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About the VOYAGERS Climate-Tech Fund

PORTFOLIO COMPANIES

At VOYAGERS we’ve focused most of our energies recently on building our climate-tech and health-tech communities. The climate-tech group has people working on everything from nuclear fusion to plant-based meats; in September 2021 we took 50 of them to Portugal’s wine country for a weekend adventure. The same month we took 50 of our health-tech group for a hiking adventure along Spain’s Camino Santiago de Compostela. 

One happy experiment has led to another. Last year we built a small fund to enable our health-tech group to invest in each others’ startups – as part of the VOYAGERS ethos of “let’s help each other out”. That’s been a rip-roaring success: we made the fund’s first investment in mental-health startup Cerebral at a $10m cap. Cerebral recently raised at a $4.8 billion valuation – multiplying our initial investment more than 240 times. Our portfolio has a number of other companies that have raised at a higher valuation.

So we’re replicating the model for our climate-tech community, and are planning to back 50 early-stage climate-tech startups recommended by our network.


Short version: 
There are so many kick-ass founders in the VOYAGERS Climate-Tech community that we’re launching a VOYAGERS Climate-Tech Fund for us collectively to back their most ambitious early-stage startups. The fund builds on a super-successful small fund that we launched last year for our Health-Tech community. We’ve designed the new fund to be accessible, with a minimum participation by investors of just $1k for people inside the VOYAGERS community, and no set-up costs. We’re managing the fund on Angel List. 

Longer version: We started VOYAGERS with the aim of building peer support among people working on impact-led missions. So far that’s involved building trust and friendships through weekend trips and meetups, online workshops and confidential peer-mentoring sessions. VOYAGERS have founded companies together, mentored and funded each other, helped each other recruit senior talent. The VOYAGERS Climate-Tech Fund is the next logical step –allowing anyone in the VOYAGERS Climate-Tech community to back a portfolio of selected startups in the community. The fund will target 50 vetted early-stage companies in our climate-tech network or recommended by members of our community. It’s our conviction that mission-driven entrepreneurs, backed by science, will address climate-related challenges in meaningful ways – while also delivering outstanding financial returns.

How we got here

The VOYAGERS Climate-Tech community is a diverse, international network of ~550 people working in climate-tech as founders and investors, research scientists and activists, board executives and aligned public figures. It’s become a safe and curated meeting place, filtered for “givers, not takers”, and growing by recommendation. We run online workshops and confidential monthly peer-support groups of 8 people that we call Cabins. We have local meet-up groups in Berlin, Tel Aviv, London, Lisbon, Paris, New York and beyond. We’ve taken a group of climate-tech VOYAGERS to northern Portugal’s Douro valley for a not-for-profit weekend adventure (the photos give an indication of how we optimise for shared experiences, storytelling, outdoor activities and other ways to build fast friendships). You can read more about our mission here. We also have a Health-Tech group, again around 350 people. 

Who is behind VOYAGERS?

I’m David Rowan, based in London but with networks in many cities. As founding editor-in-chief of WIRED UK for nine years, I often brought together people working on impact-led challenges. As I programmed WIRED’s many conferences, I became obsessed with the power of thoughtful convening: connecting people in ways that optimise for open conversation, mutual favours and trust-building. What began as dinner salons became 50-person weekend adventures in destinations from Japan to Iceland. I saw how friendships born in relaxed environments could lead to extraordinary collaborations. 

At the same time, amid book-writing and plenty of public speaking, I began making personal early-stage tech investments. I’ve now made 90, of which 8 have become billion-dollar “unicorns” (Grammarly, Cerebral, Maven Clinic, Improbable, Commure, Rebellion Defense, Kitopi and, with an impending IPO, Onfido). 

In September 2020, as the VOYAGERS Health-Tech group became super collaborative during lockdowns, as an experiment we launched a small health-tech themed fund, to let members invest in each others’ startups. That experiment has proved more successful than we’d imagined. Which is why we’re now doubling down on climate-tech.

Amazing results from the first VOYAGERS fund

In September 2020, we raised a small fund from 72 people in the VOYAGERS Health-Tech network to back startups recommended by the group. I made the fund’s first investment in a San Francisco mental-health startup called Cerebral, at a $10m capped valuation. In late 2021, Cerebral announced new funding at a $4.8bn valuation.

As the attached deck shows, an earlier Cerebral fundraise in June 2021 gave our fund an extraordinary IRR (internal rate of return) of 6,120%. Yet Cerebral isn’t the fund’s only early success story: BaseImmune, a vaccine-tech company we backed at pre-seed, raised recently at more than 6X the valuation at which we came in. Other portfolio companies are waiting to announce their own valuation rises since we invested.

The new Climate-Tech Fund

We’re following the same playbook in building our climate-tech fund. Deal flow comes via the community; we then rely on experts in the community for due diligence and then the wider community to support the startups we back. We’ve made nine investments on behalf of the fund: our first investment is in Normative, a Sweden-based carbon accounting engine, alongside top VC funds such as 2150, Lowercarbon Capital, SYSTEMIQ and byFounders. Our second is in Mellizyme, a UK protein-engineering company that transforms plastic into valuable side products. 

We’re running the fund on Angel List, which runs the entire back office and takes care of legal obligations, compliance, investor onboarding, tax accounting, regulatory oversight and wiring our investments. Angel List has created and runs a US company on the fund’s behalf, with a Silicon Valley Bank account, that will securely hold investors’ deposits and wire money; we will invest in the best talent we find that’s targeting significant climate-related problems, whatever the geography. The fund will be strictly capped at $10m, and we already have strong interest. The fund manager David Rowan is personally committing at least 5% of the total fund, so will have significant skin in the game.

To invest, please contact David Rowan at david@voyagers.io. The management fee will cover all running costs of the fund, including set-up costs and Angel List fees; we also intend to use the management fee to help us cover the costs of a community manager, to strengthen the VOYAGERS network more generally. We have not set a minimum investment amount for investors inside the VOYAGERS community, in order to make involvement in the fund as inclusive as possible. We expect to be oversubscribed but will prioritise people currently in our community.

We’re calling only 25% of investors’ funds upfront, and the rest over the investment period.

Here’s to making an impact, deepening the group’s connections, and together backing some more future unicorns…