Ep. 183: Nancy Pfund, Founder and Managing Partner at DBL Partners
Nov 15, 2021
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Nancy Pfund, Founder and Managing Partner at DBL Partners, discusses double bottom line investing, advice for founders in climate tech, and the importance of prioritizing actions in the transition to a sustainable economy. She also explores past investments in renewable energy and electric vehicles, their approach to investing in fossil fuels, and the value of building networks and collaboration for impactful change.
DBL Partners focuses on investing in innovative companies that deliver strong financial returns while driving social, economic, and environmental improvement.
DBL acknowledges the mistakes of CleanTech 1.0 but sees the current wave of clean technology innovation as more promising due to advancements in technology, market dynamics, and public sentiment towards sustainability.
DBL emphasizes the need for better metrics, pricing mechanisms for carbon, and collaborations to drive meaningful change in reducing the carbon footprint.
Deep dives
DBL Partners' Mission and Investment Strategy
DBL Partners is a double bottom line venture capital firm that aims to invest in innovative companies that deliver strong financial returns while driving social, economic, and environmental improvement. With a focus on sustainability, DBL has invested in sectors like solar, wind, energy storage, and agriculture. The firm emphasizes the importance of measuring impact using metrics and believes that impact investing is better investing, leveraging the power of markets and innovation to address critical social and environmental issues.
Challenges and Opportunities in Impact Investing
DBL Partners acknowledges the challenges and risks in impact investing, such as the need to navigate policy, technology, and financial hurdles. They strive to find a balance between technology-driven solutions and addressing regulatory and societal aspects. While DBL doesn't shy away from catalytic investments or capital-intensive projects, they prioritize portfolio construction to ensure a mix of risk and return. They also value collaboration with other impact investors, accelerators, and incubators to strengthen the ecosystem.
Lessons from CleanTech 1.0 and the Importance of Persistence
DBL Partners acknowledges the mistakes and failures in CleanTech 1.0 but highlights the importance of those early investments in creating the renewables and electric vehicle sectors that exist today. They emphasize the need for a blend of technology innovation and policy changes to drive impact. DBL sees the current wave of innovation in clean technology as more promising due to advancements in technology, market dynamics, and public sentiment towards sustainability.
Role of Carbon Offsets and Future Policy in Climate Solutions
DBL acknowledges the role of carbon offsets in monetizing environmental protection and believes they can play a part in reducing the carbon footprint. However, the firm also emphasizes the need for better metrics and continuous improvement in the authenticity and legitimacy of offsets. DBL supports the development of a pricing mechanism for carbon and removal of energy subsidies to level the playing field for clean technologies. They also recognize the importance of engaging in policy discussions and collaborations to drive meaningful change.
DBL's Optimism and Call for Collaboration
As impact investors, DBL Partners maintains an optimistic outlook and believes in the power of innovation, collaboration, and persistence to address the challenges of climate change. They encourage entrepreneurs, advocates, journalists, and policymakers to engage with them and the broader community to drive the clean energy transition. DBL emphasizes the role of metrics, portfolio construction, and engagement across sectors to achieve sustainable impact and financial returns.
Today's guest is Nancy Pfund, Founder and Managing Partner at DBL Partners.
DBL Partners is a venture capital firm whose goal is to combine top-tier financial returns with meaningful social, economic, and environmental returns in the regions and sectors in which it invests. The firm focuses on cleantech, information technology, sustainability products and services, and healthcare.
Nancy is the Founder and Managing Partner at DBL Partners. Before founding DBL, Nancy was a Managing Director in Venture Capital at JPMorgan. She started her investment career at Hambrecht & Quist in 1984. Nancy has also worked at Intel Corporation, the State of California, Stanford University, and the Sierra Club. She sponsors or sits on the board of directors of several companies, including Farmers Business Network, Andela, The Muse, Zola Electric, Bellwether Coffee, Spatial, and, before their public offerings, Tesla and Pandora. In September 2020, Nancy was named to the FORBES 2020 Impact 50 List of the most notable impact investors, was featured in the 2014 FORTUNE Inaugural World's Top 25 Eco-Innovators, and appeared on Fast Company's 2016 List of Most Creative People in Business.
I was looking forward to sitting down with Nancy. She explains DBL Partners, why the "double bottom line" is vital to the firm's success, and what led her to focus on climate change. Nancy also shares what she learned from cleantech 1.0, how climate investing has evolved over the past two decades, and the sectors DBL focuses on. In addition, we have a lively discussion on carbon removal, nuclear energy, and the role fossil fuels play in the clean future. Nancy is a fantastic guest.
Enjoy the show!
You can find me on twitter @jjacobs22 or @mcjpod and email at info@myclimatejourney.co, where I encourage you to share your feedback on episodes and suggestions for future topics or guests.