EC Food Climate and Sustainability

The era of oil-driven foreign policy is over. Welcome to decarbonization diplomacy • ZebethMedia

By zebethcontrolPosted on November 20, 2022Posted in Climate, diplomacy, EC Food Climate and Sustainability, energy transition, Government & Policy, renewable energyNo Comments

For much of the 20th century, oil dominated foreign policy. Countries spent the better part of the century scrambling to secure supply. Sometimes it happened through negotiations and diplomacy. All too often it resulted in the overthrow of governments or outright invasions. But with fossil fuels on the wane, we’re starting to get a glimpse of foreign relations in the 21st century, and it seems like investment will be the defining characteristic. Decarbonization diplomacy is looking a lot less violent than what preceded it. It took a while to get to this point — probably too long — but the dam appears to be breaking.

Service 1st Financial sells ‘home comfort as a service,’ gets $20 million in funding from Series B, debt • ZebethMedia

By zebethcontrolPosted on November 17, 2022Posted in Climate, EC Food Climate and Sustainability, heat pumps, hvac, leasing, StartupsNo Comments

Let’s face it: Most people aren’t early adopters, especially when it comes to their homes. Take the kitchen, for example, where many people still buy gas cooktops despite induction’s superiority. It’s not because everyone’s busy charring peppers over an open flame — it’s because they’re slow to adopt changes. When it comes to heating and cooling, that’s a problem for the climate. Together, they account for about half of all energy use in U.S. homes. Heating is a particular challenge since only 40% of homes use electricity; the rest burn natural gas, propane or some other fossil fuel. When the old furnace is dying, its replacement is usually more of the same. To reduce reliance on fossil fuels, switching to electric heat pumps is going to be key. “If your trusted contractor — who you call to come into your home to help figure out what to do with your system — doesn’t offer a heat pump, you’re just not going to buy one, right?” said Anuj Khanna, founder and CEO of Service 1st Financial. That gap between what contractors offer and what’s needed to electrify households is part of the reason Khanna founded Service 1st Financial, which offers what he calls “home comfort as a service.” The company is announcing a $5.85 million Series B today that includes a $15 million subordinated debt facility, ZebethMedia has exclusively learned. Khanna said he expects the Series B to close “before year end.” The equity investment was co-led by S2G Ventures, which also led the subordinated debt facility. Other investors were not disclosed.

Service 1st Financial sells “home comfort-as-a-service,” gets $20 million in funding from Series B, debt • ZebethMedia

By zebethcontrolPosted on November 16, 2022Posted in Climate, EC Food Climate and Sustainability, heat pumps, hvac, leasing, StartupsNo Comments

