Impact Supporters

Greetings to 3k+ Impact Supporters! 🌍 This is Jonas writing 👋 In this episode, I sit down with Arnau Tibau Puig, co-founder and CTO of TetraxAI, and one of my co-workers at Footprint, Will Nunn, to explore how AI is actually being deployed inside infrastructure and energy systems to accelerate the green transition, what defensibility really looks like when everyone has access to frontier models, and why reliability might end up mattering more than raw intelligence 🤔AI has moved from novelty to necessity in record time. Valuations are soaring. Data centers are multiplying. Every second pitch deck claims to be AI-enabled.But beneath the excitement sits a quieter and more important question: Where does intelligence actually create real economic value, and where does it quietly fail? And will AI ultimately benefit or harm the green transition?Our conversation felt less like debating the future of AI and more like stress-testing its current reality, especially in industries where mistakes are expensive and systems are a bit more complex.If you are building with AI, allocating capital into it, or simply trying to understand how it intersects with climate and infrastructure, I think you’ll find this one particularly interesting 💡📋What’s inside🤖 AI Beyond the Hype Cycle – Why model access is no longer a moat and where real defensibility now lives.🌍 Operational Intelligence in Infrastructure – How AI can accelerate permitting, financing, and project deployment in energy and climate systems. 🛡️The Reliability Problem – Why verification and safety standards matter more than AGI timelines in critical industries.⚡ The AI and Energy Paradox – Data centers, electricity demand, and whether AI becomes a burden or an accelerator for the energy transition. 🧠 The Future of Knowledge Work and Human Potential – What changes for legal teams, junior roles, and decision making when intelligence becomes abundant.👋 Meet Arnau Arnau is a data scientist with over 13 years of experience in tech by training, with a PhD in electrical engineering and computer science. He spent years in big tech in California before moving into the start-up world. But what stood out to me most was not his technical background. It was the clarity behind his shift in focus. At some point, he realized he was solving interesting technical problems but not necessarily meaningful ones. Climate change and the energy transition felt different. He described it as a “big, beautiful problem.” Complex, systemic, imperfect. Worth committing to. That perspective led him to co-found TetraxAI alongside Marta Vizcaíno Martín and Ekaterina Filina 🚀 TetraxAI focuses on operational intelligence for infrastructure investors and developers. In practice, this means processing enormous volumes of regulatory, legal, technical, and financial documentation so projects can move faster and with greater clarity. It overlaps with legal tech, but it is far more vertical and infrastructure specific. This is not about generic document summarization. It is about embedding intelligence directly into the workflow of energy and infrastructure deployment. 🤖 AI Beyond the Hype Cycle One of the most practical parts of our discussion centered on defensibility 🔐 Frontier models are increasingly accessible. The intelligence layer itself is becoming quite commoditized. But Arnau framed it quite clearly: “Defensibility used to be about how hard it was to build what you built. Now it is about how hard it is for your customers to leave.” The moat is no longer the model. It is the integration, the embedded workflow and the absolute necessary layer of trust. He also offered an analogy that I have not been able to shake: “The strongest CPU or the smartest human is not very intelligent in the middle of the ocean. Whereas a shark; with much more limited cognitive capacity to humans, is extremely intelligent in that context.” Raw intelligence without context is essentially useless. The shark understands its environment. It processes signals in ways shaped by evolution and adaptation. Its intelligence is inseparable from its domain🦈 AI, Arnau suggests, is quite similar in that regard. Intelligence becomes valuable only when it is deeply embedded into a specific context. So, when founders talk about building intelligence, the real question becomes: Are we selling general intelligence, or are we carefully shaping it into something operationally useful inside a system? That is a very different ambition. Thanks for reading Impact Supporters! Subscribe for free to receive new posts and support my work.🏗️ Operational Intelligence in Infrastructure With the increasing complexity of infrastructure projects, the need for operational intelligence has never been greater. Infrastructure is rarely elegant. It involves long permitting cycles, public authorities, layered regulations, engineering constraints, financial models, and political dynamics. A single renewable energy project can involve thousands of pages of documentation and years of back and forth. This is where TetraxAI comes in 🤖 Arnau described how project teams often spend disproportionate amounts of time navigating a plethora of documentation rather than making actual decisions. AI can help structure, interpret, and cross-reference this information far faster than manual processes. But he was careful not to frame AI as a magic solution. AI does not automatically eliminate regulatory complexity. It does not remove risk. It does not replace accountability. It augments decision-making. And that distinction is critical. If you are building in climate or energy infrastructure, AI may not necessarily be the product. It may just be the accelerant that makes the product viable at scale. This is a more humble framing of AI. But perhaps a more durable one 💡 🛡️ The Reliability Problem This part of our conversation felt especially important with how fast AI is being deployed across organisations. We briefly touched on AGI and autonomous systems, but Arnau quickly redirected the focus toward reliability standards in critical industries. He referenced sectors like aviation and nuclear energy, where systems are engineered to meet extremely low failure tolerances. In those environments, probabilistic errors are simply unacceptable ⛔When you compare current large language models (LLMs) against those standards, the gap is substantial. The limitation is not intelligence in the abstract, but rather reproducibility, verification and failure tolerance. LLMs are probabilistic by design. They generate outputs based on likelihood distributions, not deterministic reasoning chains. That makes them powerful for many tasks. But it also makes them quite unpredictable in edge cases. In consumer applications, a hallucination might be inconvenient. But in infrastructure finance or grid management, it could be critical and costly 🚨This is why Arnau emphasized that deployment standards matter much more than AGI speculation. Before asking when machines will surpass human intelligence, we should ask: Can they meet the safety thresholds required for the systems we are embedding them into? In many critical industries, the answer today is no. That does not diminish AI’s usefulness… It just reframes it. Instead of full autonomy, we see augmentation. Instead of replacing experts, we see systems that compress information and support judgment and better decision-making. Reliability is not a sexy topic. But in regulated and high stakes industries, it may just be the defining one 💡 ⚡ The AI and Energy Paradox There is an obvious tension at the heart of the AI boom 💥 AI systems require vast amounts of compute. Data centers are expanding rapidly. Electricity demand projections in multiple regions are being revised upward. At the same time, we are trying to decarbonize the grid and accelerate the energy transition. So, is AI actually helping or hurting? 🤔Arnau approached this question with a sense of clarity rather than defensiveness. The trade-off is real and unavoidable - AI will consume energy. The infrastructure footprint is not trivial. But he reframed the debate in a way that stuck with me: “It’s not about whether AI uses energy. It’s about whether it helps us use energy better.” That distinction matters. On one side, AI increases demand through training runs, inference, and the physical expansion of data centers. On the other side, it can dramatically improve grid optimization, energy forecasting, demand response, infrastructure planning, and operational efficiency across industrial systems. The outcome is not automatic. It depends on design choices, where data centers are located, how grids are decarbonized, and whether AI is deployed to optimize energy systems or simply layered on top of them as another consumer. In other words, AI can either amplify strain on the system or actually become a tool that makes the entire energy network more intelligent and efficient. The technology itself is neutral. Its impact depends on where we point it 🎯 🧠 The Future of Knowledge and Work Our discussion about knowledge and work started with legal teams and more junior analysts, but it quickly widened into something more structural. For years, many entry level roles have centered on gathering information, synthesizing documents, preparing briefs, and escalating insights to senior decision makers. That informational bottleneck defined hierarchy. AI compresses that layer dramatically. Tasks that once took days now take minutes. Thousands of pages can be structured and cross referenced almost instantly ⚡Naturally, that raises questions about displacement. But Arnau’s perspective was a bit more nuanced. As information processing becomes abundant, the scarce resource shifts. It is no longer access to data. It is judgment. Client relationships become more valuable, not less. Accountability becomes clearer, not blurrier. Contextual risk assessment, ethical reasoning, and long-term decision making remain deeply human responsibilities. In fact, as AI systems generate outputs at scale, the need for experienced professionals who can interpret, validate, and stand behind decisions only increases 📈 The routine layer compresses. The strategic and relational layer expands. Arnau also shared his hope that AI could eventually enable far more tailored education, adapting to individual learning speeds, styles, and gaps in understanding in ways traditional classrooms struggle to achieve. The same principle applies in healthcare, where more personalized diagnostics and treatment pathways could significantly improve outcomes. In that sense, AI is not just about efficiency inside firms. It has the potential to widen access to high quality, individualized support across society. But even there, the same pattern holds. Technology can surface insights. Humans must decide what to do with them. If anything, the evolution of AI does not reduce the importance of human expertise. It sharpens it. The future may belong not to those who can process the most information, but to those who can exercise the best judgment once that information is at their fingertips🧑‍💻 Thanks for reading this issue of Impact Supporters! This post is public so feel free to share it.✨ Closing Thoughts What I appreciated most about this conversation was its sobriety. Arnau is building in one of the most hyped technological environments in decades. Yet his focus remains on systems, context, and verification. AI is powerful. But power without reliability, without domain integration, and without thoughtful deployment can create fragility rather than progress. For those of us working at the intersection of technology and impact, the opportunities out there are significant to say the least. AI can accelerate infrastructure. It can compress complexity. It can unlock capacity. But only if we treat it not as magic, but as integrated infrastructure. And infrastructure only works when it is built carefully 👷 📥 Tell us what you think Will AI ultimately accelerate or complicate the energy transition? Reply directly or drop us a note at [email protected] 👋 Thanks for reading, Jonas 📚 Links to articles and books mentioned: Stephan Rabanser -Towards a Science of AI Agent Reliability | Center for Information Technology Policy Sustainability Without Hot Air by David MacKay Good Strategy/Bad Strategy by Richard Rumelt Strategy – A History by Lawrence Friedman 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

