VCo2 | The Climate Investing Podcast

Listen now on Apple, Spotify, and YouTube.***While traditional VC prioritizes financial returns, makesense invest is proving that social and environmental impact can be at the core of investing, without sacrificing performance. Marion Schuppe, an Investment Director at makesense Invest, joins the podcast to discuss their unique model that integrates a VC fund inside a non-profit. In this episode, we cover:* How makesense balances nonprofit with venture capital* Raising a first-time impact fund: lessons from securing LP commitments* Why their team takes zero carried interest, and where it goes instead* The reality of recruiting top talent without traditional VC compensation* How to measure success beyond financial returns* And much more.. ***⌛TIMESTAMPS * 00:00 – Introduction:* 02:23 Understanding Venture Capital* 05:34 Make Sense: Mission and Model* 09:08 Investment Strategy and Impact* 16:02 Challenges and Innovations in Impact Investing* 23:07 Raising and Structuring Impact Funds* 31:10 Investment Process and Criteria* 41:14 Future of Make Sense Invest* 45:44 Fire Questions and Closing Remarks***▶️ CONNECT WITH MARION* Marion Schuppe - https://www.linkedin.com/in/marion-schuppe-50b35345/***🔗 CONNECT WITH ME * Newsletter - https://climateventuresvco2.substack.com/* LinkedIn - https://www.linkedin.com/in/hugorauch/* Email - climateventuresvco2@substack.com* YouTube - https://www.youtube.com/@VCo2_HugoRauch***📚 REFERENCES AND MENTIONS* maksense – a nonprofit and impact ecosystem* European Investment Fund (EIF) – LP backing makesense invest* BNP Paribas – LP in makesense invest * Serena Capital – co-managed a €90M impact fund with makesense invest* Social & Solidarity Economy – Business models prioritizing impact over profit* France’s Banque des Territoires – Institutional LP supporting impact VC*** 🎙️PAST EPISODES YOU’LL LOVE* Heidi Lindvall on Impact Assessments (Pale Blue Dot)* Eric Gossart on Impact VCs vs Traditional VCs (Racine2)* August Solliv on cleantech 1.0 lessons (Impact Supporters)* Tim Schumacher on selling to climate deniers (World Fund) ***💚 LEAVE A REVIEW * Apple Podcasts - https://shorturl.at/HIDcg * Spotify - https://shorturl.at/yDTfR This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit climateventuresvco2.substack.com

Listen now on Apple, Spotify, and YouTube.***Raphaele Leyendecker, a Managing Director at Techstars Sustainability Paris, where she has invested in 70+ climate tech startups, joins the podcast to discuss early-stage impact assessment and the french ecosystem as it compares to the global landscape. In this episode, we discuss:* Why early-stage impact assessment is often a myth* The biggest challenge for climate startups in France* How investors should really measure impact* The role of technological readiness levels (TRLs) in deep tech investing* How France’s climate tech ecosystem compares to the US and Nordics* Why founders should focus on revenue before certifications* And more...***TIMESTAMPS * 00:00 – Introduction:* 01:14 – Why Impact Assessment is Overrated for Early-Stage Startups* 04:45 – Defining Impact Metrics That Matter* 07:32 – Revenue vs. Impact: What Should Startups Prioritize?