#147 Scaling "Equity-Light" Climate Tech: Marketplace Solutions, Equity-Light vs. Software, and Electrification of Transportation w/ Russell Sprole (Virta Ventures)

🌎 Welcome back to the CleanTechies PodLetter, VC edition. Today, we are talking to Russell Sprole from Virta VenturesIn this episode, some of the biggest ideas we discuss are…* Marketplace models in climate, specifically the current potential of a hydrogen energy marketplace* The limitless potential of AI to impact climate tech, particularly in the built environment and the management of distributed energy resources.* Why Russell is bullish on the electrification of transportationAsk yourself this: is the content we put out valuable enough to you that you’d be willing to buy us a latte 🍵 once a month? 📺 Watch on YouTube🍎 Apple Podcasts 🎧 Spotify🗣️ Join the Slack ChannelThe Guest: Russell Sprole* Russell Sprole is Managing Partner of Virta Ventures, bringing over 12 years of experience in investing and operational roles* Russell was CFO at Full Harvest, the leading B2B marketplace for produce in North America. At Full Harvest, he led finance, accounting, HR, and legal and often many other hats as the team scaled from 5 to over 60 people and Full Harvest raised over $45 million in capital. * Prior to Full Harvest, Russell was VP of Business Development and Business Operations at RePower through its successful sale to Soligent and VP of Strategy of Product at Admirals Bank, focused on the bank’s rapidly growing solar and home improvement lending business. Russell also led FP&A and Sales Operations at Stem (NYSE: STEM) during a critical early growth period for the company, which debuted on the public markets in 2021. * Prior to Stem, Russell spent four years at SunPower developing and financing hundreds of megawatts of solar across all three business lines - utility, commercial, and residential.* Russell holds an MBA from Wharton Business School and a BA from Yale University.🚨🚨🚨 Shoutout to our sponsor Net Zero Insights — Net Zero Insights is the leading market intelligence platform on climate information with all the latest you need on funding rounds, VCs, and the climate tech ecosystem. Use this linkto schedule your demo and get a 10% discount! 🚨🚨🚨The VC: Virta VenturesVirta Ventures focuses on pre-seed and seed stage climate tech companies working to decarbonize energy, mobility, the built environment and food/agriculture. They target equity-light businesses - typically SaaS, marketplaces, software-enabled services, and fintech/insurtech. Virta Ventures aims to partner with founders from “day zero” — leaning on their operating and investing expertise to get startups through the early stages. Don’t get it confused — they aren’t a SaaS VC. They invest in “equity-light”innovation that enables hardware—bits powering atoms. Their four focus areas are:* Support the development and management of our energy grid* Lower barriers and costs for electrifying transportation* Decarbonize our existing building stock—residential, commercial, and industrial* Speed up the transition to regenerative agricultureEnjoying the CleanTechies PodLetter? Please show your support by subscribing! 📝 Show Notes:Topics* 4:00 Starting Virta Ventures * 10:22 Equity Light Solutions * 13:50 Software Solutions in Antiquated Industries * 17:07 Common Equity Light Business Models * 22:55 Investing in Tiba * 28:33 Investing in Crowded vs. Nascent Markets * 34:41 Lessons from Full Harvest * 47:46 Investing in Hydrogen Marketplaces *  1:01:52 The Impact of AI on Climate Tech * 1:06:54 Effective Practices of Portfolio Companies * 1:08:33 Opportunities in the Electrification of Transportation * 1:11:12 Fundraising Advice for Climate Tech Founders Links* Russell Sprole | Virta Ventures* Connect with Somil | Connect with Silas* Check out our sponsor, NextWave Partners, for all your Climate, Renewables, and Sustainability recruitment needs.* This podcast is NOT investment advice. Do your homework and due diligence before investing in anything discussed on this podcast.🗓️ Upcoming EventsReminder 🔔 that we have another CleanTechies in-person networking event on January 11th Contact Somil or Silas on LinkedIn to be included and receive details on the location.🚨🚨🚨 Attention Hiring Managers!!! Are you struggling to find qualified candidates? Maybe getting candidates but can’t bring them across the line consistently? Or not getting sufficient applicants? — Reach out to our sponsors, NextWave Partners today to help solve that for you.NextWave Partners is a leading Global Renewables, Climate, & Sustainability recruitment consultancy solely focused on these impact areas. They are also B-Corp Certified.Reach out to them today to help you solve your hiring challenges and get you one step closer to making an impact.🙏🏽 Thanks for tuning in, and see you all next episode! This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit cleantechies.substack.com/subscribe