SNØCAP is a new climate-focused venture capital fund that has launched with $5 million to invest in startups. The team at SNØCAP has a unique target for its investments, focusing on startups that are creating innovative, environmentally friendly components used in the early stages of the supply chain during manufacturing. The fund aims to reach sectors such as advanced materials, waste, infrastructure, food, and energy, backing solutions for industries that account for 1% or more of global carbon emissions, with the goal of making a significant impact while generating financial returns.
The founding trio of SNØCAP has a diverse range of expertise and experiences that will be beneficial in identifying and funding a variety of technologies. Co-founder Nate Salpeter, who runs Sweet Farm, brings a background in sustainable agriculture and animal rescue, as well as experience working in mechanical engineering and with Bill Gates’ TerraPower nuclear company. Co-founder Jonathan Azoff has 20 years of experience in Silicon Valley as a computer engineer, with two previous startups acquired by major companies. Co-founder Shrina Kurani, a mechanical engineer with experience working for NASA, an electric utility, and launching a water chemistry company, provides a unique perspective on sustainability science and climate advocacy.
SNØCAP has already made two investments in startups. The first investment was in Sparxell, a startup producing color pigments made from plant-derived cellulose, eliminating the need for plastics and mined ingredients. The pigments can be used in a variety of consumer goods, paints, and building coatings to enhance energy efficiency. The second investment was in RevivBio, a startup using artificial intelligence to discover and test proteins and enzymes that can address environmental issues, such as the identification of an enzyme that treats PFAS pollutants. These investments demonstrate the fund’s focus on early-stage companies with validated technologies outside of the lab setting.
Investing in physical technologies compared to software presents challenges, such as upfront manufacturing costs, scaling difficulties, and slower returns on investments. However, SNØCAP’s funded startups can integrate their products into existing supply chains, reducing reliance on new marketplaces or changes in consumer behavior. The fund aims to deploy its initial $5 million fund over four years, backing up to 20 startups with investments ranging from $100,000 to $300,000. The team may also provide additional support with grant writing, field trials, and academic partnerships to help the startups succeed.
The organization’s name, SNØCAP, reflects the shrinking snowpacks on mountains as the planet warms, symbolizing the urgency of addressing climate change through innovation and investment. SNØCAP joins other climate-focused venture funds in the Pacific Northwest, such as Breakthrough Energy Ventures, E8, Elemental Excelerator, and VertueLab, as well as climate investment funds from tech giants Microsoft and Amazon. With a focus on funding startups with environmentally friendly technologies in early supply chain stages, SNØCAP aims to make a significant impact on reducing global carbon emissions while generating financial returns for investors.