* 12:10 – Tools & Frameworks for Impact Investors* 18:25 – The Role of TRLs in Deep Tech & Hard Tech Startups* 22:40 – The Strengths & Weaknesses of the French Climate Tech Ecosystem* 30:15 – Why France is Slow to Scale Climate Innovation* 35:50 – Comparing France to the US, Nordics & Germany* 40:10 – Rapid-Fire Q&A: Advice for Founders & Investors* 48:00 – Closing Thoughts***CONNECT WITH RAPHAELE▶️ Raphaele Leyendecker - https://www.linkedin.com/in/raphaeleleyendecker***CONNECT WITH ME ▶️ Newsletter - https://climateventuresvco2.substack.com/🔗 LinkedIn - https://www.linkedin.com/in/hugorauch/📧 Email - climateventuresvco2@substack.com🔴 YouTube - https://www.youtube.com/@VCo2_HugoRauch***INVESTORS MENTIONED * Citizen Capital* Wind Capital* Racine2* Techstars Sustainability * Bpifrance GreenTech* Pale Blue Dot* Planet A Ventures* World Fund* Revaia * ETF Partners * 2150 VC* Norsken VCASSESSMENT TOOLS AND FRAMEWORKS* CSRD (Corporate Sustainability Reporting Directive)* SFDR Article 8 & 9 (EU impact fund classification)* Life Cycle Analysis (LCA)* SDGs (UN Sustainable Development Goals)* Scope 1, 2, 3 emissions tracking* Impact Business Model (Dutch framework)* Mouvement Impact France (French tool)STARTUPS MENTIONED* Kumulus* Miners AI * NDB Technologies* BiB Batteries* Pelikan Mobility * CarbonBright* SustainSoftBOOKS MENTIONED * Ralentir ou Périr by Timothée Parrique*** PAST EPISODES YOU’LL LOVE* Heidi Lindvall on Impact Assessments (Pale Blue Dot)* Eric Gossart on Impact VCs vs Traditional VCs (Racine2)* August Solliv on cleantech 1.0 lessons (Impact Supporters)* Tim Schumacher on selling to climate deniers (World Fund) ***LEAVE A REVIEW 💜 Apple Podcasts - https://shorturl.at/HIDcg 🟢 Spotify - https://shorturl.at/yDTfR This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit climateventuresvco2.substack.com

Listen now on Apple, Spotify, and YouTube.***Tim Schumacher, General Partner at World Fund, joins the podcast to share insights on building Europe's largest climate-tech VC and what it takes to back companies that even climate deniers would buy from.In our conversation, we explore:* World Fund's investment and fundraising strategy* Assessing startups with the climate performance potential (CPP) * Climate-tech that can sell to climate deniers * The founding of Ecosia* … and more!***TIMESTAMPS 00:00 Introduction01:22 Tim's Journey from Software to Climate Tech 06:18 Ecosia: A Climate-Friendly Search Engine 14:57 World Fund's Investment Strategy 20:11 The Importance of CO2 Reduction 26:03 Assessing Climate Performance Potential (CPP) 31:12 Defining the Ideal Founder 33:42 Global Applicability and Market Fit 37:32 Due Diligence in Climate Tech Investments 40:51 Selling to Climate Deniers 43:55 Future Outlook for Climate Tech 48:05 Rapid-Fire Questions 54:52 Closing Thoughts and Final Words***FRAMEWORKS* Climate Performance Potential (CPP) - A methodology developed by World Fund to assess how much carbon a technology can save over time.STARTUPS* Ecosia – A search engine that uses ad revenue to plant trees.* Planet A – chocolate alternative made from oats and precision fermentation.* Anaphite – Developing new battery production methods for electric vehicles.* Aedifion – AI-powered energy optimization for buildingsFUNDS* European Investment Fund (EIF): A major LP in World Fund.* World Fund – Europe's largest climate-tech VC.* Better Ventures – An impact-focused angel investment group.* Energy Impact Partners (EIP) – A later-stage climate-tech fund.***GUEST▶️ Tim Schumacher - https://www.linkedin.com/in/timschumacher/🔗 World Fund - https://www.worldfund.vc/***If you’re new here, I'm Hugo Rauch, the founder of VCo2 media and an aspiring climate tech VC who shares insights, interviews, and research about venture capital and climate tech. I aim to help you become a better climate-tech entrepreneur and smarter impact investor. ***CONNECT WITH ME ▶️ Newsletter - https://climateventuresvco2.substack.com🔗 LinkedIn - https://www.linkedin.com/in/hugorauch/📧 Email - climateventuresvco2@substack.com🔴 YouTube - https://www.youtube.com/@VCo2_HugoRauch*** PAST EPISODES* Heidi Lindvall on Impact Assessments (Pale Blue Dot)* Eric Gossart on Impact VCs vs Traditional VCs (Racine2)* August Solliv on cleantech 1.0 lessons (Impact Supporters)***LEAVE A REVIEW 💜 Apple Podcasts - https://shorturl.at/HIDcg 🟢 Spotify - https://shorturl.at/yDTfR *** SUPPORT 💻 Logo and brand design - Alexander Villinsky📹 Logo animation and transitions - Timothe Lucas This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit climateventuresvco2.substack.com

