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Azolla Ventures

Catalyzing climate breakthroughs to return our world to balance

Cambridge, MA, USA

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Description

Azolla Ventures is an impact-first venture capital firm based in Cambridge, MA, that specializes in "catalytic" investments for early-stage climate technology. Spun out of the non-profit Prime Coalition, the firm uses a unique blended capital model to fund breakthroughs that are typically considered too risky or neglected by traditional investors. They specifically target startups that are unlikely to raise sufficient support from conventional investors at the time of initial investment. 

Eligibility

  • Sector Focus: Primarily hard-tech and hardware solutions (e.g., energy, decarbonization, carbon drawdown) rather than software.
  • Geography: Primarily North America, though they seek bold entrepreneurs from all corners.
  • Leadership Diversity: The firm is majority woman-led and maintains internal targets to have 1/3 of portfolio companies led by women or people of color. 

Process

  • Submission: Founders can submit materials through specialized portals like OpenVC or direct outreach to the team.
  • Gating Criteria: Every potential investment must pass a rigorous assessment by Prime Coalition’s Mission Alignment Committee, which gates both the initial and follow-on capital based on impact and additionality.
  • Pillars of Diligence:
    1. Impact: Must have a clear pathway to reduce or remove 0.5 gigatons (Gt) of CO2e emissions cumulatively by 2050.
    2. Additionality: Must prove the investment would not occur without Azolla’s catalytic role.
    3. Commercial Potential: Must have a pathway to breakaway commercial success in billion-dollar markets.

What an Applicant can Obtain

  • Capital: Initial checks typically average between $1 million and $2 million, with some companies receiving up to $5 million.
  • Long-Term Partnership: Unlike typical funds, Azolla has a 15-year term (with extensions), allowing for the longer R&D cycles required by climate hardware.
  • Founder Resources: Access to a dedicated Head of Platform and a resource library portal with over 100 tools for scaling