New Wave.

Listen now on Apple, Spotify, and YouTube.

In this episode, I’m joined by Lauri Reuter, founding partner at Nordic FoodTech VC. We go deep into the mechanics of food tech. Not the kind you see on supermarket shelves, but the kind powering the supply chain, transforming ingredients, and reshaping global agriculture.

We talk about:

* Investing when consumers don’t care about sustainability

* The underestimated complexity of food innovation

* Case studies in ingredient and input replacement

* How biotech is redesigning egg whites, chocolate, and aroma compounds

* The food tech trends to ignore, and the ones to back

* … and more!

Watch this episode on YouTube. 👇

⌛TIMESTAMPS

* 0:00 Introduction

* 01:35 Why Food Tech?

* 05:22 Understanding the Food Tech Opportunity

* 09:51 Investing When There's No Appetite for Sustainability

* 15:59 Building Conviction in Food Tech

* 25:20 Investing in Deep Tech Startups

* 33:28 Nordic Innovation in Food Tech

* 37:15 Rapid Fire Questions with Lauri Reuter

📚 REFERENCES

* Endless Food (cocoa alternative)

* Evodia (aroma from engineered yeast)

* Chromologics (natural food colors through fermentation)

* Onego Bio (egg white via fermentation)

🤝 SPONSOR THIS PODCAST

* Fill in this form: Become a sponsor of the podcast

💚 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 newwavenewsletter.substack.com

Listen now on Apple, Spotify, and YouTube.

From underwater data cables to aging transformers, the infrastructure powering our world is under pressure, and increasingly, under threat. But could national security, not just decarbonization, be the force that finally accelerates the energy transition?

In this episode, I’m joined by Austin Wood, Investment Manager at SET Ventures, to unpack why security is becoming a central force behind the energy transition and how their latest investment in OPTICS11 plays at the intersection of deeptech, defense, and critical infrastructure.

We explore:

* Why energy systems are now national security issues

* The mechanics and strategy behind their investments in OPTICS11

* How fiber optic sensing can detect failures before they happen

* The overlap between climate, security, and infrastructure

* The economics of partial discharge monitoring (and why you should care)

* … and more!

Watch this episode on YouTube. 👇

⌛TIMESTAMPS

* 00:00 Introduction to the episode

* 02:00 Austin's Story

* 03:10 SET Ventures Investment Strategy

* 08:05 Optics 11: Security as a Driver of the Energy Transition

* 17:20 Explaining Partial Discharge

* 19:50 What Convinced SET to Invest?

* 28:09 Investment Mechanics

* 30:01 Security as a New Driver for Energy Transition

* 36:50 LP Appetite for Climate-Tech

* 38:51 Rapid Fire Questions

📚 REFERENCES

* Optics 11 – Fiber optic sensing for infrastructure and subsea monitoring

* Wallbox Chargers – EV chargers and energy management software

* Partial Discharge Monitoring – Detecting early failure signs in transformers

* Royal Smitt – Transformer OEM + servicing partner

* Dutch Navy – Early adopter and signal of defense relevance

* SET Ventures – Digital energy VC based in Amsterdam

* Join Capital – Dual-use and defense-focused VC syndicate partner

🤝 SPONSOR THIS PODCAST

* Fill in this form: Become a sponsor of the podcast

💚 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 newwavenewsletter.substack.com

Listen now on Apple, Spotify, and YouTube.

Thank you to BioEsol for sponsoring this episode. 💚

BioEsol is an AI-powered energy company bringing Energy-as-a-Service (EaaS) to industrial and SME clients, enabling energy autonomy, cost savings, and sustainability - with no upfront investment. In April, the company will open its Series A round to accelerate its expansion in France & Europe.

This week, we’re joined by Andrew Shebbeare, co-founder of Counteract, to unpack the state of carbon removal in 2025, what's broken, what's working, and what needs to change. From LP dynamics to resilient startup models, we cover it all.

In this episode, we discuss:

* Why raising capital for CDR is harder in 2025

* The shift from hype to fundamentals in CDR

* Carbon credits vs. carbon-negative business models

* Advice for both investors and founders in the carbon space

* Why MRV and ecosystem enablers matter more than ever

* … and more!

