About Activate Capital
Activate Capital is a venture capital firm founded in 2017. It is primarily based out of San Francisco, United States. As of Sep 2026, Activate Capital is an active investor, having invested in 49 companies, with 6 new investments in the last 12 months. It primarily invests in Series B round in United States based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to High Tech and Energy Tech. Most recently it participated in the $***** Series A round of Light Overall, Activate Capital portfolio has seen 7 unicorns, 4 IPOs and 15 acquisitions including key companies like Ping Identity, Tomorrow.io and Enel X. A lot of funds co-invest with Activate Capital, with names like The Westly Group sharing a substantial percentage of its portfolio. Activate Capital has team of 18 people including 7 partners.Key Metrics
Team Members
Portfolio Count
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Series B, Series C & 3 more
Portfolio IPOs
Portfolio Acquisitions
Portfolio Unicorns
Deals in last 12 months
Activate Capital's List of Top Investments
Activate Capital has a portfolio of 49 companies, including 7 unicorns. Their most notable investments are in Parsable and Sympower.Their portfolio spans across United States, Canada, Germany and 4 more locations. They have invested in Enterprise Applications, High Tech, Energy Tech and 21 other sectors, across stages such as Series B, Series C and 3 more. Here is the list of top investments by Activate Capital:Provider of identity security solutions for digital enterprises and organizations. The platform offers flexibility, resilience, and security to meet identity challenges. It helps businesses plug identity into their existing ecosystem. The platform offers capabilities such as orchestration, decentralized identity, and fraud prevention. It also provides solutions for government, financial services, healthcare, retail, and media sectors.
Key facts about Ping Identity
- Founded Year: 2002
- Location: Denver (United States)
- Last Known Valuation: $*****
- Stage: Acquired
- Total Funding till date: $137M
- Employee Count: 2,378 as on Jul 31, 2026
- Investors: Sprout Capital Partners, Sapphire Ventures and 22 Others
- Latest Funding Round: Series E, Nov 10, 2014, $*****
- Highlight: Acquired
2. Tomorrow.io
AI-powered weather intelligence platform using satellites for real-time forecasting. It combines satellite data, machine learning, and real-time atmospheric modeling to deliver hyperlocal forecasts and predictive insights. It helps industries like aviation, energy, logistics, and insurance anticipate weather risks and automate operational decisions.
Key facts about Tomorrow.io
- Founded Year: 2016
- Location: Boston (United States)
- Valuation: $*****
- Stage: Series F
- Total Funding till date: $425M
- Employee Count: 228 as on Jul 31, 2026
- Investors: HarbourVest Partners, Trinity Capital and 32 Others
- Latest Funding Round: Series F, May 18, 2026, $*****
- Highlight: Editors' Pick
3. Enel X
Key facts about Enel X
- Founded Year: 2001
- Location: Boston (United States)
- Stage: Acquired
- Total Funding till date: $168M
- Employee Count: 2,455 as on May 31, 2026
- Investors: Foundation Capital, Glen Capital and 9 Others
- Latest Funding Round: Grant (prize money), Jan 01, 2021, $*****
- Highlight: Acquired
4. SolarCity
Provider of home solar energy solutions and systems for clean, renewable energy production and management. It offers a platform for customers to produce clean, renewable energy for their homes through solar systems, enabling them to take control of their energy use and reduce their carbon footprint. The company provides a range of solar solutions, including residential and commercial systems, designed to meet various energy needs. By leveraging solar energy, customers can save on their utility bills and contribute to a more sustainable future. Tesla's solar systems are designed to be easy to install and integrate with existing energy infrastructure.
Key facts about SolarCity
- Founded Year: 2006
- Location: San Mateo (United States)
- Annual Revenue: $500M - $1B as on Dec 31, 2016
- Last Known Valuation: $*****
- Stage: Acquired
- Total Funding till date: $1.28B
- Employee Count: 2,063 as on Jul 31, 2026
- Investors: Silver Lake, TrueBridge and 24 Others
- Latest Funding Round: Post IPO, Sep 12, 2016, $*****
- Highlight: Acquired
5. Stem
Provider of AI and cloud-driven energy solutions. It offers a cloud-based energy solution and system that leverages real-time data, predictive analytics, energy storage, and value-added services to optimize energy use and stabilize the grid. Additionally, it offers a coordinated fleet of power monitor sub-meters, power storage devices, and monitors that give real-time visibility of grid and demand response.