Let’s face it, most people aren’t early adopters, especially when it comes to their homes. Take the kitchen, for example, where many people still buy gas cooktops despite induction’s superiority. It’s not because everyone’s busy charring peppers over an open flame — it’s because they’re slow to adopt changes. When it comes to heating and cooling, that’s a problem for the climate. Together, they account for about half of all energy use in U.S. homes. Heating is a particular challenge since only 40% of homes use electricity; the rest burn natural gas, propane, or some other fossil fuel. When the old furnace is dying, its replacement is usually more of the same. To reduce reliance on fossil fuels, switching to electric heat pumps is going to be key. “If your trusted contractor — who you call to come into your home to help figure out what to do with your system — doesn’t offer a heat pump, you’re just not going to buy one, right?” Anuj Khanna, founder and CEO of Service 1st Financial. That gap between what contractors offer and what’s needed to electrify households is part of the reason Khanna founded Service 1st Financial, which offers what he calls “home comfort as a service.” The company is announcing a $5.85 million Series B today that includes a $15 million subordinated debt facility, ZebethMedia has exclusively learned. Khanna said he expects the Series B to close “before year end.” The equity investment was co-led by S2G Ventures, which also led the subordinated debt facility. Other investors were not disclosed. The company offers leases that allow homeowners to pay for their HVAC systems over time while coupling them with maintenance plans for the life of the contract, which typically lasts 10 years, at which point the homeowners can opt for a new system. “The home comfort industry is this old-school, slow-to-change industry that’s still just selling product,” Khanna said. He said that’s at odds with broader market trends that suggest people are now comfortable buying services instead of products. HVAC contractors do offer annual service plans, but typically just cover basic maintenance, which Khanna said is the market’s attempt to boost customer retention. “They hope that you stay on that plan long enough that they eventually get the next replacement sale,” he said. “The problem is it doesn’t actually serve the intended purpose. And it’s not a great customer experience because every time a contractor is generally in that home, they’re then trying to sell something else to the customer. And that’s not what customers want — they want their system maintained so it never breaks.” Khanna was inspired to found Service 1st Financial after leaving his last job at a private equity firm. There, he led an investment into a large home services company owned at the time by Lennox, the HVAC systems manufacturer. He said during his time on that investment, there was “no discussion whatsoever at the contractor and consumer level going on about sustainability.” Once the company was turned around, the PE firm sold it to Enercare, a Canadian company. In Canada, a leasing model is more common, Khanna said, and Enercare used the purchase to bring that business model to the U.S. “I was kind of sitting on the sidelines doing some other things in my career, and I said, ‘You know, there’s a massive opportunity here.’ Consumer purchasing behavior is changing,” Khanna said. He founded Service 1st Financial in 2019 with his own money and an investment from Thayer Street Partners. Today, the company has customers in 25 states. Khanna said that his company’s portfolio is about 32% heat pumps, which is about double the national average of about 15% of all homes, according to the U.S. Energy Information Administration. The Inflation Reduction Act, which offers tax credits for heat pumps, is expected to supercharge the market. Khanna said lease originations are already up 80% year over year, and growth could hit 400% next year. In addition to expanding geographically, he said the funding round would also go toward building a learning management system to help train HVAC contractors. More partnerships could be on the table, too. This summer, the company announced a partnership with HVAC manufacturer Fujitsu, and it has another in the wings. Service 1st holds its lease contracts in a special purpose vehicle, Khanna said, which is also the recipient of the subordinated debt facility. The SPV also has a debt facility with Forbright Bank, a lender that focuses on decarbonization. The debt subordinated facility allows the startup to “use our equity for extremely high ROI initiatives at the parent to continue to grow and scale the business,” Khanna said. He added that S2G was interested in the subordinated debt facility because of Service 1st Financial’s lessee’s “extremely low default rates and very strong credit quality.” Khanna said that his company has been approached by utilities interested in having Service 1st Financial run their energy efficient programs, moving them away from selling discounted items and toward a service-based model. “Their focus is on electrified heat pumps. Can we incentivize the purchase of electrified heat pumps through a service-based model that can allow homeowners to replace those systems every 10 years or so?” he said. It’s a very different model than U.S. utilities are used to, but they’re finally interested in testing something new. “I think this is where the Inflation Reduction Act is causing some organizations that typically take a long time to make decisions to move very quickly,” Khanna said.

WeaveGrid gets $35M Series B to help electrical grid cope with coming wave of EVs • ZebethMedia

By zebethcontrolPosted on November 15, 2022Posted in Climate, EC Enterprise Applications, EC Food Climate and Sustainability, electric vehicles, Enterprise, renewable energy, Startups, utilitiesNo Comments

Today, the electrical grid works because utilities have a time-tested playbook. They may not know exactly when you do your laundry, but they generally know washers and dryers run more in the evenings or on weekends. Air conditioners wind up when temperatures soar, and more lights click on during the dark winter months. But in the coming years, that playbook is going to go out the window. Renewables will reshape the grid, but EVs will present the real challenge. Utilities may know how many solar panels and wind turbines are hooked up, but what about how many EVs get plugged in every night? They might have a rough estimate at best. That’s where WeaveGrid comes in. The company’s enterprise SaaS serves as a platform integrating data from utilities, automakers, and drivers to help utilities manage the load that EVs place on the grid. This data will be increasingly important in the coming decade, when up to half of the U.S.’ 280 million vehicle fleet is predicted to become electrified. WeaveGrid hopes not only to help utilities plan for new generating capacity, it also wants to assist in identifying where they can most effectively upgrade their distribution infrastructure, which is going to need a significant overhaul. The average age of the grid’s power transformers, for example, is 25 years. “If 280 million vehicles all start charging around the same time at night, it’s going to create a lot of pressure on an aging infrastructure that’s really not ready to handle all of these giant batteries charging in a completely erratic manner,” said WeaveGrid CEO Apoorv Bhargava. To help coordinate millions of vehicles charging — and to ensure they’re ready when drivers need them — WeaveGrid’s platform pulls data from utilities, automakers and even smart EV chargers to build a picture of when and where the grid will need the most power. The company is announcing a $35 million Series B led by Salesforce Ventures, with participation from new investors Activate Capital, Emerson Collective, Collaborative Fund, and MCJ Collective. Existing investors Coatue, Breakthrough Energy Ventures, Grok Ventures, and The Westly Group also invested in the round. It’s Salesforce Ventures’ first time leading a climate tech investment.

