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§ Venture Capital · USA
Learn which startups Prime Impact Fund invests in, what size check sizes they write, and who their partners are (e.g. Matthew Nordan).
Key people at Prime Impact Fund.
Prime Impact Fund invests in early-stage, hard-tech companies developing solutions for global climate change. It functions as a nonprofit-governed venture fund, strategically deploying catalytic capital into technologies capable of delivering gigaton-scale climate impact. This approach targets innovations often overlooked by conventional capital due to perceived technical risk or extended development timelines, focusing on foundational science and engineering.
The fund was established in 2018 as a core initiative of Prime Coalition, a nonprofit organization. The foundational insight was the urgent need for patient, impact-first capital to de-risk and scale critical hard science and engineering innovations in the climate sector. Prime Coalition identified a significant funding gap for these technologies and sought to bridge it by empowering philanthropic capital to advance high-potential, early-stage climate solutions.
Prime Impact Fund supports entrepreneurial companies creating technologies that address substantial sources of greenhouse gas emissions. Its portfolio comprises innovators across diverse climate sectors, enabling them to transition their solutions from concept to market viability. The fund’s overarching vision is to significantly accelerate the development and widespread adoption of technologies that can achieve gigaton-scale reductions in carbon emissions, fostering a more sustainable global environment.
Key people at Prime Impact Fund.
Prime Impact Fund (PIF) is a $50 million impact-first venture capital fund launched in 2018 as an initiative of Prime Coalition, a 501(c)(3) nonprofit. It deploys 100% catalytic capital—patient, high-risk funding from philanthropists, families, and foundations—to bridge the financing gap for early-stage, hard-tech climate ventures targeting gigaton-scale emissions reductions.[1][2][4] The fund's mission centers on accelerating transformative technologies for a low-carbon economy, prioritizing climate impact and additionality over traditional returns, with investments in sectors like clean energy, industrial decarbonization, sustainable materials, and agriculture.[1][2][3] By Q4 2021, PIF completed its 16 investments and now manages a diversified portfolio, providing essential derisking support to startups overlooked by conventional VCs, thereby amplifying their role in the startup ecosystem.[2][5]
Prime Impact Fund emerged in 2018 from Prime Coalition's recognition of a critical gap: early-stage climate tech, especially capital-intensive hardware, struggles to attract funding amid investor preference for asset-light software.[1][4] Governed by the nonprofit Prime Coalition, PIF combines charitable oversight with a dedicated investment team to ensure mission primacy, drawing on catalytic capital rather than standard LP commitments.[2][5] Key evolution includes rapid portfolio build-up, culminating in 16 investments by late 2021 across hard-tech innovations like fusion batteries, electric motors, bio-oil from waste, and direct air capture—each vetted for techno-economic viability and massive climate potential.[2][6] This structure humanizes its approach, backing diverse entrepreneurs with "diamonds in the rough" ideas from varied backgrounds.[4]
Prime Impact Fund rides the surge in climate tech investing, addressing the "valley of death" for hard-tech where breakthroughs like fusion or direct air capture demand years of R&D before commercialization.[1][6] Timing aligns with escalating global net-zero pressures and policy tailwinds like IRA incentives, as gigaton-scale solutions become essential amid insufficient software-only fixes.[2][4] Market forces favoring it include rising philanthropic capital and VC maturation into climate hardware, with PIF influencing the ecosystem by proving catalytic models can yield solid returns while enabling 16+ startups to advance low-carbon pillars.[1][3] This positions it as a catalyst, unlocking innovation from overlooked founders and sectors like enhanced geothermal or dynamic windows.[2]
With its portfolio fully deployed, Prime Impact Fund shifts to active management, nurturing exits and follow-ons amid maturing climate tech markets. Trends like AI-accelerated materials discovery and fusion commercialization will shape its trajectory, potentially amplifying gigaton impacts as portfolio firms scale.[2][6] Influence may evolve through demonstrated returns attracting hybrid funds, solidifying catalytic capital's role in decarbonization—proving that supporting game-changing entrepreneurs today builds tomorrow's low-carbon economy.[1][4]
Prime Impact Fund has 2 tracked investments across 2 companies. The latest tracked deal is $38.0M Series B in Via Separations in October 2021.
| Date | Company | Round | Lead Investor(s) | Co-Investor(s) |
|---|---|---|---|---|
| Oct 21, 2021 | Via Separations | $38.0M Series B | David Colt | 2040 Foundation, Embark Ventures, Massachusetts Clean Energy Center, Safar Partners, The Engine |
| Jun 1, 2020 | Clean Crop Technologies | $3.0M Seed | Prime Impact Fund | Azolla Ventures |
