Total amount raised
$204.3 Millions
Latest funding date
02/01/2025
Location
Heirloom has successfully raised funds through multiple rounds, with the latest being a "Series Unknown" round on February 25, 2025, from United Airlines Ventures. The company specializes in direct air capture technology to enhance the natural process of CO₂ absorption from the atmosphere.
Heirloom's approach leverages the natural power of limestone to remove CO₂, integrating it into Direct Air Capture (DAC) facilities for scalable and verifiable carbon removal. Keep reading to explore the intricacies of Heirloom's fundraising journey and the investors backing this innovative platform.
What Is Heirloom?
Heirloom, founded on April 29, 2020, in Brisbane, California, is a pioneer in direct air capture technology. The company leverages the natural properties of limestone to remove CO₂ from the atmosphere, aiming to scale this technology to combat climate change.
Heirloom's innovative approach accelerates limestone's ability to capture carbon dioxide, storing it permanently underground while operating with renewable energy. The company is led by founders Jean Bond, Noah McQueen, and Shashank Samala.
With a team of 101-250 employees, Heirloom is building DAC facilities in Northwestern Louisiana and has established America's first commercial DAC facility in the Central Valley of California.
How Much Funding Has Heirloom Raised?
- Seed Round
- Amount Raised: Not disclosed
- Date: May 2021
- Lead Investors: Not disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their direct air capture technology.
- Grant
- Amount Raised: $255.7K
- Date: June 2021
- Lead Investors: National Science Foundation
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage research and development.
- Series A
- Amount Raised: $53M
- Date: March 2022
- Lead Investors: Ahren Innovation Capital, Breakthrough Energy Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale their technology and build initial DAC facilities.
- Grant
- Amount Raised: $1M
- Date: April 2022
- Lead Investors: Not disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further support the development of their DAC technology.
- Series B
- Amount Raised: $150M
- Date: December 2024
- Lead Investors: Future Positive, Lowercarbon Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To reduce the cost of their technology, develop additional projects, and secure infrastructure capital.
- Venture Round
- Amount Raised: Not disclosed
- Date: February 2025
- Lead Investors: United Airlines Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale their operations and enhance CO₂ removal capabilities.
Total Amount Raised: $204,255,700
Current Valuation: Not publicly disclosed
Key Investors
- United Airlines Ventures
- Details: United Airlines Ventures is the corporate venture capital arm of United Airlines, focusing on investments that support the airline's sustainability goals. They invested in Heirloom as part of the United Sustainable Flight Fund to scale direct air capture technology.
- Investment Focus Areas: Aviation, sustainability, innovative technologies.
- Notable Investments: Not publicly disclosed.
- Future Positive
- Details: Future Positive is a venture capital firm that invests in companies with innovative and sustainable solutions. They co-led Heirloom's Series B funding round.
- Investment Focus Areas: Innovation, sustainability, impactful companies.
- Notable Investments: Not publicly disclosed.
- Lowercarbon Capital
- Details: Lowercarbon Capital is a venture capital firm focused on funding companies that aim to reduce carbon emissions and combat climate change. They co-led Heirloom's Series B funding round and also invested in the Series A round.
- Investment Focus Areas: Climate change solutions, carbon reduction, clean energy.
- Notable Investments: Not publicly disclosed.
- Ahren Innovation Capital
- Details: Ahren Innovation Capital is a venture capital firm investing in transformative technologies. They participated in Heirloom's Series A and Series B funding rounds.
- Investment Focus Areas: Innovation, technology, transformative solutions.
- Notable Investments: Not publicly disclosed.
- Breakthrough Energy Ventures
- Details: Breakthrough Energy Ventures is a fund focused on climate innovation, founded by Bill Gates and other investors. They participated in Heirloom's Series A and Series B funding rounds.
- Investment Focus Areas: Climate innovation, energy technologies, sustainability.
- Notable Investments: Not publicly disclosed.
What's Next for Heirloom?
Heirloom stands at the cusp of significant opportunities, driven by its innovative Direct Air Capture (DAC) technology. With $150 million raised in Series B funding and potential access to $600 million in government support for Project Cypress, the company is poised to scale its operations and expand its CO₂ removal capacity. This growth is bolstered by partnerships with major corporations like Microsoft and Stripe, indicating a robust market demand for their solutions.
Future fundraising opportunities appear promising as Heirloom continues to reduce the cost of its technology and develop additional projects. The increasing investment in climate tech and government support for large-scale carbon removal projects suggest a favorable environment for securing further capital. However, challenges such as reducing DAC costs, navigating regulatory landscapes, and maintaining technological reliability will need to be addressed to sustain this momentum.
Use Clay to Get Funding Data
Sales professionals, take advantage of Clay's platform to access comprehensive fundraising data on companies like Heirloom and gather other critical business insights. Sign up for free and start leveraging these powerful tools today.
