VCo2 | The Climate Investing Podcast

A weekly show at the intersections of venture capital and climate tech innovation. 

Followed by 30k+ founders and investors across all platforms. Listen to VCo2 | The Climate Investing Podcast on Spotify, Apple Podcast, and YouTube.

Podcast Host

The Impact Circle

Co-Founder

Microsoft

Aug 2024 - May 2025 - Cloud Economics (Manager)
Mar 2024 - Aug 2024: Climate Innovation Fund (FRP)
Sep 2023 - Feb 2024: Datacenter Controller (FRP)
Mar 2023 - Sep 2023: Strategic Ventures (FRP)
Jul 2022 - Mar 2023: Western Europe Finance (FRP)
Sep 2020 - Jul 2022: Azure Finance Analyst (Intern)

Finance and Climate Innovation Fund Analyst

Under Armour

FP&A - Wholesale and Direct To Consumer (Intern)

Deloitte

Audit - Private Equity (Intern)

Financial Analyst at Microsoft | Early-Stage Startups and VC insights at Explore podcast

👋 Hey, I'm Hugo.

I’m the Founder and Host of VCo2, The Climate Investing Podcast, a weekly show that gives you the insights, strategies, and real-world stories you need to invest smarter in climate innovations. On LinkedIn, I'm sharing insights, interviews, and analysis at the intersection of climate tech innovation and venture capital. 

If you are building, investing, or supporting impact startups, don't forget to click that 'follow' button.

Hugo 🫡

The Blue Economy Map (by Top Tier Impact) 🌊 

The sea produces 50% of the oxygen we breathe, yet we’re still degrading it. Blue economy startups are stepping in to protect ecosystems and a clean economy.

Here are 4 impact areas: 

▪️𝗦𝘂𝘀𝘁𝗮𝗶𝗻𝗮𝗯𝗹𝗲 𝗦𝗲𝗮𝗳𝗼𝗼𝗱 - Cultivated seafood, regenerative aquaculture, digital tools, food security

Startups: BlueNalu, Wildtype, Prime Roots, Umami Bioworks, Innovasea, Innovafeed, ZIVO Bioscience, Inc.

▪️𝗢𝗰𝗲𝗮𝗻 𝗥𝗲𝘀𝘁𝗼𝗿𝗮𝘁𝗶𝗼𝗻 - Carbon removal, coral rehab, marine data, seaweed innovations

Startups: Running Tide, OceanMind, north.io GmbH, PlanBlue, Origin by Ocean, Gigablue, Limenet, tēnaka

▪️𝗣𝗹𝗮𝘀𝘁𝗶𝗰 𝗔𝗹𝘁 𝗮𝗻𝗱 𝗖𝗹𝗲𝗮𝗻𝘂𝗽 – Bioplastics, waste recovery, circular materials, filtration, robotics, interception

Startups: The Ocean Cleanup, PolyGone, Kelpi, ByFusion, 4ocean PBC, RePlastic Recycle, RanMarine Technology

▪️𝗠𝗮𝗿𝗶𝗻𝗲 𝗥𝗲𝗻𝗲𝘄𝗮𝗯𝗹𝗲𝘀 - Wave energy, tidal turbines, offshore wind innovators, floating solar

Startups: Pacific Fusion, Leask Marine Ltd, Orbital Marine Power Ltd, CorPower Ocean, Minesto, Mocean Energy

Full landscape below. 👇

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📍 For more venture capital x climate-tech insights, follow me @Hugo Rauch or subscribe to my newsletter at the link below my name

Hugo Rauch

Climate and Venture Capital | Host of VCo2 Podcast

25 startups ideas to build a decarbonized world. 🏭🌍

Last month, Marble released their request for founders in residence, a curated list of 25 high-impact, high-upside climate opportunities. 

Here’s a quick summary:

𝗘𝗻𝗲𝗿𝗴𝘆 𝗔𝗯𝘂𝗻𝗱𝗮𝗻𝗰𝗲

 → Deep geothermal
 → Geothermal heat
 → Thermal batteries 
 → High-temp industrial decarb
 → SMRs for clean power & heat

𝗣𝗼𝘄𝗲𝗿 𝗜𝗻𝗳𝗿𝗮𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗲

 → Grid-friendly data centers
 → Demand-side flexibility 
 → New grid hardware
 → Responsive industry
 → Power Plants

𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝗶𝗮𝗹 𝗛𝘆𝗽𝗲𝗿𝘀𝗰𝗮𝗹𝗲

 → Green aluminium 
 → Battery manufacturing
 → Circular construction
 → Low-carbon manufacturing
 → Robotics for construction & energy

