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Enduring Planet, a loan provider for climate startups, closed $4.1 million for its Fund II on Friday, the firm tells Axios exclusively.

Why it matters: The firm wants to provide a lifeline to climate founders that doesn't chip away at their equity.

The big picture: Enduring Planet, which has financed 35 climate startups since 2022, will raise $20 million to $40 million for the fund.

Based in Portland, Oregon, and Washington, D.C., the firm started raising the fund in November and expects to reach final close in mid-2025.

Investors include Green Spark Ventures, ImpactAssets, the Toniic impact investor network, and clients of Figure 8 Investment Strategies.

How it works: It de-risks its loans by targeting startups that have secured government backing, such as through a grant or purchase order.

"The government is a very good payer," COO Erin Davis says.

The approach also fills a funding gap. Government bureaucracy moves slowly, and grants are often only paid as reimbursements.

Zoom in: Fund II will make loans between $100,000 and $1 million, typically spanning six to 18 months.

"We tie repayment to when the company gets the inflow from the government," Davis tells Axios. It promises returns of about 10%.

What we're watching: Separately, Enduring Planet has raised $2.5 million toward a targeted $3.3 million equity raise to fund its own operations, which include a fractional CFO service in addition to its loan business.

K Street Capital led the first close, joined by Avesta Capital, Resolute Ventures, Dangerous Ventures, Portland Seed Fund, and E8 Angels.

Exclusive: Enduring Planet raising up to $40M for climate finance

The firm targets companies with government backing.

Illustration of a hand watering a tree in a pot with money for leaves

Climate tech

Enduring Planet, a loan provider for climate startups, closed $4.1 million for its Fund II on Friday, the firm tells Axios exclusively.Why it matters: The firm wants to provide a lifeline to climate founders that doesn&#x27;t chip away at their equity.

Exclusive: Enduring Planet raising up to $40M for climate finance

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