Greetings to 3k+ Impact Supporters! 🌍 This is Jonas writing 👋 For our first episode of the year, I sit down with Johannes Weber, co-founder of Ananda Impact Ventures, one of the earliest impact venture firms in Europe.If you look around today, it almost feels like impact has always been here. Every second deck says climate. Every LP has a sustainability bucket. There are conferences, frameworks, and a whole vocabulary around it.But it really was not that long ago that none of this existed.Johannes started Ananda when impact VC was not even considered a category at all. There were no benchmarks, no success stories, and very few investors who believed you could do good and make money at the same time.In other words, they had to build the playbook themselves 📕So, we went deep, into the practical decisions, the early mistakes, and the bigger patterns that shaped not just Ananda, but the impact VC space more broadly.📋What’s inside🧭 Starting When Nobody Believed – The early days of impact VC and the first proof points that changed minds 🌍 Beyond Labels – Why climate, social, and education categories can hide system-level connections 🔬 Brave Tech Over Easy Tech – Funding frontier technologies instead of incremental software 🧠 Research First, Deals Second – How Ananda sources and backs founders with conviction 🌓 Staying Steady Through Cycles – Avoiding hype, focusing on long-term partnerships and systemic change👋 Meet Johannes WeberJohannes’ entry into impact came from experience and a very human curiosity.Early in his career, he helped build and take a fintech company through a small IPO. Suddenly, he had what many founders chase: liquidity, freedom, and the option to do whatever he wanted.But his original motivation wasn’t abstract ambition. “I wanted to be able to go to Disney World like the other kids,” he says, reflecting on growing up at a private school where his dad taught. That simple desire for independence set him on a path to entrepreneurship.After the IPO, Johannes experimented with ways to make a difference. He bought an asset manager focused on sustainable public equities and partnered with WWF. The idea was straightforward: screen out harmful companies, invest responsibly, and donate a portion of fees.On paper, it looked good. In practice, it didn’t feel like they were moving the needle.“Buying shares on secondary markets and writing checks to charity just didn’t feel like we were changing anything. Ownership without influence doesn’t move systems,” he explains.He even tried activism for a while. Showing up at shareholder meetings in a panda suit to pressure companies to behave better 🐼That frustration was the moment the thesis crystallized: if you want to shape outcomes, you have to build companies from the ground up.And so, Ananda was born, one of Europe’s first dedicated impact VC funds. Today, they’re investing from their Fund V.🧭 Starting when nobody believedIt’s easy to forget how contrarian impact investing once sounded.When Johannes went out to raise their first fund, the pitch was simple. Back entrepreneurs solving real problems and aim for venture-style returns.Some thought it was naïve. Others thought it was charity dressed up as investing.They aimed for €100 million.They closed at €7 million.“People either thought it was cute or strange. There wasn’t a single example we could point to and say, look, this works.”So instead of referencing proof points, they decided to create one 💡One of their early investments was Auticon, now one of the world’s largest employers of people with autism, placing neurodiverse talent into high-quality tech consulting roles.When Sir Richard Branson later invested and publicly endorsed Auticon, something shifted. It became harder to argue that impact businesses could not be serious businesses. That early success helped open doors not just for Ananda, but arguably for the broader VC ecosystem 🌀Thanks for reading Impact Supporters! Subscribe for free to receive new posts and support my work.🌍 Beyond labels...A theme that kept coming back into our conversation was Johannes’ discomfort with how neatly we tent to categorize impact today.Climate funds. Health funds. Education funds.It makes sense from a fundraising perspective. LPs like clear labels.But the world does not work in labels.“Mental health affects climate outcomes. Education affects biodiversity. These systems are connected.”Climate often feels ‘easier’ because emissions can be measured and reduced to a single number. CO₂ becomes a universal currency.But something Johannes cautions is that measurement can sometimes give a false sense of precision.Just because something is quantifiable does not mean it captures the full picture.That’s one reason Ananda has chosen to stay generalist by design.They go deep on sectors through research, but they avoid locking themselves into one narrow theme. Some of their most interesting investments would have never fit neatly into a single box.For them, flexibility is not a lack of focus. It’s a way to avoid blind spots.🔬 Brave tech over easy techThis part of our conversation really stuck with me.Johannes argued that venture capital, at its best, was originally meant to fund frontier technologies. Hard science. Infrastructure. Big leaps 🚀Yet over the past decade, much of VC has drifted toward incremental software.“If we only fund easier SaaS companies, we’re not really solving the big problems. Venture was invented for the hard stuff.”So, Ananda actively looks for heavier, more complex bets.Satellites that detect forest fires globally Biodiversity measurement infrastructure 🐜 Biosecurity and pathogen detection 🧬 Science-driven platforms that governments and critical systems rely on 🧪These companies are slower to build, more capital intensive, and don’t always fit the neat venture playbook. But if they succeed, the upside is systemic 👏“If this doesn’t fundamentally change something, we’re probably not the right investor,” he told me.🧠 Research first, deals secondAnother thing that differentiates Ananda is how intentional they are about sourcing.Rather than waiting for hundreds of inbound decks, they often start with a few questions:* Where might new technologies emerge in five years?* Which risks are underappreciated today?* What capabilities will societies need that don’t yet exist?Then they run structured deep dives. Talking to scientists, operators, and domain experts. Mapping the landscape long before companies are fundraising.Only after building conviction do they actively look for founders.The result surprised me: 15 of their last 18 investments originated from internal research.“By the time we meet a founder, we already understand the problem. We don’t need the education slide. We can go straight into building together.”It creates a very different dynamic. Less pitching, more partnership 🤝🌓 Staying steady through cyclesWe also talked about the past few years: the boom, the flood of climate capital. And now, the cooling off.Johannes has seen this movie before.Capital always moves in waves 🌊 Some investors show up because a theme is fashionable, then disappear when returns take longer than expected.He calls it ‘tourist capital’.“When the water goes away, you see who was swimming without pants.”His approach is simpler. Stay consistent. Don’t chase labels. Build funds sized for reality, not hype. Because the underlying problems do not disappear just because markets change.And the founders building in these spaces need long term partners, not fair-weather investors.📬 What this means for you as an impact VCJohannes’ experience shows that impact investing isn’t about chasing trends or checking boxes. It’s about influence, insight, and patience. You’re backing companies early, before their business models, incentive structures, and impact ambitions are fully set. That means you can help shape what “value” really means both financially and socially 🌱So, start small:✅ Pick one frontier technology or complex systems company in your pipeline and map the systemic impact it could create 💬 Engage founders early on the trade-offs between growth, profit, and impact 📈 Use those insights to adjust governance, incentives, and long-term strategyThe lesson is simple: this isn’t about “adding” impact 🧩 It’s about understanding the full potential of the companies you already invest in 🔍 Be patient, stay consistent, and lean into the hard bets that can reshape systems.✨ Closing ThoughtsTalking to Johannes felt like talking to someone who has quietly watched the entire impact ecosystem grow up.What I appreciated most is that nothing about Ananda’s story feels rushed or opportunistic. They did not jump in because it was trendy. They stayed because they believed ownership and company building can genuinely shift outcomes.Over time, that patience starts to look like an advantage.Maybe that is the takeaway for me.Impact investing does not need louder claims or more complex frameworks. It probably needs more consistency, more curiosity, and more conviction to back the hard things.The kind of work that might take longer, but actually moves the needle ⚡📥 Tell Us What You Think: Where should impact VCs focus next: fewer braver bets on frontier solutions, or more incremental improvements that scale faster?Reply to this newsletter or drop us a note at [email protected]👋 Thanks for reading, Jonas Thanks for reading Impact Supporters! This post is public so feel free to share it.📚 Further ReadingIf you want to dig in a little deeper into some of the ideas we explored with Johannes, these reports give context, data, and inspiration for impact VCs:* Thriving at Nature’s Pace: Emergent Economics for Oil, Gas, and Coal by Dr David Ko A forthcoming book that invites readers to rethink economic systems and investment through nature‑aligned principles, proposing a more holistic approach to climate, capital, and long‑term value creation.* The State of Impact Investing Market Size – GIIN, 2025 See how impact investing still represents a small fraction of global AUM, and why early proof points were so crucial.* IPBES Business and Biodiversity AssessmentA consensus scientific assessment showing how biodiversity loss is a systemic business and economic risk and why integrating nature into strategy matters for long‑term value.* An Investor’s Guide to Deep Tech | BCG Explore why funding frontier technologies may be harder, but can deliver outsized systemic and financial impact. 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

Greetings to 3,000+ Impact Supporters! 🌍 This is Jonas writing 👋 Today, we’re talking about private equity in a way you might not expect: as a force for impact.Private equity usually gets a bad rap for being all about profits, but what if it could be a driver of change? That’s exactly what Summa Equity are doing in Europe. In this episode, we talk to Emelie Norling to explore how impact can move from an afterthought to becoming the core of investing.From theory of change to hands-on ownership, we cover it all. Let’s dive into impact PE with Summa Equity.📋 What’s Inside💡 From Law to Impact – Emelie’s path from academia to Summa Equity🦁 Taming the Lion – How private equity can meet purpose 📈 Beyond the Hype – The evolution of impact PE returns ⚙️ Inside the Machine – How Summa builds their theory of change 🌍 A Broader Lens – Why climate is just one piece of the puzzle 🔌 Bridging the Gap – What start-ups can learn from buyout impact thinking👩‍💼 Meet Emelie NorlingEmelie’s journey into impact is anything but linear. She began in academia, studying how global institutions interpreted the early idea of sustainable development. Her world at that time revolved around legal arguments, institutional frameworks, and dense academic debates 📚“It was fascinating,” she recalls, “but it felt distant from the places where decisions were actually made.”That desire to get closer to the action brought her into asset management, where she led responsible investment for a Swedish insurer. Eventually she found her way to Summa Equity, where she now plays a central role in shaping one of Europe’s most thesis-driven impact platforms 🌱At Summa, Emelie helps define impact investment themes, guide due diligence, connect leadership teams around impact roadmaps, and ensure that the fund’s commitments to its investors translate into measurable, transparent outcomes. Her work is defined by a belief that finance, and societal progress can be aligned without compromise, as long as investors are willing to commit to real depth and discipline.💡 From Law to ImpactWhen Emelie first heard of Summa, she nearly dismissed it. Private equity seemed far removed from the values she had spent her career exploring.Yet her perception shifted dramatically during a single Investment Committee meeting. A partner began by describing the societal problem, the system it belonged to, and the levers for changing that system 🌍 For the first twenty-five minutes, the discussion was solely about impact. Only after that did they open the financial model.“It wasn’t impact as an afterthought,” she says. “It was the reason the company deserved to exist.”This moment revealed a surprising overlap between her academic past and the world of private equity. Unlike public markets, private equity owns companies outright. It can reshape governance, guide strategy, and invest in long-term transformation. Suddenly the leap made sense, and the unlikely path became her calling.🦁 Taming the LionImpact and private equity once felt like natural opposites, like a lion ordering a salad for lunch. But over the last decade, firms such as Summa, TPG Rise, and Trill Impact have rewritten that narrative. In 2016 the question was whether returns were even possible with impact. In 2021, anything that looked sustainable was overhyped and overvalued. Today, she says, the industry has entered a more grounded period.“The hype is over, and that is healthy,” she explains. “It reveals which strategies were built around real impact and which ones were simply wrapped in the language of it.”The lesson is clear. A strong impact story does not automatically make a strong business. It still requires discipline, thoughtful diligence, and the courage to face difficult trade-offs when they arise 🔍📈 Beyond the HypeA recent study from Schroders in collaboration with Oxford University’s Business School showed that impact PE funds averaged 21 % IRR, outpacing the wider industry.Source: Schroders Capital“If you invest in companies solving society’s biggest challenges, it makes sense that they perform well. These are the businesses the world needs.”Ignoring impact is becoming the real risk. Climate shocks and geopolitical uncertainty make this lens essential.⚙️ Inside the Machine: Theory of Change in ActionSumma’s approach to impact begins with a simple question. What societal problems are most in need of solutions, and which business models can help solve them?Each of Summa’s themes starts with a detailed theory of change. The team maps the system, identifies leverage points, and explores which types of companies possess the most transformative potential 📈“We bring together academics, industry experts, investors, and impact professionals,” Emelie explains. “That mix creates roadmaps that are directionally correct — and commercially grounded.”Once an investment is made, the collaboration deepens. The deal team and impact team run workshops with company leadership to align on the theory of change and build a sustainability roadmap.“It’s powerful,” Emelie says. “Founders see how their company fits into a bigger picture. That connection motivates teams far beyond compliance.”🌍 A Broader LensI asked Emelie to share her thoughts on Bill Gates’s recent essay on “Three tough truths about climate,” and she agrees that climate must be viewed through a wider systems lens 🔍“If we only focus on carbon, we won’t solve climate change. It’s about biodiversity, equity, and human well-being — because the planet will survive. The question is whether it will remain habitable for us.”Her view reflects Summa’s investment philosophy: climate challenges sit inside a wider web of ecological and social issues, and any attempt to solve them must reflect that interconnected reality 🕸️🔌 Bridging the GapScaling innovation is always challenging. Venture-backed companies often generate the innovations needed for transformation, and buyout-stage firms have the scale to bring those innovations to the world 🌉 Yet the bridge between these two worlds is fragile.FoodTech is a powerful example. Emelie describes how often she sees brilliant ideas in alternative proteins or food waste reduction that struggle to cross into the buyout universe.“We need to support these companies so they can scale into our world,” she says. “Food is one of the biggest systems we can transform.”She shares the story of a Croatian fava-bean protein company that doubled farmer yields by simply improving their seeds 🌱 A small intervention produced enormous positive consequences, illustrating how outsized impact can emerge from innovations that seem simple at first glance.Thanks for reading Impact Supporters! Subscribe for free to receive new posts and support my work.✨ Closing ThoughtsEmelie leaves us with a reflection that feels timely for the entire field of impact investing. Measurement is essential, she says, but imagination matters just as much. It is not enough to calculate what exists today. We must have the courage to picture what could exist tomorrow 🌏Her own path, from legal theory to investment committees, shows how change often comes from people who can see across disciplines and aim to bridge worlds. The future of impact investing will belong to those who combine rigor with creativity, who can build systems where energy is clean and affordable, food is sustainable and secure, and economic growth no longer requires ecological decline 🌿Private equity has the potential to become one of the great engines of the green transition. Emelie’s work reminds us that transformation does not come from grand gestures alone. It comes from the steady, thoughtful decisions that shape companies’ day by day, and from the people willing to steward that change from the inside out.As we close out the year, this feels like the right message to carry with us🌟Imagination, patience and steady progress are the work ahead. Before we wrap, this conversation with Emelie is also our last one of the year and what a note to end on! We’re taking a short festive break to rest, recharge and dream a little bigger.Thank you for being part of this growing community. Your curiosity, feedback and support are what make Impact Supporter worth building 🙏💚 Wishing you a season filled with slow moments, good conversations and time to reconnect. We look forward to bringing new voices, new ideas and new impact stories in January 2026 🌍✨📥 Tell Us What You Think: Can private equity become the driving force of the green transition? Reply to this newsletter or drop us a note at [email protected].👋 Thanks for reading,JonasLinks to articles/data mentioned:Schroder, 2025Gates, 2025Thanks for reading Impact Supporters! This post is public so feel free to share it. 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