𝗕𝗶𝗼 𝗮𝗻𝗱 𝗠𝗮𝘁𝗲𝗿𝗶𝗮𝗹𝘀

 → Advanced biofuels
 → Electro-fermentation
 → High-productivity forestry
 → Sustainable fashion & textile recycling
 → Energy-positive wastewater tech

𝗥𝗲𝘀𝗶𝗹𝗶𝗲𝗻𝗰𝗲 𝗮𝗻𝗱 𝗔𝗱𝗮𝗽𝘁𝗮𝘁𝗶𝗼𝗻

 → Infrastructure adaptation
 → Saline agriculture
 → Enteric methane
 → Animal health
 → Climate insurance

👇 full list below in table form 👇

Which of these areas are you most excited about?

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 📍 For more climate x VC content, follow me @Hugo Rauch

Green Computing Startups Map (by World Fund)⚡

As AI and data infrastructure continue to expand, so do emissions from chips, cloud, and computing. We need a more sustainable approach across the entire value chain. 

Here are 7 green computing innovation areas: 

▪️ 𝗠𝗮𝘁𝗲𝗿𝗶𝗮𝗹𝘀 - Next-gen semiconductors and substrates with lower energy impact

Startups: Black Semiconductor, GeneSiC Semiconductor, Navitas Semiconductor

▪️ 𝗠𝗮𝗻𝘂𝗳𝗮𝗰𝘁𝘂𝗿𝗶𝗻𝗴 - Hardware fabrication & processing with lighter energy footprints

Startups: Space Forge, Lace Lithography, FononTech, Flexciton, LIDROTEC

▪️ 𝗖𝗵𝗶𝗽 𝗗𝗲𝘀𝗶𝗴𝗻 - Energy-efficient processors & advanced logic architectures

Startups: Skycore Semiconductors, CELUS, UPMEM, SEMRON, NUVIA, ZeroPoint Technologies

▪️ 𝗤𝘂𝗮𝗻𝘁𝘂𝗺 - A faster and energy efficient to process complex computing problems

Startups: IQM Quantum Computers, Quanscient, kiutra, Quobly, planqc

▪️ 𝗡𝗲𝘂𝗿𝗼𝗺𝗼𝗿𝗽𝗵𝗶𝗰 𝗮𝗻𝗱 𝗣𝗵𝗼𝘁𝗼𝗻𝗶𝗰𝘀 - Brain-like chips and light-based computing for high efficiency

Startups: SynSense, Innatera, Enlightra, GEMESYS 

▪️ 𝗦𝗼𝗳𝘁𝘄𝗮𝗿𝗲 𝗜𝗻𝗻𝗼𝘃𝗮𝘁𝗶𝗼𝗻𝘀 - Reducing compute demand with smarter code and cloud

Startups: Deep Render, COMPREDICT, Scaleway, Qsimov, CloudSigma, GridPocket, Literal Labs

Find more startups on the map below. 👇

---

📍 For more climate-tech x venture capital content, follow me @Hugo Rauch and subscribe to my podcast on your favorite platforms

Because someone always has to go first. 💸

Before the seed round, before the press, before there’s even a product, there’s that moment of pure conviction.

When someone wires money into a risky idea with:

❌ No revenue.
❌ No traction.
❌ Maybe not even a name.

So, what does it really take to write the first check?

On July 8th, I’m co-hosting a LIVE Open Climate Session with Skander to dive deep into early-stage climate investing, with 3 people who’ve actually written that first check:

→ Hampus, GP @ Pale blue dot
(€180M across 2 seed funds)

→ Andreas, Solo GP @ Prototype Capital
($100–200K conviction bets into hard tech)

→ Jonny, Co-founder @ Marble
(launching 25 climate startups in 5 years)

We’ll unpack deal psychology, conviction filters, sourcing strategies, and how early-stage investors think when there’s no data, only ambition.

👉 Join us for 60 minutes of radical candor.
🔗 Comment "𝗙𝗶𝗿𝘀𝘁 𝗖𝗵𝗲𝗰𝗸" and I'll send you the link

No buzzwords. No fluff. 

Just sharp insights from those who do it.

Is Europe becoming the new leader in climate tech? 💸🌎

I've asked Tove Larsson, General Partner at Norrsken VC, one of Europe’s largest impact funds, to come on the podcast and break it down for us.

In this episode, we talked about:

→ How policies and urgency fuel innovation
→ Embracing failure to build global winners
→ The key traits shared by unicorn founders
→ Next-gen family offices interest in climate
→ ... and more! 

We also explored how software + hardware is unlocking new frontiers - with companies like terralayr, juna.ai, Vind AI and evroc leading the charge. 

