SNØCAP Venture Capital Fund
April 2024
SNØCAP, a newly established climate-focused venture capital fund, is initiating operations with a $5 million fund aimed at investing in innovative startups. The fund specifically targets startups that produce environmentally friendly components utilized early in the supply chain, aiming to impact sectors such as advanced materials, waste, infrastructure, food, and energy.
SNØCAP's investment strategy is centered on startups that are creating groundbreaking, eco-friendly components. These components are intended for use early in the supply chain, with the goal of making a substantial environmental impact across various sectors, including:
- Advanced Materials
- Waste Management
- Infrastructure Development
- Food Production
- Energy Solutions
The founding team of SNØCAP comprises three individuals with diverse and complementary backgrounds:
- Nate Salpeter : Co-founder of Sweet Farm, holds a Ph.D. in mechanical engineering, and is a former employee of TerraPower.
- Jonathan Azoff : Brings 20 years of experience in Silicon Valley, has had startups acquired by Disney and Zillow, and currently serves as the board president of Sweet Farm.
- Shrina Kurani : A mechanical engineer and former NASA employee, she ran for Congress in 2022 with a platform focused on climate issues.
SNØCAP has already identified and invested in two pioneering startups:
- Sparxell : Specializes in producing color pigments from plant-derived cellulose, offering an alternative to plastics and mined ingredients.
- RevivBio : Utilizes AI to discover enzymes that address environmental issues, including the remediation of PFAS pollutants.
SNØCAP focuses on early-stage companies that have demonstrated validated technology and market demand. The fund is committed to understanding the long-term viability of these businesses, looking beyond mere scientific projects to assess commercial potential and scalability.
The $5 million fund will be deployed over a period of four years, with plans to back up to 20 startups. Investment amounts range between $100,000 and $300,000 per startup. Additionally, SNØCAP offers further support in the form of grant writing assistance, field trials, and fostering academic partnerships to help these startups succeed and grow.
Source: GeekWire
