Challenges of evaluating new evolving technologies are particularly pronounced for clean technology firms (CTFs) in need of venture capital (VC). This study investigates how Technology Approval Group (TAG) may bridge an identified funding gap. TAG is a communication tool enabling investors that traditionally would not invest that early in an innovation to feel confident in injecting VC into developing CTFs. In the study, challenges facing the investors include high levels of risk and small investment sums required. Additional characteristics that affect the funding process are the market size, the communication platforms and the political climate. A successful implementation of TAG in the water sector, in the UK, provided inspiration for expanding the use to other sectors and geographical markets where new challenges were identified. The identified risks with using a tool like TAG are associated with ethical questions, handling dependencies and the challenge of forecasting sustainable technological development.