Exclusive: CTVC founder Sophie Purdom launches venture firm Planeteer
Climate Tech VC newsletter co-founder Sophie Purdom is raising up to $100 million for a climate-focused venture firm, Planeteer Capital, she tells Axios exclusively.
Why it matters: Purdom has become one of the more visible figures in climate investing through both her newsletter and her angel investments.
Catch up fast: Purdom and Planeteer co-founder Hannah Friedman launched the firm last year.
- The firm filed with the SEC in March, indicating it was raising up to $100 million for its first fund.
- Planeteer held a first close the same month, having raised more than a third of the fund's target, people familiar with the fund say.
The latest: Planeteer plans to focus on pre-seed and seed-stage startups as lead and co-lead investor.
- Initial checks will span $500,000 to $3 million.
- It's aiming to back 20 to 25 companies in its first fund.
Zoom in: LPs are institutional investors, family offices, venture funds and individuals.
- They include Collaborative Fund, an undisclosed Ivy League endowment, and Mike Schroepfer, the former Meta CTO who founded climate venture fund Gigascale Capital.
What's next: Target sectors include carbon management, industrial decarbonization, the built environment, climate intelligence and insurance, and sustainable agricultural supply chains.
- It's so far invested in one portfolio company — a "hardware-enabled software business" — across multiple rounds, Purdom tells Axios.
Of note: Friedman was previously an investment associate at Closed Loop Partners.
- Purdom is on the board of Climate Tech VC, which recently completed a $1.75 million pre-seed round. Planeteer did not participate, she says.