December Investor Newsletter: 2022 By the Numbers

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Friends of Greentown,

What a year 2022 has been! From building on an increase in SPACs and historic venture activity in climatetech from 2021, to a market contraction and sweeping climate policy wins from the passage of the IRA and CHIPS Act, we have had no shortage of ups and downs on the roller coaster that was climatetech investing in 2022.

As we reflect on the year, it is clear there are abundant tailwinds for the climatetech investment ecosystem in 2023. More than 60 new climate-focused funds have burst onto the scene this year, bringing with them over $37B of dry powder to deploy into much-needed climatetech solutions (if you find this exciting, you can take a deeper dive into CTVC’s insights on the topic). And that’s not to mention the capital that so many of our investor and corporate friends who’ve been in it with us for the long haul bring to the table.

Greentown startups and alumni have raised over $1.9B in 2022, across more than 80 deals; I can’t wait to see how much more of that new capital they can capture in 2023! But before they do that, let’s close out 2022 with a few announcements and reminders—then you can shut your laptops and hopefully enjoy some much-deserved time off:

PILOT DIGEST TAKES FLIGHT

I may not be as seasoned in making puns as some of my beloved colleagues, but this one was easy. I am so excited to announce the launch of a new initiative to make supporting climatetech solutions even easier: Greentown Labs’ Pilot Digest. When it comes to solving the climate crisis, there is a pressing need to scale, implement, and commercialize new innovations as quickly as possible. New technologies need commercial validation, and often the quickest path to market is through existing incumbents. This digest is an aggregation of our member startups that are currently seeking pilot projects with commercial or industrial partners. Those projects can range in scale, scope, and cost—all of which is laid out in detail in a quarterly newsletter with a PDF, similar to the Deal Flow Digest. It will be your go-to resource to learn about our members’ planned pilot projects and how you can assist in scaling their climate solutions, either through hosting a pilot or supporting them financially.

If you are interested in receiving the Pilot Digest going forward, please reach out directly to Dan Cliff, Greentown’s Membership Success Coordinator, or reply to this email.

ACCEL DEADLINE APPROACHING FAST

As a reminder from last month’s newsletter: alongside Browning the Green Space, Greentown launched Advancing Climatetech and Clean Energy Leaders (ACCEL). The ACCEL program will help BIPOC startup founders access the funding, networking connections, resources, and opportunities that structural inequities regularly put out of reach by combining startup acceleration with a curated curriculum, incubation at Greentown, and extensive mentorship from our networks of industry experts. The recurring, year-long program will focus on product and technology development, market development, fundraising, and team and management development. 

The application period closes in under two weeks—view the full RFP here, and please encourage any founders in your network to apply by Dec. 23!

If you have any questions or want to see how you can support or get involved, don’t hesitate to reach out to our team at [email protected]

MEMBER MOMENTUM

Our climatetech startups are finishing the year off strong—check out the $200M+ raised by our members and alumni since last month’s newsletter (and check out the 17 new members who joined in Q4, who will likely be raising rounds in 2023!) 

  • Syzygy Plasmonics closed a $76M Series C to accelerate its delivery of low-carbon hydrogen technology.
  • Dandelion Energy raised a $70M Series B-1 round to install geothermal heating and cooling solutions.
  • WeaveGrid announced a $35M Series B for its tech that leverages machine learning capabilities and driver engagement tools to support EV charging optimization.
  • Overstory announced a $5.2M investment in its vegetation intelligence platform that helps utilities reduce the risk of power outages and wildfires.
  • Gaia AI raised a $3M pre-seed round to give foresters the tools they need to make data-driven decisions to optimize their bottom line.
  • Applied Bioplastics received an investment from 4WARD.VC that will advance its sustainable, plant-based plastic alternatives.
  • Greentown Go alum Circularise, a digital product passports and mass balance bookkeeping software provider, raised €11 million in funding as part of its Series A round.

If you want to get in on all this action, reach out to me so we can get you subscribed to our Deal Flow Digest for accredited investors.

PLANNING FOR 2023

You may have heard some pretty big news out of Greentown in recent weeks: first, we were honored to host the Prince and Princess of Wales during their trip to Boston for the Earthshot Prize. It was a thrill to have them spend time at Greentown Boston and meet with a handful of our entrepreneurs. And secondly, hosting the Royal Highnesses was bittersweet because it was Emily Reichert’s final event as our CEO—last week she stepped down as CEO and into a new role of CEO Emeritus. Our CFO, Kevin Taylor, will now serve as CFO and Interim CEO while our Board of Directors conducts a thorough national search for our permanent CEO. We are exceedingly grateful for Emily’s leadership of Greentown over the past decade, and for all that she has done for the entire climatetech ecosystem. We hope you’ll join us in Greentown Boston on Feb. 2, 2023 to celebrate her incredible tenure as CEO; to our friends in Houston, stay tuned for a celebratory event soon!

So, back to planning—as we at Greentown plan for the new year, it will include a new CEO for our team and community. Do you know anyone who would be interested in leading Greentown through our next phase of growth? If so, please contact our search committee at [email protected] 

And more specifically as it relates to our Investor Program, please remember that as a valued part of the Greentown ecosystem, we want to hear from you as we plan out our events for the Investor Program for 2023. Tell us the good, the bad, and the ugly—our 2022 Investor Program Feedback Survey will be open through the end of the year, so please help us make 2023 our best year yet! 

BIG FINISH

Let’s wrap with a multitude of ways to connect with the best climatetech community around:
 

  • Want to check out the latest (December) Deal Flow Digest or want to get signed up for future Deal Flow Digests? Reach out to me.
  • Want to check out the latest (December) Pilot Digest or want to get signed up for future Pilot Digests? Reach out to Dan Cliff.
  • Know people looking for a climatetech career? Head to our job board.
  • Want more stories on our startup companies? Read the news.
  • Know climatetech entrepreneurs seeking to incubate in Boston or Houston? They can apply here.
  • Interested in realizing all the benefits of partnership? Learn more here.
  • Want to help grow our investor network? Forward this email to a friend and have them sign up here.

 
Thank you for being a part of Greentown Labs in 2022. We look forward to sharing all of the ups and downs of 2023 with you too, and in the meantime, I wish you a holiday season filled with health, happiness, rest, and some time to reset and reflect for a great year ahead.

Until next year,
Jackie

P.S. – Keep up on all the latest climate action in between newsletters. Follow us on Twitter and LinkedIn, and if you’d like to hear from us more often, sign up for our main newsletters here and our Houston-specific newsletters here.

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Our mailing address is:
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