New Wave.

Thank you to this week’s sponsor:Accelerating Impact - a non-profit advancing impact finance by mobilizing capital and running free accelerator programs for emerging fund managers. Join for expert coaching, training, financial support, and a strong community. Apply here.***🌊 A New Swell Has ArrivedInside Better Society Capital’s approach to returns, impact, and the next gen of funds.We’re joined by Dougie Sloan, Head of Venture at Better Society Capital, the UK’s largest social impact investor and a cornerstone LP across 120+ impact-driven funds.In this episode, we dive into how an LP actually evaluates venture funds, and what it really takes to raise from an impact-oriented institutional investor. Dougie breaks down portfolio construction, return expectations, impact methodology, and the LP role in shifting European VC.In our conversation, we covered:→ How Better Society Capital selects funds → Why impact doesn’t imply concessionary returns→ Why Europe needs more specialist funds→ Where impact actually drives commercial performance→ The state of liquidity in venture across the world→ How LPs assess team, repeatability, and firm-building→ Practical fundraising advice for GPs raising today***Links:Douglas on LinkedInBetter Society CapitalOr ask me for an intro!Impact as a driver of value.Join the Impact VC community This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

This week on New Wave Weekly:👉 Aris Machina lands a monster “pre-seed”Founded by two former Northvolt leaders — including Peter Carlsson — Aris Machina wants to build the agent OS for manufacturing, unifying messy factory data into a global optimization layer. But can you really standardize manufacturing when every plant is different?👉 AI for Manufacturing: hype cycle or real inflection?Europe and the U.S. saw multiple rounds this week alone — Aris, Forges, Drift — as investors wake up to $8T in manufacturing inefficiency. But are we funding the next Palantir… or just fancy consulting with better branding?👉 Is China already at “nine sigma”?A live debate: Are Western factories actually decades behind? Some say China’s battery plants have already cracked near-zero-fault manufacturing — so what does that mean for European AI startups betting on yield optimization?***Wave Makers: Jonny Everett - MarbleMatthew Blain - Voyager VenturesYair Reem - ExtantiaHugo Rauch - New Wave This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

We’re joined by Alex Bakir, Partner at Norrsken Evolve, an operator-turned-investor who has built and scaled companies across Silicon Valley and Europe before launching one of the continent’s most distinctive early-stage climate funds.In this episode, we dive into why Europe’s climate tech story needs a new foundation, one rooted in productive capacity, supply-chain sovereignty, and operator-led support for founders, and what it really takes to convince LPs in today’s market.In our conversation, we covered:→ Why climate cycles repeat, and why this one is different→ What Alex actually sold to LPs (and why he was oversubscribed)→ The real gap at pre-seed: sophistication, not capital→ Momentum as the new signal: how Norrsken Evolve picks winners→ Why resilience ≠ defense, and what Europe misunderstands→ The role of regionalization and the end of “global by default.” This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

This week on New Wave Weekly: 👉 Einride’s $1.8B IPO: A look inside the priceThe Swedish freight-tech giant is heading to the NYSE via SPAC at a 40× revenue multiple. Is the market ready for a Tesla-for-freight, or is this déjà vu of the SPAC boom? 👉 Vertical integration vs. “just pick a lane” Einride builds hardware, software, autonomous systems, logistics optimization, everything. Too much stack risk, or the only way to make TCO work in freight? 👉 Europe’s climate champions keep listing abroad Another European climate-tech leader chooses the US public markets. What does this say about the European markets and the long-awaited EU-INC?***Wave Makers: Craig Douglas - World FundJulia Attwood - Sightline ClimateHampus Jakobsson - Pale Blue DotHugo Rauch - New Wave This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Today on New Wave Weekly: Sightline Climate just released the Globalization in climate tech report (download it here). I sat down with Julia Attwood, Head of Research at Sightline, to chat about the key takeaways for European investors. 👉 Europe is committed to climate tech, but still missing the big checksEurope matches the US in number of deals and early-stage activity… so why are growth-stage rounds 31% smaller? Are we losing momentum at exactly the wrong moment?👉 Policy is Europe’s superpowerFrom the EU ETS and CBAM to the Clean Industrial Deal, Europe is quietly building the world’s most durable decarbonization incentives. Is this the “carbon price flywheel” moment?👉 Project deployment: Europe takes the lead55% of the global announced green cement capacity is in Europe, and 70% of what’s actually under construction. Industrial decarbonization is becoming a real market. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

