Investment Climate

Episode 83: The Footprint Firm: Jonas Ahm-Lundgren on the Hybrid VC-Advisory Model and the Art of the Hard Pivot In this episode, I sit down with Jonas Ahm-Lundgren, Partner at the Footprint Fund, which recently announced the first close of their €76M pre-seed and seed climate tech fund. Jonas breaks down their highly unusual structure—operating a venture fund under the same roof as a major sustainability advisory firm—and how this "army of smart folks" gives them an unfair advantage in corporate networking and due diligence. We dig into their investment in Octarine Bio, detailing how the founders executed a brilliant hard pivot from medical psilocybin to bio-based colorants for textiles and food. Jonas also explains why tackling deeply fragmented, high-pollution markets like textile dyeing requires a 12-year fund structure and an immense amount of founder resilience. 🎧 Listen to the full episode to hear Jonas's "whaling ship" analogy for venture capital and why startups should never ignore unsolicited inbound interest from Fortune 500 companies.Key Facts The Footprint Fund:Goal: To invest €0.5M to €2M checks in early-stage climate tech companies across Northern Europe, prioritizing deep impact aligned with massive financial returns.Milestone: Closed a €76M debut fund backed by a highly condensed roster of top-tier Danish LPs, including Novo Holdings, Northeast Family Office, and the Danish government fund EIFO.

Episode 82: Evergreen Select: Jim Miller on Big Pharma execution, 3D scaffolding, and the Hybrid Meat strategy In this episode, I sit down with Jim Miller, President and CEO of Evergreen Select, a cultivated meat company that has raised roughly $55M to date, backed heavily by lead investor S2G. Jim brings over 30 years of Fortune 500 biotech and Big Pharma execution (including COVID vaccine commercialization) to the cultivated meat sector. He breaks down why Evergreen abandoned complex plant-based hybrid blends in favor of a direct "drop-in" strategy: blending their 100% lean, non-GMO cultivated beef biomass directly with traditional ground beef. We dive into the science behind their 3D bovine scaffolding that allows them to harvest solid chunks instead of a liquid slurry—achieving massive titers north of 350 grams per liter—and how they are positioning their product as a hedge against the volatile spot prices of the traditional beef industry. 🎧 Listen to the full episode to hear Jim’s masterclass on extreme board transparency and why daily scrums are vital for startup survival.Key Facts Evergreen Select:Goal: To supply meat processors with a highly scalable, non-GMO cultivated lean beef biomass that blends seamlessly with traditional ground beef to stabilize costs and supply.Milestone: Successfully raised ~$55M to date (with a recent $8M injection) while advancing regulatory dossiers for commercialization in both the US and Singapore.

Episode 81: Doen Ventures: Tom Doornik on the Regenerative Economy and why VCs are wrong to ignore Consumer BrandsIn this episode, I sit down with Tom Doornik, Investment Associate at Doen Ventures, an Amsterdam-based early-stage impact VC backed by the Doen Foundation. Tom walks us through their thesis on the "regenerative economy" and why they write €350K to €700K pre-seed and seed checks for both B2B enabling tech and B2C sustainable brands across the Benelux, DACH, and Nordic regions. We dive deep into their recent investment in Koppie, a Belgian startup creating a single-ingredient coffee alternative from fermented legumes. Tom explains how Koppie bypassed the heavy CapEx trap by seamlessly integrating into existing coffee supply chains and CDMOs, allowing them to compete on price immediately amidst massive global coffee supply shortages. 🎧 Listen to the full episode to hear how Tom navigates the regulatory labeling challenges of alternative coffee and why Doen Ventures actively seeks out impact-driven FMCG brands.Key Facts Doen Ventures:Goal: To invest in the "regenerative economy" (from regenerative agriculture to the blue economy), focusing on restoring harm done to the planet rather than just incremental resource efficiency.Milestone: Actively managing a portfolio of nearly 70 investments and deploying €350K to €700K initial checks (with multi-million follow-on capacity) across Northern Europe.Alex’s Top Findings: The Ultimate CapEx Hack: Supply Chain Interoperability. Doen Ventures didn't just invest in Koppie for the science; they invested because the commercialization path was hyper-efficient. Koppie's legume-based coffee alternative utilizes standard off-the-shelf roasting machinery and downstream CDMOs. By acting as a seamless "drop-in" product, they avoid the multi-million dollar VC death trap of building a proprietary factory, keeping their unit economics at true price parity. "They don't need to build their own factory or production line. They can work with existing parties that have the machinery to get production going. And I think for the phase they're in, that's a huge advantage because... it lowers CapEx requirements, therefore funding requirements. And it just makes the whole funding play way easier."The "Systemic Change" LP Structure. Because Doen Ventures is part of a foundation, they aren't bound by traditional GP/LP return pressures that force VCs to chase quick SaaS multiples. This allows them to focus purely on "systemic change." They define impact not just as resource efficiency (doing less bad), but true regeneration—actively restoring degraded soil health and relieving the ecological pressure caused by the global coffee supply chain. "We don't have a very typical GP/LP structure. We have money that is aimed at realizing systemic change... The way we look at impact is regeneration, meaning how can we actually restore or regenerate the harm that we have done over the years."The Contrarian Bet on B2C Consumer Brands. While the vast majority of FoodTech VCs are currently running away from consumer brands (favoring B2B ingredients), Doen Ventures is actively leaning in. Tom highlights that systemic change requires mass consumer adoption, and dismissing brands as mere "marketing wrappers" ignores the necessary reality of actually selling the transition to the end-user. "We're really looking for consumer brands as well. I think for many investors, there's quite some doubts or hesitancy about brands, seeing them more as marketing wrappers and we actually see them as a very valuable tool to drive impact because in the end you need to convince consumers."

