The JLL Foundation deployed a record $5.1 million in zero-interest loans to climate-focused startups in 2025, marking its largest annual investment since launching in 2022.

According to its 2025 annual report, the foundation supported 15 new companies during the year and has now invested more than $16.8 million across 62 climate startups operating on five continents.

 

Circular Capital Model Gains Momentum

 

The 2025 milestone also validated the foundation’s circular funding structure. Approximately $1 million in loans issued in 2022 were repaid and recycled back into the 2025 investment pool, increasing available capital without requiring additional external funding.

Since inception, foundation-backed startups have raised nearly $165 million in follow-on funding, signaling that early-stage, patient capital can help unlock larger institutional investment rounds.

 

Focus on Built Environment and Industrial Decarbonization

 

Nearly all 2025 investments targeted greenhouse gas reductions, with 93 percent of supported technologies focused on decarbonizing the built environment. An additional 37 percent concentrated on waste reduction and circular economy models.

 

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Among the companies backed in 2025:

 

Calcarea converts CO2 from cement kilns into stable oceanic bicarbonate using seawater and limestone, offering a permanent storage pathway without pressurized transport or geological injection.

Conry Tech’s BullAnt system reduces HVAC energy use in commercial buildings by 60 to 70 percent, avoiding up to 1,500 tonnes of CO2 emissions per building annually.

Calectra electrifies industrial heat processes up to 1,800°C for steel, cement and glass production, targeting emissions reductions of 35 to 76 percent in high-temperature manufacturing sectors.

The portfolio reflects growing attention to hard-to-abate industries, where scalable decarbonization technologies remain capital-intensive and high-risk during early development stages.

 

Early Support Translating Into Scale

 

Several earlier portfolio companies reached significant milestones in 2025.

Carba, a biocarbon and carbon removal company supported in the foundation’s early cohort, opened its first facility and subsequently closed a $6 million funding round.

Carbonwave secured a $3 million partnership with the World Bank Group to convert Caribbean seaweed into climate solutions.

Mati won the $50 million XPRIZE Carbon Removal competition and expanded partnerships with more than 16,000 smallholder farmers across India and Africa.

Novoloop closed a $21 million Series B round to scale its plastic-to-virgin-quality-material recycling platform.

These follow-on developments suggest that catalytic capital at early stages can help de-risk climate technologies before larger private and institutional investors step in.

 

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Positioning Within the Broader Real Estate Sector

 

The foundation is backed by JLL, one of the world’s largest commercial real estate services firms. Given that buildings account for a substantial share of global emissions, the foundation’s emphasis on real estate decarbonization aligns with sector-wide pressure to reduce operational and embodied carbon.

By pairing zero-interest loans with mentorship and operational support, the foundation aims to accelerate commercialization while preserving founder independence.

 

A Growing Role for Catalytic Climate Finance

 

With climate technology funding becoming more selective amid tighter capital markets, patient and recyclable funding models are gaining attention. The JLL Foundation’s 2025 deployment demonstrates how structured philanthropic or impact capital can help bridge early-stage gaps, particularly in infrastructure-heavy and industrial climate solutions.

As the foundation continues recycling repaid loans into new investments, its model offers a scalable template for corporate-backed climate finance vehicles seeking both environmental impact and long-term market transformation.