The early-stage climatetech fund will make quarterly donations to the incubator
SOMERVILLE, Mass. and HOUSTON, June 25, 2024 — Greentown Labs, the largest climatetech incubator in North America, and Prithvi Ventures, an early-stage climatetech investment fund, today announced a first-of-its-kind partnership in the spirit of accelerating climate impact and filling a capital gap among climate startup support organizations.
Effective immediately, Prithvi Ventures will donate a percentage of proceeds received from its Fund 1 and Fund 2 to Greentown on a quarterly basis, in perpetuity. A longtime member of Greentown and an engaged investor within the incubator’s startup community, Prithvi Ventures has invested in multiple Greentown member companies including Carbon Upcycling, Mars Materials, Nth Cycle, and Rheom Materials.
“There’s an understanding in sports that the best teams always take responsibility and accountability for their own and look out for each other—that the members of the team are a reflection of the franchise,” said Kunal Sethi, Founder and General Partner at Prithvi Ventures. “I have always believed the same to be true in venture, too. Founders should know their supporters, team, and cap tables inside and out. It matters who you surround yourself with and Greentown Labs is always the first name that comes up for me. Every founder in climatetech should work with them or they’re missing out on so much.”
Prithvi Ventures invests in bold founders who are fearless in writing their own playbook to protect our Pṛthvī (“earth” in Sanskrit) and make money. They love rolling up their sleeves and working directly with their founders. They invest in boring problems with interesting solutions taking a monopolistic approach to achieve-net zero goals. Through their investments, they support groundbreaking technologies that reduce emissions. With a legacy of more than 30 investments, they’re now deploying capital from their second fund and prefer being the first large check in the startup to lead rounds.
“We are delighted to deepen our relationship with Prithvi Ventures and are grateful for their ongoing support,” said Aisling Carlson, Senior Vice President of Partnerships at Greentown Labs. “Through this new partnership, Prithvi Ventures and its limited partners are setting an example for how the venture community can more directly support the incubators and accelerators working to catalyze climatetech innovation and entrepreneurship.”
Greentown is a 501(c)(3) nonprofit accelerating climatetech innovation and commercialization by empowering entrepreneurs and enabling collaboration. As an organization founded by entrepreneurs, for entrepreneurs, Greentown does not take equity in its startups. Rather, it strives to provide its startups with the community, connections, and resources they need to thrive. With incubators in Somerville, Mass. and Houston, Texas, Greentown is home to more than 200 startups and has a robust network of more than 85 corporate partners.
About Prithvi Ventures
Prithvi Ventures invests in early-stage startups that fight climate change by reducing greenhouse gas emissions. They invest in boring problems with interesting solutions taking a monopolistic approach to achieve the net-zero goals. Based in New York, N.Y., the fund has made more than 30 investments and is now deploying capital from its second fund.
About Greentown Labs
Greentown Labs is a 501(c)(3) nonprofit accelerating climatetech innovation and commercialization by empowering entrepreneurs and enabling collaboration. As the largest climatetech startup incubator in North America—with locations in Somerville, Mass. and Houston, Texas—Greentown convenes the climatetech ecosystem to provide entrepreneurs the community, connections, and resources they need to thrive. Greentown is home to more than 200 startups and has supported more than 500 since its founding in 2011; these startups have collectively created more than 11,000 jobs and raised more than $5.7 billion in funding. For more information, visit www.greentownlabs.com or follow Greentown on LinkedIn.
Greentown Media Contact
Julia Travaglini
Senior Vice President of Marketing & Communications
[email protected]
SOURCE Greentown Labs