Want to dive deeper? 👇

📺 Watch on YouTube: https://lnkd.in/gYbxQNCH
🎧 Listen to the podcast: https://lnkd.in/gqTAEZMC

Thanks for the chat, Tove! 🙌

---

Shout-out to Raphaele for the introduction.

These giant buoys turn waves into electricity.⚡

(€20M raised to generate clean energy)

CorPower Ocean is a Swedish company founded by Patrik Möller and Stig Lundbäck is producing clean energy from wave power. 

Their tech mimics how the heart pumps, using internal pressure to amplify motion.

Here’s what they’ve built:

→ Generates up to 850 kW of clean energy per buoy
→ Stays operational through major storms
→ Raised €20M+ to scale toward 20 GW global capacity

Wave energy isn’t a dream. It’s happening. 

Could this be the future of coastal power?

---

📍 For more insights at the edge of climate, venture capital and innovation, follow me @Hugo Rauch

Climate & Venture Capital | Host of VCo2 Podcast

🎬 End of season 1 - thank you! 💚

I started VCo2 to demystify climate investing and share the insights, and real-world stories that help investors back climate innovation with confidence.

And wow, what a ride. 

A huge thank you to all the brilliant guests who joined me this season. Your are shaping the future. 

Eric, Romain, Marion, Yair, Tim, Raphaele, Thomas, Lisa, Heidi, August, Tina, Benedikt, Jan, Alina, Matt, Annick, Hendrik, Austin, Andrew, Laurits, Olivier, Lauri, Craig, Benjamin, Desirée, Helena, Tove - thank you. 💚

Catch up on all episodes → https://lnkd.in/e8v_6sf7

📊 A few milestones we hit:

→ 35,000+ plays across all platforms
→ 4,000 newsletter subscribers
→ 33,000 LinkedIn followers
→ Invited to 3 major events as a media voice

What's next? 

I'll be releasing a few off-season episodes (new formats & voices) over the summer. And season 2 officially launches in September 

Let’s keep learning and funding what matters.

Have a great summer! ☀️
- Hugo

---

P.S. Who are the sharpest climate investors you know? Tag them in the comments, I’d love to feature them next season.

This is the world's first AI data center underwater. 🌊

(and it is saving 40% energy)

Just off the coast of Hainan, China launched the world’s first fully operational and at-scale AI underwater data center.

Here’s what makes it interesting:

→ Servers cool down naturally with seawater
→ No need for AC or freshwater use
→ Cuts energy needed by 40%

This datacenter supports all the regular workloads, from AI models to traditional compute. It can handle 7.000 deepseek conversations per second.

But is it a true breakthrough, or a new way to stress ocean ecosystems? Let me know your thoughts in the comments. 

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📍 For more insights on venture capital and climate innovation, follow me @Hugo Rauch

Deep Tech Fundraising Benchmarks - H1 2025 🧪📊

Peter Walker (Carta) just released fresh deep tech startup fundraising data (valuation, cash raised, dilution) in 2025 based on 403 US rounds from January to May.

Here’s what you need to know:

𝗣𝗿𝗲-𝗦𝗲𝗲𝗱 🌿
 → Valuation: $10M / $14M / $20M
 → Cash Raised: $0.7M / $0.9M / $1.2M
 → Dilution: 5.9% / 11.5% / 19.6%

𝗦𝗲𝗲𝗱 🌱
 → Valuation: $15M / $23M / $36M
 → Cash Raised: $2.2M / $2.6M / $8.6M
 → Dilution: 8.8% / 17.5% / 31%

𝗦𝗲𝗿𝗶𝗲𝘀 𝗔 🪴
 → Valuation: $35.6M / $62.4M / $156.7M
 → Cash Raised: $6.0M / $11.8M / $28.2M
 → Dilution: 13.0% / 20.0% / 27.0%

𝗦𝗲𝗿𝗶𝗲𝘀 𝗕 🌲
 → Valuation: $79.4M / $120.7M / $319.8M
 → Cash Raised: $11.0M / $25.7M / $48.8M
 → Dilution: 11.0% / 19.0% / 23.5%

𝗦𝗲𝗿𝗶𝗲𝘀 𝗖 🌳
 → Valuation: $72.1M / $223.6M / $575.6M
 → Cash Raised: $8.3M / $39.2M / $87.5M
 → Dilution: 12.0% / 15.0% / 22.5%

---

📍 For more climate x deep tech insights, follow me @Hugo Rauch or listen to VCo2 | The Climate Investing Podcast by clicking the link below my name

Climate capital works better when it’s collective. 🌿

At ChangeNOW, I caught up with Helena Wasserman, co-founder of Investors for Climate, to talk about the power of community and capital.

