'Momentum is building': VCs on the state of impact investing in 2025

Catharina Schröder, director of investor relations, Spintop Ventures

How would you describe the mood in the impact scene right now?

"Before Impact Week I had just participated in IPEM in Paris (a global conference for private capital) where a striking message came from a panel suggesting that american LPs (limited partners) are hesitant to engage in impact investing at the moment. So it was great to see that the conversations and commitments shared throughout the week in Barcelona revealed the opposite. Momentum is still building, and capital is being directed toward solutions that actually matters."

What was the most notable moment?

"One of the most thought-provoking moments this week came from Sam Feinburg, executive director of the organisation Helena, who spoke about synthetic biology – technologies that let us write new genes, design novel proteins, and re-engineer life itself. These tools could cure diseases, restore ecosystems, and create entirely new materials. The possibilities are extraordinary – but so are the risks. Feinburg’s message captured a central theme of the week: impact is not just about invention or capital, but about stewardship."

What role should Europe play in this transformation?

"To truly shape a sustainable future, we must couple bold ideas with ethical leadership, governance, international collaboration, and the wisdom to safeguard generations to come. Europe cannot just participate in the circular transformation, we must lead it."

Anna Ljungdahl, senior investment director, Industrifonden

How would you describe the mood in the impact scene right now?

"Despite the political backdrop, both LPs and GPs testify to strong momentum in the US for climate tech deals. That paves the way for renewed energy on the European climate tech scene too, and gives me, as an investor, confidence in my portfolio companies’ ability to grow sustainably (revenue!) and secure future funding.”"

"LPs remain relatively positive about the market’s macro momentum. They’re open and generous in sharing experiences, and keen to explore helpful solutions and new investment strategies. Climate tech is still hot."

"Emerging managers have every reason to be optimistic – there’s a clear curiosity and excitement around new teams right now. Many brilliant founders have pitched fantastic investment opportunities and shared their experiences as leaders and culture carriers. Overall, there’s a very positive vibe with great conversations happening around important topics – and a genuine sense of people looking for solutions together."

Erik Engellau, partner, Norrsken Launcher

What’s the most pressing question within the energy space right now?

“Because of AI, the cost of intelligence is approaching zero – but the cost of electrons, meaning electricity, is becoming increasingly critical. A huge amount are being invested in data centres globally, yet there isn’t enough energy. That’s why the US is now laser-focused on creating cheap power, with companies like nuclear startup Oklo valued at $20 billion. At the same time, China is pulling ahead, when Europe is falling behind.”

What do you see coming in the space of nuclear fusion and fission?

"One thing that’s going to happen is that fusion and fission companies will start merging – we’re already beginning to see that. They can share a lot, whether it’s technology, engineering expertise, or talent. Plus, functionality often advances faster than the proof-of-concept stage."

Is nuclear and energy the big focus at Norrsken Launcher now?

“No, we don’t care about macro trends. What matters to us is finding brilliant researchers with great ideas. Market trends come and go, but we’re building companies that can make a difference regardless of what’s ‘hot’ right now."