Activate Capital Partners

What Activate Capital Partners does

Activate Capital Partners is a growth-stage venture capital firm headquartered in San Francisco, California that invests in technology companies transforming the industrial economy, with a focus on next-generation energy, infrastructure, and digital systems. The firm typically deploys $10–30 million per company at Series B to pre-IPO stages, targeting sectors contributing the majority of global greenhouse gas emissions — including power generation and grid (Infravision, Voltus), home energy (Lunar Energy, Enpal, Jetson), AI and data infrastructure (Crusoe, Altana AI, XNRGY), weather and climate intelligence (Tomorrow.io), space (Starfish Space), transportation (WeaveGrid, Kin Insurance), and industrial software (Nozomi Networks, Optimal Dynamics, Swimlane). As of the 2026 Sustainability Report, the active portfolio comprises 26 companies with 5 prior exits (Fictiv, Parsable, STEM, Streetlight Data, Volta).

The firm was co-founded by Raj Atluru, Anup Jacob, and David Lincoln, who collectively bring over 130 years of experience in energy and infrastructure investing through prior roles at Element Partners, Silver Lake Kraftwerk, Mubadala Capital, Virgin Green Fund, Masdar, and DFJ. David Lincoln's prior firm Element Partners managed $860 million across a series of clean technology funds. Activate operates with a five-member Executive Advisory Board including former EPA Administrator William Reilly, former Google VP of Energy John Woolard, and former EnerNOC Chairman and CEO Tim Healy.

Activate generates revenue through standard venture capital mechanics — recurring management fees (typically 1.5–2.0%) on committed capital under management, plus performance-based carried interest (typically 20%) on profitable portfolio exits. Its customers are institutional limited partners seeking exposure to climate and infrastructure technology, and its deal counterparties are ambitious founders building category-creating companies. The firm operates primarily in North America with active cross-border deal flow in Europe and emerging Asia-Pacific LP relationships, and supports portfolio companies with strategic guidance, operational support, and network access beyond capital provision.

Name

Activate Capital Partners

Legal name

Activate Capital Partners

Website

https://activatecap.com

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

1–10 employees

Short description

Activate Capital Partners is a San Francisco-based growth-stage venture capital firm investing $10–30 million per company at Series B to pre-IPO stages in technology companies transforming energy, infrastructure, space, and climate-adjacent industrial sectors. It serves institutional LPs and ambitious founders across its 26-company active portfolio.

Ownership category

akta.pro rank

Product category

Venture Capital / Growth Equity

NAICS

Miscellaneous Intermediation (52391), Other Financial Investment Activities (5239)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro industry

PRIMARYFSANAAAD

Sector-Focused Venture Capital (Vertical Specialists)

Financial & Insurance/Private Equity & Venture Capital/Venture Capital Firms

SECONDARYFSANACAA

Technology & Software Growth Equity

Financial & Insurance/Private Equity & Venture Capital/Growth Equity Firms

Keywords

• Growth-stage venture capital
• Climate infrastructure investing
• Energy transition capital
• Technology growth equity
• Sustainable infrastructure funds

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Management Fees: Standard VC management fees charged on committed capital to funds under management.
2. Carried Interest: Performance-based carry on successful portfolio company exits, typically 20% of profits above the hurdle rate.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels5 records

Core offering

Activate Capital Partners is a growth-stage venture capital firm that invests $10-30 million per company into technology businesses operating at the center of energy, space, industrial, and digital infrastructure transformation, typically at Series B to pre-IPO stages. The firm provides growth capital alongside strategic partnership, operational support, and access to its network of operators and industry advisors, with a sustainability-and-resilience lens applied across all investments.

Product overview

Activate Capital Partners is a growth-stage venture capital firm that invests in technology companies building critical physical systems in next-generation energy, industrial, and digital infrastructure sectors. The firm typically invests $10–30 million into companies at Series B to pre-IPO stages, focusing on technology companies at inflection points of growth. The firm does not offer a traditional product platform but rather provides investment capital, strategic partnership, and operational support to portfolio companies.

Differentiator

Problem solved

Functional benefit

Products and services

• Growth-Stage Venture Capital Investment Growth capital investment of $10-30M per company, targeting technology companies at Series B to pre-IPO stages across energy, space, industrial, and digital infrastructure sectors.
• Strategic Partnership & Operational Support Post-investment partnership providing portfolio companies with strategic guidance, operational expertise, and network access through Activate's Executive Advisory Board and operator team.

Quantifiable outcome

• Over $1 billion invested by team members in energy and clean technology
• +1 more outcomes

Named customers8 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered minor.

• PEWINminorOthersMembership organization for private equity and venture capital professionals
• NVCA (National Venture Capital Association)minorOthersIndustry association representing the U.S. venture capital and startup ecosystem
• 100 Women in CFOminorOthersOrganization focused on advancing women in finance leadership roles
• CTLR (Cleantech Leaders Roundtable)minorOthersPrivate community of business leaders working to combat climate change and build a thriving clean economy
• WRISEminorOthersWomen in renewable energy and sustainability organization
• WAVEminorOthersWomen advancing venture ecosystems organization
• iCI (Institutional Limited Partners Association)minorOthersGlobal organization for institutional investors in private equity
• ReFrame VenturesminorOthersOrganization focused on inclusive innovation in venture capital

Scale indicators7 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Lowercarbon Capital: Venture firm investing across climate tech, including energy, carbon removal, and decarbonization; comparable thematic mandate, though typically earlier-stage than Activate.
• Congruent Ventures: Early-to-growth investor in industrial decarbonization, climate infrastructure, and energy transition; similar sector specialization and stage profile to Activate.
• Energy Impact Partners (EIP): Global growth equity fund investing across energy transition, electrified transport, and climate tech; comparable mandate and stage, with a utility-LP base; EIP has co-invested with Activate in Infravision and others.
• Prelude Ventures: Early-to-growth-stage venture firm focused on climate and decarbonization technology; directly comparable to Activate in sector mandate, check size, and stage focus (Prelude has co-led rounds with Activate, e.g., Lunar Energy Series D).
• Breakthrough Energy Ventures: Bill Gates-backed fund investing in early-stage climate technology companies; comparable thematic focus on energy transformation, though typically earlier stage than Activate's Series B-pre-IPO sweet spot.
• Decarbonization Partners: Joint venture of BlackRock and Temasek focused on late-stage venture, growth equity, and early public decarbonization investments; direct peer in climate infrastructure growth equity and co-invested with Activate in XNRGY.

Broad incumbents

• DCVC: Deep tech venture firm with a substantial climate and industrial portfolio; participates in climate infrastructure rounds alongside Activate (e.g., Lunar Energy Series C).
• B Capital: Global multi-stage venture and growth equity firm with a significant climate/energy practice; broader mandate than Activate but co-invests in the same rounds (e.g., Lunar Energy).
• Woven Capital: Toyota's growth-stage venture fund focused on mobility, climate, and sustainability; led WeaveGrid alongside Activate participation — overlapping climate/mobility mandate.

Emerging players

• Clean Energy Ventures: Seed-to-Series A climate tech fund; comparable sector focus but earlier-stage orientation than Activate's growth-stage mandate.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/activatecapital

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments54 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Activate Capital Partners