Key facts about Stem
- Founded Year: 2009
- Location: Millbrae (United States)
- Stage: Public
- Total Funding till date: $229M
- Employee Count: 438 as on Jul 31, 2026
- Investors: BNP Paribas, Mithril and 23 Others
- Latest Funding Round: Series D, Jul 24, 2018, $*****
- Highlight: Public
Activate Capital's Year-on-Year Investment Trends
Activate Capital has invested in 49 companies over the last 8 years, with an average of 4 new investments annually in the last 5 years. In 2025, it made 8 investments, while as of Sep 2026, it has made 6 investments in this year. Its most recent first time investment was in Light and most recent follow-on round was in Muon Space.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 5 | 1 | 6 |
2025 | 3 | 5 | 8 |
2024 | 3 | 3 | 6 |
2023 | 2 | 2 | 4 |
2022 | 6 | 3 | 9 |
2021 | 4 | 1 | 5 |
2020 | 3 | 2 | 5 |
2019 | 2 | 1 | 3 |
2018 | 4 | 0 | 4 |
Activate Capital's Investments by Stage
Activate Capital has made 13 investments in Series B stage with an average round size of $54.9M, 7 investments in Series C stage with an average round size of $146M, 6 investments in Series D stage with an average round size of $71.5M, 3 investments in Series A stage with an average round size of $35.7M and 3 investments in Series E stage with an average round size of $95.7M.Stage of entry | No. of Investments |
|---|---|
Series B | 13 |
Series C | 7 |
Series D | 6 |
Series A | 3 |
Series E | 3 |
Note: We have considered here, only first round of investments
Activate Capital's Investments by Sector
Activate Capital has a diverse portfolio, with companies operating in the Enterprise Applications, High Tech, Environment Tech, Sustainability Tech and Vertical SaaS. Notably, it has invested in 39 Tech companies, 38 Enterprise (B2B) companies, 28 Software companies and at least 23 companies focusing on Saas.Sector | No. of Investments |
|---|---|
Enterprise Applications | 18 |
High Tech | 13 |
Environment Tech | 11 |
Sustainability Tech | 11 |
Vertical SaaS | 11 |
Others | 61 |
Note: We have considered here, only first round of investments
Activate Capital's Investments by Geography
Activate Capital has made most investments in United States (28), followed by Canada where it has made 1 investment.Country | No. of Investments |
|---|---|
United States | 28 |
Canada | 1 |
Germany | 1 |
Latvia | 1 |
Netherlands | 1 |
Others | 1 |
Note: We have considered here, only first round of investments
Activate Capital's recent investments
Activate Capital has made 6 investments in 2026 so far. Light and Muon Space are the latest among them.Here are the most recent investments by Activate Capital:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Sep 01, 2026 | United States | Series A | 9289 | [+5] | |
Aug 20, 2026 | United States | Series C | 8351 | [+12] | |
Jul 20, 2026 | United States | Series C | 4892 | [+12] | |
Mar 24, 2026 | United States | Series B | 3347 | [+9] | |
Feb 04, 2026 | United States | Series C | 2598 | [+5] |
Unicorns in Activate Capital's Portfolio
Activate Capital has 7 unicorns in its portfolio - Lunar Energy, Tomorrow.io, Altana Technologies and others. The most recent unicorn in their portfolio is Lunar Energy. It became a unicorn in 2026.Here is a list of unicorns in Activate Capital's portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
63 | Manufacturer of multiple renewable energy, electric vehicles, and consumer electronics products | 2013 | - | San Francisco | Series D | zkpcwry | |
75 | AI-powered weather intelligence platform using satellites for real-time forecasting | 2016 | Boston | Series F | yjvseej | ||
65 | Network of product information empowering supply chain partners and governments | 2018 | New York City | Series C | scqfqzk | ||
63 | Provider of solar energy solutions offering purchase or rental options | 2017 | Berlin | Series D | i{nbgtd | ||
66 | Online platform for homeowner insurances for individuals | 2016 | Chicago | Series E | {yo{egx |
IPOs and Publicly Listed companies in Activate Capital's Portfolio
