Activate Capital Partners
UnclaimedAt a Glance
- Check Size
- $. – $.
- Stage
- Series A, Series B+
- AUM
- $1B
- Sectors
- Climate, Deeptech, Enterprise
- HQ
- San Francisco, CA
About Activate Capital Partners
Activate Capital is a San Francisco growth equity firm backing breakout technology companies across energy, industrial and digital infrastructure. It partners with entrepreneurs who share its vision of a better future and who have the audacity and persistence to make that vision real, investing behind management teams using technology to make systems more efficient, intelligent and sustainable.
The partnership has collectively deployed more than $1 billion across those markets and recorded roughly 30 exits through IPO and M&A. Fund I generated a 43 percent gross internal rate of return on $139.4 million of invested capital as of March 2021, Fund II closed at a $500 million hard cap, and the close of Fund III carried the firm past $1 billion in assets under management, with its first ten companies producing more than $3 billion in cumulative revenue.
The portfolio spans Crusoe in AI data centers and stranded-energy compute, Enpal in European residential solar, Antora in thermal energy storage, Tomorrow.io in weather intelligence, Nozomi Networks in industrial cybersecurity, and grid and electrification software companies Voltus, WeaveGrid and Omnidian. Muon Space and Starfish Space extend the book into space infrastructure, while Fictiv, Flexe and KlearNow sit in industrial supply chain.
What distinguishes Activate is the continuity of its partnership: Atluru and Lincoln invested through the first cleantech cycle together at DFJ Element and, in Atluru's case, at Silver Lake Kraftwerk, and the firm concentrates on growth-stage companies with commercial revenue rather than seed-stage science risk.
Sector Focus
Investment Stage
Notable Portfolio Companies
Key Team (1)
David Lincoln
Managing Partner
Fund History
- Activate Capital raised its debut growth fund in the second half of the 2010s, after Raj Atluru and David Lincoln left the DFJ Element franchise they co-founded in 2005.
- Fund I generated a 43 percent gross internal rate of return on $139.4 million of invested capital as of March 31, 2021, a figure disclosed in a portfolio company's SEC registration statement.
- Fund II closed at its $500 million hard cap, lifting firm assets to roughly $657 million by 2022.
- Activate returned to market in 2025 seeking another $500 million for Fund III, with European limited partners in the mix, and the close of that vehicle carried the firm past $1 billion in assets under management.
- The firm reports that Fund III's first ten portfolio companies together generate more than $3 billion in cumulative revenue.
- Across their careers the partners have collectively deployed more than $1 billion into energy, transportation and industrial technology and recorded roughly 30 exits through IPO and M&A.
SEC Fund Filings
- Vehicles filed, last 24 months
- 1
- Latest filing
Activate Capital Partners filed a Form D for 1 fund vehicle between Sep 30, 2024 and Sep 29, 2026.
| Fund vehicle | Source |
|---|---|
| ACTIVATE CAPITAL PARTNERS III, LP | SEC Form D, filed |
A Form D is the notice a fund files with the SEC when it raises money in a private offering. Feeder funds, parallel funds and SPVs each file their own, so the count measures filing activity, not the number of flagship funds.
Source: SEC EDGAR Form D filings for pooled investment funds, original filings only (amendments excluded). Our filing data starts Jul 1, 2024. Vehicles are matched to Activate Capital Partners by fund name and checked against the sponsor address and named principals on each filing; offering amounts are not shown. Each “SEC Form D” link opens an EDGAR full-text search for that vehicle’s exact name, where the filing itself is listed. See every new fund filing on the Form D Radar.
Frequently Asked Questions
What stage does Activate Capital Partners invest at?
Activate Capital Partners primarily invests at the Series A, Series B+ stages. This means they focus on companies that are scaling their go-to-market after proving product-market fit.
Where is Activate Capital Partners located?
Activate Capital Partners is headquartered in San Francisco, CA. Many of their portfolio companies are also based in this region, though they invest across geographies.
What sectors does Activate Capital Partners focus on?
Activate Capital Partners focuses on investments in Climate, Deeptech, Enterprise. Their portfolio reflects deep expertise and networks within these sectors.
What is Activate Capital Partners's typical check size?
Activate Capital Partners's typical investment check size ranges from $. to $.. Actual amounts may vary based on the stage, sector, and specific opportunity.
How much does Activate Capital Partners have under management?
Activate Capital Partners manages approximately $1B in assets under management (AUM) across their funds.
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