Carbon cap and trade for developing world could spur massive investments — if it works • ZebethMedia

By zebethcontrolPosted on November 8, 2022Posted in cap and trade, carbon emissions, Climate, EC Food Climate and Sustainability, Government & PolicyNo Comments

Ten years after a cap-and-trade scheme championed in part by John Kerry was unceremoniously killed by one of his colleagues across the aisle, the former senator turned climate envoy is once again pitching the policy as a solution to climate change. As an idea, cap and trade isn’t bad! It works by having governments cap pollution levels and allot limited permits to polluters so they figure out how best to clean things up. Oftentimes the answer is better technology. Other times the answer is to buy permits from other companies that have done a better job at cutting their emissions. Over time, the number of permits gets ratcheted down and pollution levels drop. As a policy, cap and trade has been widely applied, in many cases successfully. The U.S. used one in the 1980s to successfully slash sulfur dioxide pollution that was causing acid rain and again in the 2000s to cut levels of nitrogen oxides. The EU is currently using one to trim its carbon emissions, and there are a few regional systems in North America. Kerry’s new proposal, as reported by the Financial Times, hopes to use cap and trade to encourage investment in the power sectors of developing countries. It’s a policy that’s heading in the right direction, though with enough missing pieces to have me wondering whether it’ll turn out to be a bust or a diplomatic breakthrough, similar to the Paris Agreement. Here’s how it would work.

How ButcherBox bootstrapped to $600M in revenue • ZebethMedia

By zebethcontrolPosted on November 6, 2022Posted in ButcherBox, Commerce, EC Food Climate and Sustainability, food delivery, grass fed, Startups, sustainable foodNo Comments