4 of Activate Capital's portfolio companies have become public. Stem got listed on the New York Stock Exchange (NYSE), in Oct 2020 at marketcap of $2.31M and TPI Composites got listed on the National Association of Securities Dealers Automated Quotations (NASDAQ) at marketcap of $361M.Here are Activate Capital's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Oct 09, 2020 | Jan 23, 2018 | Series D | 2026 | |
Jul 22, 2016 | - | - | 8511 | |
Dec 23, 2010 | - | - | 1301 | |
- | May 13, 2021 | Series C | 4345 |
Acquired companies in Activate Capital's Portfolio
15 companies from Activate Capital's portfolio have been acquired. The most recent acquisition was UPC Renewables in Feb 2026 by ACEN for $*****.Here are Activate Capital's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Feb 06, 2026 | - | - | 9772 | |
Sep 09, 2025 | Mar 14, 2024 | Series E | 1456 | |
Apr 17, 2025 | May 05, 2022 | Series E | 7768 | |
Sep 26, 2024 | Aug 11, 2020 | Series D | 8427 | |
Feb 09, 2024 | - | - | 4749 |
Team profile of Activate Capital
Activate Capital has a team of 18 members including 7 Partners and 2 Principals located in United States. Activate Capital's team sits on the board of 1 company.Here is a list of top team members in Activate Capital:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | United States | |||
Partner | Oakland | - | - | |
Partner | San Francisco | - | ||
Partner | Philadelphia | |||
Partner | San Francisco | - | ||
Partner | - | - | ||
Partner | - | - | - | |
Principal | San Francisco | - | ||
Principal | - | - |
Co-investors of Activate Capital
Over the past 8 years, 436 investors have co-invested in Activate Capital's portfolio companies. This includes funds and angels.
- Invested before Activate Capital: Mitsui, Honeywell and 248 others have invested in rounds before Activate Capital. There are 4 companies where Mitsui has invested before Activate Capital and 3 companies where Honeywell has invested before Activate Capital.
- Top Co-investors of Activate Capital: 105 investors entered a company along with Activate Capital. These include investors like The Westly Group (3 companies).
- Invested after Activate Capital: A total of 81 investors have invested in Activate Capital's portfolio after their investments. Top Investors include Woven Capital (3 companies), Salesforce Ventures (2 companies) and Wellington (2 companies).
Recent News related to Activate Capital
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Light Raises $46 Million in Series A Funding to Scale Embedded Electricity OfferingsEnergyChoiceMatters.com•Sep 01, 2026•Matrix, Activate Capital
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Canberra defence tech startup Seitec bags $4m to take stealth conflict-zone sensing globalStartup Daily•Aug 20, 2026•Seitec, Activate Capital
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Dreambase Secures $3.7 Million in Funding Led by FelicisThe SaaS News•May 01, 2026•Active Capital, Felicis Ventures, Dreambase, Darkmode Ventures and 5 others
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Starfish Space Adds Over $100 Million in Funding to Boost GrowthCNW•Apr 07, 2026•OceanaGold, Starfish Space, Dime Community Bank, Activate Capital and 6 others
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Lunar Energy raises $232 million to accelerate development of residential storage, VPP softwarepv magazine USA•Feb 05, 2026•Lunar Energy, B Capital, Activate Capital, Prelude Ventures and 7 others
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Tomorrow.io Raises $175M to Deploy AI Weather Satellite ConstellationSiliconAngle•Feb 03, 2026•Tomorrow.io, Amazon, Experience., HarbourVest Partners and 8 others
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Jetson Raises $50M Series A to Expand Home Electrification Across New U.S. MarketsBusiness Wire•Jan 20, 2026•Eclipse, Activate Capital, Active Impact Investments, Garage Capital and 2 others
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Activate Capital Secures €770 Million Investment for New Housing in IrelandThe Irish Times•Nov 17, 2025•Activate Capital, KKR, Ireland Strategic Investment Fund
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$139 million Series B raise, takes Infravision aerial robotics to new heightsv magazine•Nov 04, 2025•Energy Impact Partners, Aufund, Activate Capital, Hitachi Ventures and 2 others
