Stepchange Ventures

Stepchange Ventures is an early-stage venture capital firm co-founded and managed by Ben Shwab Eidelson and Anay Shah, both operators-turned-investors with backgrounds in starting, scaling, and exiting software companies. The firm invests in ambitious teams building software to accelerate energy abundance and upgrade critical infrastructure, with a product-first, founder-empathetic approach. The firm organizes its investments across six sector verticals: Transportation, Built Environment, Energy Transition, AI Infrastructure, Earth Intelligence, and Resilience. Beyond capital, Stepchange contributes product, go-to-market, and company-building expertise to its portfolio founders from the earliest stages. It also produces the Stepchange Show, a research-driven content series studying the history of industrial and infrastructure progress. Its portfolio of 22 companies includes itselectric (EV charging), Nevoya (zero-emissions trucking), Audette (commercial real estate decarbonization), Bayou Energy (utility data), Lemurian Labs (AI compute), Rhizome (AI grid resilience), FutureProof (infrastructure insurance), Shovels (permit data), and CapeZero (utility-scale renewables), among others. Notable LPs and advisors include Bain Capital Ventures and former senior leaders from Google, Airbnb, and Opendoor.