• WovenEarth Ventures closed its second fund at $155 million, lifting total assets under management to more than $330 million.
• Fund II is designed to provide exposure to more than 250 early-stage cleantech companies across energy, industry and climate resilience.
• About one-third of investable capital is reserved for co-investments, with initial deals spanning geothermal, batteries, critical minerals and robotics.

WovenEarth Ventures has closed its second investment fund at $155 million, expanding its strategy for backing early-stage companies across the clean technology economy.

The final close of WovenEarth Fund II took place on May 29, 2026. It brings the firm’s total assets under management to more than $330 million.

The fund targets technologies linked to energy, industrial transformation and resilience. WovenEarth describes the current investment cycle as “Cleantech 2.0,” reflecting a broader shift in how clean technologies are positioned within global markets.

Cleantech moves deeper into mainstream investment

WovenEarth is betting that growing electricity demand, supply chain concerns and climate-related physical risks will expand the commercial case for clean technologies.

“We believe we are in the midst of a massive innovation wave: We call it Cleantech 2.0,” said Jane Woodward, managing partner at WovenEarth Ventures. “We see cleantech as fundamental to the future of the global economy—it has the capacity to boost profit and reduce risk in key areas such as AI-driven electricity demand, domesticating supply chains, and the rising cost of extreme weather. In our view, cleantech companies cover a broad range of sectors and are no longer a niche investment category. We see them as better businesses that happen to be clean.”

That framing reflects a change in the investment case for climate technology. Investors are increasingly assessing clean technologies through the lenses of infrastructure demand, industrial competitiveness and energy security, rather than emissions reductions alone.

For institutional investors, the shift could broaden the range of climate-related opportunities that meet conventional return and risk requirements.

Fund II targets exposure to more than 250 companies

WovenEarth Fund II aims to provide investors with exposure to more than 250 companies.

The strategy combines investments in selected US early-stage cleantech funds with direct co-investments alongside those managers. Roughly one-third of the fund’s investable capital is reserved for co-investment opportunities.

To date, Fund II has committed capital to seven funds and completed 20 co-investments.

Those investments span geothermal energy, battery storage, critical minerals, robotics and orchestration software. The portfolio also extends across other technologies supporting the energy and industrial transition.

The diversified structure is intended to address one of the persistent challenges in early-stage climate investing. Individual technologies can carry significant development, policy and execution risk. Exposure across multiple funds and companies can spread that risk while giving investors access to emerging sectors.

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Institutional backing expands

Several investors from WovenEarth Fund I returned for the second vehicle.

They include The Pennsylvania State University, Glenmede, Mortenson Family Foundation and M.A. Mortenson Companies.

Fund II also added new investors, including foundations, family offices and J.M. Huber Corporation.

The investor mix is notable as institutional capital continues to test different approaches to early-stage climate exposure. Venture-backed cleantech has historically faced concerns around capital intensity, long development timelines and uncertain exits.

Fund-of-funds and co-investment models can offer another route into the sector by diversifying manager and company exposure.

What investors should watch

For C-suite executives and institutional investors, WovenEarth’s raise reflects the expanding commercial definition of climate technology.

The opportunity set now includes technologies tied to AI-related power demand, domestic manufacturing, mineral security and resilience against extreme weather. These areas increasingly intersect with government industrial policy and corporate risk management.

That convergence is likely to influence where climate capital flows next.

As governments pursue energy security and domestic supply chains, private investors are also looking for businesses positioned to benefit from structural demand. WovenEarth Fund II is built around that thesis, placing early-stage cleantech within a wider investment case focused on productivity, resilience and long-term economic competitiveness.