Heidi Lindvall on Pale Blue Dot's Gaza post, the backlash, and when investors should speak up: 'Many feel it’s safer to stay quiet'

Over a thousand climate tech founders and investors gathered in Malmö, Sweden, this week for The Drop, a conference organised by venture capital firm Pale Blue Dot.

Conversations repeatedly turned to war and politics – from whether impact VCs should back dual-use technologies to the fallout from the Trump administration’s rollback of climate policy.

Perhaps the most polarising subject, however, was Israel’s war in Gaza – a topic treated with trepidation in the startup world.

"If I spoke out publicly on Gaza I’d be fired," a partner at a global climate tech investment firm, who asked to remain anonymous, admitted to Impact Loop on the sidelines of the event.

"Can not stay silent"

On 7 October 2023, Hamas militants carried out attacks in Israel that killed about 1,200 people. Israel’s subsequent military campaign has left more than 65,000 Palestinians dead, many of them civilians, in conditions described by the UN as consistent with genocide.

In August, Pale Blue Dot published a social media post describing its "deep concern" for the “unfolding humanitarian crisis” in Gaza. "As investors, we can not stay silent," it wrote.

"I’d been following what was happening for a long time, and I felt it had gone so far that anyone with a platform should engage – us included," Heidi Lindvall, co-founder and general partner at Pale Blue Dot, told Impact Loop at The Drop.

She continued:

"We’d had these conversations before inside Pale Blue Dot. One of my co-founders had raised it previously, so it wasn’t a new topic. But in this case, I really felt like I wanted to say something – and that using Pale Blue Dot as a platform would amplify the message far more than I could on my own."

"So we spoke as a team and aligned on a message. To me, it wasn’t about taking a political stance. It was simply saying: we’re concerned about the humanitarian crisis in Gaza."

Was there backlash?

"Yes, definitely. On LinkedIn, some people asked why we weren’t speaking out about other crises. Others questioned whether a fund should take a political stance at all. We also got personal messages expressing several viewpoints."

"But there was also a lot of support. Founders thanked us because they hadn’t dared to speak out themselves, especially while fundraising. Other investors told us their funds would never have done this, but they respected that we did. Many people said they were glad we were using our position for something they believed was right."

"So it was a mix, but honestly the backlash wasn’t as bad as I feared. I know others – especially in the US – who’ve faced far worse consequences."

Other investors told us their funds would never have done this

Were you worried about LPs or other stakeholders reacting negatively?

"Yes, of course. Anyone connected to the Pale Blue Dot brand – founders, LPs, whoever – could have felt uncomfortable. That's why we talked a lot about what we were willing to say."

"In the end, we didn’t make a political statement. We expressed concern about a humanitarian crisis."

"I believe it was consistent with our brand. On our website, we call climate change the biggest humanitarian crisis. We also speak openly about diversity and gender. So it wasn’t out of character for us to say something."

Why do you think there’s been so much silence in the VC community on Gaza specifically?

"It's risky. The conflict is complex, polarised, and people are afraid of what they might lose. There’s also the question of who is 'qualified' to speak. Many feel it’s safer to stay quiet."

Do you think the reaction would have been different if, say, Palestine had more money, influence, or a stronger tech ecosystem?

"Possibly. If you’re personally impacted – if your founders or partners are affected – it feels closer. In this case, it’s often the opposite. That distance may shape the reactions."

Should more investors be speaking up – not just on Gaza, but politically?

"Personally – not speaking on behalf of Pale Blue Dot – yes I do. I’d like to know more about the people behind the brands – their beliefs, their values. That helps me decide who I want to work with or buy from."

"If we were more open, it would spark conversations and help us choose where to spend our time, energy, and money."

"I also believe people can change their minds. You can hold one view, learn more, and later say: 'Actually, I don’t believe that anymore.' That honesty is beautiful. But if you never open up, you never grow."

"For me, I’d rather go straight through difficult conversations than avoid them. I’m also fine if people say: 'I don’t think you should have done this.' Maybe next time we won’t. That’s okay. But in this case, I don’t think it was a mistake."

This interview was edited for length and clarity.