Why it Matters

Climate tech companies face a critical funding gap when scaling from promising technology to commercial success. The newly launched All Aboard Coalition tackles this "valley of death" with a $300 million fund designed to co-invest alongside top venture capital firms in startups building their first commercial plants.

The Big Picture

First-of-a-kind (FOAK) deployments typically require more capital than VCs can provide, yet they're considered too risky for banks and growth investors. This leaves promising climate technologies stranded between lab success and market impact.

Driving the News

The coalition includes climate investing heavyweights like Breakthrough Energy Ventures, Khosla Ventures, Ara Partners, Congruent Ventures, DCVC, Energy Impact Partners, Gigascale Capital, Obvious Ventures, Prelude Ventures, and Spring Lane Capital.

How it Works

When three All Aboard members syndicate to back a climate tech startup building its first or second plant, the coalition fund automatically provides matching capital. This "hive mind" approach leverages collective due diligence and signals opportunity to broader investors.

By the Numbers

• $300 million initial target, with potential for larger follow-on funds

• Expected close by end of October 2025

• First co-investments planned before year-end

• Covers technologies from zero-carbon geothermal to carbon capture

What They're Saying

"We need a few people to join forces and be bold together, and the returns that we'll get from that will be remarkable," says Chris Anderson, the former TED curator organizing the coalition. "It's an index fund for what are going to turn out to be the world's most exciting companies."

The Bottom Line

This collaborative model could become a blueprint for scaling climate solutions. As Aaron Rudberg from S2G Investments notes: "By aligning check size, risk structures and expertise, we can help ensure that growth-stage companies have the funding they need to grow into the next generation of energy market leaders." The coalition emerges as federal climate funding faces cuts under the Trump administration, making private capital coordination even more critical for maintaining climate tech momentum.