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Announcing Buoyant Ventures Fund I
We are so excited to publicly share more about our strategy, portfolio, and investors. And say thank you.
It has been almost two years since we launched The Lighthouse and more than three since Buoyant Ventures was founded. Since the beginning, we have shared our journey with you. Our core investment thesis of digital solutions for climate and our approach for measuring impact are why we believe investment and adaptation are essential, specifically in how we look towards digital solutions that can dramatically tackle climate change.
Yesterday, we announced the close and launch of Buoyant’s first fund. Despite a turbulent 2021-'22, we raised $76M in our fund and $5.7M in co-investments for a total AUM of $81.7M. During this period, we heard LPs say, “we’re not investing in any new funds” or that “we’re over-allocated in venture.” This is why, today, we feel a major sense of accomplishment and are especially grateful to those who contributed to our first close and to the larger investors, who subsequently joined. Prior to the fund’s closing, we worked in parallel and focused on impactful investments and are pleased to say we now have nine portfolio companies. We wanted to take this moment to say thank you to all of those who helped us get here.
We couldn’t have done this without all of you, but to name a few: Richard Tomlinson, the first LP to commit (F&F!), Mike Levinthal, an experienced VC who has known Amy for decades, and who introduced us to Jane Woodward, of Stanford, MAP Energy and WovenEarth, an energy pioneer who convinced a number of her friends and investors to come along on our journey and became one of our largest investors, all the while cheering us along.
We drew upon our early investors' capital to make investments while fundraising and it enabled us to build a portfolio that could be vetted by corporate and institutional investors alike, the first of whom was Microsoft. We were honored to join a group of high-quality fund managers and companies that Microsoft has backed, and now our LP base has grown to include the Office of the Illinois State Treasurer, Bank of America, Xcel Energy, NiSource, The Nest, Marathon Capital, US Capital, and the numerous clients of Align Impact and Impact Assets. We are committed to delivering high-quality returns for our investors, while focusing on moving the needle on climate change.
Additionally, we really appreciate the support of the first class team at Big Path Capital who encouraged us to create Buoyant and shared our vision with many of our LPs.
Our Portfolio Companies:
Especially Raptor Maps, the first company that we invested in before we closed the fund. We created a Special Purpose Vehicle for this investment and then also invested in their Series B, and are committed to supporting them in their success because we believe in their software and the optimization of the performance of solar assets. Raptor Maps CEO, Nikhil, answered several LP reference calls for us.
The LPs that participated in our co-investment alongside the fund as well as our diverse group of venture funds. Like portfolio companies, they welcomed Buoyant as we were fundraising. Consequently, the deals we did were competitive and over-subscribed, which demonstrates their vote of confidence. We know this is a long game and are excited to continue to partner with these firms for years to come. We admire you and respect you. Keep sending us deals.
Our Service Providers:
Michael Gray and David Presser at Neal Gerber Eisenberg in Chicago helped us form the fund and were counsel on a number of investments. Gryphon Group is our fund administrator and manages all our accounting and capital calls. Kate Kilgore put in extra hours on nights and weekends helping us with each close. These two groups were critical in creating our operational foundation and went above and beyond their official services capacities to get us established. Also, Ian and Ed at Cut Thru helped realize the vision we had for Buoyant on our website and in our marketing materials. We are grateful to have such talented and committed partners.
The ClimateTech Community:
We love being part of such a dynamic, collaborative, and growing space. The Buoyant team is inspired everyday by the plethora of creative, hardworking people who are joining companies, VC firms, and exploring the industry.
To job seekers: we encourage you to check out Amy’s blog. The volume and quality of talent working in the industry is outstanding and will ensure that we collectively make a dent with the right talent in climate change in our lifetimes.
Our Families and Friends:
Thank you for being our safe harbor, and for holding down the fort while we chased this dream of Buoyant. All of our families and many of our friends are as committed to the Buoyant mission as we are, and for that we are grateful.
We publicly launched yesterday and are excited to share these stories with you all:
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