Watch this episode on YouTube. 👇

⌛TIMESTAMPS

* 00:00 Introduction to the episode

* 03:45 A sci-fi take on the current political/economic moment

* 08:30 What founders are experiencing on the ground in 2025

* 11:09 The carbon credit myth: what startups really sell

* 14:35 Business models from the Counteract portfolio

* 21:00 Has the hype died? What Hello Tomorrow 2025 revealed

* 25:19 Headwinds vs tailwinds for carbon removal

* 29:52 How much CO₂ has Counteract catalyzed so far?

* 33:40 What LPs are now looking for in climate funds

* 39:03 How to identify resilient carbon removal startups

* 42:24 The role (and limits) of storytelling in CDR

* 45:11 🔥 Fire Questions

📚 STARTUPS MENTIONED

* Chloris Geospatial (trees from space)

* Seqana (soil MRV)

* AgriCarbon (robotic soil sampling)

* Adaptavate (carbon-negative wallboards)

* Concrete4Change (CO₂ in concrete)

* Crew Carbon (alkaline wastewater)

🤝 SPONSOR THIS PODCAST

* Fill in this form: Become a sponsor of the VCo2 Podcast

💚 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 newwavenewsletter.substack.com

Listen now on Apple, Spotify, and YouTube.

Thank you to BioEsol for sponsoring this episode. 💚

BioEsol is an AI-powered energy company bringing Energy-as-a-Service (EaaS) to industrial and SME clients, enabling energy autonomy, cost savings, and sustainability - with no upfront investment. In April, the company will open its Series A round to accelerate its expansion in France & Europe.

This week, we’re joined by Dr. Hendrik Brandis, co-founder and partner at Earlybird Venture Capital, to explore the surprising role space technology can play in fighting climate change.

We discuss:

* How satellite imagery helps monitor earth activities

* Why space-based solar farms could be a game-changer

* The economic & environmental impact of launching satellites

* The opportunities and risks of "sun shields" to combat global warming

* Why venture capital needs to think bigger about climate tech scalability.

* … and more!

If you’re passionate about climate innovation and frontier technologies, this episode is for you. 👇

⌛TIMESTAMPS

* 00:00 Introduction to the episode

* 02:06 The Role of Space Technology in Climate Solutions

* 09:47 The Debate on Space Pollution

* 14:47 Personal Motivation Behind Climate Action

* 19:21 Investment Opportunities in Space Technology

* 25:01 Net Zero Space Launch

* 26:31 Investment opportunities in space tech

* 33:14 Investment Strategies in Deep Tech

* 40:46 Synergies Between Space Tech and Climate Tech

* 43:13 Rapid Fire Questions

▶️ CONNECT WITH HENDRIK

* Dr. Hendrik Brandis - https://www.linkedin.com/in/dbrandis/

🤝 SPONSOR THIS PODCAST

* Fill in this form: Become a sponsor of VCo2 Podcast

💚 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 newwavenewsletter.substack.com

Listen now on Apple, Spotify, and YouTube.

***

This week, we’re joined by Annick Verween, Head of Biotope at VIB, where she backs early-stage biotech startups working to improve planetary health. With Biotope recently named one of Europe's leading startup hubs by the Financial Times, it's the perfect time to dig into what’s really going on in early-stage biotech.

In this episode, we explore:

* Why investors are hesitant to back early biotech startups

* How incubators like Biotope bridge the pre-seed funding gap

* The “valley of death” in biotech, and how to survive it

* What makes a startup fundable at the seed stage

* How scientists can become founders and sellers

* The growing opportunity in biotech x AI

* … and more!

If you’re a founder raising capital, an investor exploring biotech, or just curious about what’s next for the sector, this is a must-listen. 👇

***

⌛TIMESTAMPS

* 00:00 Introduction to the episode

* 03:12 Early Stage Biotech Startups

* 05:35 Understanding the Funding Gap in Biotech

* 07:24 Supporting Early Stage BioTech

* 09:45 How Biotope Impacts Startups

* 11:49 What Makes a Biotech Startup Fundable?

