Voyager Ventures closes $275M Fund II
Voyager Ventures has raised $275 million for its second fund, expanding its capacity to back startups building what the firm describes as the “backbone” of resilient economies: energy infrastructure, advanced manufacturing, and applied AI. The close brings the venture capital firm’s total assets under management to $475 million, with investments planned across Europe and the United States.
The fundraise arrives as governments and corporations grapple with heightened pressure on energy systems, manufacturing capacity, and global supply chains. Against that backdrop, Voyager Ventures is positioning itself around technologies that reduce dependence on fragile inputs and improve the reliability of critical systems—from power generation and storage to factory automation and logistics.
Focus: energy, materials and “real-world” AI
Founded in 2021, Voyager Ventures invests early-stage capital into companies working on next-generation energy, cleaner and smarter materials, and software that can improve uptime and efficiency in industrial operations. The firm’s thesis centers on “durable solutions,” targeting sectors where hardware, infrastructure, and industrial processes intersect with modern software and AI.
According to information shared alongside the fund announcement, the firm is looking for startups that can reshape foundational systems, including:
- Energy generation, storage, and delivery technologies that increase efficiency and reliability
- Advanced manufacturing approaches that enable more localized, precise production of materials
- AI-enabled tools that help transportation networks and factories run more consistently
- New mobility solutions for moving people and goods
- Technologies that convert carbon emissions into useful products
Leadership and footprint across San Francisco and London
Sarah Sclarsic and Sierra Peterson, the firm’s founders, bring experience spanning energy, advanced materials, and sustainable transportation. Together, they have more than 30 years in the sectors Voyager Ventures targets, and they launched the firm with the view that climate and industrial resilience would increasingly become an investment priority.
Voyager Ventures splits its time between San Francisco and London, reflecting its cross-Atlantic strategy. The firm also emphasizes a blend of policy knowledge and operator-focused support, a combination many climate and industrial startups seek as they navigate regulation-heavy markets and long commercialization cycles.
How it fits into a crowded climate and industrial VC field
The new fund places Voyager Ventures in more direct competition with established investors operating in similar territory, including Breakthrough Energy Ventures, Energy Impact Partners, Lowercarbon Capital, and Construct Capital. While many generalist venture firms continue to prioritize software-first businesses, industrial and energy-focused investors have been increasingly active as electrification, grid modernization, and reindustrialization become strategic priorities in the US and Europe.
Voyager Ventures is betting that the next decade’s defining startups will not only be digital, but also deeply tied to physical systems—power plants, factories, freight networks, and buildings—where improvements can unlock large-scale emissions reductions and resilience gains.
Early deployments from Fund II
Fund II is already being put to work. The firm said it has made new investments in ENAPI, Leeta Materials, and Electroflow Technologies. It also highlighted an existing portfolio that includes Allie, Anthro Energy, Arbor Energy, and Astro Mechanica.
While specific check sizes and ownership targets were not disclosed in the announcement, the firm indicated the $275 million will be deployed to accelerate energy innovation, improve materials performance and sustainability, and expand the use of AI in manufacturing and industrial operations globally.
Resilience becomes an investment theme
The fundraise underscores a broader shift in venture capital: resilience is increasingly treated as a core economic and national-security issue rather than a niche sustainability concern. Energy volatility, constraints on critical minerals, and disruptions in shipping and manufacturing have pushed companies to reconsider where and how they produce goods, and how they secure power.
Startups addressing these problems often require longer timelines and more capital than traditional software companies, but they can also create defensible businesses tied to infrastructure and industrial customers. For Europe in particular, where energy security and industrial competitiveness have become central policy goals, funds that can bridge technology, commercialization, and regulatory complexity may find a growing pipeline of opportunities.
Diversity and inclusion question remains unanswered
The outlet reporting the fundraise said it contacted Voyager Ventures for comment on diversity and inclusion, but did not receive a response by publication time. The firm’s leadership includes two female founders, a notable detail in venture capital and in industrial and energy investing, where women remain underrepresented at senior levels.
What to watch next
With $475 million in assets under management, Voyager Ventures now has increased firepower to lead or co-lead early rounds and support companies through capital-intensive milestones, including pilots, manufacturing scale-up, and regulatory approvals. The pace of Fund II deployment—along with follow-on participation and outcomes from its early investments—will be closely watched as investors continue to debate how venture returns will be generated in climate, energy, and industrial technology.
For founders building in energy, materials, and applied AI, the message is clear: capital is increasingly available for startups that strengthen the systems economies depend on, not just the apps consumers download.
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