Impact Loop's 2025 review: The biggest news, worst flops, and predictions for next year

From bankruptcies that rattled Europe’s startup ecosystem to surprise pivots, uncomfortable interviews, and trends nobody quite agrees on, this year kept the impact world – and our newsroom – on its toes.

There were moments that dominated headlines, stories that quietly reshaped conversations, and others that only made sense in hindsight. We saw long-held assumptions challenged, unexpected money flows, and more than a few plot twists no one had on their bingo card.

So before we close the books on the year, we asked ourselves a simple question: what actually stood out? The biggest news. The interviews that surprised us. The stories we’re proudest of – and the ones nobody read. The trends that mattered. The hype that didn’t. And the things we wish we’d done differently.

This is Impact Loop’s year in review – told through the moments, metrics, missteps, and music that defined it.

Biggest news event?

Without a doubt, Northvolt's bankruptcy takes the cake for the biggest news of the year – the fall of Europe's battery champion sent shockwaves throughout the startup world. We also witnessed Trump 2.0 which has had major implications for European impact, one of which has been driving the focus toward building local resiliency and defence. Then there were the huge blackouts in Spain and Portugal in April, which sparked widespread debate about renewables and the need for better grid infrastructure.

Most unexpected interview?

Our editor Camilla Bergman ambushed famous podcaster and VC Harry Stebbings at an event in Stockholm and got him to answer some very tough questions about the gender imbalance in his portfolio and why he doesn't back climate companies.

Most awkward interview?

The same day Northvolt went bankrupt, Impact Loop was the only news outlet to interview founder Peter Carlsson. He opened up about the period leading up to the bankruptcy and how he hoped Northvolt had inspired other entrepreneurs to take the leap. But the mood soured when we asked him to comment on whether he himself had become rich from Northvolt. "Today I think that's such an incredibly stupid question," Peter Carlsson responded, adding that "to bring this up today is so petty."

Story we’re proud to have uncovered?

We got the scoop on several new VC funds, including Redstone's €25m ocean tech fund and Climentum's second €100m investment vehicle, as well as several exclusive funding rounds, such as Blykalla's €33m raise.

We also told unique stories such as that of Karma Capital, a new VC founded by a millionaire who gave away 90% of his money. We also didn't avoid thorny issues, such as our interview with Pale Blue Dot's Heidi Lindvall on the war in Gaza.

Most-read article?

The launch of our database of top venture capital firms investing in impact, organised by niche.

Most-read column?

Impact Loop's editor-in-chief Camilla Bergman shared her thoughts on Sifted's decision to cancel its climate tech newsletter – and judging by your response, it seems you liked it (the column, not Sifted’s decision).

Events we attended?

From Norrsken Impact Week in Barcelona and Slush in Helsinki to GoWest in Gothenburg, The Business Booster in Lisbon, and The Drop in Malmö, it’s been a record-breaking year of events for Impact Loop. But if we had to pick one, our own event BUILD in Stockholm this May might just be the standout.

Most exciting impact trend?

For impact investors and founders, this year was all about adapting to the political and economic priorities. One key trend to emerge from that was the idea that impact companies should no longer expect consumers to pay a green premium. Instead the shift has gone to backing companies that deliver greener products and services without a higher price tag.

Something that happened we never saw coming?

The hybrid electric airplanes company Heart Aerospace's relocation to California was surprising. There were also some surprise data finds, such as the fact that 2025 was Italy's best year ever for climate tech investment, despite a widespread downturn on the rest of the continent.

And then there's Bill Gate's change of tone on climate change.

Biggest talking point in the impact community?

We'd say that adapting to the rise of AI and defence – and the tradeoffs that come with following or not following the hype – has been the biggest talking point this year.

Funniest quote?

"We're a f*cking power plant too" - Phillip Schröder, founder and CEO of 1KOMMA5°.

What should we have written more about?

We should've written more about impact investing. That's something we realised after extensive feedback and analysis of our analytics – and why we rebranded Impact Loop VC in November.

What should we have written less about?

Less startup funding rounds. While they're useful data points, they tend to distract from the more important stories that are just waiting to be told.

Biggest flop?

Some very rigorous deep dives on important topics that basically nobody read. A shame, really!

Most viral on LinkedIn?

Maia Ventures launched a €55m new fund – and it exploded on LinkedIn.

Something un-expected that happened?

Excuse the brag, but the fact that Impact Loop won the title Magazine of the Year in the trade press category at the Swedish magazine gala. We were very happy!

Music on heavy rotation in the newsroom?

Frank Ocean – Pink + White

Hozier – Eat Your Young

The Arctic Monkeys – Do I Wanna Know?

What do we think will happen next year?

Next year will (we hope) bring less economic and political uncertainty. In the impact space, we expect a continuation of this year’s trends – including a push towards greater cost efficiency in climate tech. We also think the AI bubble will burst, with companies starting to realise the technology’s true value, rather than its inflated one.

According to investors we’ve spoken to, we can also expect plenty of M&As and IPOs next year.

In the Impact Loop newsroom, we’ll be kicking off the new year with a major investigation we’ve been working on for months – so stay tuned.

For now, have a wonderful New Year’s celebration, and see you on the other side!