* 15:13 Navigating the Valley of Death

* 18:50 Trends in Early Stage Biotech Investment

* 26:00 Approaching Investors for Funding

* 29:32 Investment Timelines in Biotech

* 30:51 Scientific Validation and Funding

* 32:17 Opportunities in Biotech Startups

* 38:18 The Role of Advisors in Biotech

* 40:51 Rapid Fire Questions on Biotech

***

***

▶️ CONNECT WITH ANNICK

* Annick Verween (Head of Biotope at VIB) – LinkedIn

***

📚 REFERENCES AND MENTIONS

* Technology Readiness Levels (TRL)

* “Valley of Death” in startup financing

* Pre-seed to seed funding gap

* VIB (Flemish Institute for Biotechnology)

* Biotope (early-stage investment and incubation arm)

***

🎙️PAST EPISODES YOU’LL LOVE

* How to Exit a Deep Tech Startup - Matt Jones (Syensqo)

* USA vs Europe: Who Wins In Climate? - Matthew Blain (Voyager Ventures)

* Founders Should Operate Like Athletes – Romain Vidal (Teampact Ventures)

* Climate Change Is a Social Issue - Alina Klarner (Impact Shakers)

***

💚 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 newwavenewsletter.substack.com

Listen now on Apple, Spotify, and YouTube.

***

Thank you to BioEsol for sponsoring this episode. 💚

BioEsol is an AI-powered energy company bringing Energy-as-a-Service (EaaS) to industrial and SME clients, enabling energy autonomy, cost savings, and sustainability - with no upfront investment. In April, the company will open its Series A round to accelerate its expansion in France & Europe.

***

This week, we’re joined by Matthew Blain, Principal at Voyager Ventures, a climate fund investing across Europe and the US. In this conversation, we break down the key differences between Europe and America.

We discuss:

* Why Europe’s software climate startups are outperforming

* The deeptech-commercialization gap and how to fix it

* What the US loan program office got right (and why it matters)

* Lessons from academia, accelerators, and growth capital

* The cultural differences in ambition between European and US VCs

* How founders and funds can think globally from day one

* … and more!

***

⌛TIMESTAMPS

* 00:00 Introduction to the episode

* 01:46 Europe has great research universities

* 02:58 Comparing Investment Ecosystems: Europe vs. US

* 05:57 The European Advantage

* 08:40 The Role of Accelerators and Government Support

* 10:50 Grant Financing: The US advantage

* 11:28 The Loan Program Office

* 12:54 The problem with European Growth Fund

* 16:21 How can investors drive change

* 19:58 Ambition and Global Mindset in European Startups

* 25:13 Europe vs America: who wins in climate tech?

* 29:59 Collaboration Between US and European Investors

* 33:51 VC to VC conversation

* 35:54 Rapid Fire Insights

***

▶️ CONNECT WITH MATTHEW

* Matthew Blain - https://www.linkedin.com/in/matthew-blain-vc/

* Voyager Ventures - https://www.voyagervc.com/

***

📚 REFERENCES AND MENTIONS

* Activate – US deeptech accelerator

* Loan Program Office (US DOE) – Government debt vehicle

* ARIA (UK) – Advanced Research & Innovation Agency

* SPRIND (Germany) – Government agency backing breakthrough innovation

* BPI France – State-backed French investment bank

* Atomico’s State of European Tech – Annual report on EU startup activity

* Book: Venture Deals – by Brad Feld & Jason Mendelson

***

🎙️PAST EPISODES YOU’LL LOVE

* How to Exit a Deep Tech Startup - Matt Jones (Syensqo)

* Founders Should Operate Like Athletes – Romain Vidal (Teampact Ventures)

* Climate Change Is a Social Issue - Alina Klarner (Impact Shakers)

***

💚 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 newwavenewsletter.substack.com

Listen now on Apple, Spotify, and YouTube.

***

This week, we’re joined by Matt Jones, Managing Partner at Syensqo, to break down one of the toughest challenges in climate tech: how to exit.

With 25 years of experience and a front-row seat to both successful and failed exits, Matt shares:

* How to recognize the right window for exiting

* The biggest red flags in corporate partnerships

* How CVCs think about alignment, strategy, and exits

* What founders get wrong when they pitch to corporations

* How to make deep tech exits work

* … and more!

***

⌛TIMESTAMPS

* 00:00 Introduction to the episode

* 0:54 Climate Tech Exits 101

* 02:22 Understanding Exit Strategies for Investors

* 04:55 How to assess the exit environment?

* 05:47 The IPO Dream: Are Startups Ready?

* 07:33 Taking a company public as a CVC?

* 08:38 Navigating Acquisitions: Finding Potential Buyers

* 11:23 The Role of Corporates in Exit Strategies

* 13:53 Is it important for founders to have an exit strategy?

