Prelude Ventures
UnclaimedAt a Glance
- Check Size
- $1M – $25M
- Stage
- Seed, Series A, Series B+
- Sectors
- Climate, Deeptech, Agriculture
- Founded
- 2009
- HQ
- San Francisco, CA
About Prelude Ventures
Prelude Ventures is a San Francisco venture capital firm founded in 2009 by Nat Simons and Laura Baxter-Simons to back companies that can materially reduce greenhouse gas emissions. The firm invests in and supports early-stage startups with the greatest potential to mitigate climate change, and it has been deploying capital into the sector since well before climate became a mainstream venture category. The mandate spans energy generation and storage, industrial and materials decarbonization, transportation, food and agriculture, and the deep-technology platforms that serve them. Prelude typically enters at seed and Series A and continues into later rounds, supporting capital-intensive companies through multiple financings. Because much of the portfolio involves physical product and long development cycles, the firm emphasizes technical diligence and long holding periods rather than rapid markup cycles. Portfolio companies include QuantumScape in solid-state batteries, Impossible Foods in alternative protein, and Lilac Solutions in lithium extraction, a mix that reflects a willingness to underwrite hardware, chemistry and bioprocess risk alongside software. Prelude does not publicly disclose its fund sizes or total assets under management, so figures circulating in third-party databases should be treated as estimates rather than firm-confirmed numbers. Founders evaluating the firm should expect a climate-first thesis: the central question in diligence is the magnitude of emissions avoided at scale, assessed alongside conventional commercial and team considerations. It is most relevant to teams commercializing capital-intensive climate technology who want an investor with more than a decade of continuous experience in the sector and the patience that hardware timelines require.
Investment Thesis
“Invests in companies that can have a massive positive impact on climate and sustainability.”
Leadership Team
Nat Simons and Laura Baxter-Simons co-founded the firm. Simons chairs Meritage Group LP and was previously a principal at Renaissance Technologies; he holds a BA in economics and an MA in mathematics from UC Berkeley. Baxter-Simons is general counsel at Meritage Group and also worked at Renaissance Technologies, with a BA in economics and German and an MA in German literature from UC Berkeley plus a JD from Stanford Law School. The pair run climate philanthropy in parallel through the Sea Change Foundation.
Gabriel Kra is a co-founder and managing director whose background spans research science, activism, entrepreneurship and investment banking; he holds a master's degree in atmospheric chemistry. Managing director Tim Woodward concentrates on industrial technologies that cut cost and emissions in mining, energy storage and climate insurance. Mark Cupta is a managing partner.
Sector Focus
Investment Stage
Notable Portfolio Companies
Fund History
Prelude Ventures was established in 2009 by Nat Simons and Laura Baxter-Simons and does not raise from outside limited partners. It invests on behalf of the Simons family's climate-focused entities, a single-LP structure that removes the conventional fundraising cycle and allows the firm to hold positions across the long hardware timelines common in climate technology. Individual fund sizes are not publicly disclosed.
The mandate is entirely climate, applied with a hard exclusion: the firm will not back technology that makes oil, gas or coal cheaper to extract or extends the life of fossil infrastructure, regardless of the financial case. Prelude deployed continuously through the 2010s, the stretch its partners describe as climate technology's dark years, when most cleantech-era funds wound down or repositioned into generalist software. That continuity across a full cycle, rather than any single vintage, is what separates it from the 2020-vintage climate funds it now competes with. Positions include QuantumScape, Impossible Foods and Lilac Solutions.
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Frequently Asked Questions
What stage does Prelude Ventures invest at?
Prelude Ventures primarily invests at the Seed, Series A, Series B+ stages. This means they focus on companies that are building their initial product and finding product-market fit.
Where is Prelude Ventures located?
Prelude Ventures 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 Prelude Ventures focus on?
Prelude Ventures focuses on investments in Climate, Deeptech, Agriculture. Their portfolio reflects deep expertise and networks within these sectors.
What is Prelude Ventures's typical check size?
Prelude Ventures's typical investment check size ranges from $1M to $25M. Actual amounts may vary based on the stage, sector, and specific opportunity.
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