TLDR:
- Enduring Planet is a climate startup helping other climate startups fund their ventures with lower cost loans.
- They offer loans against government grants and contracts, and have raised $9 million to loan out to climate tech startups.
An article on GeekWire highlights Enduring Planet, a climate startup based in the Pacific Northwest that is providing loans to other climate tech startups to bridge the cash-flow gap often experienced when receiving government grants or contracts. Founded in 2021, the company offers loans ranging from $100,000 to $500,000 and has secured $9 million in funding from investors to support these loans. While the loans come with annual interest rates of up to 18.5%, additional fees are limited to a 1.5% origination fee.
Enduring Planet works with a network of venture capitalists to connect its customers to investors if they decide to pursue additional funding. The company has also raised nearly $4.9 million from investors like K Street Capital, Avesta Fund, Cerulean Ventures, and others. The team at Enduring Planet finds loan customers through partnerships with startup accelerators and by tracking grant and contract awards to reach out to recipients.
One of the key aspects of Enduring Planet’s work is its focus on supporting startups led by underrepresented founders or serving marginalized communities with their products and services. The company has deployed $13 million in loans, thanks to its returns, and has helped over 90% of the startups receiving loans. The founders of Enduring Planet, Dimitry Gershenson, Erin Davis, and Joshua Krafchin, are passionate about supporting climate entrepreneurs and are hopeful about the impact their work can have on tackling global warming.
In a sector where financial support for early-stage climate tech startups is crucial, Enduring Planet’s efforts to provide accessible funding options are a valuable contribution to the growing climate tech industry.
