Dutch VC aims to make climate tech "as profitable as SaaS", says new head

Software and Software as a Service (SaaS) companies have attracted hefty amounts of venture capital in recent years. But now, the niche faces fierce competition from the climate tech space, with a significant number of software investors pivoting to back companies with sustainability at their core.

Sara Resvik, Head of Nordics at Dutch venture capital firm Endeit Capital (pronounced “Endite”), is amongst them. She previously made a name for herself as CEO of Backing Minds, a Swedish VC firm known for seeking out underrepresented founders. At Eindeit Capital she’s now in charge of improving the company’s climate tech portfolio, figuring out where to invest money that would typically have gone into traditional software, B2B SaaS, fintech businesses.

“My role is about strengthening our climate segment across the entire investment portfolio,” she tells Impact Loop.

Still plenty left to invest

Her job revolves around deploying capital from Endeit’s latest venture fund, its third fund since the firm’s founding in 2006, which totals about $300 million (€275 million). This fund, primarily supported by institutional investors and family offices, reflects Endeit’s commitment to scaling innovative European tech with a meaningful societal impact. Additionally, Endeit has rallied a unique network of 15 former portfolio entrepreneurs who’ve successfully exited their own companies. Now, says Resvik, these seasoned founders are reinvesting their knowledge and capital, helping to guide and elevate the next generation of ambitious startups backed by Endeit.

“We’re looking for solid growth-phase companies where we can invest between $5-20 million,” explains Resvik, who says there’s still a considerable amount of money left to invest. “All remaining investments from the current fund – around ten more – need to be made within the next two years, and then the fund period extends for an additional five years. We’re moving fast and have already closed two investments since I joined.”

So, you’re moving from software to climate solutions. Could Nordic climate data companies be on your radar?

“Absolutely. I’m particularly looking at data platforms within climate, energy efficiency, and proptech. The crossover between fintech and climate is also highly interesting. Sixty percent of all climate tech is focused on heavy industry and hardware – but that’s not what we’re after. Sure, there could be a hardware component, but the real innovation needs to be in the software.”

Scalability is key, right?‍

“Exactly, venture capital demands returns in an efficient way. That’s the eternal challenge for investors. Our backers want to see the same kind of returns from climate companies as they would from SaaS, and that’s what we need to prove. I’m convinced we can crack that formula. But it’s still early days.”

Back to larger rounds

Before joining Backing Minds and Endeit, Sara Resvik was an investment director at Industrifonden, one of Sweden's largest venture capital funds, backed by the Swedish government and focused on scaling Swedish innovation and technology. Now she’s enjoying working with slightly larger companies again at Endeit– and looking at business from a European perspective.

“The Nordics are amazing – we’ve got a tight ecosystem, a high level of innovation, and a supportive culture. But the opportunity to work with a more distinctly European focus was exciting. I wanted to go international, work with later stages, larger sums, and companies more mature in their development. It’s super exciting.”

So it’s not a given that you’ll only invest in Nordics companies, despite being Head of Nordics at Endeit?

“We’re not limited by location – I can invest outside the Nordics and have already looked closely at opportunities in the UK and Germany. Sometimes, you meet and assess a company in Sweden, only to discover a European competitor with better prospects. And if we can’t find the right-stage companies in our assigned geography, we’ll look elsewhere.”

Sara Resvik welcomes spirited discussions

“I’m working with Dutch and German colleagues. They say what they think, which is exactly how it should be. We’re in high-risk territory, so we need robust debates.”

What deals have you done so far?
“I haven’t made my first investment yet, but the deal flow  [the pipeline of potential investments] is stronger than it’s been in a long time. Hopefully, we can score a Nordic investment before Christmas.”

‍

Additional reporting by Maddy Savage