TLDR:
- The Engine Ventures, a MIT spinout, raises a new fund of $398 million to invest in startups working on sustainability, health, and infrastructure.
- The firm has invested in over 50 companies, collectively raising over $5 billion in investment and employing over 3,100 people.
Full Article:
The Engine Ventures, led by CEO Katie Rae, has announced a new fund of $398 million, making it the firm’s largest fund to date. The focus of this fund will be to invest in startups working on sustainability, health, and infrastructure. With this new fund, The Engine Ventures has now crossed over $1 billion in assets under management.
The firm has previously invested in over 50 companies, which together have raised over $5 billion in investment and have more than 3,100 employees. The new fund will provide the firm with flexibility to write larger checks for seed and series A rounds, enabling the supported companies to de-risk their technology and scale effectively.
Founded in 2016 as a spinout from MIT, The Engine was created to support early-stage startups developing complex technologies in climate tech, advanced computing, infrastructure systems, and biotechnology. The firm has since separated its accelerator and venture firm operations, with Rae leading The Engine Ventures while serving on the board of The Engine accelerator.
The firm’s investment areas have seen significant growth over the years, driven in part by federal government policies supporting infrastructure and climate technology. The portfolio includes companies working on nuclear fusion, iron-based batteries for the grid, superconducting wires, energy-efficient chips, quantum computing, and more. The aim is to tackle tough technology problems with the potential for both capital and impact returns.
