Interview: Nathalie
Why did you join an Article 9 fund?
I have long been passionate about the intersection of finance and sustainability. +10 years ago, while pursuing my master’s degree in Financial Economics at Erasmus University, I dedicated my thesis to exploring whether sustainable companies in select sectors achieved superior financial returns. At the time, ESG (which was the popular name for it then) was still widely regarded as a form of “charity,” but I firmly believed that sustainability would become a key driver of long-term business success.
For decades, economic growth has been decoupled from our climate and planetary boundaries. I want to be part of changing that by allocating capital to great ideas, people, and businesses to show that both financial performance and positive climate impact is possible.
Throughout my career in finance, I’ve observed a moderate willingness to do better—but when sustainability isn’t embedded in a company’s core DNA, it is often deprioritized in favor of short-term profit maximization. That’s why I believe in the importance of Article 9 funds, which take the most rigorous approach to sustainable investing.
Why do you want to pursue venture capital instead of another type of investment?
At its core, venture capital is about shaping the future of our society, and I like to think of myself as progressive in that regard. I also love solving problems, and the most successful VC companies are built on tackling major global challenges—the bigger, the better! 😊
In later-stage financing or larger deals, your role shifts more toward that of a project leader, overseeing and managing the multiple parties involved in transactions and holding work of the company. I prefer to stay hands-on in strategy and operations, remaining close to entrepreneurs and their challenges contributing to their journey both in and outside the board work.
Additionally, truly climate-focused companies are still relatively rare in other areas of the finance industry. Change is coming, but we’re not there yet. That’s why VC is probably the only space where you can work with climate companies on a broader scale, which is exactly what I want to do.
What types of companies do you like and how do you decide who to invest in?
I have three initial investment screening criteria:
Thematics: The companies must offer impactful solutions to major climate challenges that are currently overlooked. Their solutions should be economically viable or offer performance advantages for customers, rather than only depending on green premiums. Beyond this, there are subsegments within climate that excite me even more. I am particularly interested in solutions that create positive impact loops. For example, solutions that promote healthier soil often lead to improved biodiversity, healthier food, and a greater ability of the soil to sequester carbon. I am also always eager to find solutions that can help end animal factory farming and provide sustainable and more efficient alternatives for producing proteins and fats.
Fundamentals: They must demonstrate strong business fundamentals with attractive unit economics or a clear and probable pathway to achieving them.
Team and people: This is crucial, as it is highly likely that the business model you invest in will change over time. You need a team capable of successfully navigating these changes alongside you and other co-owners. An exceptional team should understand the unique challenges of scaling hard tech, including the importance of strong CFOs—an aspect often overlooked in favor of focusing on the CTO and CEO. Ideally, you also want collaborative co-investors with the time and expertise to help navigate the challenges ahead.
Why do you invest in hard tech?
The climate crisis can’t be solved by software or technology companies alone. While software and digital technologies can play a role in optimizing processes and driving efficiency, they cannot address the fundamental physical transformations needed across our most carbon intense industries. Hard tech innovations that target the root causes of carbon emissions are therefore key. These technologies enable systemic changes, from decarbonizing heavy industries to revolutionizing energy systems. I also like the complexity of the hard tech scaling journey, including the challenge of structuring optimal financing solutions using both equity and non-dilutive financing.
