Who Writes The First Check in Climate?

Who Writes The First Check in Climate?

Author: Hugo Rauch July 24, 2025 Duration: 1:18:58

How do you secure that first yes from a climate investor?

And how do you build the conviction needed to write the first check?

***

Co-hosted by Climate Drift and VCo2, this brutally honest conversation features three of the sharpest minds in early-stage investing, Hampus Jakobsson (Pale Blue Dot), Jonny Everett (Marble), and Andreas Klinger (Prototype Capital), to lift the curtain on how decisions are made when there’s barely a product, let alone traction.

You’ll learn:

→ Why traction isn’t what gets deals done

→ What “founder-problem fit” really means

→ The checklists behind venture decisions

→ How to cut through the noise and get noticed

→ … and more!

This conversation is gold if you’re raising a first round, backing pre-seed startups, or trying to figure out how to stand out in a crowded fundraising market.

***

⌛TIMESTAMPS

00.00 Introduction

01:28 What Hampus Looks For

02:31 Investors Can Be Fast

04:11 Checklist to Build A Startup

06:25 An Investor's Checklist

17:27 Matching People and Ideas

22:50 Market Shifts 2025

35:19 Getting Investor Attention

40:48 Planning for Returns

42:19 What is a Good Investor?

47:38 Planning Future Rounds

52:35 The Dynamics of Fundraising

56:02 Honesty in Rejections

1:02:04 Engineering Momentum

1:05:09 Seek a No

1:10:06 Building Real Relationships

1:13:35 Getting Noticed by Marble

1:16:22 The Upside of Failure

1:17:52 Closing Thoughts

***

Pale Blue Dot: https://paleblue.vc/

The Drop: https://thedropconf.com/

Prototype: https://www.prototypecap.com/contact/

Andreas' Channel:  ⁨@prototypecap⁩ 

Marble: https://marble.studio/about

Climate Drift: https://www.climatedrift.com/

VCo2: https://climateventuresvco2.substack.com/

***

📚 STARTER PACK

We have prepared this Starter Pack as your crash course in early-stage climate investing, the people doing it, the psychology behind it, and the playbook that gets the first check over the line. Enjoy!

***

💚 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
Maex & Philip: 2x Unicorn Founders, Now Climate Investors [not-audio_url] [/not-audio_url]

Duration: 45:52
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…
Thibaud Martin (Altrove): $10M to Reinvent Materials Discovery [not-audio_url] [/not-audio_url]

Duration: 23:00
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…
How LPs Pick Climate Funds [not-audio_url] [/not-audio_url]

Duration: 53:01
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 lo…
Guillaume Gras (ECBF): Investing In Growth-Stage Circular Startups [not-audio_url] [/not-audio_url]

Duration: 52:01
🌊 The Fifth Swell Has ArrivedWhat does circularity really look like when the hype fades?I sat down with Guillaume Gras, Investment Director at ECBF and former Innovafeed co-founder (raised over €250M), to unpack how clim…
The Case For "Boring" Industries [not-audio_url] [/not-audio_url]

Duration: 28:43
This week on New Wave Weekly: 👉 The case for “boring” industriesWhy old-school sectors like steel, cement, mining, and logistics may be the best places for climate founders to win (if you can crack GTM and avoid CapEx tr…
Laura Fox (Streetlife Ventures): Investing in Sustainable Cities [not-audio_url] [/not-audio_url]

Duration: 51:24
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). Jo…
A Few Thoughts on Stegra | Collaborative Capital | AI Meets Fusion [not-audio_url] [/not-audio_url]

Duration: 48:48
This week on New Wave Weekly: 👉 Stegra and the Billion-Euro GapSweden’s Stegra (formerly H2 Green Steel) raised €6.5 billion to build Europe’s largest green-steel plant, then the FT called it a “funding crisis.” Is this…
Base Power Raises $1B | EIP’s Mega Fund | Germany’s CCS Push [not-audio_url] [/not-audio_url]

Duration: 56:15
Brought to you by:D-CRBN - a Belgian startup turning industrial CO₂ emissions into valuable feedstock using cutting-edge plasma technology. If you want to learn more, reach out directly to David Ziegler or Gill Scheltjen…
Terhi Vapola (Greencode VC): Can Software Drive The Green Transition? [not-audio_url] [/not-audio_url]

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…