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Dow Venture Capital
Dow Venture Capital launched in 2013 as the corporate venture arm of Dow Inc., sourcing from the balance sheet of the Dow Retirement Group Trust.
Dow Venture Capital
Dow Venture Capital launched in 2013 as the corporate venture arm of Dow Inc., sourcing from the balance sheet of the Dow Retirement Group Trust. The trust functions as a defined-benefit pension plan covering eligible employees of The Dow Chemical Company, with Northern Trust serving as custodian and Deloitte & Touche handling audits since 2019. Their philanthropic arm, the Dow Company Foundation, dates to 1979 and directed $33.7 million toward STEM education, United Way, and COVID-19 relief. The firm targets seed through growth-stage companies with a focus on materials science, biotechnology, and sustainability-aligned sectors. Confirmed portfolio holdings include Aloxy, a Belgian IoT startup; Mr. Green Africa, a Kenyan recycling operation; Noxxon Pharma in Germany; and Alien Technology, a US-based RFID firm. The trust also carries a small public equity position in IAC/InterActiveCorp and a long equity interest in its parent, Dow Inc. Dow Venture Capital operates alongside institutional partners Macquarie Asset Management and Oaktree Capital Management, with financial advisors Goldman Sachs and Citi retained as of 2024. Total retirement trust assets sit at an estimated $1.26 billion, with roughly 56% allocated to private equity strategies. Dow Venture Capital is a member of the Michigan Venture Capital Association and the Swiss ICT Investor Club, connecting to European dealflow. In September 2025, the firm participated as a speaker at the Morgan Stanley Laguna Conference, presenting on materials science and corporate strategy. The trust also holds Diamond Infrastructure Solutions, a $3 billion Gulf Coast infrastructure asset managed in partnership with Macquarie. The unit's structural differentiator is its pension-backed CVC model — it invests trust assets rather than a corporate line item, giving it a longer liability cycle than traditional corporate venture arms. This architecture explains why its portfolio spans a Belgian sensor startup, a Kenyan recycler, and a German biotech firm without quarterly earnings pressure constraining the thesis.
General information
Firm type
Venture Capital
Year founded
2013
Location
Region
North America
Country
United States
City
Midland
Corporate office
2211 H.H. Dow Way, Midland, MI, United States
Sector focus
Frequently asked questions
Is Dow Venture Capital a standalone venture firm or part of Dow's pension system?
It operates as the early-stage investment arm of the Dow Retirement Group Trust, a defined-benefit pension plan for eligible Dow Chemical employees. The trust had an estimated $1.26 billion in assets, with roughly 56% allocated to private equity strategies. This means the venture unit deploys pension capital rather than a typical corporate balance-sheet line item.
What types of companies does Dow Venture Capital back?
The firm takes minority positions in seed-through-growth companies across materials science, biotechnology, and sustainability. Known portfolio companies include Aloxy (Belgium), Mr. Green Africa (Kenya), Noxxon Pharma (Germany), and Alien Technology (United States). Exited positions include WaterHealth International and Displaydata.
Does Dow Venture Capital invest directly or only through funds?
The firm primarily makes direct minority investments, as evidenced by its disclosed portfolio of startups held through Dow Venture Capital entities. It also maintains public equity positions — $2.3 million in IAC/InterActiveCorp and a long equity stake in Dow Inc. — alongside partnerships with institutional managers like Oaktree Capital Management.
How does the Dow Retirement Group Trust influence investment decisions?
The trust provides the capital base and governance framework, with Dow Venture Capital operating as its corporate venture arm. The trust uses Northern Trust as custodian and Deloitte as auditor, with Goldman Sachs and Citi engaged as financial advisors since 2024. This fiduciary structure separates pension oversight from the corporate parent's treasury.
Which sectors does Dow Venture Capital explicitly avoid?
No formal exclusion list is publicly disclosed. However, the portfolio shows clear concentration in materials science, cleantech, biotech, and industrial technology, with no identified positions in consumer internet, pure-play fintech, or defense.
What is Diamond Infrastructure Solutions and how does it relate to Dow Venture Capital?
Diamond Infrastructure Solutions is a $3 billion U.S. Gulf Coast infrastructure asset owned by the trust, managed in partnership with Macquarie Asset Management. It represents a separate allocation from the venture portfolio, highlighting the trust's broader strategy of combining venture equity with real-asset holdings.
Does Dow Venture Capital have a philanthropic or mission-related investment mandate?
The Dow Company Foundation, established in 1979, gave $33.7 million to education, United Way, and pandemic relief. The foundation and the pension trust are legally separate. The venture arm's investments in water purification (WaterHealth International) and recycling (Mr. Green Africa) suggest ESG alignment, but no formal impact mandate is documented.
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