Greetings to 3k+ Impact Supporters! 🌍 It’s Jonas Ahm-Lundgren 👋 This week’s episode is a little different. Instead of hosting, I join Jerome Gilleron as a co-host/guest on the Reactor Podcast, and it turned into one of the most thoughtful conversations I have had in a long time about early-stage climate tech, founders, and the communities that support them.Jerome has built Reactor as a space where deep tech and climate converge, away from the hype cycles, clickbait, and AI-driven noise. We talk about ambition, feedback, storytelling, and the subtle art of moving fast without losing direction.Thanks for reading Impact Supporters! Subscribe for free to receive new posts and support our work.📋 What’s Inside🌱 Anchoring Purpose - Why climate communities can give founders clarity and momentum 🚀 From Pre-seed to Series A - Understanding the leap and why so many misjudge it 🧪 Proof of Customer - Why early demand beats technical proof 🎯 Pitching to Strangers - The underrated superpower for early founders 🧭 Feedback That Helps - Learning who to listen to and when 🌋 Ambition with Grounding - Thinking big while staying disciplined 🗣️ Human Storytelling - Why authenticity will always matter more than AI 👋 Meet Jerome GilleronWith a background in technology and entrepreneurship, Jerome Gilleron has spent years building and advising early-stage start-ups. He is the founder of Reactor, a climate-tech and deep-tech community connecting founders, investors, and experts to tackle the challenges of scaling impactful companies 🌍 Jerome is passionate about creating spaces that prioritize clarity, collaboration, and long-term impact in the fast-moving world of climate innovation.🌱 Why the climate community can give founders clarity and momentumJerome explained that Reactor became focused on climate and deep tech partly because the broader tech discourse kept drifting into hype cycles. Climate, by contrast, demands patience, precision and storytelling that respects complexity.He put it well:“You can’t cover climate like a trending topic. You need to treat it like a long-term craft.”For him, Reactor is more than a network. It is an anchor in a world where attention is scattered, and hype can drown out substance. Climate solutions need patience and nuance, and communities help create the conditions where both can thrive 🌿I have seen the same dynamic in Impact Supporters. People come here because they want to engage with ideas that matter. They bring curiosity, humility, and a desire to learn. That kind of shared intention creates clarity. It helps founders filter noise from signal and make decisions with more confidence.Jerome calls this “staying close to what matters.” For me, it captures the heart of what these communities do. They create a place where founders can think deliberately, ask better questions, and move forward with a steadier hand 🛠️🚀 Understanding the leap and why so many misjudge itA theme that comes up again and again is how often founders misjudge the leap between funding stages. At pre-seed, a working prototype feels like momentum. By seed, investors want early commercial traction. At Series A, they expect evidence of real market pull.Both Jerome and I have seen the same pattern. Founders sometimes get lost in technical validation without asking the harder question: does anyone actually want this? 🤔The teams that tend to scale understand something crucial. They think about demand from day one. They talk to potential customers. They test assumptions. They move quickly from theory to interaction. That shift in mindset often determines whether a company grows or stalls. 🧪 The underrated superpower for early foundersFor Jerome, proof of customer is far more powerful than proof of concept. Real engagement, interest, or willingness to pay tells a clearer story than any lab result or performance spec.I have watched this play out many times. Teams that embrace customer conversations early move faster. They make sharper decisions. They communicate their vision with confidence because they have felt the pull from the real world.Proof of concept is a promising beginning. Proof of customer is the momentum that carries a company forward 🚀🎯 The underrated superpower for early foundersJerome has a deceptively simple exercise he recommends to early founders: take your idea to strangers. Not to sell, but to listen.It is humbling. It is messy. And it tends to reveal things that nothing else will. People who owe you nothing give you pure, honest feedback. They surface confusion you didn’t see, highlight what resonates, and expose assumptions you didn’t realize you were making 📝Founders who lean into this discomfort learn faster. Their messaging sharpens. Their conviction grows. Most importantly: they discover the language that connects their product to the real world.🧭 Learning who to listen to and whenFeedback is everywhere. Investors, mentors, advisors, and even customers have opinions, and a founder trying to take every voice seriously quickly gets lost in noise.Jerome stresses the value of curating a small circle of trusted voices. A handful of people whose experience, honesty, and alignment matter. Once that circle is in place, the next step is action. Even with incomplete information, decisive execution aligned with your mission beats hesitation every time⚡It is the discipline of staying flexible while keeping your center of gravity.🌋 Thinking big while staying disciplinedAmbition alone is not enough. The founders who tend to succeed combine sharp vision with careful pacing. They hire thoughtfully. They scale deliberately. They stay focused on the handful of priorities that matter most 🎯This grounded ambition becomes a stabilizing force. It allows teams to adapt to uncertainty without losing momentum. It creates a culture where progress feels both steady and meaningful.Real impact is rarely explosive. More often, it is built through consistency, clarity, and disciplined execution.🗣️ Why authenticity will always matter more than AIEven in an era flooded with AI-generated content, storytelling remains profoundly human. Empathy, curiosity, lived experience — these are the qualities that shape narratives people care about 🤝In climate tech, storytelling becomes a bridge between complex problems and the people working to solve them. It helps teams communicate not only what they are building but why it matters.Communities like Reactor and Impact Supporters preserve that human layer. They create spaces where authenticity can flourish and where founders can speak with clarity rather than choreography.Thanks for reading Impact Supporters! This post is public so feel free to share it.✨ Closing ThoughtsOur conversation reminded me that building impact is rarely a straight line. It requires the discipline to stay close to what matters, the courage to ask difficult questions, and the humility to keep learning. It also demands ambition that is grounded in reality rather than hype 💡Clarity, curiosity, and human connection — these are the tools that help founders navigate uncertainty and move with intention.Thank you for being part of this community! Impact Supporters exists because of your engagement, your questions, and your willingness to think deeply about the future we are building together Who should we talk to next? What are the big, messy questions you are wrestling with? Hit reply or send us a note — I always love hearing from you.👋Thanks for listening and reading, Jonas 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

Greetings to 3,000+ Impact Supporters! 🌍 This is Jonas writing 👋 In today’s episode, we sit down with Randi Wahlsten, CEO and co-founder of Matr, a Danish FoodTech startup rethinking how we eat. Matr blends taste, sustainability, and scalable impact — turning humble legumes and root vegetables into craveable, low-footprint meals without additives or over-processing.We dive into how Randi and her team are building a company where mission meets business, navigating the challenges of funding, scaling, and team-building with vision, intuition, and a touch of naïve optimism.📋 What’s Inside🧬 From Microbes to Meals – Crafting craveable, plant-based food 💡 Taste First, Tech Second – Why simplicity wins with consumers 💶 A €40 Million Leap – Scaling production and earning trust 🚀 Building a Team That Can Fly – Lessons in leadership and hiring 🌍 Why It Matters – Making impact through taste and accessibility👩‍💼 Meet Randi WahlstenRandi brings decades of experience in strategy, consumer goods, and food innovation. After time at McKinsey, Dalberg, and Arla, she found in Matr a way to unite her business expertise with her values. For Randi, Matr isn’t just a food company. It’s a mission. Every decision, from ingredients to hiring, is weighed against one question: does this create positive impact for people and the planet? 🌱🧬 From Microbes to MealsMatr began in an old fish factory kitchen in Denmark, a space that smelled faintly of brine and wood, where the hum of refrigerators was punctuated by clinks of metal as the small founding team experimented late into the night. Their vision was bold yet simple: turn natural ingredients into plant-based foods that taste incredible through fermentation; no shortcuts, no additives. The first prototypes were, in Randi’s words, “half-decent,” but they persisted, blending science and intuition, and inviting chefs to taste, critique, and refine.Over months of trial and error, a sensory transformation took place. Legumes that had once seemed mundane became rich, umami-packed flavours. Root vegetables that no one noticed turned into subtly sweet, savoury highlights. What emerged was more than food. It was an experience👩‍🍳💡 Taste First, Tech SecondEven though Matr’s process relies on cutting-edge fermentation science, their success has always started with flavour.Randi and her team discovered that no consumer would fall in love with a product simply because it’s sustainable. Taste had to lead. Early collaborations with restaurants became the proving ground. Chefs tasted, tweaked, and applauded, turning the lab experiments into dishes diners raved about. Only once the flavours won hearts did Matr bring the products to retail 🛒The lesson is simple but powerful: for sustainable food to scale, it must win over hearts (and palates) before principles.💶 A €40 Million LeapScaling food production is very different from scaling software. It’s slower, harder, and more tangible. Yet Matr’s momentum is undeniable. After consistently selling out small-batch runs and achieving chef repurchase rates above 80%, the company secured a €40 million Series A to build its first industrial-scale facility and expand internationally.It’s proof that disciplined growth, a clear vision, and a deep understanding of both product and process can win investor confidence, even in a challenging market 💪🚀 Building a Team That Can FlyRandi seeks team members who blend experience with curiosity. She hires senior professionals willing to dive into hands-on problem solving, alongside young talent eager to learn at warp speed ⚡The culture at Matr isn’t dictated from the top. It emerges organically. People don’t need to be pushed; they pull themselves forward because they believe in what they’re creating. Randi explains:“We’ve learned that you can’t outsource conviction. Everyone at Matr needs to believe in why we’re doing this; from the chefs to the engineers. That’s what keeps the mission alive when things get hard.”Conviction keeps the team motivated during long nights in the lab or when scaling challenges feel insurmountable. It’s the invisible ingredient that flavours everything they do.🌍 Why this matters for you as an impact VCMatr shows that meaningful impact doesn’t require grand gestures. It can be embedded in products people genuinely love.By combining taste, quality, and purpose, Matr demonstrates that the plant-based revolution doesn’t need to preach. It can simply taste good, feel natural, and scale organically.Behind the success is a mindset that carries the company through uncertainty. Randi reflects on how optimism can be a powerful driver:“I’ve learned that optimism isn’t about ignoring the challenges; it’s about trusting that if you bring the right people together around a real purpose, you’ll find a way through.”It’s a philosophy woven into every recipe, every hiring decision, and every scaling milestone, proving that impact and enjoyment can coexist in every bite 🍽️✨ Closing ThoughtsRandi’s journey with Matr reminds us that building a business that truly makes a difference is never easy. It takes vision, persistence, and the courage to make hard choices. She reminds us of the value of patience and careful decision-making, like when she turned down one of the world’s largest retail chains to stay focused on the company’s strategy. Every decision is measured not just for growth or profit, but for the positive impact it can create for people, communities, and the planet.Matr shows that impact is woven into the everyday decisions of a company. It is about creating food people genuinely love, nurturing a team that believes in the mission, and scaling thoughtfully so that every product sold leaves the world a little better than it found it. In doing so, Matr proves that business and impact are not opposing forces. When guided by conviction and care, a company can transform the way we eat and, in the process, shift the future of food for the better. ✨Tell us what you think: Are plant-based startups like Matr the future of sustainable food? You can leave a comment below or simply drop us a note at [email protected].👋Thanks for reading this week’s newsletter, Jonas Ahm-Lundgren 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

