Fundraising Fox
Underground Ventures
Venture capitalPre-Seed–Series A · 6 people tracked
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Investment thesis
UGV invests in the enabling technologies — the 'picks and shovels' — that the geothermal industry needs to scale, rather than in individual developers or projects. It targets geothermal-specific challenges such as equipment temperature limits, corrosive geochemistry, and hard basement rock, spanning siting and characterization, drilling and rock destruction, well design, reservoir engineering, and power production. The firm is indifferent to resource model (EGS, AGS, SHR, conventional hydrothermal) as long as the technology is genuinely differentiated and transformational. Founded by startup founders, it takes early-stage technology risk and supports inventors and engineers scaling beyond first-of-a-kind deployments, deploying $40m across a handful of startups.
Source: firm website, verified Aug 3, 2026.
Team · 6 people
from the firm's websiteFounder mafia
2 people who came through Underground Ventures went on to found or lead other companies.
What they invest in
from 5 of 8 portfolio companiesCleantech ×5Energy ×5Deep Tech ×2Hardware ×2Climate Tech ×1Robotics ×1
HQs:United States×3Switzerland×1Netherlands×1
Investments · 8 tracked
founders shown can be your intro pathBy year:2026 · 12025 · 12 dated
Borobotics develops an autonomous bore-robot called "Grabowski" for drilling, aimed at accelerating the energy transition.
CleantechEnergyRobotics
Hans-Jörg Dennig(Co-founder)Philipp GanzinMoritz Pillin
Co-investorsKickfundEmissions Reduction AlbertaVenture Kick
Canopus develops directional steel shot drilling (DSSD) technology for constructing geothermal wells and borehole heat exchangers at shallow, deep, and ultra deep depths.
CleantechDeep TechEnergyDelft, NL
Jan Jette Blangé(Founder)in
Co-investorsSHIFT InvestSHIFT
GA Drilling develops drilling tools intended for energy projects.
CleantechEnergyHardwareDover, US
Igor Kocis(Founder)inLubos Slovak(Executive Officer)inDusan Kocis(Executive Officer, Director)
BoardJulian Sebastian Wilhelm Heitmann(Director)Brigitta Andrea Illes(Director)Aurore Anna Helena Theresa Belfrage(Director)
Co-investorsNeulogy VenturesPlanet A VenturesExtantia Capital
Hephae Energy Technology develops drilling design and measurement equipment aimed at harnessing the earth's heat for geothermal power, drawing on the founders' background in the energy and oil & gas industries.
CleantechClimate TechDeep TechEnergySpring, US
Co-investorsBaruch Future VenturesFuture Ventures
Terra Ferno develops patent-pending Autonomous Flow Control Devices (FCDs) designed for geothermal wells, aimed at improving flow distribution and addressing issues such as heel dominance and short-circuiting.
CleantechEnergyHardware
Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
CanopusHephaeHephae Energy Technology Corp
Portfolio news
latest coverage across their companiesGA Drilling · finsmes.com · Mar 17, 2026
Frequently asked questions
- How many investments has Underground Ventures made?
- Underground Ventures has 8 tracked investments, including 2 dated in the last 24 months.
- What stage does Underground Ventures invest at?
- Underground Ventures invests at the Pre-Seed, Seed, Series A stages.
- What is Underground Ventures's typical check size?
- Underground Ventures typically writes checks of $500K – $2M.
- What sectors does Underground Ventures focus on?
- Underground Ventures focuses on Cleantech, Climate Tech, Deep Tech, Energy.
- Does Underground Ventures lead rounds?
- Yes, Underground Ventures leads investment rounds.
- Who does Underground Ventures co-invest with?
- Underground Ventures most often shares deals with Baruch Future Ventures, Future Ventures, Neulogy Ventures, among 6 tracked co-investors.
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