Impact Highlight Series: What We Learned from 10 Conversations on Impact VC
- ImpactVC
- Aug 29, 2025
- 5 min read
Updated: Apr 10
Over the series, we hosted ten conversations with some of the most thoughtful GPs, LPs, and unicorn founders shaping the impact investing landscape. In this special capstone episode, August Solliv (Impact Supporters) and Dougie Sloan (Impact VC & Better Society Capital) sit down to unpack what we’ve heard and distil the lessons into four big themes.
🎧 Here’s what’s covered:
01:00 Impact driving returns: from the founder lens to the “lockstep” model where impact and profits reinforce each other.
04:00 Shared value in practice: how impact-native companies scale impact and profit — and why this creates resilience and de-risks venture.
07:00 Proving performance: what LPs at EIF, Isomer, and BSC are seeing in their data, and why DPI still matters.
09:00 Great vs. good funds: LP perspectives on partner skills, GP thesis fit, and “edge” in impact venture.
12:00 Specialist vs. generalist: why even generalist impact funds must go deep in certain verticals.
14:00 Overlooked opportunities: adaptation, circularity, first-of-a-kind plants, and where impact capital is most needed.
17:00 Innovating the VC model: evergreen structures, impact-linked carry, and the tension between GP innovation and LP appetite.
20:00 Democratizing LP capital: why both institutional and retail channels are needed to scale impact VC.
23:00 It all comes back to people: values, motivation, and the dual lens of commercial and impact acumen that defines the unicorn founders of tomorrow.
26:00 Closing reflections: what we’ve learned from 10 conversations, and what’s next for the Impact Highlight Series.
✍️ Show Notes
All 10 Episodes in the Series
Founder of AENU, one of Europe’s most impact-native venture firms, Fabian shares how climate-first investment theses can outperform while driving systemic change.
As co-founder and CEO of Oyster, Tony highlights how building a mission-driven company helps attract world-class talent and foster global inclusion through remote work.
Emma (Ascension) and Emily (Wagestream) explore how impact is embedded into both fund strategy and company culture, showing how purpose and profit can reinforce one another.
Jacqueline introduces Carbon Equity’s mission to open up private markets to a broader range of LPs, making climate and impact funds accessible beyond institutions.
Former Klarna co-founder turned philanthropist and GP, Niklas shares his journey to building Norrsken as Europe’s leading impact platform for founders and funds.
John and his colleagues dive into the “shared value” model, illustrating how impact-native businesses often show greater resilience and long-term defensibility.
Christian explains how 2150 is tackling the massive challenges of sustainable cities, from construction and energy to the future of urban living.
From the LP perspective, Chloe provides insight into how Isomer evaluates impact GPs, emphasizing the importance of thesis fit, partner skills, and ecosystem advantages.
Cyril shares EIF’s data-driven approach to scaling impact VC, and explains what the largest public LP in Europe is seeing across its portfolio.
A pioneer in venture innovation, Marie presents 2050’s evergreen model and impact-linked economics, exploring how new fund structures can align investors and society.
✍️ Show Notes
Impact = returns?
Founders like Tony Jamous (Oyster) and Niklas Adalberth (Norrsken) stressed the talent and customer advantages of centering impact. Their stories showed how mission-driven companies not only attract stronger teams but also build customer loyalty that translates into commercial resilience.
Shared value lens: John Coker (Eka Ventures) highlighted how impact-native businesses benefit from tailwinds like policy support and consumer preference, lowering downside risk. This echoes the resilience themes Fabian Heilemann emphasized at AENU, where climate-first theses align with long-term market shifts.
Performance data: From the LP side, Cyril Gouiffès (EIF) and Chloe Dagnall (Isomer) shared early data suggesting that impact-aligned companies perform on par with traditional VC portfolios. Both cautioned that DPI proof will take time — a reminder that liquidity remains a hurdle across venture.