Greetings to the 3k+ of you following along here at Impact Supporters! 🌍 It’s Jonas Ahm-Lundgren writing 👋This week, I sit down with my colleagues Christian Sparrevohn and Phil Doolan from The Footprint Firm to understand what leadership of large corporates are thinking today in terms of sustainability, climate strategies, and operational resilience. From political headwinds to climate adaptation, their insights reveal both the challenges and the opportunities that lie ahead.The Footprint Firm is an advisory and investment company with a sole focus on sustainability. We work together with clients on climate-positive innovations and sustainable solutions, making connections between companies, science, academia, government institutions, start-ups, and capital.We spoke about how corporates are moving from idealism to realism, what this means for strategy and operations, and how investors and VCs can understand the shifting landscape.🗓️ Agenda* From Moral Pledges to CEO Reality ⚙️* Europe’s Regulatory Dilemma 🏛️* Climate Overshoot 🌍* Adaptation as the New Frontier 💧* Mitigation and Adaptation 🔄* Realism, Not Cynicism 💬* Key Takeaways 🔍Meet Christian and Phil 👥Christian Sparrevohn Christian brings significant advisory and management experience across corporate strategy, sustainability strategy and implementation, large-scale organizational optimization, digitalization, corporate governance, and public–private collaboration. He has served as a trusted advisor to executives in private and public companies across consumer goods, transportation, and the public sector. In addition to his role at The Footprint Firm, Christian serves as the Chairperson of the Green Transition Council.He holds a Master of Public Policy from Harvard University and a Master of Science in Political Science from the University of Copenhagen. His former roles include Senior Partner at QVARTZ, Senior Vice President of Global Marketing at GN Netcom A/S, and Engagement Manager at McKinsey & Co..Phil Doolan Phil has over 10 years of management consulting experience and leads The Footprint Firm’s climate advisory practice, as well as its circular economy investments. His advisory work has covered climate strategy, the circular economy, and broader sustainability strategy, and he has supported investors to understand sustainability risks and opportunities in due diligence, especially for impact investments. Prior to joining The Footprint Firm, Phil spent 8 years with Bain & Company (formerly QVARTZ) as an Associate Partner in the global Sustainability & Responsibility practice.Together, Christian and Phil bring a grounded and forward-looking perspective on Europe’s green transition, bridging the gap between ambition and practical action.From Moral Pledges to CEO Reality ⚙️Sustainability is shifting from purpose slides to CEO priorities. Five years ago, ESG was largely about vision statements. Today, it is about risk management, cost structures, and measurable outcomes within the CEO’s tenure.“These targets land within the current CEO’s lifetime — it’s becoming real,” Christian said. Phil agreed, adding that what used to be symbolic goals are now driving real investments in resilience and how companies run their businesses.Europe’s Regulatory Dilemma 🏛️Europe has rolled out ambitious reporting and compliance rules — CSRD, CSDDD, EUDR — yet implementation continues to lag. Early movers feel penalized, while slower adopters gain breathing space.Christian sees potential in the EU framework: bureaucracy can create a level playing field and foster long-term planning. What’s missing, he says, is decisive action.Climate Overshoot 🌍Both guests are candid about the warming trajectory. Phil expects more than 2°C, while Christian anticipates closer to 3°C before politics catch up. Public pressure, however, can accelerate policy change when it becomes undeniable.“Think of COVID,” Christian reflected. “Once it’s undeniable, politics can move like a whip.”Adaptation as the New Frontier 💧Adaptation is emerging as a critical focus alongside mitigation. Companies are asking how to protect assets, supply chains, and operations in a world already in flux. Real-estate firms, insurers, and food companies are early movers. Phil calls it “local by necessity”— each site needs a tailored resilience plan.Christian sees water management as a defining challenge of the decade: scarcity, flooding, and efficient food production are central. “If I were a VC,” he said, “that’s where I’d look first.”Mitigation and Adaptation 🔄We discussed whether adaptation could distract from mitigation. Christian was clear: both are essential. Failing on adaptation risks public backlash. Failing on mitigation increases the long-term bill through taxes, trade barriers, and lost trust. This dual approach represents the new corporate realism: pragmatic and grounded.Realism, Not Cynicism 💬Christian also emphasizes that the shift from optimism to realism is not cynicism. Companies still engaged are focused for the long term. As Christian puts it:“We’re not getting more cynical, we’re getting wiser.” The green transition may be quieter than headlines suggest, but it’s moving — driven by those who can’t afford to wait. Staying clear-eyed and steady is the best way to turn realism into action.Advice from Christian and Phil 💡🎯 Focus on what’s material: Target the issues that truly affect your business and climate impact.⚙️ Integrate climate into operations: Sustainability must shape strategy, risk management, and investment decisions.💧 Balance mitigation and adaptation: Protect assets while reducing emissions — both are essential.🚀 Act decisively: Waiting for perfect clarity or regulatory certainty can be costly; first movers shape the market.Closing Thoughts 💭Christian and Phil argue that sustainability is no longer just a moral choice — it’s business survival and strategy. The shift from idealism to realism may be uncomfortable, but it creates opportunities for companies and investors who act decisively.The lesson is clear: realism drives action. Those who integrate climate strategy into day-to-day operations, balance mitigation with adaptation, and navigate uncertainty will define the next decade of impact.Let us know what you think: Are corporates ready to lead the next phase of the green transition? Simply reply to this newsletter or drop us a note at [email protected] for reading this week’s newsletter,Jonas 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

Greetings to almost 4k Impact Supporters! 🌍 This is Jonas Ahm-Lundgren writing 👋 In today’s episode, we sit down with Sonam Velani, co-founder of Streetlife Ventures, a New York–based VC firm backing bold solutions where climate, cities, and infrastructure collide.From her early years in a flood-prone Chicago basement to helping shape New York City’s climate plan at City Hall, working at Goldman Sachs and the World Bank, and now investing in the urban green transition, Sonam brings an extraordinary 360° perspective.We spoke about her journey, the realities of fundraising as an emerging manager, the underfunded but urgent case for adaptation, and what the sustainable city of the future should really look like.📋 Agenda* Sonam’s journey: from Mumbai to Harvard to VC 🎓🌍* Why cities are ground zero for the climate crisis 🏙️* Streetlife’s thesis: five verticals reshaping urban life ⚡* The tough fundraising climate (and how to survive it) 💼* Adaptation vs. mitigation: why we need both 🌡️* Portfolio highlights: Daisy Chain, Harvest, Estia 🚀* A vision of the sustainable city of the future 🌍Meet Sonam Velani 👩‍💼Born in Mumbai and raised in Chicago, Sonam’s early years were shaped by infrastructure — or rather the lack of it. Her family lived in a flood-prone basement apartment, a lived experience that sparked a lifelong obsessionA full scholarship to Harvard allowed her to study government, economics, and urban planning. Unlike many peers, Sonam now jokes she’s “one of the few people who actually uses what I learned in college every single day.”Her path has taken her through:* Goldman Sachs, financing large-scale infrastructure during the financial crisis.* World Bank, developing resilient infrastructure frameworks.* New York City Hall, drafting the city’s ambitious climate plan toward net zero by 2050.* Zipline, helping scale drone-delivered medicine.These experiences, combined with co-founder Laura Fox’s operator background (Sidewalk Labs, Citi Bike), inspired them to launch Streetlife Ventures, a fund uniquely focused on urban climate solutions.Why Cities Are The Climate Frontline 🌆“Half of humanity lives in cities. 70% of emissions come from cities. And 75% of the 2050 urban infrastructure hasn’t been built yet.”For Sonam, that makes cities ground zero for the climate crisis. Streetlife Ventures invests across five verticals: 🏢 Buildings ⚡ Energy 🚚 Mobility & logistics 💧 Waste & water 🌡️ AdaptationTheir strategy pairs startups with real estate firms, infrastructure partners, and city governments, ensuring that innovation gets deployed where it’s needed most.They also run Climate Tech Cities, a global community of 25,000+ people with local chapters, events, and talent matchmaking, a grassroots network accelerating the climate transition from the ground up.Fundraising in a Tough Climate 💼Raising a first-time climate fund in 2025 is not for the faint of heart. Interest rates are high, LPs are cautious, and geopolitics are volatile.But Sonam argues the case for urban climate investment is undeniable:* $5 trillion in capital needed over the coming decades.* 75% of 2050 infrastructure is yet to be built.* Climate risk is economic risk.Streetlife has found traction with family offices (especially next-gens), corporates seeking early deal flow, and individuals from tech looking to apply their skills and wealth to climate.Adaptation vs. Mitigation ⚖️One of Sonam’s strongest messages: adaptation is vastly underfunded.* 93% of climate finance goes to mitigation; only 7% to adaptation.* Yet 90% of climate risk impacts cities.* Every $1 invested in adaptation saves $6 in avoided disaster costs.Streetlife backs startups delivering co-benefits, solutions that mitigate emissions and build resilience:* DaisyChain Energy → Arbitraging utility rates to fund rooftop solar, EV chargers, and heat pumps.* Harvest → Smart thermal pods that shift energy use, cut emissions, and provide backup during blackouts.* Estia → Cooling wearables that protect workers from extreme heat, the deadliest climate risk.The Sustainable City of the Future 🌍For inspiration, Sonam points to Copenhagen: waste-to-energy plants like CopenHill, efficient district heating, bike-first design.But the broader vision is distributed, resilient, and liveable:* Buildings powered by efficient district systems.* Water captured and reused onsite.* Streets designed for biking and walking, not futuristic air taxis.“The sustainable city shouldn’t feel futuristic. It should just feel comfortable, affordable, and resilient.”Sonam’s Advice 🌱* For careers: Any skill, finance, ops, marketing, can apply to climate. Think of your career as a portfolio, not a ladder.* For investing: Climate businesses must still be good businesses. “Faster, better, cheaper” always wins.* For impact: It’s financial and social. Many portfolio companies deploy in affordable housing, cutting both emissions and renters’ bills.* For mindset: Optimism is non-negotiable. “Agency and optimism inspire action—doom and gloom does not.”Closing ✨Sonam Velani embodies what makes climate investing so powerful: a blend of lived experience, global perspective, and hard-nosed pragmatism. Her optimism is contagious, and her work at Streetlife Ventures shows that cities, our most complex systems, can also be our most powerful levers for change.Tell us what you think: Are cities the key to unlocking the climate transition? Reply to this newsletter or drop us a note at [email protected] for reading, Jonas Ahm-Lundgren 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