Some of the best companies only come about because they found a problem worth solving. For Mike Salguero, CEO and co-founder at ButcherBox, the problem and opportunity in the extraordinarily broken space of meat production and distribution simply could not be ignored. Armed with an idea for how to do things differently, the company ran a Kickstarter campaign back in 2015, which drew the attention of its first thousand customers. From there, the company has continued to grow. At the recent Creative Technologist conference organized by venture capital fund Baukunst, Salguero shared that the company has seen $600 million worth of revenue without taking a penny of external investment and talked about some of the lessons he learned along the way. A rocky start ButcherBox isn’t Salguero’s first rodeo. His first company was CustomMade.com, which raised $30 million in venture capital from First Round Capital, Google and Atlas Ventures in a series of funding rounds. But in spite of all the money it raised, the company wasn’t successful. “My experience was really bad. We lost everyone’s money, which I felt a lot of shame about,” Salguero recalls. “At the very end, I had diluted myself so much, I owned just 5.5% of the company. The business failed, and we ended up going bankrupt, losing everyone’s money.” After that, Salguero decided to walk a very different path with his next company, which he started after being confronted with a very personal problem. His wife has a thyroid condition, and in the process of doing an elimination diet to figure out what foods she might be intolerant to, they learned about grass-fed beef. However, this kind of meat was hard to find in the supermarkets in Boston. “While CustomMade was falling apart, I started calling farmers and asking them if I could buy a half-share of meat,” Salguero laughs. That’s a lot of meat, and he describes it as “basically two trash bags full of beef.” “I was meeting meat farmers in parking lots, buying a couple of trash bags full of meat — I’m sure that didn’t seem sketchy at all,” he said. “But it was too much meat for my freezer, so I ended up selling the excess meat to friends or people I was working for.” Some of his buyers repeatedly told him that it would be much better if the meat was delivered to their houses, and thus, the basic idea for ButcherBox was born. Meat in the mail “I got obsessed with the idea and started researching how you ship meat in the mail. I had no idea how to do it. But I’m a big believer in finding people who have done something before and then asking them for help. It skips a lot of the hard work,” Salguero explains. “I found the former head of operations of Omaha Steaks, which at the time was the big behemoth of meat in the mail. And he just said ‘Oh, yeah, my non-compete just ended. I’ll be glad to help you.’ He put all the pieces together at the beginning.” Then everything started happening all at once. Salguero was fired from CustomMade and even though he had aspirations of taking a 100 days off, going on a silent meditation retreat and recharging, he threw himself into building ButcherBox less than a week later. He hired an intern and launched a Kickstarter campaign in September of 2015, a decision made out of a desperation to never raise money again. Fundraising wouldn’t be necessary, he thought, as he wanted to do this as a hobby rather than as a big business. “I’m only going to put in $10,000 into this thing,” Salguero recalls deciding, adding that he vowed to keep things light and easy. “I gave equity to the Omaha Steaks guy, and I gave equity to the branding studio, which in retrospect was a mistake, because I had way too low of a valuation.” Mike Salguero, CEO at ButcherBox speaks at the Baukunst Creative Technologists conference. Image Credits: Haje Kamps / ZebethMedia All aboard the rocket ship “We agree with vegetarians.” Mike Salguero, CEO, ButcherBox The company had a goal of $25,000 for the crowdfunding campaign, but it ended up raising eight times that amount in preorders. It soon converted a lot of the preorder customers into subscribers, and the rest is history. The company went from revenue of $275,000 in 2015 to $5 million in 2016, then $31 million in 2017 and kept growing. When COVID-19 hit, the meat-packing industry didn’t fare well, but ButcherBox’s revenue just kept growing as people started subscribing to home delivery services like there was no tomorrow. In 2019, the company had revenues of $225 million, but the pandemic tailwinds nearly doubled its top line to $440 million. In 2021, the company recorded $550 million, and this year, Salguero is optimistic his company will go past the $600 million mark. “This whole time, I’ve just been on a rocket ship,” Salguero says. Beyond the numbers, the company has continued to stay true to its original mission of trying to make a difference. ButcherBox became a certified B corp in January 2021, joining the ranks of other heart-forward companies such as Allbirds, Ben & Jerry’s, King Arthur Flour and Patagonia, and further fortifying its aspirations as a company that takes a stand. Growing without external investment Figuring out how you build and grow a company without external investment is an exercise in scrappiness, but Salguero’s team had a few tricks up its sleeve, starting with the Kickstarter campaign and a number of communities who cared deeply about how and what they eat. The company figured out how to growth-hack its way to success by tapping bloggers and nutritionists. “You said eat grass-fed beef,” the company would tell them and created an affiliate model to help incentivize them to promote its products. “We don’t have any money, so we can’t pay you up front, but we will pay you for every box that person

Laid off? Climate tech is looking for talent and founders • ZebethMedia

By zebethcontrolPosted on November 5, 2022Posted in Climate, climate tech, EC Food Climate and Sustainability, Layoffs, tech layoffsNo Comments

As rumors rumbled that the U.S. Federal Reserve would hike rates once more — and when it followed through earlier this week — another round of layoffs hit the tech sector. Stripe, Opendoor, Chime, Zillow, Cerebral, Brex, and of course Twitter, among others, have already cut or are about to eliminate thousands of jobs. That’s bad news for employees today, but it might be good news for the climate in the near future. Before we get too far, let me say up front that getting laid off is terrible and not something I wish to happen to anyone. Not knowing where your paychecks will come from or what benefits you’ll receive is difficult in the best of times, and it’s far worse when economic signs are mixed or major life changes are looming. I am not at all trying to minimize what people go through when they’ve been laid off. It’s happened to me, and it sucks. But layoffs also offer a chance at a new beginning. Even before the recent waves of layoffs started washing over the tech industry, people were leaving their old jobs for new opportunities in climate tech. While this is a ZebethMedia+ story, we made sure the paywall is below the key links in case you are job-hunting. Hugs — The TC+ team “One thing we’re seeing is really, really strong talent leaving larger companies,” Erin Price-Wright, a partner at Index Ventures, said at ZebethMedia Disrupt, “because some of the financial upside for public tech companies or maybe even late-stage tech companies has sort of vaporized in the last few months. And people are like, ‘Well, I had these golden handcuffs, and that was preventing me from working on what I really care about. And I don’t have that anymore. So I’m going to take a risk and I’m going to do something.’” Climate tech has been booming relative to the rest of the market, with startups in the sector raising $5.6 billion in the first half of this year, short of 2021’s crazy hauls but still well ahead of 2020, the next previous record, according to PitchBook. Five years from now, PitchBook expects the climate tech market to be worth $1.4 trillion, a compound annual growth rate of 8.8%. All those companies are in desperate need of talent. Nearly every early-stage founder in the climate tech space I’ve spoken with in recent months went out of their way to mention that they’re hiring. Job board Climatebase has hundreds of jobs listed right now, and that’s just a portion of the climate tech companies with active listings. Shaun Abrahamson, co-founder of climate-focused Third Sphere, pointed out that his firm’s portfolio companies are currently hiring for over 400 positions. Breakthrough Energy Ventures’ portfolio companies are hiring for nearly 1,200 positions. Elsewhere, around 100 companies are using the climate career platform Terra.do to directly connect with applicants, chief business officer Nishant Mani told ZebethMedia. The startup frequently runs virtual job fairs to match employees with employers, and business is booming. The platform’s user base is growing 50% month on month, and Mani is aiming to get 1,000 companies actively using the platform in the next six months.