Episode 80: Verley Food: Hélène Briand on closing a $38M Series A without a bridge round and executing on time In this episode, I sit down with Hélène Briand, Co-founder and Chief Innovation & Commercial Officer at Verley Food, a French precision fermentation company that recently made headlines by closing a massive $38M Series A led by Alvin. Hélène reveals the disciplined, milestone-obsessed playbook that allowed them to go from Seed to Series A without needing a bridge round. We discuss how she proved commercial traction before having a product to sell by putting prospective customers directly on the phone with investors, why they chose to scale up with a North American CDMO rather than building their own CapEx-heavy facility, and how they secured a crucial "No Questions" letter from the FDA in record time. 🎧 Listen to the full episode to hear why Hélène hired dedicated Project Managers to keep scientists on schedule and why focus is the ultimate fundraising hack.Key Facts Verley Food:Goal: To develop the next generation of functionalized whey protein (BLG) for the food industry using precision fermentation.Milestone: Raised a $38M Series A (including significant non-dilutive backing from Bpifrance) and secured a "No Questions" letter from the FDA.Alex’s Top Findings: The Power of Hitting Milestones (No Bridge Required). The FoodTech industry is notorious for delayed timelines and endless bridge rounds. Verley Food stands out because they actually delivered on the exact scientific and regulatory milestones they promised their Seed investors. Hélène attributes this to intense focus (refusing to expand beyond BLG protein) and the crucial decision to hire dedicated, non-lab-working Project Managers whose sole job is to keep the scientific team executing on schedule. "We eat on time and we have been overachieving it. And this has made the difference... We hired two project managers dedicated to execution and project management... They're not working in the lab. They're just here to manage the milestone and building the mitigation plan."Proving Market Traction Pre-Commercialization. How do you prove traction when you don't have volume to sell? Verley Food didn't rely on theoretical TAM charts. They built an in-house applications team to solve specific pain points for FMCGs (like creating highly stable, high-protein acidic beverage shots). When it came time to fundraise, Hélène put those prospective customers directly on the phone with the VCs to vouch for the immediate market need. "We also are lucky to have good relationships with [our customers] to be able to discuss directly with our investors. So it was first of all allowing investors to touch the credibility as well on the market so they had direct access... They get on call with investors directly and we are not involved."The Strategic CDMO Choice (And Why North America). Rather than burning capital building their own facility in France, Verley opted to scale through a Contract Development and Manufacturing Organization (CDMO) in North America. Hélène explains that finding a partner with the exact downstream filtration equipment and the "agility" to handle a startup's pace was more important than simply chasing the cheapest labor costs in Asia, especially since they are targeting a premium, high-margin functional ingredient market. "I realized how hard is it when you are in your company to handle your R&D... and on top of it manage with industrial equipment... We are leveraging CMO as much as we can until we fully de-risk the technology at industrial scale... You can make two times trying CMO all around the world. Yes, it's about price, but it is not our first criteria."