Greetings to nearly 4k Impact Supporters! 🌍 This is Jonas writing 👋 In today’s episode, we sit down with Praveen Sahay, co-founder of Wave Equity Partners in Boston. WAVE sits at the unique intersection of venture capital and private equity backing tech and manufacturing-driven companies that scale profitably without the need for subsidies.From his beginnings as a nuclear physicist in India to serving in UN peacekeeping missions and now three decades as an investor, Praveen brings a rare combination of science, leadership, and global perspective. We spoke about what went wrong in Cleantech 1.0, how to build lasting companies that avoid past mistakes, and why optimism is warranted, even as geopolitics get more complex.Agenda* Praveen’s extraordinary journey: from physics to peacekeeping to VC 🎓🌍* Lessons from Cleantech 1.0: why government subsidies distort markets ⚡* WAVE’s philosophy: “If it’s not profitable, it’s not sustainable” 💡* Why focusing on hardware matters for climate solutions 🔧* Navigating US–EU ecosystems under geopolitical tension 🌐* Closing reflections: optimism through Hindu philosophy ✨Meet Praveen Sahay 👨‍🔬Praveen’s journey is anything but ordinary. Born in India, he studied nuclear physics, worked in oil & gas, served as a captain and later lieutenant colonel in India’s Central Industrial Security Force, and even coordinated Mozambique’s first democratic elections as a UN peacekeeperAfter an MBA at the University of Chicago, he was drawn into venture investing, attracted by its entrepreneurial spirit and the ability to connect science, people, and impact. With co-founders Mark Robinson and Haskell Crocker, he launched Wave Equity Partners in 2013 to back companies others ignored after the collapse of Cleantech 1.0.Cleantech 1.0: What Went Wrong? 🚨Praveen is candid: the first cleantech wave collapsed because governments distorted the market. Subsidies for biofuels, solar, and batteries encouraged investors and entrepreneurs to chase unsustainable economics.“If it’s not profitable, it’s not sustainable. Subsidies may help in the short term, but they create false markets and kill innovation”His antidote: invest only in companies with proven products and strong gross margins (40%+). WAVE focus is on those already in the market, demonstrating superior economics and carbon impact.WAVE’s Playbook 🌊Key principles of WAVE’s investment model:* No subsidy dependence: Core business must stand on its own.* Capital efficiency: Avoiding capital-intensive models with long adoption cycles.* Hardware focus: Real climate solutions need physical products, not just software.* Deep diligence: WAVE has never invested in a company in less than 6 months, often with no other financial investors at the table.* Strategic partnerships: Success depends on linking startups with industrial leaders (e.g., OEMs, global manufacturers).The result: WAVE sees about three dozen companies per year that truly meet their criteriaUS vs. Europe: Two Ecosystems 🌍Praveen has grown WAVE’s presence in Europe, noting cultural differences. In Germany, employees once feared he was a “capitalist coming to fire them.” But his approach is hands-on partnership, not restructuring.Despite bureaucratic hurdles (yes, still wet signatures at notaries in Germany!), Praveen sees Europe’s entrepreneurial spirit awakening. Yet, he also points out a vacuum: too few growth-stage investors willing to back hardware-heavy, industrial solutions.Optimism Through Hindu Philosophy ✨Despite tough fundraising markets and geopolitical turbulence, Praveen remains optimistic:“Civilization moves in cycles, from golden eras to dark eras and back. We are now entering a new up-cycle. Human creativity is immense, and I believe we are on the path toward a better future”His reminder: while climate investing is hard, the rewards, societal and financial, are transformative.Closing 🌟Praveen’s perspective is a refreshing antidote to hype cycles. His hard-nosed discipline on profitability, combined with long-term optimism, is exactly what the impact ecosystem needs.Tell us what you think: Are we entering a new “golden era” for climate investing? Reply to this newsletter or drop us a note at [email protected] for reading,Jonas Ahm-Lundgren 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

Greetings to (almost) 4k Impact Supporters! 🌍 This is Jonas Ahm-Lundgren writing 👋 Today’s episode takes us deep into the frontier of science, engineering, and impact. I had the pleasure of speaking with Peter Barrett, founding partner at Playground Global, a deep tech fund where sci-fi visions intersect with real-world product market fit.From giving Elon Musk his first job to backing quantum computing pioneers, Peter has lived at the cutting edge of technology for decades. In this episode, we dive into the philosophical and practical questions around techno-optimism, agency over nature, and the role of computation in solving climate and health challenges.Agenda* Peter’s journey: from Sydney coder to Silicon Valley deep tech VC 🌏* Lessons from Rocket Science, WebTV, and early encounters with Elon Musk 🚀* Why Playground backs the “impossible” bets (and gets 20%+ unicorns) 🦄* The big debates: techno-optimism vs. respecting nature 🌱* Photosynthesis re-imagined: doubling global food production 🌾* AI hype vs. quantum reality 🤖⚛️* Quantum computing and the future of chemistry, drugs, and climate solutions 🔬* Deep tech frontiers in health and biosolutions 💡Meet Peter Barrett 👨‍🔬Peter grew up in Sydney, where he fell in love with computers and the magic of making machines “do something.” At 19, he moved to Silicon Valley, where he wrote software, built startups, and co-founded Rocket Science, a game studio mixing engineers with storytellers.Among his early hires was a young South African engineer: Elon Musk. “At the time very humble, very curious, and clearly entrepreneurial,” Peter recallsRocket Science eventually led to WebTV, acquired by Microsoft, where Peter worked as a distinguished engineer. These experiences inspired his vision for Playground Global: a venture firm for founders tackling the “almost impossible” but deeply consequential challenges.Playground’s Thesis 🎯Playground backs bets that may almost certainly fail, but if they work, they reshape the world. With over 40 scientists and engineers on staff, including PhDs in bioengineering, material science, and nuclear physics, the firm rigorously underwrites deep technical risk before scaling.🌟 Areas of focus:* Quantum computing (invested early in PsiQuantum)* Advanced computation & new semiconductor architectures* Biology tools & synthetic biology* Climate solutions with real commercial viability“Our view is simple,” Peter explains. “Software may be eating the world, but you can’t eat software. We’re physical beings, we need to figure out how to feed ourselves and build a civilization that doesn’t destroy the planet we live on”Techno-Optimism vs. Nature 🌍A recurring theme in our discussion: where do we draw the line between respecting nature and re-engineering it?* On nuclear power: “Much kinder to the Earth than alternatives.”* On renewables: Breakthroughs in energy storage can boost offshore wind returns by up to 50%.* On photosynthesis: By modifying how plants absorb light, we could double crop yields, make trees grow 2x faster, and unlock new biofuel pathwaysPeter acknowledges some see this as “playing God.” His answer: starvation and cancer are worse. Humanity has always engineered nature, from domesticating wheat to creating fertilizer, and must continue responsibly.AI: Hype and Reality 🤖Peter’s firm backed Nirvana Systems (later MosaicML) which was sold to Databricks in 2023 at a unicorn valuation, giving him a front-row seat to the evolution of LLMs. His take:* LLMs are both the most overhyped and underhyped technology today.* They are useful but not magical, and far from AGI.* We’re in the “DOS age” of LLMs, crude interfaces, limited novelty.* The bigger challenge: their energy appetite. AI must become far more efficient to be sustainableQuantum Computing: Nearer Than You Think ⚛️Playground’s early bet on PsiQuantum put them at the heart of one of the most consequential races in technology. Peter believes million-qubit machines will arrive by 2027–28, with sites already under construction in Australia and the USWhy it matters:* Cryptography: Today’s internet security will be obsolete.* Chemistry & materials: From superconductors to new catalysts, quantum moves us from discovery to design.* Drug development: Instead of stumbling in the dark, we’ll design cures with precision.“This is not hype,” Peter stresses. “We’ve only scratched the surface, but once these machines are built, new industries will follow.”Deep Tech Frontiers in Health 🧬Peter highlights one company transforming MRI scans with quantum sensing: making them 100,000x more sensitive. This could revolutionize cancer detection and treatment.Another firm is pioneering programmable biologics for melanoma, with dramatic early clinical results. For Peter, this is only the beginning of a new wave of therapies that combine computation, biology, and engineeringClosing Thoughts 🌟Peter’s optimism is infectious:“We are right at the beginning of technology, not the end. The degrees of freedom ahead of us are enormous. Our job is to steer them towards reducing suffering and creating abundance.”As impact supporters, the challenge is clear: brace for impact, and help steer deep tech innovation toward a just, sustainable, and thriving planet.Thanks for reading,Jonas 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

Greetings to 3k+ Impact Supporters! 👋Today marks a new chapter for Impact Supporters one I’m deeply proud to introduce.From today onwards, the platform will be carried forward by The Footprint Firm, one of the most exciting impact-driven funds in Europe. And stepping in as your new host is none other than Jonas Ahm-Lundgren, Partner at The Footprint Firm and former guest on Impact Supporters.This is both a look back at some of our highlights together and a glimpse at the exciting future Jonas and the team will bring.Agenda* August’s highlights from the early years 🌱* Lessons learned in the climate tech journey 🔥* Why The Footprint Firm is the perfect next driver 🚀* The future direction of Impact Supporters with Footprint in the lead 🌍* What’s coming up next 🎙️Meet The Footprint Firm 💼The Footprint Firm is a sustainability advisory and investment platform based in Denmark. Their unique setup combines corporate advisory services with an Article 9 pre-seed and seed fund (€70M+).👉 What makes them special? Every employee contributes part of their time to help startups succeed. This model brings the weight of a 60 person advisory team into the hands of early-stage founders. The fund focuses on climate and biodiversity-positive solutions across Northern Europe: from deeptech breakthroughs to commercial green innovationReflections from August 🌟Before handing over the mic, Jonas turned the tables and asked me about some of my most memorable highlights running Impact Supporters:* Sir Ronnie Cohen: A true pioneer and intellectual influence in impact investing.* Niklas Adalberth (Klarna & Norrsken): A candid reflection on finding meaning after unicorn success.* Jon Coker (Eka Ventures): Insights on blending consumer and impact strategies for emerging managers.* Baudouin Hue (Karista VC): A deep dive into healthtech and vertical-specific investingAnd of course the biosolutions conversation with Jonas himself, which still stands out as a special highlight.Three Shifts in Climate Tech ⚡Looking back, I shared a few key trends I’ve noticed across the climate VC landscape:* Models under pressure: Which VC models will truly create climate unicorns? From bankruptcies to financing challenges, this is a central debate.* Branding evolution: From climate tech to resilience and adaptation, the narrative is shifting, but the right scope remains hotly debated.* Innovation in fund structures: Many GPs aimed to reinvent venture models for impact, but LP constraints have slowed this down. Still, there’s appetite for new approaches that better serve foundersJonas’ Vision for the Future 🔭Jonas and The Footprint Firm are committed to coalition building and making Impact Supporters a hub for founders, investors, LPs, scientists, policymakers, and even activists.Expect:* Deep vertical dives into energy, biodiversity, cities, and beyond.* LP perspectives on where capital is headed.* Candid conversations with founders and investors pushing the boundaries.* And yes, the occasional activist voice to keep us honestComing Up Next 🎧Jonas has already been recording the first episodes. Some of the exciting guests include:* Peter Barrett (Playground Global): On frontier deep tech, AI, and quantum computing.* Praveen Sahay (Wave Equity Partners): Building scalable models after Cleantech 1.0.* Sonam Velani (Streetlife Ventures): Reimagining the future of citiesClosing 🌍As I step into the audience, I couldn’t be more excited to see what Jonas and the team will bring. This community has always been about learning, sharing, and building together.👉 Please share your feedback, ideas, and who you’d love to hear from Jonas and the Footprint Firm are eager to co-create this next chapter with all of you [[email protected]].Thank you for being part of the journey so far. And now, over to Jonas.With gratitude,August and Jonas 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

Agenda:* Impact Driving Returns* What makes a great fund* Getting more LP capital to impact VCs* It comes back to people 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

