Climate Fintech Enduring Planet Closes $12M Second Fund Amid Tightening US Market
Portland-based climate fintech Enduring Planet has secured more than $12 million for its second fund, more than doubling the size of its debut fund and signalling sustained investor appetite for non-dilutive financing in the climate technology sector despite a difficult fundraising environment.
Founded in 2021, Enduring Planet specialises in debt financing for early-stage climate startups, with a particular focus on ventures that have already secured government grants and contracts. The company positions itself as an alternative to traditional venture capital by offering loans between $100,000 and $2 million without taking equity stakes in the businesses it backs. Borrowers pay annual interest rates of 15 to 17 percent plus a 1.5 percent origination fee.
Since launching, the company has deployed nearly $40 million in loans across more than 70 climate startups, including water treatment company Aquagga and electric marine propulsion firm Photon Marine, both based in the Pacific Northwest.
“We are really proud of this outcome, despite the challenging market environment that climate tech is facing in the US,” said co-founder and CEO Dimitry Gershenson.
The close comes as conditions in the US climate investment landscape grow increasingly uncertain. Federal support for climate initiatives under the Trump administration has become narrower and less predictable, while research from Sightline Climate indicates that although roughly $90 billion remains available in climate-focused investment coffers, the capital is being deployed faster than new funds are being raised. Investors are shifting toward more established businesses and infrastructure projects, reducing access to early-stage risk capital.
The fund was backed by Blue Haven Initiative, Cisco Foundation, ImpactAssets, DF Impact Capital, Green Spark Ventures, The Arthur B. Schultz Foundation, Realize Impact with support from The Schmidt Family Foundation, and a coalition of other impact investors.
Enduring Planet also provides part-time chief financial officer services to its portfolio companies, offering operational support beyond financing to ventures that may lack full-time financial leadership at the early stage.
