DEEP DIVE: Looking for funding? Here are 17 leading VCs on the hunt for impact startups

Even though these can be tough times for climate tech and impact startups, there is no shortage of venture capital firms who are looking to invest in impact solutions.

But not all VCs are interested in the same kinds of companies.

Impact Loop did a deep dive into the 2024 funding rounds in Europe and uncovered several intriguing VC firms who are focusing on specific impact areas.

Some firms only invest in certain countries while others are Europe-wide, which can help open doors to new markets and deeper pockets.

So here's a list of 17 investment firms who could be looking for the next great thing in your specific niche, along with contact info for reaching out to them.

The Nordics

1. First Fellow Partners: Looking for Nordic tech talent

This Finnish outfit is on the lookout for ambitious tech entrepreneurs. They focus on Nordic companies, jumping in early from pre-seed to Series A, with investments typically ranging from €900K to €1.8M.

Portfolio highlights: Intergrid (industrial heating electrification) and Quanscients (complex industrial simulations).

Contact: Kim Groop, Co-founder and Managing Partner

2. Butterfly Ventures: Deep tech and hardware enthusiasts

Butterfly Ventures backs both hardware and software startups with social or environmental impact. They're proper early-stage investors – about 80 percent of their portfolio companies have zero revenue at first investment.

With offices across Finland, Sweden, Estonia and Denmark, they primarily invest in Sweden and Finland but also look at wider Nordic and Baltic opportunities. They have backed around 100 companies so far and make about ten new investments yearly, averaging around €275K per deal.

Portfolio highlights: Geyser Batteries (sustainable energy storage using water-based electrolytes), Norsepower (wind power solutions for shipping), Retein (nature-inspired tech for water purification and lithium extraction).

Contact: Tanya Horowitz, Stockholm-based partner

3. Farvatn Ventures: Ocean tech, life sciences, and nuclear power

Norwegian VC Farvatn Ventures invests in ocean technology, life science, and renewable energy companies. They focus on the Nordics and Silicon Valley, having invested in around 70 companies and 30 funds.

Portfolio highlights: Evoy (sustainable electric boat motors reducing maritime CO2 emissions), Birdsview (Norwegian tech company using AI algorithms to extend infrastructure lifespan).

Contact: Karina Halstensen Birkelund, Investment Manager

4. Futurum Ventures: Tech for social good

This Norwegian investment fund focuses on early-stage tech companies, from seed to Series A. They're interested in both B2B and B2C companies with SaaS business models, particularly those combining software with hardware. While sector-agnostic, they're especially keen on tech that benefits the environment and society.

Portfolio highlights: Glint Solar (software helping solar energy companies build project portfolios efficiently), Tibber (digital platform for smarter home energy management).

Contact: Monika Inde Zsak, Partner

5. Capital T: Climate tech, AI, and software investors

Dutch VC Capital T invests in early-stage software companies. They're primarily looking for AI-driven businesses or those with strong data components. Two themes stand out in their investments: climate tech (greenhouse gas reduction solutions) and future of work (productivity tools). They want companies with international growth potential and focus geographically on Northern Europe and the UK.

Portfolio highlights: eComID (helping fashion companies proactively reduce returns), Vaayu (automated software for online retailers to track and reduce carbon emissions in real-time), Seenons (circular waste management platform).

Contact: Janneke Niessen and Eva de Mol, co-founders

6. Circularity Capital: For circular economy startups

UK-based Circularity Capital invests in European companies working in the circular economy. They target businesses offering alternatives to traditional ownership, companies manufacturing or recreating circular products and materials, or those with tech solutions helping other businesses become more circular or resource-efficient. Companies need to have clear potential for creating circular value, operate in growth sectors, and have proven revenue models.

Portfolio highlights: Matsmart (selling surplus dry goods and short-dated consumer products at discounted prices), Bike Club (offering family bike subscriptions for new or renovated bikes that can be exchanged as children grow).

Contact: Deanna Zhang, Investment Director

7. The Mills Fabrica: Tech, biomaterials, and agrifood

Hong Kong and London-based The Mills Fabrica focuses on early investments in techstyle (technology and lifestyle) and agrifood (agriculture and food). They have a global investment focus with portfolio companies across the Americas, Europe, UK, and Asia. Key areas include biomaterials, food innovations, and circular supply chains. Depending on stage and company, they invest between €180K-€2.7M.

Portfolio highlights: Algaeing (developing biodegradable dyes and fibers from cultivated algae), Colorifix (developed a fully biological process for producing and fixing pigments on textiles, eliminating harmful chemicals).

Contact: Amy Tsang, Head of Europe

8. Redstone: Data-driven investors

With offices in Helsinki, Berlin, and Zurich, Redstone is a versatile early-stage investor - from seed to Series A. They have a broad portfolio including sustainability, social impact, built environment, digital health, and quantum technology. Investment ranges vary across strategies but fall between €180K-€4.5M.

Portfolio highlights: Asgoodasnew (refurbishing and selling used electronics), Kelluu Airships (manufacturing self-piloting airships for cost-effective and environmentally friendly power line and forest monitoring).

