WovenEarth closes $155M Fund II to back early-stage cleantech
What's the deal? WovenEarth VenturesDealroom has a profile for this one. Try Dealroom → has closed its second fund, WovenEarth Fund II, at $155 million as of May 29, 2026. The Palo Alto firm now manages more than $330 million in assets. The fund targets early-stage cleantech companies across the US through a mix of fund commitments and co-investments.
What's the endgame? WovenEarth aims to invest in more than 250 companies by backing a select group of early-stage cleantech funds. About one-third of the capital is set aside for co-investments alongside those funds.
Where's the money going? So far, the fund has committed to seven funds and made 20 co-investments. Subsectors include geothermal energy, battery storage, critical minerals, robotics, and orchestration software.
Who's backing it? The syndicate includes returning investors from Fund I — The Pennsylvania State UniversityDealroom has a profile for this one. Try Dealroom →, GlenmedeDealroom has a profile for this one. Try Dealroom →, and the Mortenson Family FoundationDealroom has a profile for this one. Try Dealroom → — plus new entrants such as family offices, foundations, and the J.M. Huber CorporationDealroom has a profile for this one. Try Dealroom →.
Why now? Managing partner Jane Woodward framed the fund around what she calls a broad shift in the sector. "We believe we are in the midst of a massive innovation wave we refer to as Cleantech 2.0," she said.
Woodward argued cleantech is not a niche but a bet on better business models that happen to be environmentally friendly. She tied its momentum to AI-driven electricity demand, supply chain localization, and rising costs from extreme weather.
The signal: WovenEarth's close points to renewed investor appetite for cleantech, this time pitched on returns rather than mission alone. Its fund-of-funds-plus-co-investment structure offers a diversified route into a sector once known for concentrated bets and steep losses.
Read more: Third News
Image credit: Peter Daniel
