Funding announcement
Dragonfly update
Year-end letter from Dragonfly's chairman: new CEO and two board appointments, a completed biodiversity investment, portfolio progress in water, energy and biotech, and a conservation partnership noted.
Venture capital fund · 7 deals
Dragonfly Enviro Capital
Growth equity for climate and environmental companies
Sydney, NSW
Disclosed deals
Every published round Dragonfly Enviro Capital took part in, and every parcel of existing shares it bought off another holder. Deals we hold but haven't published yet are not counted.
| Company | Stage | Announced | Amount | Role | Alongside | Sources |
|---|---|---|---|---|---|---|
| Jet Zero Australia | undisclosed | 18 Mar 2024 | $29m | Lead | Dragonfly Enviro Capital, Early VC | |
| Downforce Technologies | Accelerator | 2 Jun 2023 | - | Participant | Startup Daily | |
| Water and Carbon Group | Unnamed stage | 1 Feb 2022 | - | Participant | Dragonfly Enviro Capital | |
| Trace | Unnamed stage | 1 Feb 2022 | $1.5m | Participant | Startup Daily (Fri 4 Mar 2022), Startup Daily (Tue 1 Mar 2022), Startup Daily (Mon 28 Feb 2022), Startup Daily (Tue 22 Feb 2022) | |
| RedEarth Energy Storage Ltd | Unnamed stage | 1 Feb 2022 | $12m | Participant | Dragonfly Enviro Capital, SmartCompany, RenewEconomy, @AuManufacturing, Startup Daily | |
| Pacific Biotechnologies | Bridge / extension | 1 Feb 2022 | $2m | Participant | Dragonfly Enviro Capital | |
| Downforce Technologies | Seed | 1 Feb 2022 | $1.6m | Participant | Virescent Ventures portfolio |
Portfolio
Companies Dragonfly Enviro Capital has backed in a published round, and companies whose existing shares it bought off another holder.
| Company | What it does | First invested | Rounds | Led |
|---|---|---|---|---|
| Downforce Technologies | 1 Feb 2022, Seed | 2 | 0 | |
| Jet Zero Australia | 18 Mar 2024, undisclosed | 1 | 1 | |
| Pacific Biotechnologies | 1 Feb 2022, Bridge / extension | 1 | 0 | |
| RedEarth Energy Storage Ltd | 1 Feb 2022 | 1 | 0 | |
| Trace | AI-powered software for climate compliance and carbon reporting | 1 Feb 2022 | 1 | 0 |
| Water and Carbon Group | 1 Feb 2022 | 1 | 0 |
Funds
Fund closes reported for Dragonfly Enviro Capital, as distinct from the investments it has made.
Portfolio companies acquired
Companies Dragonfly Enviro Capital has backed that another company then bought. An exit for the holding, not a deal Dragonfly Enviro Capital did.
| Company | Bought by | Kind | Announced | Price |
|---|---|---|---|---|
| RedEarth Energy Storage Ltd | Health and Plant Protein Group Limited | Acquisition | 7 Dec 2025 | ~$40m |
People
| Name | Role | Sources |
|---|---|---|
| Chris Wade | Senior Advisor & Investment Advisory Panel Chairperson | Dragonfly Enviro Capital, Dragonfly Enviro Capital team page |
| Giles Gunesekera | Non-Executive Director | Dragonfly Enviro Capital, Dragonfly Enviro Capital team page |
| Luke Jose | Investment Advisory Panel Member | Dragonfly Enviro Capital, Dragonfly Enviro Capital team page |
| Matthew Kelly | CEO | Dragonfly Enviro Capital |
| Nigel Sharp | Executive Chair (former) | Dragonfly Enviro Capital |
Coverage
Stories naming Dragonfly Enviro Capital. Where several outlets covered the same round, they are bundled under whichever ran the fullest account.
Unnamed stage
$30m
Investment Announcement: $4m Follow-on Investment into Jet Zero
Dragonfly Enviro Capital has put a further $4 million into Jet Zero as part of the company's recently announced $30 million raise, with Qantas and Airbus also taking part.
Also Early VC
News
The Australian Financial Review
Dragonfly Enviro Capital points to Australian Financial Review coverage reporting the firm is out raising money for a new impact-focused growth fund.
News
Bridge / extension
$2m
Investment Announcement: Pacific Biotechnologies
Dragonfly Enviro Capital reports investing two million dollars in Pacific Biotechnologies' fully subscribed bridging round, with Tiverton Agricultural Impact Fund among other impact investors backing the aquaculture technology company.
Unnamed stage
Investment Announcement: Water and Carbon
Dragonfly Enviro Capital announces it has invested in Water and Carbon Group, an Australian business developing environmental infrastructure that incorporates natural assets. No amount or stage is disclosed.