Stepchange is an early-stage venture capital firm based in Seattle that invests in product-led companies building software to accelerate energy abundance and upgrade critical infrastructure. The firm was founded by Ben Eidelson and raised a $7 million first fund focused on climate technology.
50% of their portfolio is in AI. Deal activity increased 100% year-over-year (2 deals in the last 12 months). Their most common stage is seed (83% of deals). Average disclosed round size is $10.9M (across 5 rounds with reported amounts).
Portfolio
5
Fund Size
$7M
Top Stage
Seed
Last 12 Mo
2
Team
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
6 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Lucend | Seed | $3.3M | Jan 2026 |
 Lemurian Labs | Series A | $28M | Dec 2025 |
 Nevoya | Seed | $9.3M | Jul 2025 |
| AAarden | Seed | $4M | Jan 2025 |
| Lemurian Labs | Seed | — | Jan 2022 |
| HHammerhead | Seed | $10M | — |
Top Co-Investors
New Climate Ventures1 shared
Astia1 shared
4impact capital1 shared
Remarkable Ventures1 shared
Global Brain Corporation1 shared
Moment Ventures1 shared
Lowercarbon Capital1 shared
Third Sphere1 shared
Citi Ventures1 shared
Floating Point1 shared
Never Lift1 shared
Buoyant Ventures1 shared
Acclimate Ventures1 shared
SE Ventures1 shared
MCJ Collective1 shared
WovenEarth Ventures1 shared
Clearvision Ventures1 shared
1Flourish Capital1 shared
United Ventures1 shared
Pebblebed1 shared
Last updated: 14 September 2026