Louis Pfitzner, Co-Founder of CleanHub
Our investment themes
We invest where the world’s most urgent challenges meet major funding gaps. Our four themes reflect where we see the strongest potential for systemic change.
Stable and equitable societies
Ecosystems
Climate & energy
Materials and circularity
Climate and energy
We want to foster a net-zero world and innovation in renewable energy.
Ecosystems
We want to support thriving terrestrial and ocean ecosystems.
Stable and equitable societies
We want to end discrimination, create equal chances, increase social stability, and ensure fair access to critical services for all.
Our investment focus
We provide patient, long-term capital. We are willing to take technical risks and support deep tech and hardware companies, where typical VCs might turn away.
Stage
We initially invest in startups at Pre-Seed, Seed or Series A.
Flexible to follow-on
We invest for the long term and remain committed to supporting impact over time.
Geography
We focus on Europe, with selective opportunities in North America.
Ticket Size
We invest €500k–€2m initially, usually as a follower.
Flexible to follow-on
We are longterm focused and are willing to continue to invest for impact.
Our Impact and ESG methodologies for founders and funds
Impact
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ESG
Impact for founders
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Every company we screen is analyzed across six impact dimensions:
Intentionality
Is the founders’ and the businesses’ intention to solve an environmental and social issue? Are they targeting the right stakeholders in the system they are trying to change?
Evidence
Is their approach in solving their key issue backed by a scientific understanding? Is there clear evidence, data, and research that their approach is contributing positively to the issue and moving the right levers?
Interlock
Are the financial returns and the social or environmental outcomes interlocked and inextricably linked?
Depth and breadth
Does the approach move the needle in terms of depth (e.g., percentage of emission reductions per product sold) and breadth (e.g., how many people are reached)?
Additionality
Would the desired impact occur anyway? What other approaches are solving the same issue? Is the approach new or innovative?
Measurability and management
Can you measure and manage the social and environmental outcomes?
ESG for founders
Our goal is to optimize all the topics that influence your long-term success.
We certainly don’t want to overburden young startups with lengthy ESG assessments and reporting. The key goal of our approach is to optimize all the topics that influence your long-term success. This ranges from creating an inclusive culture to attract and retain the best talent, to reducing your CO2 emissions, water usage and waste production along your entire value chain, to living up to certain values through solid processes and policies. With every company we invest in, we conduct lean and efficient ESG workshops and assessments to help set the right course for long-term success.
These are the key elements, based on existing frameworks and standards:
1. Materiality Analysis: Know your material environmental, social, and governance topics
2. ESG Management: Manage your ESG risks and material issues well from the start
3. ESG Reporting: Report on and communicate the key issues to your investors, so that they know how you are handling them
Last but not least, we encourage you to ask your investor(s) about their ESG policies and hold them accountable as well.
We invest in purpose-driven fund managers dedicated to positive social and environmental impact.
When evaluating funds, we consider the following aspects:
A clear USP and Impact Framework
What kind of unique positive change does the fund want to achieve and how? Does it have a clear impact framework in place, ideally based on a Theory of Change? See template here.
Solid impact management
How does the fund assess and manage “impact”: How is (social/environmental) “impact” integrated in the investment process, in their decision making, and portfolio management?
Compensation tied to impact
How is compensation, especially carried interest, tied to impact objectives and KPIs?
Integration of impact in contracts
Is the fund “walking the talk”? Are impact considerations, i.e. impact management, integrated in contracts and agreements? If yes, we ask for their impact clause which is integrated in the term sheet and/or shareholder agreement. See template here.
SFDR Classification
We highly support and welcome greater transparency and better standards in sustainability-related disclosures for the industry. Under the Sustainable Finance Disclosure Regulation (SFDR), funds are classified according to their contribution to environmental and social objectives as well as their ESG management practices. We want to invest in funds who meet the requirements of SFDR Art. 9: This means they are investing in companies which 1) contribute to an environmental or social objective, 2) do not harm environmental or social objectives, and 3) follow good governance practices. If the fund has a very good reason to classify as SFDR Art. 8, an impact side letter would be implemented.
