Juniper, a climate-focused venture fund, has raised $10.6 million to invest in startups working on engineered biology solutions to combat climate change. This new fund marks a shift in focus towards industries that have traditionally been overlooked in climate tech investing, such as industrials, chemicals, plastics, food, agriculture, and buildings.

According to Michael Luciani, founding partner at Juniper, these sectors represent the majority of carbon pollution, yet have received relatively little investment. "The big contributors are how we make things, the industrials and chemicals and plastics, as well as food and agriculture and buildings," Luciani said. He believes that engineered biology is the best emerging solution for these categories.

Luciani and his co-founding partner, Jennifer Kan, have been investing in climate-focused startups for years, initially as part of Climate Capital, a prolific venture fund. They invested in 30 companies and led the firm's special purpose vehicle investments before raising the new fund. The decision to spin off and create Juniper was driven by a desire to focus specifically on climate biotech and send a clear signal to the market.

The first Juniper fund is oversubscribed, with limited partners including family offices, foundations, and Allocator One, an institutional fund of funds serving as the anchor. The fund has also attracted investments from scientists in the field, as well as partners from venture capital and private equity firms. Juniper operates as a normal venture fund, writing checks between $100,000 and $500,000 to scientists working to commercialize their research.

The goal, according to Kan, is to be the first institutional investor, helping scientists think through how to build a company. Some of the fund's early investments include California Cultured, which cultures plant cells to make more sustainable coffee and chocolate, and Cache DNA, which is developing a better way to store DNA and RNA. The latter has significant implications for data storage, with Kan noting that if all the world's data were stored in DNA, it would only take a shoe box of DNA, highlighting the massive difference in sustainability.

The raise and focus of Juniper's fund are significant, as they address a mismatch in climate tech investing. While energy and transportation have received the majority of investment dollars, they represent less than half of all carbon pollution. Juniper's focus on engineered biology and industries beyond energy and transportation marks a crucial shift in the fight against climate change.

As the world continues to grapple with the challenges of climate change, the emergence of funds like Juniper is a promising development. By targeting industries that have been overlooked and investing in innovative solutions, Juniper is poised to make a meaningful impact in the years to come.