Women Entrepreneurs Receive Venture Capital Funding to Address Climate Crisis
Diversity In ClimateTech is a new program in partnership with Chloe Capital and Cornell University
23 Nov, 2021, 08:46 ET
NEW YORK, Nov. 23, 2021 /PRNewswire/ -- Chloe Capital and Cornell University are helping climate tech innovators launch and advance solutions to the world's climate crisis. During the recent Diversity In ClimateTech business accelerator, five women-led climate tech companies were selected, based on their potential impact, to pitch and secure business deals.
The accelerator, which convened in Ithaca, NY, was designed to connect the women entrepreneurs with investors. Over $500,000 in investments were offered by Chloe Capital to select underrepresented female founders who are projected to be leaders in the growing sustainable and clean technology industries.
"Something interesting we noticed when we were screening applicants for this program was the market trends. For one, the program applicants are raising more funds, and two, they're generating more sales," said Kathryn Cartini, Chloe Capital co-founder and partner. "These metrics indicate that diverse founders in the climate tech sector are being recognized by investors as, what we like to call, 'high quality deal flow'. Out of 300+ applicants that met the program criteria, the five finalists selected were ones that showed both experience and early success in the niche market where their solution is needed," added Cartini.
Dorrit Lowsen, Co-founder of Change Finance, a company that produces performance-oriented investment products that seek to promote a more just and sustainable world, was a recipient of a $250,000 investment.
Lowsen understands first-hand the pressure to quickly address climate and clean energy technologies as she was a member of the domestic energy and environmental policy committee in Beijing during the preparation for the Paris Climate Agreement. Lowsen shared, "We believe investing for good can profit people, planet, and investors--and that idea permeates our culture from the rigorous, rules-based methodology that underpins our investment products, to the intentionality we bring to our shareholder advocacy."
Additionally, SaLisa Berrien, Founder and CEO, COI Energy was recognized with a $200,000 investment. Berrien has more than two decades of energy experience focused on energy efficiency, smart grid optimization, and big data analytics. She describes herself as, "a climate tech professional that is passionate about leaving the space she occupies better than she found it." Berrien explains that, "COI Energy is changing the face of energy with its digital energy management that detects and eliminates energy waste in buildings and repurposes that waste for good. We use machine learning and artificial intelligence to predict energy behaviors and make corrections to avoid waste."
Diversity In ClimateTech launched in early 2021, recruits, educates, inspires and supports the growth of companies led by Black, Indigenous, and People of Color (BIPOC) and women founders on the forefront of climate tech innovation. Founders with innovations that reduce greenhouse gas emissions, support the decarbonization of the economy, and broadly reduce energy consumption were recruited to participate in the accelerator.
"Through the Diversity in ClimateTech program, together, we aim to help create a more diverse and inclusive environment for women founders who are changing the world through climate tech," said Elisa Miller-Out, Chloe Capital co-founder and managing partner.
Chloe Capital and Cornell University manage the Diversity in ClimateTech program with support from New York State Energy Research and Development Authority (NYSERDA). Through this partnership, founders at the idea or pre-seed stage also receive support for their companies and are provided with an array of resources in New York's clean energy ecosystem within the Southern Tier, to help them progress.
"The Diversity in ClimateTech business accelerator and fundraising program is helping to fuel the continued growth of the climatetech industry in New York's Southern Tier," said Katie MacDonald, NYSERDA's Director, Technology to Market. "Congratulations to all of these companies that are bringing diverse entrepreneurial ideas to the region, where they can take advantage of New York State's unmatched clean energy assets and infrastructure."
Partner, Chloe Capital
About Chloe Capital
Chloe Capital is a venture capital firm that invests in women-led technology companies. In addition to investing with a gender and diversity lens, Chloe Capital partners with universities, foundations and corporations to host programs that help catalyze fundraising efforts for underrepresented founders. This collaborative approach to early stage investing is what makes the firm so unique. More than 15,000 people around the world have already joined Chloe Capital's Movement to #InvestInWomen. ChloeCapital.com
About Cornell's Center for Regional Economic Advancement
Cornell's Center for Regional Economic Advancement (CREA) fuels economic growth and diversity in Upstate New York through entrepreneurship and innovation. CREA is focused on making a measurable impact by supporting and managing a portfolio of over a dozen programs, including Rev: Ithaca Startup Works, Rev's Hardware Accelerators, Grow-NY, UNY I-Corps, Cleantech Hardware Scaleup, and many Cornell-facing startup accelerators and fellowships. CREA.Cornell.edu
SOURCE Chloe Capital
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