in North America and Europe. To date, Voyager has made 19 investments in software, hardware and biotech companies decarbonizing the global economy and has set the goal of sequestering or averting the emissions of 500 million tonnes of carbon dioxide equivalent (MtCO2e) over the tenure of each fund. Voyager's investment team includes Dr. Leo Banchik, Dr. Nare Janvelyan, Matt Blain and Jake Kent. The firm is based in San Francisco and New York and will be opening its London office in 2024.
To learn more about Voyager Ventures, please visit www.voyagervc.com.