Overwater Ventures, a new early-stage venture capital fund, has closed its inaugural $20 million round with the backing of well-known family offices, founders and investors. Spearheaded by Kristina Simmons, the former partner at Andreessen Horowitz (a16z), and Chief of Staff/Investor at Khosla Ventures, Overwater focuses on investing in cutting-edge startups that are advancing human and planet health through advancements in biology, healthcare, artificial intelligence (AI), robotics, climate technology, and food innovation.
"Some of the greatest innovation, with the highest potential for societal and economic impact, is happening in digital health, biotech and climate right now," said Simmons, founder and managing partner at Overwater Ventures. "I created Overwater to help founders more easily bridge the gap between a successful technology and a scalable business that people love."
Simmons continued, "Brand building starts with founders; we want to help them stay above water so they can build the best possible version of their company. I'm grateful that an all-star roster of investors and founders share this vision and are on board for Fund I with our mission to create a firm that entrepreneurs associate with industry-disrupting breakthrough companies."
Overwater's Fund I has already invested in several portfolio companies that reflect its mission, including:
Overstory, a company that successfully reduced power outages and wildfires as it has analyzed over 500 million hectares of land.
Zero Acre Farms launched a cooking oil made by fermentation to reduce deforestation and improve human health and recently announced an investment from Chipotle.
Prose Foods is building a protein discovery platform for healthier and more sustainable foods.
KPMG reports that less than 20% of founders are satisfied with their mental health and wellness. As a result, Overwater takes a holistic approach to its portfolio companies. Overwater believes that better humans make better companies, which is why it offers both business and personal support, including programs focused on mental and physical well-being, to assist entrepreneurs in reaching their leadership potential, believing that this is crucial to their success and contribution to society.
Simmons has extensive experience in venture capital and brand building. At Lululemon Athleta, she assisted in creating their e-commerce, social media, and digital platforms, culminating in her co-founding the emerging products & concepts department. As a partner at Andreessen Horowitz, she connected their portfolio companies with Fortune 500 brands to enable them to grow in new directions. In addition, she was a partner on the investment team and served as chief of staff at Khosla Ventures, where she invested in early-stage firms and was part of the board of directors for startups such as Alivecor, Overture Life, and Ginger.
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