Helena has built something remarkable:

→ A referral-only investor community
→ With strict entry rules 
→ And intimate gatherings hosted in people's homes

This model is now live in 32 cities and growing fast.
It has become a trusted network of 400+ climate investors.

For founders, this is a goldmine:

→ Access to angels, family offices, VCs, and CVCs
→ All in one place.

Want to dive in? 👇

📺 Watch the episode: https://lnkd.in/eyVwxG-j
🎧 Listen to the conversation: https://lnkd.in/eDDFyF-v

Thanks for a great conversation, Helena!

VCs need a new playbook for emerging markets. 🌍

This week, Desirée Pettersson VC at Satgana, comes on the podcast to talk about the need to rethink VC for emerging markets and why the old playbook doesn’t work.

Here are 3 takeaways that stuck with me:

→ 𝗗𝗲𝗮𝗹 𝗳𝗹𝗼𝘄 𝗶𝘀 𝗻𝗼𝘁 𝘁𝗵𝗲 𝗽𝗿𝗼𝗯𝗹𝗲𝗺

Africa may only get 1% of global VC, but quality deal flow is emerging fast from countries like Nigeria, Kenya, Egypt, and South Africa.

Examples: Kubik, Inc., Mazi Mobility, Wattnow, Revivo

→ 𝗝𝗼𝗯 𝗰𝗿𝗲𝗮𝘁𝗶𝗼𝗻 𝗶𝘀 𝗰𝗹𝗶𝗺𝗮𝘁𝗲 𝗮𝗱𝗮𝗽𝘁𝗮𝘁𝗶𝗼𝗻

In Africa, creating jobs isn’t just economic development. It’s climate resilience. Founders solving basic needs through sustainable business models are doing both at once.

→ 𝗦𝗼𝗹𝘃𝗶𝗻𝗴 𝗳𝗼𝗿 𝗰𝗼𝘀𝘁, 𝗻𝗼𝘁 𝗴𝗿𝗲𝗲𝗻 𝗽𝗿𝗲𝗺𝗶𝘂𝗺

African founders aren’t building climate startups to look good. They’re solving urgent needs. The green outcome is a bonus, not the pitch.

Want to dive in? 👇

📺 Watch the episode: https://lnkd.in/gTThC6Qn
🎧 Listen to the podcast: https://lnkd.in/gnuTxfPJ

Thanks for a great conversation, Desirée! 🙌

Indonesia, then vs. now. 🌿

(reforestation funded by internet searches)

Ecosia is a search engine that gives away 100% of its profits to plant trees all over the world. It’s one of the easiest ways to support reforestation with zero effort.

They recently posted this photo that blew my mind. 

This is of one their projects:  

→ Supporting natural regeneration
→ Planting native trees with local communities
→ Replacing palm oil monoculture with real biodiversity

This is what 5 years of progress looks like. 

Slow, steady, green. 🌳

---

📍 For more climate and VC stories, follow me @Hugo

🌳 Want to learn more? Listen to my podcast episode with Tim Schumacher, one of their early investors.

The New Framework Powering Climate Tech Success. 📝

This week, Laurits Bach Soerensen from Nordic Alpha Partners comes on the podcast to break down why green tech startups fail and how to fix it.

Laurits shares a framework called hyper-transformation. 

It’s a four-part model (disruption, adoption, hyper-growth, hardtech) built for climate tech founders and investors to navigate the challenges of scaling a green tech startup. 

In this episode, we discussed: 

→ The $215T re-industrialization opportunity ahead
→ How to use the hyper-transformation framework
→ Why Northvolt failed, and what we can learn from it
→ Tesla’s success through the lens of the BCSA model
→ ... and more! 

Want to dive in? 👇

📺 Watch the episode: https://lnkd.in/eUB_ktsa
🎧 Listen to the podcast: https://lnkd.in/eVc7xzU5

Thanks for a great conversation, Laurits! 🙌

Switzerland is turning its railways into solar farms. ☀️🚆

A Swiss startup called Sun-Ways just completed its first pilot project: installing 100 meters of removable solar panels between train tracks.

Here’s what they’ve done so far:

→ Installed 48 panels
→ Each panel is 385W capacity
→ Up to 16 MWh/year of clean electricity

And that’s just the beginning, thanks to a clever installation system that can deploy 1,000m² of panels per day, Sun-Ways plans to scale across Switzerland’s entire network.

If they succeed, that would mean:

→ 2.5 million panels
→ 1 TWh of clean electricity annually
→ 2% of Switzerland's energy needs

More of this, please. 👏

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📍 For more climate-tech stories like this, follow me @Hugo Rauch or listen to VCo2 | The Climate Investing Podcast on all your podcast platforms.