Edge in funds: What separates great from good funds? Chloe Dagnall (Isomer) stressed the importance of GP thesis fit, while Cyril Gouiffès (EIF) underlined the partner-level skills needed to marry impact with finance. Emma Steele (Ascension) & Emily Trant (Wagestream) added the founder–fund perspective, showing how aligned capital and company values reinforce each other.
Generalist ≠ shallow: Even broad-based funds go deep in selected themes. Fabian Heilemann (AENU) spoke about thematic depth in climate tech, while Christian Hernandez (2150) showed how focusing on sustainable urban infrastructure allows for outsized impact within a broad thesis.
Overlooked areas: Several conversations flagged adaptation, industrial decarbonization, and circularity as underfunded. John Coker (Eka Ventures) discussed how resilient companies can emerge from these niches, while Niklas Adalberth (Norrsken) pointed to founder motivations in tackling such overlooked frontiers.
Model innovation: Marie Ekeland (2050) is pioneering evergreen fund structures and impact-linked economics, but acknowledged the challenge of LP appetite. This connects with Jacqueline van den Ende (Carbon Equity), who is democratizing access by opening new LP channels beyond institutions.
Capital flows: Cyril Gouiffès (EIF) highlighted the need for more public funding, while Jacqueline van den Ende (Carbon Equity) showed how retail investors can help scale impact capital.
People first: Across the series, founders like Tony Jamous (Oyster) and GPs like Niklas Adalberth (Norrsken) and Emma Steele & Emily Trant underscored that the most resilient impact companies are built by values-driven teams who blend speed of execution with sharp commercial acumen.
Four Core Themes
1. Impact Drives Returns
Talent & Customer Advantage: Founders like Tony Jamous (Oyster) and Niklas Adalberth (Norrsken) highlight how mission-centered companies attract better talent and loyal customers.
The Lockstep Model: Fabian Heilemann (AENU) showed how impact and profit reinforce each other.
Shared Value Lens: EcoVentures demonstrated how impact-native models weather downturns more gracefully.
2. Performance & Proof
Early Data: LPs such as EIF’s Cyril Gouiffès and Isomer’s Chloe Dagnell observe that impact-aligned companies are performing on par with general portfolios.
Patience Required: DPI proof will take time — liquidity remains a hurdle across venture impact investing.
3. What Makes a Great Fund
Skills & Thesis Fit: Great funds combine financial expertise with a deep understanding of impact. Chloe Dagnell emphasized the importance of GP thesis fit, while Cyril Gouiffès highlighted the impact and finance skills required at the partner level.
Generalist ≠ Shallow: Even broad-based funds like AENU and 2150 go deep in select verticals.
Overlooked Areas: Climate adaptation, circularity, and industrial decarbonisation are undercapitalized relative to their importance. Flagged by EcoVentures and Norrsken as ripe for capital.
4. The Future of Impact VC
Model Innovation: Evergreen structures and impact-linked carry are promising — but still hard to sell to LPs. Marie Ekeland (2050) is pioneering this space; Carbon Equity with democratized LP access.
Capital Flows: EIF calls for more public funding, while Carbon Equity explores democratization as a new LP channel. EIF calls for public support.
People First: The most resilient impact founders combine speed of iteration with intrinsic motivation and commercial sharpness — blending commercial acumen with purpose-driven drive. From Oyster to Wagestream, the most impactful founders combine purpose with sharp execution.
Takeaways for Founders & VCs
Impact is a competitive advantage in talent, customers, and resilience.
Impact-aligned companies perform at least as well as peers — but DPI is the true test.
GP thesis fit and edge matter more than labels.
Even generalists need specialist depth to add value.
Overlooked areas like adaptation and circularity are ripe for capital.
Model innovation is possible — but LP appetite sets the pace.
Ultimately, it all comes back to people: values, motivation, and execution.
💡 One-liner takeaway:
Impact Venture is proving that purpose and profit reinforce each other — but the real edge lies in people, thesis fit, and the courage to innovate.