Agenda:- Chloe’s Journey: From international development to venture and why local context matters.- Isomer’s Strategy: Building a diversified portfolio across pre-seed and seed in Europe.- Impact in the Portfolio: Why ~30% of Isomer-backed companies are SDG-aligned - and how impact sits alongside returns.- Returns vs. Impact: Revolut, scale, and why the biggest value drivers aren’t always in impact funds.- Good vs. Great GPs: Evidence over slides, specialist edge, and values alignment.- Diversification & LP Interests: Corporate LPs and the green transition - why Isomer doesn’t get pushed into one theme.- DEI as the Next Frontier: Ownership, accountability, and why female-led teams in Isomer’s portfolio are top performers.- Advice to Emerging Managers: How to prove differentiated access and cut through generic pitch decks.- Closing Takeaways: Evidence, access, values — what LPs really want in Europe’s next generation of funds. 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

Agenda:* A look at the person behind - who is Tony Jamous?* Who are the founders of the impact unicorns of tomorrow? Does it require something else than being a classic tech unicorn founder?* Being a 2x unicorn founder, what are your business building lessons from building a unicorn and being part of many successful both impact and non-impact start-ups?* What are the advantages that you see with building a company with impact at the heart? How have you seen that materialize as a founder?* You are also an LP in a number of impact VCs. How do you diligence VCs as an individual? What does your investment process look like? If you want to share, what sizes of tickets do you write?* What’s your best tip for generalist VC investors about impact? 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

Key insights:* Interview with Rob Zochowski, President & CEO at The International Foundation For Valuing Impacts (IFVI)* Rob suggests investors and companies of all sizes (public and non-public) should increase their efforts to measure climate and social impact and put a dollar value on the impact - it’s the only way to make it comparable* Ignoring social and environmental impacts is a hidden risk. In Rob’s words: "Equity holders own residual risk - so you'd better account for it."* Impact can reveal hidden value. In IFVI pilots, companies found impact data uncovered growth opportunities and helped optimize their models* Rob believes that we are moving into a world with impact accounting - Rob believes we’re leaving the “early adopter” phase — and entering the acceleration phase of impact accounting adoptionAgenda:* 💡 Impact measurement vs management vs monetization* ⚙️ How investors can help companies with impact monetization: Start small and build* 🧠 Social vs. environmental impact: Can you really compare?* 🚀 Adoption is accelerating* 📬 What this means for you as an impact investor 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

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

Key insights:* Interview with Jonas Ahm-Lundgren, Chief Investment Officer at The Footprint Fund* Biosolutions have long R&D cycles but can have a lot faster go-to-market than medical biotech as the industry doesn’t need the same clearances 🧬* Food and agriculture is one of the industries where biosolutions are the most mature, but many investors have burned their fingers in the industry because the unit economics haven’t proven to be viable yet 🌾* Jonas’ primary tips for other impact VCs looking at the biosolutions space are to 1. look at the Danish ecosystem as it’s leading, and 2. to spend time understanding the tech behind (or partner with someone that does) 💡Podcast agenda:* Biosolutions - Definition 🧪* Particularities of biosolutions 🔬* Mature innovation in biosolutions 🌱* The Danish biosolutions ecosystem 🇩🇰* Tips for other impact VC investors in biosolutions 💡* The unique Footprint Fund set-up 💼* Solutions for mature vs innovative companies ⚖️* Generalist vs specialist impact fund 🛠️ 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

Agenda:* Jacqueline’s journey: from traditional VC to climate capital rebel* The climate capital gap: why only 2% of VC goes to climate tech* Institutional capital vs. bold innovation: the trust mismatch* Rethinking “retail”: building for a sophisticated next-gen LP* Tech as an enabler: onboarding, transparency, and scale* What private market investors need (and don’t get today)* Productizing the LP experience: clarity, ownership, conviction* How Carbon Equity builds education into capital deployment* The vision: mobilizing the masses without dumbing things down* Impact with returns: challenging the trade-off fallacy* What’s next: tokenisation, retail regulation, and unlocking access 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

Agenda:* Meet Emma & Emily: Impact VC meets operating at scale* What Is “Impact” Anyway? And why Ascension never used the label* Wagestream’s Model: Serving those who can’t pay—at scale* Market Failures & Margin Models: Why commercial still wins* Data That Matters: From savings behavior to sleep quality* Charity vs Commercial: The tension no one likes to talk about* Impact Boards: How to make them useful (hint: be honest)* The Venture Fit: Why scale and impact aren’t opposites* Calling Future Founders: Be intentional from day one 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

Key insights:* Interview with Patrick Schneider-Sikorsky, Partner at NATO Innovation Fund (it took place live at GoWest in Sweden)* I know it’s risky and dodgy to talk about defensetech investments on an impact VC newsletter/podcast. I thought it was worth the risk to open up the discussion about what is defined by impact - is defense an impact topic if you operate in a war economy?* If you grew up in some parts of the Western World over the past 30 years, chances are you’ve never really had to think about defense. That reality is changing.* Defensetech is particular as most investments are deep-tech, capital-intensive, hardware-based, sold B2G, and require manufacturing to scale.* The three main barriers for defesentech to scale: 1. ESG exclusion criteria, 2. Hard to match the procurement criteria of states to win large contracts as start-ups, and 3. Limited demand signals.Agenda:* Why defense is back 🔙* Particularities of deep-tech in defense 🔬* Barriers for defensetech today 🚧* Selling B2G in defense 🏛️* Overlap between climate and resilience / security ♻️* Next steps for NIF 🧭 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

Key insights:* Interview with Danijel Višević, Co-Founder and General Partner at World Fund* Resilience is to be “able to withstand crisis and to stand on your own feet”* Europe is further from being resilient than other global regions because of our high reliance on other countries through trade* Cylib, a World Fund portfolio company, is a great example of the types of solutions that we need to build a resilient future - they are a battery recycling company that is working to help recycle lithium, graphite, cobalt, and other rare metals to be able to produce these materials in Europe directly and cheaper than current alternatives* 4 categories at the intersection of climate and resilience: 1. Energy, 2. Food, Agriculture & Land Use, 3. Frontier Tech, and 4. Raw Materials (World Fund has also identified sub-categories - check out the end of the article for those)Show agenda:* Definition of resiliencetech 📖* Industries in resilience 🏗️* Investing in a green premium 💸* “Climatetech is dead?“ 💀* Tips for other investors in the impact VC space 😉 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

Agenda: 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

Key insights:* Interview with Erdem Ovacik, Founder of Impact Markets, Founder and ex-CEO of Donkey Republic 🚲* Erdem is a big believer in impact markets - a marketplace where (primarily) governments pay companies and other organizations for a specific positive impact - or receive a payment in return for negative impact 💰* Impact start-ups today don’t fulfill their full potential in solving our various social and environmental challenges as governments don’t take all the start-ups’ positive and negative impacts into account 🏛️* Erdem gives the example of Donkey Republic, the start-up he founded, to show that they had a lot of positive impact, but it was not accounted for and they never got paid for it ⚖️Agenda for the chat:* Definition of the concept of impact markets 📊* Data issue for impact markets 📉* Donkey Republic case 🚲* Think about impact markets as an impact VC 💡* Erdem’s current project 🔍 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

Agenda:* Why Cyril’s early influences shaped his mission-driven investing lens* From altruism to efficacy: lessons from failed NGO models* The rise of genuine dual-performance funds post-2014* Why team quality is the #1 differentiator in impact VC* EIF’s role in supporting first-time, emerging managers* Why impact metrics must tie to the business model* The dangers of forgetting your impact thesis post-fundraise* Impact failures vs. financial failures: lessons learned* Why LPs must stay engaged beyond the fundraising stage* State of fundraising: too many funds, not enough capital* The call for impact pioneers: back to the original thesis 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

Key insights:* Interview with Ryan Grant Little, a jack of all trades in impact incl. angel investing in climatetech 🌱* Two of Ryan’s key learnings are that as an impact angel, 1) you see the losers before the winners, and 2) you get the most value from cooperating with other angels and VCs to deploy smaller tickets at first and ensure not taking too much of the founder’s time for the DD 🤝* Ryan’s top tip for founders raising from impact angels: “If you want advice, ask for money. If you want money, ask for advice.“ 💡* Ryan argues that impact VCs should keep on investing in foodtech in the current economic environment: most foodtech solutions are just making our food system more efficient - it’s not only a question of whether they want to fight emissions 🌍 but just as much about it being efficient to feed and slaughter cows 🐄Podcast agenda:* The foodtech investment thesis 🍽️* Uncertainty of foodtech investing 🤔* Write-offs and write-downs as an impact angel 📉* Learnings as an impact angel 🎓* Tips for founders raising impact angel rounds 🚀 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

Greetings to 3k+ Impact Supporters! 🌍 It’s August Solliv 👋 Today’s article and podcast are part of The Impact Highlight Series - a podcast series that I run with EUVC (Andreas Munk Holm) and ImpactVC/Better Society Capital (Douglas Sloan & Ellie Broad) where we are starting with 10 interviews with some of the most prolific impact investors in Europe. In this series, I don’t write a full article as you have been used to, but you get all the show notes from the interviewee below 🥳Christian shares how 2150 is building its strategy around deployment readiness—bridging the chasm between early tech and infrastructure-scale solutions. This conversation lays out the economics, urgency, and capital flows reshaping climate tech today—and why adaptation is core to building a livable 2150.Agenda:* Scaling for the Switch: When Venture Hands Off to Infra* Cooling the Planet: Human Limits, Economic Drivers & Air Conditioning* De-risking for Deployment: The Role of IFC, World Bank & Public Finance* Software for Adaptation Risk: Interdependencies & Insurability* Concrete, Meat & Flying: Where Real Emissions Come From* Why 2150? Long-Termism and Climate Deployment Urgency* Lessons for Climate VCs: Investing with Impact and ROI in Mind* Case Study: Vammo's Electric Scooters & Battery Swapping in Brazil* Open Source Thinking: Sharing Climate Research Across the EcosystemA look at the person behind - who is Christian Hernandez?I bought a poster in Croatia during the summer of 1997 which read “Navigare Necsse Est” which I have since used as my guiding mantra. It was first said by Pompey to his fleet during a storm. I have used it to remind myself that life will never take a straight course, but that even during storms, try to keep the ship pointing in the right general directionWhat are climate adaptation’s teething problems?* First, not sure I would use the word "teething" as there are many examples of successful adaptation to climate change. The opening of London's super sewer in the past week is a great example. The challenge lies in two things:* Adaptation is a local response, requiring specific attention to local impacts from climate change. This can make it a very distributed suite of solutions.* Avoided damage or even risk from climate change is a harder concept to build a financial argument around compared to one with a clear revenue stream or financial savings.* How do we find the companies, solutions and projects that meaningfully address climate risks, while offering investors opportunities that can fit within their constraints?* How do we mobilise more VC dollars into adaptation given 94% of climate investment has gone into mitigationIs it too late for climate mitigation? Are we at a turning point for climatetech VC?* No* Reducing emissions to net zero is the only way we can limit the extent of future extremes and associated risks from climate change.* The world is on a course to overshoot the Paris Agreement's 1.5ºC target by the early 2030s (based on a 10-year average)* Every future 0.1ºC of warming will lead to increasing risks and likely damages from climate change* 2150's own report called "Climate 101" shows that impacts from warming are not linear, with large changes to our natural systems and ecosystems health occurring between a 1.5 and 2.0ºC world* There are "tipping points" that we will go over as we get closer to even 2ºC of warming. The possible irreparable loss of Greenland's ice sheet being an example. As a reminder "tipping points" are thresholds that once crossed, we cannot go back within a normal human lifetime.* Understanding all of this, mitigation and limiting warming in line with our globally recognised limits is even more imperative than ever given that we are off course.* Global climate finance flows in 2022 were ~ $1.3 trillion, much less than the average $8.3 trillion per year we expect to need through 2050.* We need to continue to scale climate mitigation finance, and importantly get adaptation investment to a level that's commensurate with the risks we face.Are there any key criteria when analyzing climate adaptation vs climate mitigations solutions? (e.g. different types of financing, hardware vs software, etc.)* Impact considerations are different. Adaptation is about creating resilience to climate hazards, which relies more on modelling future climate risks to understand the impact achieved through intervention.* A lot of adaptation will look more like infrastructure than venture-backed technologies* The definition of a “true north” for adaptation like CO2e in mitigation is harder to determineStrongly held belief you’ve recently had to change your mind on* That we will act in coordination as a species to tackle our communal challenge of climate change. Unfortunately at the national and international level there are too many opposing voicesAny other key take-aways on the topic of “Climate adaptation’s teething problems and is it too late for mitigation”?* Disclosing and pricing in climate risk for investors will be essential to accelerate finance for adaptation. Climate risk is financial risk, and the more investors can be informed to understand the extent to which their capital is exposed to those risks will ideally drive better decision making and financial outcomes. …* As the US military themselves pointed our climate change is also a national security risk at home and abroadBest tip for generalist investors about impact* We are re-inventing economies, supply chains, manufacturing methods. This will be one of the greatest value creation periods in history. That alone should lead any investor to mobilisationBest tip for impact investors* Come to us for insights on our deep dives - be that cooling or water or cement and concrete. We openly want to share them so that as many solutions as possible are backed and scaled. 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

