Terhi Vapola (Greencode VC): Can Software Drive The Green Transition?

Terhi Vapola (Greencode VC): Can Software Drive The Green Transition?

Author: Hugo Rauch October 14, 2025 Duration: 41:15

Brought to you 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. Contact them here.

***

🌊 The Second Swell Has Arrived

We’re back with Terhi Vapola, Founding Partner at Greencode Partners, a €70M venture capital fund investing in software solutions accelerating the green transition.

We dive into why software matters in climate, how to build defensible moats in a world of AI tools, and what it takes to raise a first-time fund in the toughest market in years.

In our conversation, we covered:

Why software is key to scaling climate impact faster

The difference between angel investing and managing other people’s money

How Greencode raised €70M as a first-time fund

Where software has real climate impact (AI, energy, industry)

How to assess risk and defensibility in climate SaaS

If you’re a software founder or investor in climate tech, this one’s a must-listen.

***

Reach out to Terhi:

Greencode VC

Dr. Terhi (TJ) Vapola | LinkedIn

Or ask me for an introduction! 👋

***

🌊 Next Swell Incoming

Don’t miss our next deep dive with Peter Platan, Investment Director (Fund of Funds) at Tesi, Finland’s sovereign investment 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 newwavenewsletter.substack.com

Hugo Rauch hosts New Wave, a podcast that lives at the intersection of business ambition and scientific reality. This isn't about distant predictions or abstract science; it's a grounded exploration of the technologies and companies being built right now to address our environmental future. Each episode focuses on the practical journey, dissecting the models, the breakthroughs, and the hard decisions that define the climate tech landscape. You'll hear from founders, researchers, and investors who are actively shaping this space, getting into the specifics of what works, what doesn't, and why. The conversations move beyond hype to examine the tangible mechanics of creating viable solutions, from energy storage and sustainable materials to carbon removal and regenerative agriculture. It’s for anyone who thinks about the climate challenge not just as a crisis, but as a complex and urgent field of innovation. By tuning into this podcast, you gain a clearer understanding of the economic forces and scientific principles driving the next generation of environmental solutions. New Wave connects the dots between the lab, the boardroom, and the impact we need to see in the world, offering a sober yet optimistic look at where substantive progress is truly being made.
Author: Language: English Episodes: 89

New Wave.
Podcast Episodes
Bridging the funding gap in biotech - Annick Verween (Biotope by VIB) [not-audio_url] [/not-audio_url]

Duration: 42:33
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 name…
How to Exit a Deep Tech Startup - Matt Jones (Syensqo) [not-audio_url] [/not-audio_url]

Duration: 20:10
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…
Climate Change Is a Social Issue - Alina Klarner (Impact Shakers) [not-audio_url] [/not-audio_url]

Duration: 40:14
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 a…
No One Pays for Green Anymore - Yair Reem (Extantia) [not-audio_url] [/not-audio_url]

Duration: 45:45
Listen now on Apple, Spotify, and YouTube.***This week, we’re joined by Yair Reem, Partner at Extantia Capital, to break down why the green premium is dead, and what’s next for climate-tech startups. In this episode, we…
When VC Meets Nonprofit - Marion Schuppe (makesense) [not-audio_url] [/not-audio_url]

Duration: 53:49
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 perfo…