Impact Supporters

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 [ImpactSupporters@thefootprintfirm.com].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