TED leader’s $300M ‘valley of death’ fund might be just what later-stage climate tech needs
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TED leader’s $300M ‘valley of death’ fund might be just what later-stage climate tech needs
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TED leader’s $300M ‘valley of death’ fund might be just what later-stage climate tech needs Tim De Chant PM PDT · September 4, 2025 Like many startups, climate tech companies often face a “valley of death” that lies between early-stage funding and growth capital that helps proven technologies reach commercial scale.
But because climate tech startups are often hardware focused — physical problems tend to require physical solutions, after all — this valley of death tends to be a lot wider. Financing a first-of-a-kind power plant or factory can cost tens or hundreds of millions of dollars.
Now a new fund hopes to bridge this financing gap, also known as the “missing middle.” Called the All Aboard Coalition, it aims to raise $300 million
All Aboard will write checks for equity or convertible equity, but it won’t offer loans or back specific projects, a person familiar with the fund told TechCrunch. This approach places All Aboard firmly in the VC column rather than project finance, which is occasionally suggested as a way to bridge the valley of death.
The fund is led
Some of the partners at the firms listed above are investing in the new fund, though that’s not required to participate, a person familiar with the plans said.
The hope is that the new fund will serve as a “Sequoia-like” signal in the sector, they said, meaning that when All Aboard invests in a company, other experienced funds will follow suit.
Techcrunch event Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital, Elad Gil — just a few of the heavy hitters joining the Disrupt 2025 agenda. They’re here to deliver the insights that fuel startup growth and sharpen your edge. Don’t miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $600+ before prices rise. Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital — just a few of the heavy hitters joining the Disrupt 2025 agenda. They’re here to deliver the insights that fuel startup growth and sharpen your edge. Don’t miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $675 before prices rise. San Francisco | October 27-29, 2025 REGISTER NOW For climate tech startups looking to cross the valley of death, they’ll collectively need more than $300 million — and likely far more than the $60 billion that the All Aboard members have in assets under management at the moment. Finding generalist investors who want in is going to be crucial for All Aboard to succeed, and for the broader climate tech sector to achieve some commercial successes.
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Tim De Chant Senior
Tim De Chant is a senior climate
De Chant is also a lecturer in MIT’s Graduate Program in Science Writing, and he was awarded a Knight Science Journalism Fellowship at MIT in 2018, during which time he studied climate technologies and explored new business models for journalism. He received his PhD in environmental science, policy, and management from the University of California, Berkeley, and his BA degree in environmental studies, English, and biology from St. Olaf College.
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