* 15:37 Common Mistakes in Engaging with Corporate VCs

* 17:35 Rapid Fire Questions: Insights and Advice

***

▶️ CONNECT WITH MATT

* Matt Jones – LinkedIn

* Syensqo | Advancing Humanity

***

🔗 CONNECT WITH ME

* Newsletter - https://climateventuresvco2.substack.com/

* LinkedIn - https://www.linkedin.com/in/hugorauch/

* Email - [email protected]

* YouTube - https://www.youtube.com/@VCo2_HugoRauch

***

📚 REFERENCES AND MENTIONS

* The Lean Startup – Startup playbook on building fast & learning from customers.

* Syensqo Ventures – Corporate VC backing climate and materials startups.

* Breakthrough Energy Ventures – Climate tech fund backed by Bill Gates.

* M&A – Mergers & acquisitions as startup exits.

* IPOs – Taking a private company public.

* SPACs – A faster alternative to IPOs via shell companies.

* EBITDA & Accretive – Key financials in exit deals.

* Corporate VC (CVC) – Corporates investing in startups.

* Exit Windows – Timing matters for exits.

***

🎙️PAST EPISODES YOU’LL LOVE

* Founders Should Operate Like Athletes – Romain Vidal (Teampact Ventures)

* Solving the Energy Crisis with Software - Jan Lozek (Future Energy Ventures)

* Climate Change Is a Social Issue - Alina Klarner (Impact Shakers)

***

💚 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 newwavenewsletter.substack.com

Listen now on Apple, Spotify, and YouTube.

***

Thank you to BioEsol for sponsoring this episode. 💚

BioEsol is an AI-powered energy company bringing Energy-as-a-Service (EaaS) to industrial and SME clients, enabling energy autonomy, cost savings, and sustainability - with no upfront investment. In April, the company will open its Series A round to accelerate its expansion in France & Europe.

***

This week, we’re joined by Alina Klarner, the General Partner at Impact Shakers - a fund, accelerator, and ecosystem built to back diverse impact founders. In this episode, we explore how climate and social challenges intersect, and why investing at that intersection leads to stronger outcomes.

We discuss:

* Why investing in diverse teams is a competitive advantage

* The business case for aligning climate and social impact

* Embedding systemic thinking into startup models from Day 1

* What VCs can do to make the ecosystem more inclusive

* … and more!

***

⌛TIMESTAMPS

* 00:00 - Introduction

* 04:31 - Co-Founder Dating is Key

* 06:29 - Investing at the Intersection of Climate and Social Issues

* 08:52 - The Economic Rational Behind Climate + Social*

* 12:33 - Embedding Social Impact in Business Models

* 14:29 - Investment Criteria for Diverse Founders

* 16:22 - Tools for Assessing Impact

* 20:18 - Investment Criteria for Diverse Founders

* 23:58 - Access to Capital for Diverse Founders

* 25:48 - Encouraging VCs to Invest in Climate and Social

* 27:41 - Policies for Impact Investing

* 32:26 - VCs talk to VCs

* 35:24 - Fire Questions

***

▶️ CONNECT WITH ALINA

* Alina Klarner – Alina Klarner | LinkedIn

* Impact Shakers - Impact Shakers

***

🔗 CONNECT WITH ME

* Newsletter - https://climateventuresvco2.substack.com/

* LinkedIn - https://www.linkedin.com/in/hugorauch/

* Email - [email protected]

* YouTube - https://www.youtube.com/@VCo2_HugoRauch

***

📚 REFERENCES AND MENTIONS

* Byway – Flight-free travel company

* Nibs Etc. – Upcycled juice pulp into granola

* Circular Library Network – Hardware/software for peer-to-peer sharing

* Farcorda – Aggregates secondhand product listings across platforms

* Vested Impact – Impact due diligence tool used by Impact Shakers

* Impact Principles (Impact Shakers internal framework – link it)

***

🎙️PAST EPISODES YOU’LL LOVE

* Dr Benedikt Buchspies - How to Use LCAs for VC Investments (Planet A)

* Tina Dreimann on Community Investing in Climate Tech (better ventures)

***

💚 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 newwavenewsletter.substack.com

Listen now on Apple, Spotify, and YouTube.

***

This week, we’re joined by Jan Lozek, founder and managing partner at Future Energy Ventures, to discuss energy-tech investment opportunities and why software is the missing piece in this value chain.