Key insights:* Interview with Isabelle Canu, Partner at GET Fund, and Beatrice Böhm, Principal at GET Fund* The GET Fund uses the Triple Top Line for their impact measurement - they argue for a holistic set of impact KPIs for deals - and include social equity discussions with all climatetech start-ups* Isabelle and Beatrice are discussing impact measurement already early with start-ups in due diligence to ensure impact alignmentThanks for reading Impact Supporters! Subscribe for free to receive new posts and support my work.Agenda episode:* The Triple Top Line 🌱* Integrating economic and social considerations into climatetech 🌍* KPIs and Impact Measurement 📊* Due diligence vs holding period 🧐* Impact measurement challenges ⚠️* Potential vs realized impact 📈* Impact measurement by investment stage 🎯* Tips to other impact VC investors 💡 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

Key insights:* Interview with Eric Gossart, Partner at Serena’s impact fund Racine^2* Racine^2 has unique criteria as part of their impact methodology: they take into account the accessibility and affordability of all solutions (also for climatetech) 🌍* Eric recommends launching an impact VC fund as a collaboration between a VC and a non-profit if you are already an established VC household name - but less so if you are an emerging manager 🤝 In general, mixing DNA is always a good idea, but it does not necessarily have to go through a partnership* Racine^2 is an impact-first VC fund. Some of the impact returns of the social deals increase the overall impact performance of the fund. Some of the financial returns of the environmental deals increase the overall financial performance of the fund ⚖️Thanks for reading Impact Supporters! Subscribe for free to receive new posts and support my work.Agenda:* Rationale for investing in climate 🔥* Partnering with a non-profit 🏢* Racine^2’s impact methodology 📊* Choosing impact KPIs 🎯* Balancing impact and financial returns 💰* Tips to generalist and impact VC investors 🧠 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

Show notesMarie shares how her path, from coding at J.P. Morgan to founding France Digitale and now 2050, has been driven by a deep curiosity and a passion for building businesses that matter. She discusses why the classic VC model falls short in addressing today’s biggest challenges and how she is rewriting the rules with a regenerative, evergreen fund that aligns profit with purpose.Here’s what’s covered:* Challenges and Systemic Issues in Tech and Impact VC* The Concept of Alignment in Impact VC* Reinventing the VC Model for a Sustainable Future* Rethinking the VC Model: Extending Time Horizons* Evergreen Model: Diversifying Risk and Liquidity* Understanding the Science Behind Climate ChangeJoin ImpactVC, a global community of 900+ VCs driving change and using venture capital to tackle the world’s biggest challenges—explore their community, resources and training at impactvc.co.A look at the person behind - who is Marie Ekeland?* Mathematician & computer scientist from background, I started my career at JPMorgan, Wall Street, end of the nineties, at the beating heart of the digital transformation of the finance industry. I did not find my purpose there and went back to studies. After studying economics & corporate finance I ended up, year 2000, in one of the first venture capital teams in France.* The French Tech was built copycatting Silicon Valley and I was coming from Wall Street and had already taken what I love from American culture and left what I did not want to embark. So I was not in that movement. More, I was the only woman in the room for 10-15 years and had no role model, neither in France, nor in Silicon Valley. So I had an incredible freedom to question the VC role and define it in the way that I felt the most useful and impactful. This has never left me and is how I eventually became an entrepreneur in the impact venture space.* To find my way, I used my mathematician & computer science skills, as well as my empathy as I began to realize the biggest value I could bring to founders was to help them frame the problems they were facing and help them align their board on solutions. By doing so I soon realized that a lot of the problems faced by my portfolio companies were systemic (lack of digital or scale-up talents in Europe, Digital Single Market, data regulation…), and that even the biggest French Tech success at the time (Criteo) could not solve it alone. This is when I launched and co-piloted the France Digitale initiative and understood the power of ecosystems and of building commons.* France Digitale brought me out of the tech bubble. I saw the bigger problems as the French government or the European Commission were asking for my advice, as a French Tech spokesperson, for the European innovation strategy or the French health & education strategies. And I understood the deeper transformation of the economy we were living in was the sustainable transformation.* After 25 years of working with money, I know the power of money. I have seen it at work. I know how investing is not predicting but shaping the future. How the investment decisions we make today are defining the world we will live in tomorrow. And how if we continue investing on historical data and reproducing existing patterns we will augment the problems created by the hyper growth at all costs model. So I have decided to start 2050, an investment company which is dedicated to shape the future I want to live in by investing in solving the essential challenges of our times. Our mission is to shape a fertile future, where everyone can eat enough, eat healthfully, where we can all live and produce in a sustainable manner, where we can take care of our body & mind, where learning & creativity are empowered and trust is put at the heart of our economy and society.* Backcasting from a fertile future has made me built a very different breed of venture company which is investing holistically into keystone solutions all along their value chain, manages a regenerative fund, aligns its financial interests with those of society and the planet, and holds this alignment in time thanks to a steward-ownership and a stakeholders’ governance.Why Alignment Is the Secret Sauce of Impact* Alignment is a concept that talks to everyone as it embraces 3 meanings historically:* To stand upright: do what you think and feel you should do → be aligned with yourself* Put on the same line: be aligned in interests with your stakeholders, starting from the team, the company as a moral person, its stakeholders, society and the planet* Indicate your lineage: be aligned in interests with the future generations. This, from a company standpoint mean to set the right governance to maintain its alignment in time.We talk to the founders about alignment which is a win-win framework between profit and impact. It talks to them as an inspirational goal, but they need to have operational tools to put that mindset at work and also need a tension to solve to start using them and dedicate the time. So we start by identifying which tension should be solved on a short-term basis (prepare for the next fundraise, solve founders’ or leaders’ role evolution, align the board on long, mid and short-term strategy, build an aligned value chain positioning and strategic relationships, set an aligned decision-making framework to empower the team, …). We then use this trigger to select which micro-method is adapted.We then, work through a deeper tensions analysis and go through the whole method and with the founders/leaders to have them find their answers before framing them and sharing with the team and the board to align them. Impact comes as a consequence to this process, as compliance, when we work on defining the Key Aligned Performance Indicators (KAPIs) which are initiated from this strategic thinking but we enhance this process with the latest scientific results to measure impact coming from our partners Stockholm Resilience Centre & Upright and with the relevant regulation indicators (SFDR-Article 9), soon CSRD. Here is a video on the Paebbl case 👇Breaking the VC mold and how 2050 is rethinking the model* Value Chain Shift: The venture capital industry has been shaped, since 2000 to invest in the digital transformation of the economy. Focusing on software disruptions, it has built a “growth-at-all-costs” model, “breaking things and moving fast”, in order to support “software eating the world”. If digital startups could disrupt the economy, it is because they were not dependent on the shift of existing value chains dominated by incumbents to grow. The sustainable transformation of the economy will require incumbents to move together with startups as we need to transform our physical, chemical and biological footprint on the planet. Production chains need to shift to new materials and processes, resources need to be limited and usage needs to become as circular as possible and investors need to invest in transformative companies all along the value chain. This shift will also not happen without tackling the systemic blockers holding value chains back (regulation, common data, indicators & tools, shared sustainable intelligence…) and we need to invest in shared ecosystem assets, “commons”.* Triple Performance: The venture capital industry is relying today on a “growth at all costs” model which optimizes for financial performance within ESG constraints, without managing neither adverse or positive impacts, nor associated risks. The sustainability transformation requires to optimize for triple performance: financial, environmental & social. This also allows to reduce risk, and optimizes the risk/reward ratio of the companies and the portfolio. To allow for triple performance, two important topics need to change:* There needs to be a holistic understanding of the complete company’s impact, not just on a couple of indicators linked to its mission, in order to ensure solving problems in one place is not creating others elsewhere* The incentive of the general partners needs to rely on this net triple performance, and not only on financial performance.* Long-term & semi-liquid: it usually takes longer to build an industrial company, a climate or ocean tech startup or a circular economy platform than an e-commerce site or a SaaS B2B business. It also takes longer to build an aligned software company ensuring it is growing without breaking things but, on the contrary, participating to the shift of its own value chain to provide for a triple performance. The 10year closed fund model is therefore not suited to support sustainable champions and benefit from their full potential as we need more time to reach full potential. The fund model therefore needs to be redesigned, in order to free founders for artificial liquidity pressure but give access to fund investors to regular liquidity returns so that they can be more patient. We designed ours as a regenerative fund.Value Chain: if digital startups could disrupt companies, it is because they were not dependent on the shift of existing value chains dominated by incumbents to grow. The sustainable transformation of the economy is the opposite as we need to transform our physical, chemical and biological footprint on the planet. Production chains need to shift to new materials and processes, resources need to be limited and usage needs to become as circular as possible. So shifting value chains entirely and not disrupting them thanks to technological productivity.This is how we designed 2050’s model to adjust to these three major changes:How do the Commons you invest in at 2050, intertwine with the rest of your work as a VC?The Ecosystem Assets we co-build aka “Commons” help us be better investors all along our VC journey* Identify champions:* understand deeply the current wave of sustainable transformation, starting from academic & field research thanks to our key partnerships with research labs & field actors, as we did by co-writing a 360° Climate Course together with Université Paris Dauphine, and are now co-building a Sustainable Ocean Platform together with Waves of Change where the introductory scientific knowledge defined by Université Paris Dauphine, University of British Columbia & Stockholm Resilience Centre* deep dive of the essential markets, including a bottom-up data driven approach to identify keystone actors providing the most impactful solutions like we did on regenerative agriculture & aquaculture with partners like Solagro (French field & research institute)* Support & value portfolio companies: through our Alignment Method, co-built with the venture builder We Are Human who founded Kahoot!, we research alignment best practices and develop open source tools, for the emergence of new industry standards to align economic interests with those of society & the planet in time, including regenerative business models, aligned governance & dealmaking practices or team incentives, value chain mapping & positioning… We also research impact valorisation methods & risks evaluation, to sharpen our performance, valuation and risk analysis and forecasts. It goes all the way to co-designing Key Aligned Performance Indicators (KAPIs) for our portfolio companies, based on the latest discoveries, including the Essential Environmental Impact Variables from the Stockholm Resilience Centre and the social impact architecture from the Upright project to ensure a 360° and efficient net impact performance measurement and start valuing their triple performance.* Build fair collaborative advantages for our portfolio companies by understanding, crowd-sourcing and tackling systemic blockers of their value-chains like the need for regulation evolution, for open sustainability intelligence or open data platforms and tools, net impact research per sector and defining the right benchmarks …* Engage our full ecosystem (startups, research labs, corporates, NGOs, institutional investors, HNWI & family offices) to learn, thrive & build together and allow for real value chains shift. To do so, we leverage our media website, open initiatives like the Alignment Method or the open platform for Sustainable Investments in the Blue Economy.How impact drives performance and why transforming industries starts with aligned business models* Both increase in revenue growth through regenerative business models (cf Michelin example) and cost reduction, therefore profitability increase through frugality in the use of resources and limitation of rare resources utilisation by diversifying sources and materials, and recycling* Strategic & long-term robustness through newly designed alliances: value-chain collaboration (SRC with aquaculture coalition) or investments. Resilience driven by limitation of sustainability, value chain & geopolitics risks* Complete Example of Fifteen (change of business model needed to align interests of the whole value chain both on financial & impact results), Paebbl (equity strategy used to align value chain interests and optimize for long-term success) ****and Sweep (limiting adverse impact leading to cost reductions and greater profitability through full understanding of company’s data & extra-financial measurements)Business building lessons from the frontlines and what impact founders can learn from scaling with purpose* Keep the right tempo: essential to understand when is the right time to accelerate, when is time to build resiliency, depending on the company’s flow, strategic or execution issues and health check, but also on market’s conditions. Example of Swile (Series B acceleration internally due to market momentum)* Always go back to understanding and syncing on longer term win/win situation and proof points to be demonstrated to reach the next key milestone for the company before making important short-term decisions. Example of Zoe (redesigning team, product strategy to achieve greater ambition and mission of improving the lives of millions)* Board alignment & governance are key but usually completely underestimated and can lead to suboptimal results. Example of first Withings (sold to Nokia against the co-founder/CEO will). Board members also needs to understand it works at the service of achieving the vision of the CEO/founders and not push for their own. Example of Allmyapps (strong-headed directors influencing too much on strategic decisions not owned by the management team)* Build robustness and network effects through ecosystem alignment by strategic alliances. Example of Criteo (defensibility & scalability through strategic deals with Yahoo! Japan & Microsoft)Main learnings from fundraising in impact VC* Similarities:* Need to convince on both financial performance (Top Tier track record) and impact performance (no impact washing permitted)* Impact performance communication has to be clear and powerful* Need to convince on targeted markets depth, trends & growth, dealflow quality and companies potential* Need to comply to best-in-class on the latest SFDR regulations* Differences:* No access to classic pockets of asset allocations when raising for a new fund design as it does not fit in the classic Venture Capital, 10Y closed fund asset class* Need to talk to decision-makers understanding the sustainable shift and convinced the evolution of the model is good to embrace the full potential of the sustainability transformation of the economy and invest in tomorrow’s champions and the transformation of its own value chain.* Greater value of the learnings, ecosystem, tools, intelligence and research it gives access to and deeper willingness to build value from that within their company or family office.* Need to translate the fund & strategy differences into the existing DDQ frameworksStrongly held belief you’ve recently had to change your mind on* I thought sustainability inaction was deeply linked to a lack of awareness on the true nature and causes of the challenges we were facing, on the urgency we were in and on the existence of efficient solutions that could be scaled quickly. And that being an insightful and accessible source of knowledge could shift and accelerate the movement, and we still had time to reverse it and would.* Listening to Johan Rockström at the NYC Climate Week in September, demonstrating very scientifically how we only had 5 years left before the Earth System left irreversibly the “corridor of life” it has been in for millions of years, in which humanity could thrive. And seeing how the world is constantly moving to the opposite direction since, I had to change my mind.What is your best tip for generalist VC investors on impact?* Sustainability is not a marketing trend, it is also a complete transformation of the economy like digital transformation. Except this time it will go faster! So you must integrate sustainability and its positive driver, impact, to your investment strategy. What are the common characteristics to have in mind?* It is enforced by the same signals as the digital wave: we see a growing change towards responsible consumption, an increasing demand for jobs in purpose-driven companies in the talent market (sustainability is the #1 destination for tech talents in the latest Atomico report!), especially among the youth, a rush of experienced and savvy entrepreneurs towards building climate startups and an unsatisfied demand from individual investors towards sustainable investments, accentuated by the shift of wealth towards women and younger generations.* However, the resemblance with the digital revolution stops here. There are four core differences which are making the sustainability wave very different in essence:* Geopolitics: globalisation was the rule for the golden years of digital transformation. We are now facing a world where deep geopolitical tensions have forced governments and corporations to rethink their strategy on a multi-local basis, ensuring greater localisation and avoiding potential single-points of failure through a diversified supply strategy.* Nature: the world having reached 6 out of the 9 planetary boundaries, companies now understand they will face climate change issues, lack of key industrial resources like water or metals or affordability of others like energy. They know that they need to quickly adjust and adapt.* Regulation: if regulation was late compared to digital innovation, in the case of sustainability, it is quite the opposite with regulation and incentives pushing for sustainable behaviors through rules and incentives all over the world: from Europe (CSRD, green new deal), to the US (IRA) and China.* This will apply restrictions to the growth of all sectors including the most trendiest ones like AI as forecasts predict 40% of industrial water needs will not be fulfilled in 2030. And Gartner predicts “40% of existing AI data centers will be operationally constrained by power availability by 2027 due to rapid increases in electricity consumption driven by AI and generative AI (GenAI), with data center forecasts over the next two years reaching as high as 160% growth”What’s your best tip for other impact VC investors?As impact VC investors, we need to have a holistic view of impact and report on it in order to ensure our net impact is positive and we are not, even unconsciously, impact washing. This requires assessing overall net impact at the moment of investment and monitoring it yearly to maintain alignment in time. It is both an inside-out approach to build the right decision-making framework and KAPIs at each portfolio company level but also an outside-in approach to benchmark it with where tools like the Upright Platform, capable of approximating a 360° net impact based on sectorial data & scientific research. 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