The First Check Starter Pack. 💸🌿

Ahead of today’s fireside chat, which I’m co-hosting with Skander from Climate Drift, we’ve released a starter pack on navigating first checks in climate. 

It’s built for first-time founders and early-stage investors. Beginner to advanced. And packed with the best resources we’ve found.

Here’s what’s inside:

→ What makes early-stage climate investing different
→ Who’s actually writing these early checks
→ The psychology + playbook behind conviction funding
→ ...and more

Whether you’re just getting started or deep in the game, there’s something here for you.

👇 Grab the pack at the first link in the comments
🗓️ And see you at the fireside (link in the comments)

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📍 For more venture capital x climate-tech insights, follow me @Hugo Rauch or subscribe to the podcast at the link below my name

2025 Climate Investor Market Sentiment Survey. 🌿

Sightline Climate (CTVC) just dropped their 2025 Climate Investor Sentiment Survey revealing tough market headwinds, but also areas of growing interest.

Here are 4 key insights:

→ 𝗠𝗼𝘀𝘁 𝗶𝗻𝘃𝗲𝘀𝘁𝗼𝗿𝘀 𝗲𝘅𝗽𝗲𝗰𝘁 𝗙𝗢𝗔𝗞 𝗳𝘂𝗻𝗱𝗶𝗻𝗴 𝘁𝗼 𝘀𝗵𝗿𝗶𝗻𝗸. 

First-of-a-kind is still the number one climate finance bottleneck. What's the solution to financing the first commercial stage facility?

→ 𝗧𝗵𝗲 𝗺𝗶𝘀𝘀𝗶𝗻𝗴 𝗺𝗶𝗱𝗱𝗹𝗲 𝗶𝘀 𝘄𝗵𝗲𝗿𝗲 𝗰𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 𝗳𝗮𝗶𝗹

40% of investors say the $45m–$100m range is the hardest to finance, as it is stuck between venture capital and infrastructure funds. Do we need more collaboration?

→ 𝗖𝗹𝗲𝗮𝗻 𝗲𝗻𝗲𝗿𝗴𝘆 𝗿𝗲𝗺𝗮𝗶𝗻𝘀 𝗵𝗼𝘁 𝗯𝘂𝘁 𝗶𝘀 𝗻𝗼𝘁 𝗮𝗹𝗼𝗻𝗲

Investors are bullish on grid, storage, and the AI-energy intersection, followed by the built environment, industrial decarbonization, and adaptation play.

Investors in my network, what's your outlook for the year?

---

📍 For more climate and VC insights, follow me @Hugo

Investors: here's how to spot a great founder. 🙌🌿

I recently recorded a podcast with Benjamin Tincq from Marble where we broke down the DNA of exceptional (deep tech) startup founders.

Here’s what to look for:

1. 𝗖𝗼𝗮𝗰𝗵𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗰𝗼𝗺𝗲𝘀 𝗳𝗶𝗿𝘀𝘁.

Can they take feedback, or are they stuck in their worldview?

2. 𝗣𝗿𝗼𝗱𝘂𝗰𝘁𝗶𝘃𝗶𝘁𝘆 𝗰𝗼𝗺𝗽𝗼𝘂𝗻𝗱𝘀. 

Are they learning fast?
Does the rate of learning go faster as time goes on?

3. 𝗦𝗶𝗺𝗽𝗹𝗶𝗰𝗶𝘁𝘆 𝗮𝗹𝘄𝗮𝘆𝘀 𝘄𝗶𝗻𝘀.

Can they break down complex ideas in simple terms?

4. 𝗦𝗲𝗹𝗹𝗶𝗻𝗴 𝗶𝘀 𝗮 𝘀𝘂𝗽𝗲𝗿𝗽𝗼𝘄𝗲𝗿. 

Can they sell their vision to co-founders, customers, and investors?

5. 𝗗𝗿𝗶𝘃𝗲 𝗮𝗻𝗱 𝗿𝗲𝘀𝗶𝗹𝗶𝗲𝗻𝗰𝗲 𝗺𝗮𝘁𝘁𝗲𝗿 𝗺𝗼𝘀𝘁.

Are they obsessed with the problem?
Will they push through setbacks? 
Are they never going to take no for an answer?

These are the traits that stand out every time.

Comment "Climate" & I'll send you the link to this episode. 

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📍 Curious about climate-tech and venture capital? Follow me @Hugo Rauch for more insights or listen to the podcast on YouTube, Apple Podcast, and Spotify.

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