In this episode, you’ll learn:

* Why AI is crucial for managing decentralized energy systems

* How software turns homes and EVs into virtual power plants

* How to build partnerships with utilities and navigate regulations

* What every founder should know about scaling in energy markets

* … and more!

***

⌛TIMESTAMPS

* 00:00 - Introduction

* 01:01 - Most Exciting Energy Technologies

* 02:22 - Current Trends in Energy Technology

* 04:41 - Do We Need More Hardware Startups?

* 06:14 - The Role of AI in The Energy Transition

* 08:36 - There Are Two Large Challenges In The Grid

* 10:49 - How Much Can We Power Europe with Renewables?

* 11:58 - Are we consuming more energy than before?

* 13:07 - The Future of Energy: Hardware vs. Software

* 15:35 - Risks and Challenges For Energy Startups

* 18:34 - Building The Dream Team for Energy

* 23:40 - Scaling in the European Market

* 25:42 - Support from VCs to Founders

* 28:24 - Rapid Fire Questions and Closing Thoughts

***

▶️ CONNECT WITH JAN

* Jan Lozek – https://www.linkedin.com/in/lozekjan/?originalSubdomain=de

* Future Energy Ventures - https://fev.vc/

***

🔗 CONNECT WITH ME

* Newsletter - https://climateventuresvco2.substack.com/

* LinkedIn - https://www.linkedin.com/in/hugorauch/

* Email - [email protected]

* YouTube - https://www.youtube.com/@VCo2_HugoRauch

***

📚 REFERENCES AND MENTIONS

* Piclo – Flexibility marketplace for energy systems

* Reev – Smart EV charging infrastructure

* Virtual Power Plants (VPPs)

* Grid congestion & curtailment

* Vehicle-to-Grid (V2G)

* AI for real-time energy trading

* Carbon Capture & Storage (CCS)

* Technology Readiness Levels (TRLs)

***

🎙️PAST EPISODES YOU’LL LOVE

* Romain Vidal on How Elite Athletes’ Mindset Can Transform Startups (Teampact)

* Yair Reem on The Death of The Green Premium (Extantia)

***

💚 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 newwavenewsletter.substack.com

Listen now on Apple, Spotify, and YouTube.

***

This week, we’re joined by Romain Vidal, co-founder of Teampact Ventures, a VC firm leveraging high-performance methodologies from professional sports to support climate and health startups.

In this episode, we cover:

* Why startups should learn from sports teams, not from corporates

* How delayed gratification and resilience create long-term success

* The mindset of elite athletes that founders should adopt

* The importance of team culture in driving performance

* … and more!

***

⌛TIMESTAMPS

* 00:00 - Introduction

* 01:34 - The Philosophy Behind Teampact Ventures

* 06:04 - The Importance of the Mission and Values

* 07:50 - Lessons from Elite Athletes for Startups

* 13:54 - Building Disciplines and Resilience in Startups

* 16:24 - Individual vs. Collective Performance in Startups

* 23:08 - Common Challenges For Startups

* 24:48 - Peak Performance and Startups Readiness

* 26:32 - The Value of Teamwork in Individual Sports

* 29:02 - You Need to Collaborate with Your Ecosystem

* 31:11 - The Role of Team Culture in Startups

* 34:30 - Diversity in Investor Profiles

* 39:08 - Athletes x Investors

* 41:16 - The World Needs Better Role Models

* 43:37 - Fire Questions

***

▶️ CONNECT WITH ROMAIN

* Romain Vidal – https://www.linkedin.com/in/vidalromain/

* Teampact Ventures - https://www.teampact.ventures/

***

🔗 CONNECT WITH ME

* Newsletter - https://climateventuresvco2.substack.com/

* LinkedIn - https://www.linkedin.com/in/hugorauch/

* Email - [email protected]

* YouTube - https://www.youtube.com/@VCo2_HugoRauch

***

📚 REFERENCES AND MENTIONS

* Delayed gratification (Stanford marshmallow experiment)

* Sports team models (All Blacks, Spurs, French handball team)

* Nikola Karabatic (Handball)

* Raphaël Varane (Football)

***

🎙️PAST EPISODES YOU’LL LOVE

* Tina Dreimann on Community Investing in Climate Tech (better ventures)

* Yair Reem on The Death of The Green Premium (Extantia)

***

💚 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 newwavenewsletter.substack.com