From a Dot on the Map to a Glow in the Dark
In conventional venture capital, the goal is simple: generate outsized financial returns. In climate VC, we’ve made the job harder by insisting on something else at the same time—a meaningful, positive impact. Return on investment is binary and time-bound. It’s locked in at exit, and the details largely stay behind closed doors. Impact is different. The climate benefit a company delivers should outlast our ownership, compound over time and often becomes visible after we’re no longer on the cap table.
In 2019, we were the first VC investor in Jaza Energy—a Canadian company bringing clean electricity to rural Africa through solar-charged batteries delivered via community hubs that exclusively employ women. In 2024, our exit did not return the fund but Fund I realized a substantial multiple on our invested capital.
This month, Jaza founder Jeff Schnurr shared what the company has accomplished in 2025 following the 2024 capital injection and new ownership:
803,369 people powered, up 8X from a year ago —impact now literally visible from space!
836 charging hub sites live, up 9X year-over-year, laying the foundation for another step-change in 2026 in one of the hardest operating environments on earth.
Venture is a risky asset class, but the potential to generate both strong returns and massive real-world impact is very real. Early capital makes outcomes like this possible. And while post-exit impact doesn’t show up in our fund dashboards or quarterly reporting, it does represent the long-term benefit of risk taken early. That’s worth celebrating—even after distributions go out.
