Climate-focused WovenEarth Ventures holds final close on FoF

WovenEarth Ventures announced it has closed its inaugural fund of funds on its hard-cap of $152 million.

The women-led venture firm’s backers include Boston University, Northwestern University, The Pennsylvania State University, Mortenson Family Foundation and MA Mortenson Companies.

WovenEarth began fundraising in April 2022 and set its initial target at $100 million, according to a regulatory filing. The firm raised about $91 million from 72 investors as of May 2023, then bumped up its target to $150 million. It closed on $142.6 million from 96 investors as of 8 January, an SEC filing shows.

WovenEarth’s founders include long-time energy investor Jane Woodward and Mauricia Geissler, former chief investment officer of Amherst College.

Since 2022, WovenEarth Fund I has invested in 13 US-based early-stage climate tech venture fund managers focused on decarbonisation, as well as managers that have funds targeting specific climate tech subsectors such as wildfire, water, agriculture or digital solutions.

The firm, based in Palo Alto, California, said its Fund I “is largely committed to underlying funds and seeks to ultimately provide exposure to over 300 underlying portfolio companies”.

WovenEarth did not disclose the names of the managers it has backed, but at least one of them is Trailhead Capital, which describes itself as “a mission-driven investment firm seeking to create outstanding financial, societal and ecological returns by backing entrepreneurs who are building the regenerative future of food and agriculture”.

WovenEarth committed an undisclosed amount to Trailhead Capital Regeneration Fund I, according to fundraising data from affiliate title Buyouts.

WovenEarth is also an investor in Anthropocene Ventures, Buoyant Ventures, Burnt Island Ventures, Earthshot Ventures, LowerCarbon Capital and VoLo Earth Ventures, according to a post on the website for Toniic, a global community of asset owners focused on impact investing.