FAQs

Voyager invests in companies building the foundational technologies powering the next era of economic growth. We invest in both hardware and software, with frequent investments in energy production and distribution, advanced manufacturing, production of critical materials, artificial intelligence, mobility, and compute. We have backed companies in industrial transformation, reindustrialization, decarbonization, physical AI, and in software companies optimizing physical systems and assets.

We invest in Pre-Seed, Seed and Series A companies, with the majority of our investments at the Seed and Series A.

We invest in North America and Europe. Voyager has offices in San Francisco, New York, London, and Munich.

We launched our $100M Fund I in 2021, one of the largest initial funds of first-time fund managers of that vintage. In 2023, we closed our $100M Select I Fund, which is an opportunity fund. In 2026, we announced an oversubscribed $275M Fund II.

No. We often lead rounds. We can also invest collaboratively and often syndicate a strong cap table for the company after we choose to make an investment. 

We invest in hardware companies that modernize the base layer of the economy. This includes technology in energy production and distribution, production of materials and critical minerals, mobility, and optimization of the built environment, among others. We invest in hardware companies with high learning rates, modular technologies, and with the potential to create and maintain high margins. We do not invest in infrastructure with large capex requirements for single assets or production facilities.

We invest in software companies that impact the physical world. These include software applications for manufacturing, materials discovery, logistics, carbon management, and other foundational technology. Some call this physical AI or applied AI. 

We do not invest in healthcare, fintech, crypto, gaming, and other industries outside of our investment mandate. 

Yes. We lead and co-lead the majority of the rounds we invest in. At times, we may syndicate a round.

One of our investment team members will typically meet the founders over a series of meetings, and if we think we could be the right firm to lead a round, we invite the founders to meet our full investment team. This is more of a focused conversation than a pitch - it’s a way for founders to get to know the entire Voyager team, all of whom will be working on their behalf. We usually make an investment decision within two weeks of this meeting.

We aim for speed in decision-making and a nimble process. Our decades of experience and technical credentials enable us to arrive at conviction quickly. Founders are busy people, and we aim to take up as little of their time as possible while still getting to know them and their company.  

We have no formal timeline for investing. While not typical, if necessary we can go from the first meeting to signing for an investment in under a week. 

We do reference and diligence calls with relevant experts. Often these conversations, together with our discussions with the founders, serve as the basis for practical discussions about how we can best help the company grow. This may result in, for example, targeted customer introductions, product strategy insights, referrals to key hires, non-dilutive funding options, and additional support and leverage.

You are welcome to contact any Voyager team member. Voyager works collaboratively: we make any members of our team available and can suggest a conversation with the member of our team who brings the most expertise in a relevant market or field of technology.

You can contact your closest Voyager connection or write us directly on our website. While we appreciate a warm intro, we review and respond to every inquiry we receive on our website.

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We believe that founders deserve investors who deeply understand the technologies founders are working with, share the ambitious vision for what’s possible, and understand the founder journey because they’ve been there themselves. Voyager’s entire investment team is made up of former founders and operators. We’ve spent decades working in (and crafting) energy markets; built companies that have successfully commercialized novel transportation businesses and new materials, and financed billions of dollars of assets. We’re former scientists, engineers, and policymakers. We see our job as doing whatever is needed to  accelerate founders’ success.

We are not fair weather partners: we will be there for founders across highs and lows. Because of that, we maintain a high bar for investment as we believe that by making an investment, we are signing up for a decade-long partnership. 

We aim to be the most helpful investors involved. We bring the technical and market experience needed to provide meaningful leverage on product strategy, manufacturing, sales and commercialization as well as providing additional operational power on fundraising, recruiting, financial management, and other core company functions. 

We believe it is the responsibility of investors to take an active part in helping founders navigate their next rounds of financing. 

We will help you identify potential investors for your next round, build a world-class data room, craft a narrative, make introductions, advise on terms and syndicate formation, and be with you every step of the way.

We collectively bring decades of experience as entrepreneurs, scientists, engineers, operators and policymakers in energy, deep tech, and decarbonization. We are founders ourselves and have built companies that have gone public and have financed billions in solar and energy projects. We have crafted energy and industrial policy at the International Energy Agency and the White House Office of Energy and Climate Change. We started investing our own money in early-stage energy startups in 2015, six years before launching Voyager.

70% of our team are former founders ourselves and 70% of us have earned advanced degrees relevant to the areas we invest in. We believe the best investors deeply understand the technology that a founder is building and bring lived experience and empathy to support founders in their journeys.

Primarily, the newsletter is a way for us to share the deeper research and writing we do as we develop our investment theses. We may also send occasional updates on Voyager’s portfolio companies and on technologies and market opportunities that we find interesting. We know your time is valuable, so we keep the quality high. Want to learn what we’re reading, hearing, and writing about?

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We invest across North America and Europe. We have offices in San Francisco, New York, London, and Munich.

Yes, we do. While it is not a requirement for investment, the majority of founders ask us to join their boards. We see board service as a meaningful way we can support founders with active engagement and good governance, while holding ourselves accountable to the long term commitment we make to founders.

See details here