Contact: Kaj Hagros, Head of Nordic Operations

9. 4impact: Focus on environment, energy, and social impact

Dutch VC firm 4impact invests early in digital tech companies, focusing on Benelux, Nordic, and German-speaking European countries (DACH).

Their investments fall under two main areas: environment (natural capital, circularity, energy transition, and smart industry) and people (economic equality, social impact, accessible healthcare, and mental health). They invest between €180K-€2.25M in their portfolio companies.

Portfolio highlights: InfoTiles (platform streamlining water resource management through real-time analysis and machine learning), Equalture (helping companies create successful and diverse teams using objective recruitment technology).

Contact: Pauline Wink and Ali Najafbagy, co-founders

10. Greencode Ventures: Software companies

Finnish Greencode Ventures invests in startups from seed to Series A+ across Europe. They focus on four thematic areas where software solutions drive green transitions: energy, mobility, industry, and green cities. They are interested in technologies like digital twins, AI, machine learning, big data, and cloud services.

Portfolio highlights: Supercritical (carbon capture marketplace), Flexcharge (intelligent, vendor-neutral platform for optimising and controlling EV charging load).

Contact: Terhi Vapola, founder, and Ines Bergmann-Nolting

11. Amavi Capital: Proptech and real estate sector specialists

Belgium and Sweden-based Amavi Capital invests in scalable growth companies in the real estate sector. They focus on companies that have already proven market demand for their products and have potential for acquisition-led growth. With a pan-European investment strategy, they particularly target the Benelux and Nordic regions, France, and the DACH region.

Portfolio highlights: Shayp (Belgian hardware-enabled SaaS company offering building water consumption insights), Hydraloop (created a recycling system purifying shower and air conditioning water for reuse in toilets).

Contact: Richard Lindqvist, Nordic Partner

12. Zacua Ventures: Built environment tech

Zacua Ventures invests early in tech companies focused on sustainability, productivity, and urbanization. The fund has particular expertise in construction tech and proptech. They have a global focus with offices in San Francisco, Madrid, New York, Mexico City, and Singapore.

Portfolio highlights: Concrete4Change (developing carbon mineralization technology making concrete a carbon sink), Ecoworks (created a building renovation system using industrial prefabrication to scale up renovation of existing buildings in Europe and make them carbon neutral).

Contact: Juan Nieto (Founding Partner, APAC & EU) and Mauricio Tessi Weiss (Founding Partner, EU & LatAm)

13. Aqua Spark: Sustainable aquaculture specialists

Netherlands-based Aqua Spark specialises in sustainable aquaculture industry investments. With over 300 investors from more than 25 countries, they invest across the aquaculture value chain including aqua tech, production, feed, and waste management.

Portfolio highlights: Hofseth Biocare (converting salmon remnants into high-value health products for various markets), Enifer (using bioethanol side streams to grow fungal-based protein concentrate).

Contact: Christiaan Lensvelt, Investment Manager

14. Impact X Capital: Social impact and diversity

Impact X is a venture firm founded to support entrepreneurs from diverse backgrounds in the UK, Europe, and US. They're based in London with offices in Denver and Paris. Their focus spans three areas: digital solutions and technology, health and lifestyle, and media and entertainment.

Portfolio highlights: Raylo (created a platform for electronics rental and reuse), Health & Her (women-led brand for women, focusing on supporting women's hormonal health through an app and supplements).

Contact: Paula Groves, Head of Investments

15. Giant Ventures: Climate and health

Giant Ventures invests across multiple stages focusing on three main themes: climate, health, and inclusive capitalism. The company has a local presence in London, New York, California, Copenhagen, and Stockholm and primarily invests in companies in the UK, Nordics, and US.

Portfolio highlights: Beyond Aero (building the world's first hydrogen-powered electric business aircraft).

Contact: Jon Dishotsky, Partner

16. Commerz Ventures: Climate tech and fintech

Commerz Ventures primarily invests in early-stage companies with particular focus on fintech, climate-fintech, crypto, and insurtech. Based in Germany, the fund has a broad geographical focus investing in companies across Europe, the US, and Africa. Initial investments typically range between €2.7M-€18M.

Portfolio highlights: Carbme (offering an intelligent system combining life cycle analysis precision with carbon accounting to help companies measure and reduce emissions cost-effectively).

Contact: Paul Morgenthaler, Managing Partner

17. HYCAP: Energy specialists

HYCAP invests globally in companies accelerating the energy transition and has offices in London, Oxford, and Abu Dhabi. Focus is on clean transport, renewable energy, clean technology, and innovative financing making sustainable transport accessible through fintech solutions. Their strategic method involves creating synergies across value chains, from clean energy production to end users.

Portfolio highlights: Yamna (green hydrogen project development and investment platform), Gen2energy (aiming to become large-scale producer and distributor of green hydrogen delivered as smart and simple "plug-and-play" service).

Contact: James Munce, CEO and Investment Director