Silence

High-Level Overview

Silence is an early-stage venture capital fund focused exclusively on climate technology startups. Its mission is to accelerate the adoption of scalable, impactful climate solutions by applying the proven tech startup playbook to the climate sector. The fund’s investment philosophy centers on making dozens of small, non-leading investments—typically as a supportive partner rather than a board seat holder—allowing it to participate in competitive rounds alongside top-tier VCs without direct competition. Silence prioritizes SaaS and marketplace models in climate tech, steering clear of deep tech or moonshot bets with long time horizons. This approach enables the fund to diversify risk while supporting a broad ecosystem of founders building practical, near-term climate solutions.

Origin Story

Silence was founded in 2022 by Borja Moreno de los Rios, who serves as the sole general partner for its inaugural fund. Before launching Silence, Borja was a venture partner at FJ Labs and founded Merlin, an hourly jobs marketplace in the U.S. His experience in both venture capital and startup operations shaped Silence’s unique approach: to be a “silent partner” that empowers founders without taking control. The fund’s first close was in June 2022, and since then, it has invested in over 20 climate startups, including companies like Electryone (virtual power plant software) and Runwise (building heating optimization). Silence’s model was born out of a desire to fill a gap in the climate tech ecosystem—providing early-stage capital and support without the constraints or competition typical of larger funds.

Core Differentiators

• Angel-Style, Non-Leading Investments: Silence avoids leading rounds or taking board seats, allowing it to participate in high-quality deals and maintain a founder-friendly reputation.
• Focus on SaaS and Marketplaces: Unlike many climate funds that chase deep tech or hardware, Silence targets software-driven climate solutions with faster paths to market and scalability.
• Collaborative Network: The fund regularly co-invests with leading VCs such as Point Nine, FJ Labs, FifthWall, FirstMark Capital, and Lowercarbon Capital, giving portfolio companies access to a broad network of expertise and follow-on capital.
• Founder-Centric Approach: By not competing with top-tier funds, Silence is often invited into competitive rounds, and its hands-off model lets founders retain control and focus on growth.

Role in the Broader Tech Landscape

Silence is riding the wave of climate tech’s mainstream adoption, as investors and entrepreneurs increasingly recognize the urgency and opportunity in decarbonizing key sectors. The fund’s focus on SaaS and marketplaces aligns with the broader trend of digitizing and optimizing climate solutions—whether in energy, buildings, or supply chains. By supporting a diverse set of early-stage founders, Silence helps democratize access to climate tech capital and fosters innovation across geographies. Its model also reflects a growing appetite for “pragmatic climate investing”—prioritizing near-term impact and commercial viability over speculative moonshots.

Quick Take & Future Outlook

Silence is well-positioned to continue shaping the climate tech ecosystem by backing a new generation of founders who are building scalable, software-driven solutions to climate challenges. As climate tech matures and investors seek both impact and returns, funds like Silence will play a critical role in bridging the gap between early-stage innovation and commercial success. The future will likely see more funds adopting similar collaborative, non-competitive models, especially as the demand for climate solutions grows. Silence’s approach—quietly empowering founders while staying out of the spotlight—may become the new standard for early-stage climate investing.