Learnings from building a climate VC, interview w. Fabian Heilemann (AENU) 💰

Agenda:* Meet Fabian: From founder to Earlybird GP to climate VC* When the science became too loud to ignore* Early mistakes in angel investing—and how it shaped AENU* Building AENU: Clean slate, pure play, Article 9* Impact metrics that matter: CO₂e saved or removed* Walking the talk: Travel policy, green ops & founder integrity* Challenging the 10-year VC fund model* Why climate tech exits need more patient capital* The failed evergreen experiment—and what it taught them* Climate vs. biodiversity: The next systemic wave* Why Sequoia won’t fix this—but emerging managers might* Founder redemptions: Building for impact after fast commerce* The reality of fundraising as an impact-first VC* AENU’s three pillars: Energy, decarb & climate adaptation This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit impactvc.substack.com