Like Fund I, Fund II will focus on backing early-stage startups with disruptive technologies that aim to improve planetary health by addressing industries causing significant environmental damage, such as buildings and construction, energy & transportation, and food & agriculture.
Fund II was raised with the participation of a diverse group of Limited Partners. This includes GenZero, the Temasek-owned decarbonization-focused investment platform company, World Wildlife Foundation, the MacArthur Foundation, CalSTRS, and the New Mexico State Investment Council (NMSIC).
Alongside institutional investors, At One received ongoing support from mission-aligned individual investors and family offices, including One Small Planet, Toba Capital, and the Valhalla Foundation.
“It’s going to take a different kind of thinking to resolve the climate crisis than what led us into it. That’s why we’ve invested in founders from a myriad of backgrounds globally, from academics and scientists to investment bankers and scale-up veterans,” commented Helen Lin, Partner at One Ventures. “We prioritize diversity of thought, enabling a comprehensive and profound understanding of problems to derive tangible solutions.”
Subsequently, 40% of the founders supported by At One belong to groups that are traditionally underrepresented in venture-backed companies, like BIPOC and women. The firm boasts a globally distributed portfolio, with 70% of its companies based in North America, 15% in Europe, and the remaining 15% spread across Africa, South America, and Israel.
Vinny Smith, Founder and General Partner at Toba Capital, stated, “We are proud to endorse Tom and his team as they support companies catalyzing our global shift to a net-zero—or even net-positive—economy. It’s a pivotal moment to rethink our lifestyles and leadership.”
At One Ventures’ investment approach, termed the “Triad,” centers on disruptive deep tech, radically enhanced unit economics, and significantly improved environmental economics. “This fusion eradicates most adoption barriers, allowing industries to massively upgrade their operations profitably and in harmony with planetary health,” explained Tom Chi, Managing Partner at One Ventures. “Our team, with diverse expertise in physical sciences, engineering, manufacturing, and finance, is uniquely equipped to deeply assess physical/hardware businesses poised to make a significant difference.”
They particularly scout for “invention catalysts” – technologies that not only advance their specific domain but can also catalyze systemic changes in production and usage. The goal is to reimagine the possibilities for a sustainable planet, followed by a meticulous plan to commercialize such technologies and replace existing brownfield methodologies.
For instance, Ascend Elements, an advanced materials company that recycles lithium-ion batteries for direct integration into EV batteries, is a recent investment. With enhanced unit economics and similar cathode material performances, their solution is primed for adoption by EV automakers, promising swift positive environmental impacts.
The firm’s investment strategy emphasizes physics fundamentals, honing in on techno-economics determined by matter and energy dynamics. Breakthroughs in these areas naturally result in significant advantages in unit economics, promoting the adoption of new technologies.
Fund II’s size has more than doubled from Fund I, which was US$150M in October 2021, elevating the firm’s total assets under management to over half a billion dollars.
With investments like Ascend Elements and being an early supporter of startups like Colossal Biosciences, valued at US$1.5 billion, and Monarch Tractor, recognized as a Next Billion-Dollar Startup by Forbes in August 2023, At One Ventures continues to make waves in the climate tech industry.