How to land investors who fund game-changing companies • ZebethMedia

By zebethcontrolPosted on November 4, 2022Posted in Climate, climate tech, EC Food Climate and Sustainability, EC Hardware, EC TechCrunch Disrupt 2022, Sila, startup fundraising, Startups, TechCrunch Disrupt 2022, VentureNo Comments

A lot of problems worth solving aren’t ones that you can solve in a year or two or even 10. For founders and investors alike, such long timelines can seem daunting. But for Gene Berdichevsky, co-founder and CEO of battery tech startup Sila, hard tech problems are also some of the most tantalizing. “It’s always a good time to be a hard tech startup,” Berdichevsky said at ZebethMedia Disrupt. “One of the reasons is that the world doesn’t change just because it should. It changes because someone goes after something insanely hard and actually succeeds at it.” Such hard.tech startups run the gamut from advanced batteries like those made by Sila to nuclear fusion, quantum computing, automation and robotics. Any tech that has the potential for such broad impact also has a massive potential market, and that means a certain class of investors are willing to be in it for the long haul. “Hire people to do the technical stuff. Keep an eye on it, but then go learn the other pieces.” Gene Berdichevsky, co-founder and CEO, Sila “We look for real step-change, game-changing technologies that are going to benefit everyone and we think that will drive a huge [total addressable market],” said Milo Werner, a general partner at The Engine. When Berdichevsky founded Sila, he believed his company’s technology, a silicon-based anode that promises to improve lithium-ion battery energy density by 20%–40%, would be a significant enough advance that it would have no problem finding a market. What he didn’t expect was how long it would take. When Sila’s first product debuted inside the Whoop 4.0 wearable last year, the path to market had been twice as long as Berdichevsky had expected.

Palau Project ‘s $125K deck • ZebethMedia

By zebethcontrolPosted on October 25, 2022Posted in Climate, EC Food Climate and Sustainability, EC How To, EC Pitch Deck Teardowns, pitch deck, Pitch Deck Teardown, Startups, VentureNo Comments

