VC Coalition All Aboard Raises $133 Million to Back Climate Tech Startups Through the “Missing Middle”

Venture capital collaboration the All Aboard Coalition announced the final close of its inaugural All Aboard Fund, raising $133 million to mobilize capital behind the commercial scale-up of critical climate technologies.

Launched in 2025 by a group of 14 venture capital and growth equity investment firms representing more than $60 billion in assets, the All Aboard Coalition was established to address the persistent “missing middle” challenge in climate investing in which promising technologies can often attract venture capital at an early stage, and infrastructure capital once fully proven, but struggle to finance the capital intensive period in between, particularly first-commercial and early scale-up projects. The coalition now includes 20 members.

The All Aboard Fund serves as the coalition’s co-investment vehicle, investing when three or more qualifying All Aboard co-investors independently decide to invest meaningful capital in the same financing round. According to All Aboard, the structure provides the fund with the benefit of multiple independent investment committees reaching their own conclusions before it commits capital.

The model is also designed to help assemble the larger investment syndicates frequently required to finance capital-intensive climate businesses through their first commercial deployments, helping connect climate venture capital, growth capital and ultimately infrastructure investors.

The fund also announced a new strategic relationship with Macdoch, the family office, the investment and philanthropic platform of Prue and Alasdair MacLeod. Under the agreement, Macdoch has become a significant investor in All Aboard Fund I and a member of All Aboard Investment Management Company, the Fund’s investment manager. The agreement also provides a framework for Macdoch to participate in the economics and governance of future All Aboard investment vehicles.

Stan Miranda, co-founder of All Aboard, and CEO of the True North Institute, said:

“Macdoch brings much more to All Aboard than capital. They share our belief that one of the central challenges in climate investing is no longer simply identifying promising technologies but helping the best of those technologies cross the difficult gap from venture-backed innovation to commercial scale.”

The All Aboard Fund has completed three investments to date, most recently in energy storage technology company Antora. The fund’s earlier investments include Zanskar, an AI-native geothermal energy company, and TerraCO2, a developer of low-carbon cement and concrete.

Alasdair MacLeod, Macdoch Chair, said:

“All Aboard has created a talented team and mechanism through which experienced climate investors can work together to identify the most promising companies, while maintaining their independent investment judgment. We look forward to contributing to the Coalition’s development and to helping impactful climate technologies reach commercial scale.”