Overlay Capital is a private investment firm focused on the essential systems that will power, connect, and sustain modern life over the next 50 years. It operates as an integrated infrastructure investment platform spanning energy finance, material systems, and frontier firm power.
42% of their portfolio is in Climate & Energy. They made 4 investments in the last 12 months. Average disclosed round size is $44.7M (across 11 rounds with reported amounts).
Portfolio
11
Fund Size
—
Top Stage
Series B
Last 12 Mo
4
Team
Lance Culpepper
Director, Business Development
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
12 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 THEA | Series B | $100M | May 2026 |
 Avalanche Energy | Series A | $29M | Feb 2026 |
 Avalanche | Unknown | $29M | Feb 2026 |
 Thea Energy | Series B | $100M | Jan 2026 |
| THEA | Series B | $100M | Jan 2026 |
 Sortera Technologies | Unknown | $45M | Nov 2025 |
| AAccelerGen | Unknown | $20M | Jan 2024 |
| AAccelergen Energy | Unknown | $20M | Jan 2024 |
 Avalanche | Series B | — | — |
 Emrgy | Series A | $18.4M | — |
 Emrgy | Series A | $18.4M | — |
 Simplifyber | Series A | $12M | — |
Top Co-Investors
Lowercarbon Capital5 shared
8090 Industries3 shared
Toyota Ventures3 shared
RA Capital Management3 shared
Founders Fund3 shared
Congruent Ventures3 shared
Gaingels3 shared
Calm Ventures3 shared
Divergent Capital3 shared
Emerald Technology Ventures3 shared
Veriten2 shared
Blitzscaling Ventures2 shared
Fifth Wall2 shared
Alumni Ventures2 shared
General Catalyst2 shared
Hitachi Ventures2 shared
Starlight Ventures2 shared
Prelude Ventures2 shared
Orion Industrial Ventures2 shared
US Innovative Technology2 shared
Last updated: 7 October 2026