Listen now on Apple, Spotify, and YouTube.***August Solliv, a former climate VC, and author of the newsletter Impact Supporters joins the podcast to dive into the learnings from the first wave of cleantech startups and what it means for today’s climate-tech companies.In our conversation, we explore:* The reasons behind the rise and fall of Cleantech 1.0* The lessons learned for Climate Tech today.* The future of Climate Tech investments* ...and more! ⁠​***TIMESTAMPS 00:00 Introduction 01:15 Defining Cleantech 1.0 06:24 Case Study: Solyndra's Failure 20:21 Success Stories from Cleantech 1.0 27:38 The Emergence of Climate Tech 29:30 Differences Between Clean Tech and Climate Tech 38:26 The Future of Climate Tech Investments 41:12 Is Climate Tech Dead? 45:47 Rapid Fire Questions 50:31 Closing Thoughts and Recommendations***STUDIES* MIT Study on Cleantech 1.0 (2011)* John Doerr’s Cleantech Reflections* "Impact" by Sir Ronald CohenSTARTUPS AND FUNDS* Solyndra* Tesla* Northvolt* Kleiner PerkinsCONCEPTS* Evergreen Funds* Cleantech 1.0 (2006–2011)* Climate Tech 2.0 (Post-2010s)* Technology Readiness Levels (TRLs)***GUEST▶️ August Solliv - https://www.linkedin.com/in/augustsolliv/***If you’re new here, I'm Hugo Rauch, the founder of VCo2 media and an aspiring climate tech VC who shares insights, interviews, and research about venture capital and climate tech. I aim to help you become a better climate-tech entrepreneur and smarter impact investor. ***CONNECT WITH ME ▶️ Newsletter - https://climateventuresvco2.substack.com🔗 LinkedIn - https://www.linkedin.com/in/hugorauch/📧 Email - climateventuresvco2@substack.com🔴 YouTube - https://www.youtube.com/@VCo2_HugoRauch*** PAST EPISODES* Heidi Lindvall on Impact Assessments (Pale Blue Dot)* Eric Gossart on Impact VCs vs Traditional VCs (Racine2)***LEAVE A REVIEW 💜 Apple Podcasts - https://shorturl.at/HIDcg 🟢 Spotify - https://shorturl.at/yDTfR *** SUPPORT 💻 Logo and brand design - Alexander Villinsky📹 Logo animation and transitions - Timothe Lucas This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit climateventuresvco2.substack.com

Listen now on Apple, Spotify, and YouTube.***Heidi Lindvall, a general partner at Pale Blue Dot, a climate-focused venture capital fund from the Nordics, joins the podcast to discuss the unique challenges and opportunities in building a VC firm centered around climate impact.In our conversation, we explore:* Her approach to assessing impact as a climate-tech VC * Why intentionality is the most important criteria for impact * What we can learn from traditional startups and VCs * And more.. ***TIMESTAMPS 00:00 Introduction03:18 Why Invest in Climate Tech?05:31 Challenges and Opportunities in Climate Investing11:12 Understanding Impact Measurement22:23 Evaluating Founders and Intentionality30:46 Challenges with Climate Fund Restrictions34:39 Balancing Impact and Returns40:08 Annual Reporting and KPIs44:44 Carried Interest Linked to Impact47:22 Rapid Fire Questions54:15 Summary and Closing Remarks***REFERENCED• Impact Measurement Framework• SFDR Article 9 • Climate Pledge• Less is More by Jason Hickel***GUEST▶️ Heidi Lindvall - https://www.linkedin.com/heidi_lindvall***If you’re new here, I'm Hugo Rauch, the founder of VCo2 media and an aspiring climate tech