# Climate Insiders: The State of Climate Tech in the Nordics, Impact vs Financial Returns, and more!
Welcome to Climate Insiders, brought to you by Climentum Capital, a leading European venture capital firm focused on funding and scaling climate-positive ventures. In this episode, we have Agate Freimane, General Partner at Norrsken VC, discussing the state of Climate Tech in the Nordics, the correlation between impact and financial returns, and the current economic slowdown’s implications for Climate Tech VC.
**About Climentum Capital and Climate Insiders**
Climentum Capital is committed to funding and scaling innovative tech startups that combat the climate crisis and CO2 emissions. If you’re interested in how smarter capitalism, combined with mission-driven founders, can build a better future, you’ve come to the right place. [Visit our website](https://www.climateinsiders.co) to learn more about our work.
**About the Guest: Agate Freimane**
Agate Freimane, General Partner at Norrsken VC, brings her expertise in investment banking and experience at a PropTech/Fintech startup to the Climate Tech space. Norrsken VC is a Swedish early-stage impact VC fund with a €125 million fund size, investing in technology that tackles global challenges.
**Key Discussions in this Episode:**
– The backstory of Norrsken VC and how it was founded by Nicholas Adelbert, co-founder of Klarna.
– Agate’s insights on the Climate Tech scene in Sweden and the Nordics, and Stockholm’s goal to become the global impact capital.
– The transition from a tech ecosystem to an impact ecosystem and the power of role models in scaling the impact ecosystem.
– Furthermore, they explore the success of Northvolt in building a booming Swedish electric ecosystem.
– The impact of the current economic downturn on VC investing and the importance of startups with strong fundamentals.
– Agate’s perspective on the time horizon for deep tech hardware solutions and why Norrsken looks for startups with immediate pent-up demand.
– Agate shares one area where her perspective has completely changed in the past two years and Norrsken’s biggest mistake.
– Tips for breaking into Climate Tech and joining a startup, as well as the climate tech jobs listed on Norrsken’s job board.
– Insight into Norrsken’s investment decision process and the correlation between financial and impact returns.
**About the Host: Yoann Berno**
Host Yoann Berno, a founding member and General Partner at Climentum Capital, is focused on investing in game-changing technological solutions to address the climate crisis. Yoann has a background in building and investing in top tech startups.
**Connect with Us:**
To learn more about Climentum Capital, apply for funding, or become an LP in our upcoming funds, [visit our website](https://www.climentum.com) or [contact us](https://www.climentum.com/contact-form). Don’t forget to subscribe to our newsletter for the latest updates on climate solutions.
Follow us on [Twitter](https://twitter.com/InsidersClimate) and [LinkedIn](https://www.linkedin.com/showcase/climate-insiders) for more valuable content on cleantech, climate tech, sustainable development, and venture capital.
**Keywords/Tags:** cleantech, climate tech, venture capital, sustainability, ESG investing, sustainable development, startup investing, renewable energy, climate change, electric vehicles, energy, VC fund, tech investing, impact investing, climate, founder, entrepreneur, fundraising, startups, investing
**Source:**
– [Climate Insiders](https://www.youtube.com/watch?v=VIDEO_ID)
– [Climentum Capital](https://www.climentum.com)
– [Climentum Capital Contact](https://www.climentum.com/contact-form)
– [Climate Insiders Website](https://www.climateinsiders.co)
– [Norrsken VC](https://www.climentum.com)
In today’s show, we will discuss with Agate:
– The state of Climate Tech in the Nordics
– The correlation between impact and financial returns
– What the current economic slowdown means for Climate Tech VC
– The biggest learnings from raising Norrsken VC and investing in 40 companies
————–
ABOUT CLIMATE INSIDERS:
Climate Insiders is brought to you by Climentum Capital, a Seed+ and Series A cleantech European venture capital firm focused on funding and scaling climate-positive ventures that cut down on CO2 emissions.
If you are interested in how smarter capitalism combined with mission-driven founders building innovative tech startups can overcome our climate crisis and build a better future, you’ve come to the right place.
Check us out at: https://www.climateinsiders.co and https://www.climentum.com
————–
ABOUT THE GUEST:
Agate Freimane is a General Partner at Norrsken VC, a €125m Swedish early stage impact VC investing in technology that solves some of the world’s greatest challenges.
She comes from investment banking at Morgan Stanley and then worked at a PropTech/Fintech startup: Brickvest.
————–
LISTEN AND LEARN:
– The Norrsken backstory: how 3 unicorn founders started 6 years ago a one-stop shop for impact investing (1:00)
– Agate’s views on the Climate Tech scene in Sweden and the Nordics (3:50)
– How Stockholm wants to become the global impact capital (4:00)
– The transition from a tech ecosystem to impact ecosystem (4:30)
– The power or role models to scale the ecosystem (5:00)
– How Northvolt’s success led the charge to a booming Swedish electric ecosystem (trucks, airplanes, boats) (6:00)
– What Agate thinks of the “classic VC downturn letter” that most VCs have been issuing to their portfolio companies (8:40)
– Startups with strong fundamentals will remain the best VC cases (10:20)
– Why impact startups might be the most resilient in an economic downturn
– VC investing comes down to two options: vitamins vs painkillers. Impact companies are the painkillers (11:00)
– Is 10 years sufficient as a time-horizon for deep tech hardware solutions? (12:00)
Why Norrsken looks for deep tech startups that have immediate pent-up demand (13:00)
The one area where Agate has completely changed her mind in the past 2 years (16:10)
Why Norrsken’s biggest mistake was to fall in love in something else other than the team (19:00)
Agate’s tips to people that want to break into Climate Tech and join a startup (21:50)
The 700 Climate tech jobs listed on Norrsken’s job board with (23:00)
Why the hardest part is to break into the Climate community and why it gets much easier to transfer between companies once you understand the climate ecosystem (24:00)
How Norrsken runs investment decisions (26:40)
The 1-to-1 correlation between financial and impact returns (28:00)
————–
ABOUT THE HOST:
Yoann Berno https://www.linkedin.com/in/yberno/ After a career spent building and investing in top tech startups, Yoann is now founding member and General Partner at Climentum Capital focused on investing in game changing technological solutions to our worsening climate crisis.
————–
To learn more about CLIMENTUM CAPITAL and apply for funding, please visit https://www.climentum.com
To become an LP and invest in one of Climentum’s upcoming funds, get in touch at: https://www.climentum.com/contact-form
And don’t forget to SUBSCRIBE to our NEWSLETTER at https://www.climateinsiders.co
TWITTER: https://twitter.com/InsidersClimate
LINKEDIN: https://www.linkedin.com/showcase/climate-insiders
https://youtu.be/lnxyKvSiEr8 !