It’s been only 364 days since we announced our participation in Dandelion’s Series A and today we are thrilled to share that we once again increased our investment in the company by joining in the Series B financing led by Bill Gates’ Breakthrough Energy Ventures. This announcement is incredibly important to us because it highlights three of Building Ventures’ core operating principles..
- Continuous Support. While we are an early-stage fund, it is a core part of our investment thesis to be full lifecycle investors and have built our reserve philosophy around the expectation of participating in the future rounds of portfolio companies as our conviction increases. We deeply believe in supporting the entrepreneurs we back through every step of their journey and think this is the best way to practice the craft of venture capital investing on behalf of our Limited Partners. This investment is the fifth time we have written a check to Dandelion since we first met and helped them to spin-out from Alphabet’s X “Moonshot Factory” and we have enjoyed every step of the journey together.
- Not just a new or different way, but a better way. Dandelion’s simple vision “Earthpowered heating for every home” is deeply aligned with our mission to support companies that are transforming the way we operate and experience the built environment. By harnessing cutting-edge technologies and business model innovation, Dandelion has managed to make geothermal a cost-effective solution for residential homeowners while dramatically reducing fossil fuel dependency.
- Partnering with the best Co-Investors. This is the third time we have worked with our friends at Breakthrough Energy Ventures, and so we were thrilled to welcome them to the already great roster of syndicate partners. Breakthrough’s commitment to support companies that can combat climate change at scale is unparalleled in the venture world, and we believe they can be a perfect partner as Dandelion looks to scale to tens of thousands of homes.
2020 was a challenging year for many startups, and Dandelion surfed the waves of uncertainty incredibly well while remaining steadfast to their vision and executing brilliantly. We are deeply grateful for the opportunity to continue working with Kathy, Michael, and the rest of the Dandelion team on our mutual journey to a better built world!