Enduring Planet has emerged from the shadows as a fast and user-friendly loan finance provider for climate entrepreneurs.
The company provides non-dilutive financing to start-up companies focused on solving the climate problem through a patented, automated internet lending platform.
When it comes to getting the money they need to grow, climate companies have few options. By limiting the commercialization of innovative climate solutions, the lack of alternative financial choices limits growth and prevents the world from achieving aggressive decarbonization and adaptation ambitions.
Numerous studies show that there is not enough capital invested in the market today to reach the objectives of 1.5°C or 2°C that have been set by the international community. For start-ups, the capital available is dilutive, costly, and can actually limit companies’ ability to scale their solutions effectively.
“The world is on fire and the capital markets are failing us,” says Dimitry Gershenson, co-founder and CEO of Enduring Planet.
The credit products that exist on the market today are generally only available to terminally ill climate businesses, founders with existing personal wealth, or entrepreneurs who have raised funds from global venture capital funds. upper quartile (which is hard to find among climate-focused investors who are typically only a few years old).
Founded by Dimitry Gershenson and Erin Davis, Enduring Planet funds entrepreneurs through revenue-based financing without complex covenants, guarantees or personal guarantee obligations. The company issues term sheets in less than a week and can fund a business in thirty days using API integrations with Plaid, Stripe and QuickBooks for easy underwriting.
The two founders met when Gershenson was at Meta leading the company’s energy access program and Davis was working at the impact lending institution, SIMA, which she co-founded.
Since inception of Enduring Planet in May 2021, the team has raised a pre-seed round with participation from Climate Capital, Portland Seed Fund, Keiki Capital, KD Venture Partners, Common Sense Fund, Susquehanna Foundation, a large corporate clean energy strategy. space, and a number of angel investors including Ernie Chow, Greg Richards and others. Enduring Planet also recently completed the first closing of its pilot credit facility, Enduring Climate Fund 1, with support from a number of family offices, private foundations and high net worth individuals. This also includes contributions invested from a pooled fund advised by donors by ImpactAssets.
The lender has so far backed two teams, New Sun Road and Aquaoso, with plans to loan over $5 million over the next 12 months. “Enduring Planet is changing the way we support and invest in climate entrepreneurs. Every sector of our economy needs a facelift; as we go through this climate transition, we believe it must be done in a fair and inclusive way,” says Davis. “We estimate that there are thousands of climate entrepreneurs who lack the right kinds of capital to scale. We are changing this in an inclusive way and putting money back in the hands of founders, managers and companies underrepresented serving underserved communities.
Summary of news:
- Enuring Planet Steps Out of the Shadows to Offer Founder-Friendly Debt Funding for Climate Companies
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