VC who shares insights, interviews, and research about venture capital and climate tech. I aim to help you become a better climate-tech entrepreneur and smarter impact investor. ***CONNECT WITH ME ▶️ Newsletter - https://climateventuresvco2.substack.com🔗 LinkedIn - https://www.linkedin.com/in/hugorauch/📧 Email - climateventuresvco2@substack.com🔴 YouTube - https://www.youtube.com/@VCo2_HugoRauch*** PAST EPISODES YOU’LL LOVE• Lisa Mangertseder on Carbon Removal (Carbon Removal Partners)• Eric Gossart on Impact VCs vs Traditional VCs (Serena x Racine2)***LEAVE A REVIEW 💜 Apple Podcasts - https://shorturl.at/HIDcg 🟢 Spotify - https://shorturl.at/yDTfR *** SUPPORT 💻 Logo and brand design - Alexander Villinsky📹 Logo animation and transitions - Timothe Lucas This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit climateventuresvco2.substack.com

Listen now on Apple, Spotify, and YouTube.***Eric Gossart, a partner at Racine2, an 85 million euro impact fund focused on climate, health, and education, joins the podcast to discuss the differences between traditional venture capital and impact investing.⁠​⁠​In our conversation, we dive into:* The reasons behind his transition from traditional VC to impact investing* His approach to assessing and supporting impact-driven companies* The strategies he used and concerned he had when raising an impact fund⁠​***TIMESTAMPS 00:00 Introduction07:48 Defining “Impact” in Venture Capital10:42 Challenges and Strategies in Impact Investing15:07 The Role of VCs in Shaping the Future21:25 Aligning Business Models with Impact26:54 Measuring and Reporting Impact33:59 Understanding Technology Readiness Levels (TRL)37:49 Equity Stories and Fundraising Challenges43:39 Raising an Impact Fund56:54 Fire Questions***REFERENCED• Jean Moreau • Cap Horn• Serena and Racine2• Technology Readiness Level• Planet A• France 2030 • Antidote au culte de la performance***GUEST▶️ Eric Gossart - https://www.linkedin.com/in/eric-gossart***If you’re new here, I'm Hugo Rauch, the founder of VCo2 media and an aspiring climate tech VC who shares insights, interviews, and research about venture capital and climate tech. I aim to help you become a better climate-tech entrepreneur and smarter impact investor. ***CONNECT WITH ME ▶️ Newsletter - https://climateventuresvco2.substack.com🔗 LinkedIn - https://www.linkedin.com/in/hugorauch/📧 Email - climateventuresvco2@substack.com🔴 YouTube - https://www.youtube.com/@VCo2_HugoRauch*** PAST EPISODES YOU’LL LOVE• Lisa Mangertseder on Carbon Removal (Carbon Removal Partners)• Dan Bowyer on Climate Tech and Efficiency (SuperSeed VC)• Thomas Bajas on Energy Markets for Startups (Founders Future) ***LEAVE A REVIEW 💜 Apple Podcasts - https://shorturl.at/HIDcg 🟢 Spotify - https://shorturl.at/yDTfR *** SUPPORT 💻 Logo and brand design - Alexander Villinsky📹 Logo animation and transitions - Timothe Lucas This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit climateventuresvco2.substack.com

Listen now on Apple, Spotify, and YouTube.***Thomas Bajas, a VC at Founders Future, joins the podcast to discuss the energy market and how startups are trying to disrupt it. In our conversation, we explore:* The role of energy in modern economies and its link to climate change.* Innovations driving renewable energy, electrification, and smart grid technologies.* How to decarbonize energy and how we need to rethink the grid* Challenges for energy startups, from funding gaps to regulatory hurdles.* Venture capital’s role in driving innovation within the energy sector.