Making sustainable business practices mainstream for all VCs - that is our goal.
Same as with our startup investments, we do not want to overburden funds with ESG reporting requirements. We believe that managing environmental, social and governance criteria will fundamentally increase future positive financial performance of a company - therefore increasing return, and decreasing risk. This is why we ask all funds to have the following in place:
Climate Impact Management
We’d like to specifically highlight climate impact, usually one aspect under “E” of “ESG”. While a fund itself has a rather small CO2 footprint (team travel being the biggest driver), the portfolio is the critical part to look at. This is why we ask all funds to measure, manage, and help to reduce their portfolio companies’ climate impact.
Diversity, Equity, and Inclusion
The VC scene still today is still far too homogeneous. To foster and accelerate sustainable innovation, we need a much more diverse environment, in which a multitude of ideas and entrepreneurs can thrive. This is why we put a special emphasis on DEI.
Here, we look at a fund’s DEI and non-discrimination approach, which should detail how diversity, equity and inclusion matters are approached in their own team and in investment decisions. Ideally, they have a 1) policy, 2) objectives, and 3) activities/initiatives to reach their objectives in place. Further, we’d like to know what the percentage of women is in their 1) team, 2) at partner level, and 3) in the investment committee.
ESG Integration in Contracts
Is the fund “walking the talk”? Are ESG considerations, i.e. ESG management, integrated in contracts and agreements? If yes, we ask for the ESG clause as part of the term sheet and/or shareholder agreement. Please also see our template here.
Solid ESG Management
An ESG framework for integrating ESG considerations in the investment process, in decision making, and portfolio management.
More Details
For a more detailed approach on sustainability in Venture Capital, please also have a look at the Sustainability Playbooks and VentureESG.
Every company we screen is analyzed across six impact dimensions:
Intentionality
Is the founders’ and the businesses’ intention to solve an environmental and social issue? Are they targeting the right stakeholders in the system they are trying to change?
Evidence
Is their approach in solving their key issue backed by a scientific understanding? Is there clear evidence, data, and research that their approach is contributing positively to the issue and moving the right levers?
Interlock
Are the financial returns and the social or environmental outcomes interlocked and inextricably linked?
Depth and breadth
Does the approach move the needle in terms of depth (e.g., percentage of emission reductions per product sold) and breadth (e.g., how many people are reached)?
Additionality
Would the desired impact occur anyway? What other approaches are solving the same issue? Is the approach new or innovative?
Measurability and management
Can you measure and manage the social and environmental outcomes?
We invest in purpose-driven fund managers dedicated to positive social and environmental impact.
When evaluating funds, we consider the following aspects:
A clear USP and Impact Framework
What kind of unique positive change does the fund want to achieve and how? Does it have a clear impact framework in place, ideally based on a Theory of Change? See template here.
Solid impact management
How does the fund assess and manage “impact”: How is (social/environmental) “impact” integrated in the investment process, in their decision making, and portfolio management?
Compensation tied to impact
How is compensation, especially carried interest, tied to impact objectives and KPIs?
Integration of impact in contracts
Is the fund “walking the talk”? Are impact considerations, i.e. impact management, integrated in contracts and agreements? If yes, we ask for their impact clause which is integrated in the term sheet and/or shareholder agreement. See template here.
SFDR Classification
We highly support and welcome greater transparency and better standards in sustainability-related disclosures for the industry. Under the Sustainable Finance Disclosure Regulation (SFDR), funds are classified according to their contribution to environmental and social objectives as well as their ESG management practices. We want to invest in funds who meet the requirements of SFDR Art. 9: This means they are investing in companies which 1) contribute to an environmental or social objective, 2) do not harm environmental or social objectives, and 3) follow good governance practices. If the fund has a very good reason to classify as SFDR Art. 8, an impact side letter would be implemented.
Our goal is to optimize all the topics that influence your long-term success.
