Voyager Ventures

Identity

Fund name

Voyager Ventures

Full name

Voyager Partners Management, brand Voyager Ventures. Not Voyager Capital of Seattle.

Type

Early stage climate and energy venture, Pre Seed to Series A.

Track

Venture. Structural pass, reopens only for a productised technology company.

Fund size and AUM

475 million dollars across three funds. Fund I 100 million, Select I 100 million, Fund II 275 million (closed January 2026).

HQ

San Francisco

Offices

New York, London, Munich.

Money

Typical ticket

Up to 10 million dollars. Seed leads roughly 2.9 to 10 million. Pre Seed, Seed and Series A, with Select I for follow ons.

Stage focus

Pre Seed to Series A.

Lead or follow

Leads or co leads most rounds. No strict ownership requirements.

Ownership target

No strict ownership requirements.

Reserves

Select I fund reserved for follow ons.

Structure appetite what they actually write

Thesis fit

Sectors

Climate and energy technology and product companies.

Pattern

Scalable high margin technology and product companies with superior unit economics, TAM over 10 billion, TRL 3 to 4 plus. Explicitly avoids capex heavy single assets.

Track record and key investments

Data center exposure is through enabling technology vendors, not operators. Arbor Energy (modular clean turbines for data center baseload, co led 55 million Series A). Intensivate (energy efficient chips). Alta Resource Technologies (critical minerals, a Banchik deal). Also Anthro Energy, Astro Mechanica, Tem and Remora.

Exits

No confirmed fund exits, the portfolio is young. Getaround (a Sclarsic founder credential, not a fund holding) went public then failed. Fund returns not public.

Transaction types

Priced equity only, up to 10 million dollars, Pre Seed to Series A, leads or co leads. No debt, no project finance under any framing.

Stakeholders who sits behind the fund

Process

How they like to work

Priced equity only. No debt, no project finance. Helps founders access third party non dilutive capital but does not provide it.

Diligence

Technically rigorous, models exit scenarios on every deal, deep on unit economics. Fast, a decision usually within two weeks and can move in under a week. Dislikes stacked risks and a waterfall of assumptions.

Fit for MicroLink

Structural no, not a framing problem. Their FAQ states plainly they do not invest in infrastructure with large capex for single assets or production facilities, which is exactly MicroLink build own operate plus the 300MW Ohio project finance. Banchik owns the data center power thesis and passed knowingly. Reopens only if MicroLink spins out a scalable productised technology company (a modular heat recovery and liquid cooling system, or a controls and software layer sold to many operators), framed equity only like Arbor Energy, with a fund returning venture exit path. Never provides project finance.

Contractual posture

Takes board seats, not a requirement but most founders ask. No strict ownership. Emphasises founder friendly, fair terms. Specifics not public.

Relationship

Intro source

Leo Banchik passed knowingly on the data center power thesis.

Current stage

Target

Next action

Keep Leo Banchik on a light quarterly update showing signed host offtake, metered heat recovery performance and unit economics. Re approach only with an equity only product company framing if a technology entity is spun out.

Note

Structural pass. Only reopens for a productised technology company.

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