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Overture, Obama alums' climate VC firm, closes debut fund with $60M

Illustration of the earth on a large pile of money

Illustration: Eniola Odetunde/Axios

Overture Climate VC, an early-stage firm founded by three former White House officials, said it has raised $60 million for its debut fund.

How it works: Startup founders backed by Overture Climate VC get support from Boundary Stone Partners, a D.C. government affairs shop run by Overture co-founder Brandon Hurlbut.

  • Those services can range from policy intelligence to lobbying. Boundary Stone is itself also an investor in Overture.
  • "Government is going to play the role of banker, referee, and buyer," Overture co-founder Shomik Dutta tells Axios. "When you have an early stage startup, you don't have the bankroll or the time to think about this. That's what we can take off their table."

Zoom in: Overture plans to sign initial checks of $1 million to $1.5 million, Dutta says.

  • LPs include Schneider Electric's SE Ventures, fund-of-funds WovenEarth, Arcadia founder Kiran Bhatraju, and "Pod Save America" hosts Jon Favreau, Jon Lovett, and Tommy Vietor.

Zoom in: The firm has already invested in 21 hardware and software startups through the fund.

  • Those companies include thermal battery developer Antora, geothermal heating and cooling startup Bedrock Energy, tax financing market Crux, flood monitoring service Floodbase, and electric trucking startup Forum Mobility.
  • The firm ultimately plans to back about 35 startups with Fund I as either a follow-on or co-lead investor.

"We want other climate VCs to see us as a huge value-add on the cap table that doesn't have elbows out," Dutta says.

Of note: Dutta, Hurlbut, and co-founder Michael O'Neil each worked in the Obama administration. A fourth co-founder, Tamim Mourad, previously worked in tech.

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