We certainly don’t want to overburden young startups with lengthy ESG assessments and reporting. The key goal of our approach is to optimize all the topics that influence your long-term success. This ranges from creating an inclusive culture to attract and retain the best talent, to reducing your CO2 emissions, water usage and waste production along your entire value chain, to living up to certain values through solid processes and policies. With every company we invest in, we conduct lean and efficient ESG workshops and assessments to help set the right course for long-term success.
These are the key elements, based on existing frameworks and standards:
1. Materiality Analysis: Know your material environmental, social, and governance topics
2. ESG Management: Manage your ESG risks and material issues well from the start
3. ESG Reporting: Report on and communicate the key issues to your investors, so that they know how you are handling them
Last but not least, we encourage you to ask your investor(s) about their ESG policies and hold them accountable as well.
Making sustainable business practices mainstream for all VCs - that is our goal.
Same as with our startup investments, we do not want to overburden funds with ESG reporting requirements. We believe that managing environmental, social and governance criteria will fundamentally increase future positive financial performance of a company - therefore increasing return, and decreasing risk. This is why we ask all funds to have the following in place:
Climate Impact Management
We’d like to specifically highlight climate impact, usually one aspect under “E” of “ESG”. While a fund itself has a rather small CO2 footprint (team travel being the biggest driver), the portfolio is the critical part to look at. This is why we ask all funds to measure, manage, and help to reduce their portfolio companies’ climate impact.
Diversity, Equity, and Inclusion
The VC scene still today is still far too homogeneous. To foster and accelerate sustainable innovation, we need a much more diverse environment, in which a multitude of ideas and entrepreneurs can thrive. This is why we put a special emphasis on DEI.
Here, we look at a fund’s DEI and non-discrimination approach, which should detail how diversity, equity and inclusion matters are approached in their own team and in investment decisions. Ideally, they have a 1) policy, 2) objectives, and 3) activities/initiatives to reach their objectives in place. Further, we’d like to know what the percentage of women is in their 1) team, 2) at partner level, and 3) in the investment committee.
ESG Integration in Contracts
Is the fund “walking the talk”? Are ESG considerations, i.e. ESG management, integrated in contracts and agreements? If yes, we ask for the ESG clause as part of the term sheet and/or shareholder agreement. Please also see our template here.
Solid ESG Management
An ESG framework for integrating ESG considerations in the investment process, in decision making, and portfolio management.
For a more detailed approach on sustainability in Venture Capital, please also have a look at the Sustainability Playbooks and VentureESG.
Our portfolio
We work with founders who are intrinsically motivated by enacting systemic change. We invest in both VC and catalytic cases.
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GOLDBECK expertise
We are backed by the family behind GOLDBECK, a leading player in the European construction industry, and Goldbeck Solar, a company specialized in turnkey construction of large-scale commercial solar installations.
Our portfolio companies enjoy the full power of GOLDBECK's and Goldbeck Solar's expertise, including technical expertise in built environment, materials, and energy systems, as well as technical sparring and potential pilot projects.
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The Landbanking Group
Munich, Germany | Founded: 2022
The Landbanking Group incentivize nature regeneration by enabling land stewards to register, monitor, and exchange assets based on a measured uplift in natural capital such as biodiversity, and water and soil quality.
Impact challenge:
Climate change and biodiversity loss
Impact KPIs:
Ha of land restored and preserved, tons of CO2e captured
Co-Investors:
Planet A Ventures, BonVenture, and 4P Capital
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Voltfang
Aachen, Germany | Founded: 2020
Voltfang specializes in using end-of-life batteries from electric vehicles as sustainable stationary energy storage for industrial applications. Their main goal is to provide cost-effective and sustainable battery storage to support the energy transition.
Impact challenge:
Energy production based on fossil fuels and waste from discarded electric car batteries
Impact KPIs:
Re-used battery storage capacity in kWh & reduced material footprint in kg/tons, and resulting reduced emissions in CO2e
Co-Investors:
AENU, Proptech1, Helen Ventures, Eviny