***TIMESTAMPS 00:00 Introduction 05:52 The Role of the Grid08:22 Decarbonizing the Energy Mix09:13 Energy Efficiency and Smart Grids19:59 The Future of Energy Startups41:57 Venture Capital in Energy48:40 Final Thoughts and Predictions***REFERENCED• Vaclav Smil's "How the World Really Works"• First of a Kind (FOAK) Infrastructure• Green Premium Concept• Transmission System Operators (TSOs)• Distribution System Operators (DSOs)• Behind the Meter• Front of the Meter• V2G (Vehicle-to-Grid) and V2H (Vehicle-to-Home)• Startups: Plexigrid, Ampere Cloud, Plug***GUEST▶️ Thomas Bajas - https://www.linkedin.com/in/thomas-bajas/***If you’re new here, I'm Hugo Rauch, the founder of VCo2 media and an aspiring climate tech VC who shares insights, interviews, and research about venture capital and climate tech. I aim to help you become a better climate-tech entrepreneur and smarter impact investor. ***CONNECT WITH ME ▶️ Newsletter - https://climateventuresvco2.substack.com🔗 LinkedIn - https://www.linkedin.com/in/hugorauch/📧 Email - climateventuresvco2@substack.com🔴 YouTube - https://www.youtube.com/@VCo2_HugoRauch*** PAST EPISODES YOU’LL LOVECarbon Removal 101 with Lisa Mangertseder (Carbon Removal Partners)Dan Bowyer on Climate Tech, Efficiency, and Sustainable Innovation***LEAVE A REVIEW 💜 Apple Podcasts - https://shorturl.at/HIDcg 🟢 Spotify - https://shorturl.at/yDTfR *** SUPPORT 💻 Logo and brand design - Alexander Villinsky📹 Logo animation and transitions - Timothe Lucas This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit climateventuresvco2.substack.com

Listen now on Apple, Spotify, and YouTube.***Dan Bowyer, a partner at SuperSeed VC, a £50M UK fund investing in startups transforming the way the world works, joins the podcast to challenge conventional definitions of impact and climate tech.In our conversation, we explore:* The definition of impact and climate-tech* Doing more with less as a way to save the planet* How to transform industries through productivity and efficiency* Why B2B Startups can drive meaningful climate impact* The role of venture capital in creating scalable, sustainable change* Aligning economic and environmental goals in startup ecosystems* AI’s potential to revolutionize climate innovation***TIMESTAMPS 00:00 Introduction to Dan Bowyer and SuperSeed VC01:26 Dan's Investment Philosophy and Impact Definition02:46 Exploring Climate Tech and Impact05:45 Efficiency and Productivity in Business12:31 Examples of Impactful Investments26:05 The Role of Venture Capital in Climate Tech30:41 Rapid Fire Questions and Final Thoughts***REFERENCED• ThingTrax• Messium• AI Build• Maslow’s hierarchy of needs• Impact Reporting (sfdr 9)• GenCast by DeepMind• PACT.VC***GUEST▶️ Dan Bowyer - https://www.linkedin.com/in/danbowyer***If you’re new here, I'm Hugo Rauch, the founder of VCo2 media and an aspiring climate tech VC who shares insights, interviews, and research about venture capital and climate tech. My goal is to help you become a better climate-tech entrepreneur and smarter impact investor. CONNECT WITH ME ▶️ Newsletter - https://climateventuresvco2.substack.com🔗 LinkedIn - https://www.linkedin.com/in/hugorauch/📧 Email - climateventuresvco2@substack.com🔴 YouTube - https://www.youtube.com/@VCo2_HugoRauch*** 🏁 PAST EPISODES YOU’LL LOVECarbon Removal 101 with Lisa Mangertseder (Carbon Removal Partners)Jacqueline Van Den Ende (Carbon Equity)LEAVE A REVIEW 💜 Apple Podcasts - https://shorturl.at/HIDcg 🟢 Spotify - https://shorturl.at/yDTfR *** SUPPORT 💻 Logo and brand design - Alexander Villinsky📹 Logo animation and transitions - Timothe Lucas This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit climateventuresvco2.substack.com