Episode 79: Arla Foods: Gilai Nachmann on Open Innovation, the AI Nutrition Threat, and How to Pilot with a €15B Dairy Giant In this episode, I sit down with Gilai Nachmann, Senior Project Manager of Open Innovation & Partnerships at Arla Foods, the largest dairy cooperative in Europe with €15 billion in annual revenue. Gilai breaks down Arla’s aggressive new mandate: sourcing 30% of all innovation ideas externally by 2030. He shares the exact playbook for startups looking to partner with Arla, detailing the specific problem statements they are actively funding pilots for—including sugar reduction, alternative cocoa, and navigating impending CO2 taxes. Gilai also reveals Arla's strategic fear of AI-driven personalized nutrition apps cutting FMCG brands out of the consumer relationship, and how startups can help them stay relevant in a digital-first food future. 🎧 Listen to the full episode to hear exactly how much sample volume you need to trigger a paid pilot with Arla and why pitching them precision fermentation dairy is a non-starter.Key Facts Arla Foods Open Innovation:Goal: To execute an Open Innovation strategy where 30% of all new product ideas come from external sources (startups, SMEs) by 2030.Milestone: Integrated the Open Innovation team with an internal accelerator to drastically speed up the pilot and LOI process for external startups, reducing corporate bottlenecking.Alex’s Top Findings:The "Goldilocks" Timing for Novel Ingredients (2 Years Out). Startups often struggle with when to approach a massive FMCG corporate. Gilai is highly specific: if you are 4-5 years away from commercialization, it is too early. However, if you are exactly two years away from EFSA (European Food Safety Authority) regulatory approval and can produce 20-50 kilos for a pilot plant test, that is the perfect time to engage Arla so they can prepare to launch alongside your approval. "If you're two years away from EFSA, I'd say that's the perfect time to engage because we want to be first runners in the area... we can all launch together when you're ready... They need to have sufficient quantity for us to pilot it... at least 20 to 50 kilos."The Strategic Threat of AI-Driven Nutrition. Arla isn't just looking for physical ingredients; they are actively scouting digital solutions. Gilai highlights a major corporate fear: if AI agents (like ChatGPT integrated with Instacart or HelloFresh) begin dictating personalized meal plans, legacy food brands could become invisible commodities. Arla wants to partner with digital platforms to ensure their products are the recommended health solutions inside these closed AI ecosystems. "If the AI picks your food for you, what is the position of a big FMCG company in this world?... Maybe in a future where AI selects food products for you, brands don't exist. And how do we stay relevant in that future?... We don't want to build these engines... but we want to be the health partner."Don't Pitch Precision Fermentation Dairy to a Farmer Co-op. It is critical to know your audience. While Arla is actively seeking solutions for sugar reduction and alternative cocoa, Gilai warns startups against pitching precision-fermented dairy proteins (like synthetic whey or casein). Because Arla is fundamentally a cooperative owned by dairy farmers, their mandate is to support cow-based agriculture, not replace it. "Arla is a farmer-owned cooperative. And our opinion is we're not going to look into precision fermentation as a core area for our business. We're going to focus on building our farmers' capabilities... It's not something we're going to invest in doing pilots on."

Episode 78: Ora Biotics: Jens Eklöf & Ida Krogh Sjöholm on winning Pre-Seed funding with the "Low Inclusion" fiber thesis In this episode, I sit down with Jens Eklöf (CEO/CTO) and Ida Krogh Sjöholm (Commercial Officer), the co-founders of Ora Biotics, a Danish startup developing the next generation of precision prebiotics. They share the tactical playbook of how they cold-called their way to a €300k pre-seed round led by Rockstart and Delphinus Venture Capital, specifically designed to fund their critical €300k US-based human clinical trial. We discuss why they pair a commercial co-founder with a technical lead from day one, how they utilized €60k in Danish government grants to survive their first year, and the exact science of why "low inclusion" fibers bypass the heavy CapEx traps that destroy other ingredient startups. 🎧 Listen to the full episode to hear how they navigated the delicate "founder spouse" conversation regarding runway and salary expectations.Key Facts Ora Biotics:Goal: To produce a highly targeted, precision prebiotic fiber for metabolic health that does not cause bloating and remains 100% stable in challenging applications like acidic beverages and gummies.Milestone: Raised a ~€300k pre-seed round (post-money cap below €2M) from Rockstart and Delphinus Venture Capital.Alex’s Top Findings: The "Low Inclusion" Margin Moat. The fundamental problem with most fiber startups is that they require massive doses to be effective, which forces brands to alter recipes and forces the startup to build massive, CapEx-heavy production facilities to hit volume targets. Ora Biotics solves this by targeting specific gut bacteria, meaning their fiber requires a very low dose to be effective. This "low inclusion rate" means they can command high margins while relying entirely on asset-light Contract Manufacturers (CDMOs). "If you have lower inclusion, it's also easier to make it a drop-in solution to whatever product you just happen to have... The dose is certainly our key to get really nice margins already from the beginning. We are producing with contract manufacturers, right? We are not building a big optimized production line ourselves."De-Risking with the "Gold Standard" Clinical Trial. While fiber can be sold legally as a food ingredient without a clinical trial, major FMCG brands will not risk their reputation (or lawsuits, a la Olipop) on unsubstantiated health claims. Orbiotics specifically raised their €300k round to fund a randomized, placebo-controlled human study in the US. This data is the exact milestone investors demanded to unlock the next funding round. "If you want to say anything about the health benefits in almost all markets in the world, you need to substantiate that... if you are a big brand and you want to know and you want the integrity to know that the ingredient you put in there gives the benefits... you want a human study. And that's also what we want to go for."The Power of the Commercial Co-Founder at Pre-Seed. Many deep-tech startups fail because they are led by purely technical founders who wait years to speak to customers. Ora Biotics brought Ida (Commercial Officer) on board at the very beginning. Her ability to define the B2B strategy, handle investor storytelling, and secure Letters of Intent (LOIs) for food-grade sample testing before the product was even finalized was critical to winning their pre-seed funding. "I worked more on the storytelling and the market positioning and all of that, which is my background, right? I have a commercial background, I'm not a scientist... We have a few companies now who have said that they've signed the LOAs. They want to test it in their applications. So I think that is an opener."