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Exclusive: DCVC raising $300M for first dedicated climate fund

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Illustration: Gabriella Turrisi/Axios

Tech investor DCVC is raising a $300 million venture fund that will be the firm's first to focus solely on climate startups, managing partner Zachary Bogue tells Axios exclusively.

Why it matters: DCVC Climate will target Series B rounds, aiming to fill a gap that has often kept startups from expanding beyond small demonstration projects.

State of play: Startups regularly struggle to raise capital for novel power plants or new factories, especially in the stages just after seed rounds.

  • "We're targeting that valley of death," Bogue tells Axios. "When we say Series B, we mean the technical risk is largely retired and there's nascent commercial traction."

Catch up fast: DCVC is among the most respected tech investors in Silicon Valley, with a deep background in health, defense, and climate, led by Bogue and managing partner Matthew Ocko.

The latest: DCVC has raised around half of the total so far. It plans to invest in 10-15 startups and seeks to write initial checks of $10 million to $30 million as a lead investor.

  • The firm has invested in four startups already, including a company named Twelve, which is a CO2-to-fuels developer; and Fervo Energy, a geothermal energy developer.
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