All Aboard Coalition, the ambitious investment collaborative launched last year to mobilize $300 million in venture funding for promising climate tech companies, has closed its funding round.
The group secured roughly $133 million, less than half of its original target, a sign of the tough fundraising environment for climate tech. But the fund’s Stan Miranda says the coalition is growing and has attracted new strategic partners, including a large UK family office.
Activate Capital, G2 Venture Partners and Lightrock are among the newest members of the coalition. “The strength of All Aboard comes from the quality of the investors around the table,” said All Aboard’s Jay Dessy. “As the coalition grows, so does our ability to identify exceptional companies and help them secure the financing they need to reach commercial scale.” All Aboard is in full deployment mode, closing its third deal this year.
Investor and former TED curator Chris Anderson and Miranda, founder of London-based investment firm Partners Capital,launched All Aboard last year to fund climate tech companies building their first commercial plants, a stage where many promising technologies stall. These companies often need more capital than VCs typically provide, yet are considered too risky for banks or commercial or growth investors.
The move was in part a response to the clean tech headwinds that swept in with the Trump administration (see, “All Aboard Coalition mobilizes co-investments in climate tech as federal funding falls”).
The coalition includes more than a dozen of the world’s leading climate-tech investors, including Breakthrough Energy Ventures, GenZero and Energy Impact Partners.
FOAK financing
All Aboard co-invests alongside its venture capital partners, matching their checks when at least three members join a deal. In January, the fund made its first investment in Zanskar, a Salt Lake City-based geothermal power explorer and developer. It joined coalition members Lowercarbon Capital, Obvious Ventures, Union Square Ventures and Spring Lane Capital in the $115 million Series C round. In May, All Aboard backed Terra CO2, a green cement startup building its first commercial-scale production plant.
