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Founded in early 2022, Propeller is a venture capital firm based in the United States, dedicated to investing in early-stage companies innovating at the ocean-climate nexus. The firm operates with a fund size of $118 million, which was initially announced at $100 million but was oversubscribed due to strong demand. Propeller's mission is to support startups addressing critical challenges related to the ocean and climate, emphasizing the importance of sustainable practices and technologies.
Propeller has established a formal multi-year partnership with the Woods Hole Oceanographic Institution, a leading research organization in ocean science. This collaboration provides Propeller's portfolio companies with direct access to scientists, intellectual property, and technology transfer processes, enhancing their capabilities in developing innovative solutions. As of January 2024, Propeller has invested in over 14 companies, demonstrating its commitment to fostering growth in the climate-tech sector.
Propeller invests in early-stage companies, specifically targeting pre-seed to Series A stages. The firm focuses on three main investment themes: Carbon, Industrials, and Organics. Within these themes, Propeller seeks opportunities in sectors such as carbon technologies aimed at emissions reductions, industrial applications including energy and transportation, and innovations in food and agriculture. The firm emphasizes investments where the ocean intersects with climate transition, highlighting the importance of novel innovations across both legacy industries and emerging markets.
Propeller's investment strategy is designed to identify and support startups that are pioneering solutions to pressing environmental challenges. The firm looks for founders who demonstrate a strong vision and capability to drive change in their respective fields. Deal structures typically involve early-stage equity investments, and Propeller is open to co-investment opportunities that align with its mission and investment criteria.
Propeller's portfolio includes a diverse range of companies focused on innovative solutions at the ocean-climate nexus. Notable areas of investment encompass:
These investments reflect Propeller's commitment to supporting startups that are addressing critical challenges related to climate change and ocean health.
Brian Halligan - General Partner. Brian is a co-founder and Executive Chairperson of HubSpot, bringing extensive experience in technology and entrepreneurship.
Devdutt Yellurkar - General Partner. Devdutt has a background as a General Partner at CRV, with expertise in early-stage investments and technology.
Rodrigo Prudencio - Managing Partner. Rodrigo has a strong track record in venture capital and startup growth, focusing on climate and sustainability.
Reece Pacheco - Partner. Reece is an ocean investor and entrepreneur, specializing in ocean-related technologies and innovations.
Steven Fox - Partner. Steven brings experience in venture capital and a focus on climate-tech investments.
Robert Kittler - Chief Financial Officer. Robert oversees financial operations and strategy for the firm.
Melissa Hanson - Operations Leader. Melissa manages the operational aspects of Propeller, ensuring efficient processes and support for portfolio companies.
To pitch to Propeller, founders should visit the Pitch Us page. The firm prefers a concise deck that outlines the business model, market opportunity, and how the startup addresses ocean-climate challenges. Propeller values clear communication and expects a response within a reasonable timeframe after submission.
Warm introductions are beneficial but not mandatory. Founders are encouraged to highlight their unique value propositions and any relevant traction or partnerships that can strengthen their pitch.
In January 2024, Propeller announced that it has invested in over 14 startups as part of its $118 million Fund I, which is actively deploying capital. The firm successfully raised additional capital beyond its initial $100 million target, reflecting strong interest in its investment strategy focused on ocean-climate innovations.
Recent coverage of Propeller's activities has appeared in various media outlets, including TechCrunch and Axios, highlighting the firm's commitment to supporting climate-tech startups and its partnership with the Woods Hole Oceanographic Institution.
What are Propeller's investment criteria?
Propeller focuses on early-stage companies in the pre-seed to Series A stages, particularly those innovating at the ocean-climate nexus. The firm looks for startups that align with its investment themes of Carbon, Industrials, and Organics.
How can I apply or pitch to Propeller?
Interested parties can pitch their ideas by visiting Propeller's Pitch Us page. The firm encourages founders to provide a clear overview of their business model, market potential, and how their innovations address ocean-climate challenges.
What makes Propeller different from other venture capital firms?
Propeller's unique focus on the ocean-climate nexus sets it apart. The firm's partnership with the Woods Hole Oceanographic Institution provides portfolio companies with access to scientific expertise and resources that enhance their innovation capabilities.
What is Propeller's geographic scope?
Propeller primarily invests in companies based in the United States, focusing on startups that are addressing climate-related challenges within this geographic area.
What is Propeller's approach to post-investment involvement?
Propeller actively supports its portfolio companies through access to a network of industry experts and resources, facilitating growth and innovation in the ocean-climate sector.
What is the typical check size for investments?
While specific check sizes are not disclosed, Propeller invests in early-stage companies, which typically involves smaller equity investments aligned with the pre-seed to Series A stages.
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