Listen now on Apple, Spotify, and YouTube.***Lisa Mangertseder, a venture capital associate at Carbon Removal Partners, joins the podcast to explore the critical role of carbon removal in combating climate change. Carbon Removal Partners has invested in 15+ startups including Climeworks, Carbonfuture, and Heirloom.In our conversation, we discuss:* The carbon removal methods: from nature-based to high-tech solutions* Measuring and verifying carbon removal effectively* Business models and the evolving role of buyers* The importance of venture capital in scaling carbon removal technologies* Challenges of achieving scalability and affordability* The significance of compliance markets in driving adoption* The future of carbon removal as a cornerstone for net-zero goals***TIMESTAMPS 00:00 Introduction 01:14 Understanding CO2 and Its Impact 04:34 The Rise of the Carbon Market 09:16 Carbon Removal Technologies Explained 18:53 Direct Air Capture: The High-Tech Solution 21:25 Business Models in Carbon Removal 22:16 Understanding Carbon Removal Credits 22:50 Key Players in the Carbon Removal Industry 23:21 Revenue Streams for Carbon Removal Companies 24:44 Buyers of Carbon Credits 26:05 Challenges in Carbon Removal 27:43 The Importance of Permanent Carbon Removal 30:14 Scalability and Affordability 37:27 The Role of Venture Capital43:15 Advice for Entrepreneurs and Investors 45:39 Future Milestones in Carbon Removal 46:51 Conclusion and Summary***REFERENCED• Kyoto Protocol (1997)• Paris Agreement (2015)• Technological Readiness Level (TRL)• CDR.fyi• IPCC Standards• Article 6.4 of the Paris Agreement• Carbon Removal Resources Database***GUEST▶️ Lisa Mangertseder - https://www.linkedin.com/in/lisa-mangertseder***If you’re new here, I'm Hugo Rauch, the founder of VCo2 media and an aspiring climate tech VC who shares insights, interviews, and research about venture capital and climate tech. My goal is to help you become a better climate-tech entrepreneur and smarter impact investor. CONNECT WITH ME ▶️ Newsletter - https://climateventuresvco2.substack.com🔗 LinkedIn - https://www.linkedin.com/in/hugorauch/📧 Email - climateventuresvco2@substack.com🔴 YouTube - https://www.youtube.com/@VCo2_HugoRauch*** 🏁 PAST EPISODES YOU’LL LOVEJacqueline Van Den Ende (Carbon Equity)LEAVE A REVIEW 💜 Apple Podcasts - https://shorturl.at/HIDcg 🟢 Spotify - https://shorturl.at/yDTfR *** SUPPORT 💻 Logo and brand design - Alexander Villinsky📹 Logo animation and transitions - Timothe Lucas This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit climateventuresvco2.substack.com

Welcome to VCo2, a podcast for people interested in building, investing, and supporting impact startups. My goal is to help you become a smarter climate-tech entrepreneur and better impact investor. *** I'm Hugo Rauch, the founder of VCo2, a media about climate tech and venture capital. I'm an aspiring climate tech VC who shares insights, interviews, and research to help climate tech founders and investors. *** TIMESTAMPS 00:00 The Climate Crisis: A Tipping Point 00:21 The Role of Venture Capital in Climate Tech 00:33 Meet Hugo Rauch and VCo2 Media 00:48 What to Expect from VCo2 Media 01:16 Join the Journey Towards Sustainability *** CONNECT WITH ME ▶️ Newsletter - https://climateventuresvco2.substack.com🔗 LinkedIn - https://www.linkedin.com/in/hugorauch/📧 Email - climateventuresvco2@substack.com🔴 YouTube - https://www.youtube.com/@VCo2_HugoRauch*** 🏁 PAST EPISODES https://climateventuresvco2.substack.com/p/mobilizing-millions-of-people-to-c74 💜 Leave a review on Apple Podcasts https://shorturl.at/HIDcg 🟢 Leave a rating on Spotify https://shorturl.at/yDTfR *** SUPPORT 💻 Logo and brand design Alexander Villinsky📹 Logo animation and transitions Timothe Lucas This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit climateventuresvco2.substack.com