Key insights:* Interview with Baudouin Hue, Partner at Karista.vc* Healthtech is often disregarded as an impact topic as most healthtech funds don’t take impact into account in their assessments. Karista and Baudouin prove that healthtech can be an impact topic* Karista splits up solutions in healthtech into 4 buckets: 1. Software in healthcare, 2. Outsourced R&D solutions, 3. Patient data for personalized care, and 4. Augmented medical devices* Karista prefers solutions that sell B2G and that can be reimbursed (by the state in Europe and insurance, primarily in the USA) - one of the angles to impact in healthcare is ensuring that most people have access to better treatments* Prices of medicine are 2x-10x higher in the US than in Europe - that’s why most healthtech move to the US as soon as they have succeeded in one or a couple of markets in EuropeThemes discussed:* Is health an impact topic? 🏥* Are all healthtech VCs impact VCs? 🤔* Differentiating healthtech and biotech 🧬* Key solution areas in healthtech 💡* A geographical view of healthtech 🗺️* Healthtech in development economies 🌏* B2G vs B2C vs B2B 💼* Creating an A- and B-team in healthcare 🥇* Being an impact generalist VC in healthtech 🔍* Major trends in healthtech - Karista builds a growth fund 📈 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

Greetings to 3k+ Impact Supporters! 🌍 It’s August Solliv 👋 Today I am happy to announce my new podcast series, The Impact Highlight Series! At Impact Supporters, we have joined forces with EUVC (Andreas Munk Holm) and ImpactVC/Better Society Capital (Douglas Sloan & Ellie Broad) to launch a new podcast series truly dedicated to impact VC. We start with 10 interviews with some of the most prolific impact investors in Europe. They are:* "the founder of the largest impact VC in Europe"* "the LP who has deployed most tickets in impact VC"* "the investor that has challenged the impact VC model the most"* and much moreIn this series, I don’t write a full article as you have been used to, but you get all the show notes from the interviewee below 🥳You can also listen to the podcast on Spotify!Show notesNiklas shares his journey, how building a billion-dollar fintech led him to an unexpected crisis of meaning and a new path dedicated to solving global challenges. From a hotel room epiphany in Las Vegas to donating half his wealth to launch Norrsken, Niklas talks candidly about the moments that reshaped his values and fueled his mission to prove that business and impact can go hand in hand.Here’s what’s covered:* Niklas' Personal Journey and Realizations* The Birth of Norrsken Foundation* Norsken's Global Expansion and Impact* Balancing Commercial Success and Impact* The Role of AI in Impact Investing* Building a Mission-Driven Team* Future of Impact VC and Norrsken's VisionJoin ImpactVC, a global community of 900+ VCs driving change and using venture capital to tackle the world’s biggest challenges—explore their community, resources and training at impactvc.co.A look at the person behind - who is Niklas Adalberth?I co-founded Klarna, a European fintech unicorn, and through it, experienced the inside of rapidly scaling a tech unicorn. At its peak in 2021, Klarna was valued at nearly 50BN EUR.For me, a pivotal moment came during a sudden breakdown in Las Vegas. It prompted deep reflection on whether my work was really contributing positively to the world, or if I was part of the problem. This led to the establishment of Norrsken, a non-profit foundation aimed at empowering impactful businesses.Norrsken has since grown into a global impact ecosystem comprising more than 3000 members at our hubs, 166 portfolio companies, three Norrsken House hubs, and 750mEur+ under management through five impact-focused funds.The relationship between impact and commercial success.Commercial success is a means, not an end. The real goal for any company should be to positively impact people and the planet. Norrsken only backs companies where impact is integrated into the core of the business model, and where revenue growth is directly tied to positive outcomes.Further reading - Norrsken VC - impact measurement and reporting.How did you choose where to start? Why?Norrskens’ vision is a world where every dollar is invested for the good of people and the planet. Each part of the Norrsken ecosystem is designed to help further progress towards this end goal.Norrsken’s physical hubs are designed to create environments that foster connections, collaboration, and access to essential resources for impact-driven founders and investors.Our funds exist to help bridge the financing gap and bring more capital to the solutions that matter. Only 1% of global capital flows into impact. That figure should really be 100%. We back scalable solutions with a view towards making impact investing mainstream.Initiatives like the Impact/100 and Norrsken Mind are designed to showcase impactful ideas and people, inspiring others to pursue ventures that benefit the world, and to help shift cultural and economic norms towards a more sustainable future.Further reading:* Norrsken Impact/100* Norrsken MindAI & Impact - advantages & challengesAI has the potential to revolutionize sectors like climate research and medical advancements by enhancing human capacity for action and innovation.But like any technology, AI is just a tool. Like all tools, how it’s wielded will dictate outcomes. As long as our society is wired to maximize growth and profit above all else, AI will most likely exacerbate existing negative and unsustainable structures and processes, rather than help overturn them.Advice for emerging managers in the impact field?Embed purpose deeply into operations, and create a structure that reinforces a commitment to impact. This will help build trust and authenticity, and help you attract top talent.Further reading - Norrskens’ entire operating model is open source, and all key documents are freely available on our website.Tips & tricks for generalist VC investors about impact.In a world that is crossing six out of nine planetary boundaries, and is on-track for 3 degrees global warming before our grandchildren grow up, I find the notion of anyone continuing with “business as usual” to be utterly insane.Virtually every industry in the world - every part of the human economy, from manufacturing to shipping to agriculture to energy to construction, is completely incompatible with the biosphere. And yet, it all depends on the biosphere. It will all have to be reinvented - or be wiped out within a lifetime.It’s our moral and ethical imperative to focus all our efforts and attention on resolving the situation we’ve created for ourselves, to ensure a livable planet for generations to come. 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

Greetings to 3k+ Impact Supporters! 🌍 It’s August Solliv 👋 Today I am happy to announce the Impact Supporters podcast! The first episodes will be released in April. On the channel, you will find two types of episodes:* Impact Supporters episode that I organize, record, and host on my own* Impact Highlight Series episodes - which is a bi-weekly series that we have launched with friends at EUVC and Better Society Capital - and in which Dougie Sloan sometimes is a co-hostHope you like the new format and will listen along! 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