Australasian climate venture capital.
Decarbonisation as a result of commercial advantage.
Climate Fund 2 backs companies whose climate impact is the consequence of how they win, not the cost of it.
Watch.
Why decarbonisation is the result, not the cost.
The partners, the Climate Impact Committee, and the founders we back, on what Climate Fund 2 invests in.
The thesis, in three.
Three reasons Climate Fund 2 exists.
01
Returns where impact is the signal
We invest where decarbonisation results from commercial advantage, not its cost. Targeting ≥25% IRR. Companies don't rely on green premiums or regulatory loopholes; they win because they are cheaper, better, faster, or scalable.
02
Australasian deal flow with Fund 1 follow-on
Ten active companies across Climate Fund 1 since 2021, in water, energy, waste, agri-food, industrial, and marine. Climate Fund 2 holds exclusive follow-on rights into the strongest of them, plus new deal flow.
03
Independent governance with veto
A Climate Impact Committee of seven independent experts uses IRIS+ to measure each proposed investment, and can veto a deployment of capital. No NZ or Australian peer offers comparable governance.
Climate Impact Committee.
"For many funds, 'impact' is self-defined, self-measured, and self-reported. For us, it has always been different."
An independent panel of seven experts in climate impact, investment, and policy. They use IRIS+ to measure each proposed investment, and can veto a deployment of capital.
Lucie Greenwood
Senior associate, The Connective
Dr Jodi York
Chief Impact Officer, Kilara Capital
Prof. Shaun Hendy
Chief Scientist + Co-Founder, Toha NZ
Audrey Jean-Baptiste
Head of Commercial Programs, Swinburne
Emily Mabin Sutton
CEO, Climate Club NZ
Dr Paul Winton
Founder, Temple
Dr Jez Weston
Co-Founder + Partner, Climate Fund
Read the IRIS+ methodology · Committee membership as of November 2025.
Portfolio.
The companies we back.
Across water, energy, waste, food, marine, and industrial decarbonisation, in New Zealand and Australia.
Industrial · CVCF 1 + 2
Liquium
Catalysts that transform Haber-Bosch ammonia synthesis, addressing 2% of global emissions.
Dramatically increasing catalyst productivity vs commercial incumbents. CVCF 2 first investment, February 2026.
Energy storage · CVCF 1
MGA Thermal
Patented miscibility-gap-alloy thermal storage, making 24/7 renewables a reality.
Series A complete; demonstration plant operational.
Water · CVCF 1 + 2
NovoLabs
World-first Supercritical UV Disinfection System, treating wastewater with UVT below 1%.
NZ Hi-Tech Awards 2024, Most Awarded Hi-Tech Company.
Waste & circular · CVCF 1
Cleanery
Patented household and personal care products in powdered form, replacing single-use bottles.
Sold in supermarkets across Australasia and the USA.
Insights.
What we are thinking.
blog
One-Eighth: The Capital Gap Holding Back New Zealand Cleantech
New Zealand cleantech could abate 19.2 Mt of CO₂ a year by 2030, yet raises just one-eighth the capital of peer economies.…
blog
Climate transition is the largest economic opportunity since steam – now is the time to invest
The climate opportunity is larger than the internet revolution, the social media revolution, or indeed the industrial revolution
blog
What does the new climate politics mean for climate investment?
Climate VC Fund is proud to lead a $2m investment round in Liquium, the Wellington-based deep-tech company tackling one of the world’s…
Recognised by.
Mindful Money Awards
Best Climate Action Investor category.
8 awards since 2021. Winner 2023, 2024.
Sustainable Business Network
Impact Investor accreditation.
Active.
Responsible Investment Association Australasia
RIAA accredited.
Active.
EriksensGlobal Fund Review
"Preferred sustainable VC fund offering in Australasia."
2025.
NZ Hi-Tech Awards
Most Awarded Hi-Tech Company. NovoLabs.
2024.