I get a lot of pitch deck submissions for this ZebethMedia Pitch Deck Teardown series from people who are raising friend and family rounds, and I mostly pass on them. Often, these decks aren’t very good, but it’s important to remember that they don’t have to be. For a small round (say $200,000 or below), most well-connected entrepreneurs will be able to find a group of people who believe in them and are willing to invest in them. It’s not about the product (there typically isn’t one), and it’s not about the solution (the company is still iterating). Such investors are usually betting on two things: Is this market big enough, and is the problem worth solving big or pertinent enough to give this company a possibility of success? Are the founders the right people to solve this problem? Do they have the connections, skills or experience that gives them an unfair advantage? Here’s the truth: When considering very early stage companies, if you can’t say “Yes” to both of those questions with 100% certainty, you shouldn’t invest. If the market isn’t big enough, don’t invest. If the founders are smart, friendly and amazing, but they don’t have something special that gives them a head start, don’t invest. It was against that backdrop that I received the pitch deck for Palau Project. Its founder, Jerome Cloetens, is a professional kite surfer (!) with an economics degree and an MBA, and he’s taking on climate change. Let’s take a closer look at how all those pieces come together in a pitch deck. We’re looking for more unique pitch decks to tear down, so if you want to submit your own, here’s how you can do that. Slides in this deck This pre-seed deck has 22 slides, but it could probably have been 10 slides or so. That said, it looks good, and although it jumps from topic to topic a little, I can see how the presentation would take shape. Cloetens notes that the slide deck has been slightly updated since the fundraise, and he mentioned it’s “not precisely as Pitched; some of the design and small content changes (Such as our traction metrics) have been updated.” Cover slide Problem impact slide Problem slide Solution slide Product slide Product slide Product slide Challenge slide Value Proposition slide Business model slide Market size slide Market slide Traction slide Metrics slide Milestones slide Team slide Founders slide “Seed round” Interstitial slide Mission slide The Ask slide Milestones slide “Equity for thrifthers” closing slide Three things to love As I mentioned in the intro, this is a pre-seed deck. As per slide #20, the founders were trying to raise $500,000, and they closed on about $125,000. That isn’t entirely uncommon at early stages. Slightly later on, your plan needs to match the funds, which needs to match the milestones you’re trying to hit. At this stage, “I just need some money to prove what we are trying to do” will work, and if the angel investors think it makes sense, you’ll raise money. Simple product, testable now [Slide 5] Palau Project’s product is super simple, but the power will be in the data. Image Credits: Palau Project Make your product demos this simple if you can — it’s easy to understand, visual and impactful. I mentioned earlier that all that matters is the market size and team, and I’ll get to that in just a moment. For now, I was really impressed at how simple the idea is, and how easy it is to imagine this in use. Scan a barcode, get information about a product and get nudged towards products that have less impact on the climate. As an investor, I would immediately have three questions: How good is the database and how many products are captured there? Will people actually use this when they are walking around, shopping? This use case appears to be in-person, but the business model refers to a commission. How would the manufacturers know that a user has changed their behavior as a result of using an app? You can learn two things from this slide: Make your product demos this simple if you can — it’s easy to understand, visual and impactful. The second step is to tie it to your value propositions: What’s in it for the consumer? What’s in it for the product manufacturers? What’s in it for your company (i.e. how does this help you gain or retain customers, and how does it help you generate value)? Traction! [Slide 13] A product this early with traction is beautiful. Image Credits: Palau ProjectWhen a company is raising its first round, it’s unlikely that it has a product at all, never mind a product with actual traction. If you do happen to have such a product, scream about it from the rooftops. Having 30 downloads per day is impressive, and 10,000 scans shows that the app is working and getting some user engagement. Engagement time is cool, too — there are a lot of early indicators showing up here that the founders may be on to something. Going from 0 to 700 weekly active users in a new market (Portugal) is impressive, too. Again, the slide raises questions for me: Scans are great, but I want to know what percentage of those scans were successful (i.e. had products in the database). If users scanned 10,000 items and ended up with 600 hits, and 9,400 “We don’t know this product,” that will make a lot of users turn away immediately. 25-30 new users per day is impressive, but show us a graph and the total number of sign-ups. TikTok videos are cool, but that’s a vanity metric that means nothing unless it moves the needle on the business side. Did the video result in downloads? More scans? More inquiries? What you can learn from this slide as a startup is to think about

Farmers are key to Lithos Carbon’s quest to remove gigatons of carbon • ZebethMedia

By zebethcontrolPosted on October 20, 2022Posted in agriculture, carbon removal, Climate, EC Food Climate and Sustainability, StartupsNo Comments

It almost sounds too good to be true: Take basalt dust that today is wasted in the manufacturing of things like asphalt shingles, sprinkle it on farmers’ fields, and it raises crop yields while also removing carbon dioxide from the atmosphere. Where’s the catch? For the entire thing to work, farmers need to add just the right amount of basalt. Too little and they don’t capture much carbon and their crops don’t see any benefits. Too much and the field could end up releasing carbon instead of removing it. Soils are complex systems. The team at Lithos Carbon thinks they’ve cracked the code. They’re working with farmers in the U.S. Midwest and Southeast, where they’ve already captured over 2,000 tons of carbon this year. The startup just announced a $6.3 million seed round led by Union Square Ventures and Greylock Partners with participation from Bain Capital Ventures, Carbon Removal Partners, the Carbon Drawdown Initiative, Fall Line Capital and Cavallo Ventures. For Greylock and Bain, it’s their first climate investment.