We’re joined by Hampus Jakobsson, Partner at Pale Blue Dot, longtime founder, operator, and one of Europe’s most prolific early-stage investors.In this episode, we dive into what it means to be a “five” in agency, how great teams form, why climate became unavoidable for him, and how Pale Blue Dot built an unconventional fund model that actually works for founders.In our conversation, we covered:→ Why The Astonishing Tribe scaled from six friends to 180 people across the world→ The traits Hampus looks for in the first 10 hires of any startup→ How extreme agency became his superpower, and occasional liability→ The personal story that shaped his worldview on care, speed, and craft→ Why climate wasn’t obvious at first… and then became the only rational choice→ How Pale Blue Dot balances “three solo GPs” inside one fund→ What founders consistently misunderstand about VC***Supported by:Accelerating Impact - an independent non-profit advancing impact finance by mobilizing capital toward sustainable development and running free accelerator programs for emerging fund managers (ICFA, ISFA). Join for expert coaching, training, financial support, and a strong peer community. Apply here.***Listen now:Apple // Spotify // YouTubeConnect with Hampus:Hampus on LinkedInPale Blue DotOr ask me for an intro! This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

This week on New Wave Weekly: 👉 Why chip cooling is becoming a climate storyData centers are hitting thermal limits. Nvidia says liquid cooling is inevitable. Is cooling the hidden bottleneck of the AI revolution?👉 How to actually diligence deep techFrom techno-economic models to hyperscaler roadmaps, Maxi, Jordan, and Jake break down how investors separate real breakthroughs from nice demos.👉 Europe’s deep tech momentIs Europe better positioned to build the next climate mega-companies than in the software era?***Wave Makers: Maxi - HV CapitalJordan - IQ CapitalJake - Voyager VenturesHugo - New Wave***(00:00) Introduction(01:15) What chip cooling has to do with climate(03:15) Corintis and the future of liquid cooling(10:40) Selling to hyperscalers without dying(16:49) Gen 1 to Gen 3: crossing the valley of commercial death(18:25) How to assess “good deep tech”(27:03) Why deep tech valuations are high(32:29) Europe vs. the US: who wins the deep tech race?(37:03) Advice for generalist VCs entering deep tech This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

How two founders turned a decade of building too-early ideas into a climate investment thesis for the next industrial wave.We’re joined by Maex Ament and Philip Stehlik, co-founders of two unicorns (Taulia and Centrifuge) and now founding partners at Earth, a new European climate fund investing across the industrial stack.In this episode, we dive into how being “too early” became their edge, what it really takes to sustain a 20-year co-founder relationship, and how ex-founders think differently when they start backing the next generation of climate entrepreneurs.In our conversation, we covered:→ Why great co-founder relationships are like marriages (and how to make them last)→ Why being too early can be a founder’s superpower, if you can survive it→ How ex-founders approach venture investing differently→ Why climate investing is the new industrial revolution (not just a cause)→ What “climate dynamism” really means, and why green premiums are dead***Supported by:☕ Climate Coffee: Max Bray and his co-founder have been building a fast-growing community and series of meet-ups connecting founders, investors, operators, and scientists in climate tech across Europe. Read more here.***Connect with Maex & Philip: Maex AmentPhilip Stehlikearth.nowOr ask me for an intro! This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Today on New Wave: Altrove just raised $10M to reinvent how new materials are discovered, using AI and robotics to replace the world’s rarest elements. This week, I sat down with Thibaud Martin, Altrove’s co-founder and CEO, to unpack:👉 AI Meets Material ScienceAltrove just raised $10M to accelerate the discovery of new materials that can replace rare earths - a mission that could redefine global supply chains.👉 From Serendipity to Systematic DiscoveryFor centuries, new materials were found by accident. Now, with AI and robotized labs, Altrove is inventing never-before-seen substances in weeks, not decades.👉 Europe’s Supply Chain AwakeningWith China controlling 90%+ of rare earth refining, Altrove’s tech could become a pillar of European sovereignty - one recipe at a time.***Wave Makers: Thibaud Martin - Altrove.aiHugo Rauch - New Wave This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

This week on New Wave Weekly: 👉 How LPs really select climate fundsFrom 500 decks to a handful of checks, LPs reveal how they go about screening and selecting funds at the top of the funnel.👉 What due diligence really looks likeThe invisible marathon: deep dives, and months of follow-ups. Here’s how to keep momentum alive until the check lands.👉 Impact vs. Returns: Can you have both?Ferd, Carbon Equity, and Aurum Impact all say yes, but the road to proving market-rate climate returns is long, patient, and full of nuance.***Wave Makers: Anniken - FerdBas - Carbon EquityJan - Aurum Impact***Chapters:(00:00) Introduction(02:24) Selecting Climate Funds(07:30) How to Get a First Meeting(13:45) LP–GP Fit(19:24) Common Mistakes(22:55) Building an Edge(26:54) Impact vs Returns(33:20) Branding and Strategy Drift(38:45) Market Sentiment & Returns(41:11) Due Diligence Behind the Scenes(47:41) Getting the First Commit This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com