Enduring Planet has successfully closed its second fund, securing over $12 million, which is more than double the amount of its initial fund. The fintech startup, which originated in the Pacific Northwest, focuses on providing loans to early-stage climate startups, particularly those with government grants.
Since its inception in 2021, Enduring Planet has disbursed nearly $40 million in loans to over 70 startups, including companies like Aquagga from Tacoma, Washington, and Photon Marine from Portland. The financing options available range from $100,000 to $2 million, with annual interest rates between 15% and 17%, and a capped origination fee of 1.5%.
Dimitry Gershenson, the CEO, expressed pride in this achievement despite challenging market conditions for climate technology investments in the U.S. The climate sector is experiencing a shift, with a reported $90 billion still available from investors, but the deployment of these funds is accelerating while new capital inflow is slowing.
The fund has garnered support from several organizations, including the Blue Haven Initiative, Cisco Foundation, and Green Spark Ventures, among others, indicating a strong backing for climate innovation even as market dynamics shift.