Climactic launches its first fund as its partners eye a boom in climate tech M&A


few years Earlier, when the pandemic was still in full swing, Raj Kapoor and Josh Felser started making some investments in climate tech startups. He called his operation Climactic, and in the beginning he placed bets using his own money. Both are experienced founders, operators, and investors, but they were new to focusing on this particular area and started by testing the waters.

Things must have gone well, because now they’re jumping in: The firm said today it has closed a $65 million inaugural fund, using it to support founders who want to start climate tech software companies. are doing.

Both Kapoor and Felser have a long history as investors – Felser co-founded Freestyle Capital, and Kapoor spent seven years as a managing director at Mayfield Fund. He has also founded and sold his own software startups.

It’s a bit surprising that it took so long for the two to work together; Their resumes are surprisingly similar. Felser founded Spinner in 1997 (sold to AOL) and Crackle in 2004 (sold to Sony). He also started the #Climate nonprofit in 2014 and a public-private COVID task force during the pandemic. Kapoor was previously chief strategy officer at Lyft, and before that, he founded Snapfish (which HP bought) and FitMob (which ClassPass bought). He also started a non-profit climate social app in 2007.

Those experiences, combined with growing concern for the state of Earth’s climate, inspired the duo to create Climactic.

“If we can get supply chains in the top 50 companies to reach their net-zero goals, instead of just talking about it, we will have the biggest impact,” Kapoor told TechCrunch+. “To get there, we think the easiest outcome is software, because there are so many capabilities that can be achieved.”

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