Claire Houry emphasizes the importance of building close, long-term partnerships with startups, noting that Ventech aims to support companies from early stages all the way to exit. "We invest early and want to be partners from day one," she says, highlighting Ventech's pan-European reach, with teams stationed in major tech hubs across Europe. This regional presence enables Ventech to work closely with founders, fostering trust and collaboration over time.

According to Claire, preparing for an exit starts from day one. In her view, startups should understand that "there will be an exit scenario at some point," and it's critical to prepare well in advance. By building relationships within the ecosystem and positioning themselves as acquisition-ready, startups increase their chances of successful exits. "You are being acquired, not for sale," Claire says, explaining the philosophy of strategically aligning with potential acquirers instead of openly looking for a buyer.

Claire shares that Ventech’s approach allows for financing losses in the early stages, but with a clear path to profitability. In her words, “We look at unit economics – customer acquisition costs, net retention rates – rather than pure profit in the early days.” This focus ensures that Ventech invests in companies that, although they may be unprofitable at the start, are set up for sustainable growth and profitability in the long term. For her, companies generating 30-40 million euros annual recurring revenue (ARR) should be nearing profitability, which she sees as a natural milestone for growth-focused ventures.

European tech investment has distinct characteristics, from regulatory landscapes to market size. Claire explains that European funds tend to be smaller and that “risk is linked to reward,” with exits often smaller in value compared to the U.S. However, she is optimistic about Europe, especially with the rise of new technology and regulatory-driven opportunities. "We have a responsibility to build global leaders," Claire asserts, emphasizing Ventech’s commitment to identifying and supporting ambitious founders who want to expand internationally.

Regulation in Europe, according to Claire, drives innovation in certain sectors, especially B2B SaaS. She gives the example of Prewave, an Austrian company focused on supply chain risk intelligence, which addresses growing compliance demands in the European market. "In sectors like supply chain and ESG, regulation creates new business opportunities," Claire notes. For her, regulatory demands in Europe offer a competitive edge by pushing companies to innovate in ways that U.S. firms often follow.

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Find Claire on:

LinkedIn: Claire Houry

Ventech's Newsletter: typeform.com/to/LQk75Mmz

Find Ben on:

LinkedIn: Ben Costantini

Twitter/X: @bencostantini

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One of the highlights from Tim Schumacher's conversation is his strong belief in "founder-market fit." Unlike product-market fit, which focuses on the product's place in the market, founder-market fit is about the founder’s connection and passion for the problem they're solving. Tim says, “I’ve always been better at scaling things rather than building from scratch." This mindset guided him in creating saas.group, where he buys established companies and scales them. Founder-market fit, he believes, is crucial for founders to thrive and stay motivated.

Tim’s approach with saas.group is different from the typical venture capital model. Instead of funding high-growth startups, saas.group acquires small, profitable SaaS companies and scales them. “We’re not a VC; we acquire 100 percent of the company,” Tim explains. This model allows founders to cash out and move on to new projects, while saas.group focuses on improving and scaling the acquired companies. His strategy highlights an alternative path for bootstrapped SaaS companies to achieve long-term growth without the traditional pressures of venture capital.

Apart from SaaS, Tim is also a founder of World Fund, a European climate-focused VC that invests in early to mid-stage startups with high decarbonization potential. “If it decarbonizes and does so heavily, that’s a topic we like to look at,” he shares, explaining World Fund’s criteria. This venture reflects Tim’s passion for applying his software expertise to the climate crisis, investing in innovations that reduce emissions and promote sustainability. His insights here show the potential for tech to drive impactful climate solutions.

Tim emphasized the importance of environmental, social, and governance (ESG) practices in any business. While ESG compliance is increasingly required, especially in VC-backed companies, Tim believes it’s just as important to look at the impact of the business model itself. “A company can have high ESG ratings and still be detrimental to the planet,” he points out. For Tim, it’s essential that businesses not only comply with ESG but also genuinely align with sustainable and ethical practices to build a lasting positive impact.

Tim has a deep respect for indie makers and bootstrapped founders, often those who build solid products on limited resources. “There are tens of thousands of great founders out there who just need an exit path,” he notes. saas.group’s model offers this by acquiring these companies and scaling them further. This approach resonates with Tim’s experience as a founder who values sustainable growth over flashy, high-risk ventures. Through saas.group, he’s creating a supportive ecosystem for bootstrapped SaaS startups to thrive long-term.

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Find Tim on:

LinkedIn: Tim Schumacher

Email: tim@saas.group // tim@worldfund.vc

Find Ben on:

LinkedIn: Ben Costantini

Twitter/X: @bencostantini

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Linn-Cecilie emphasizes that impact investing requires intentionality and measurability. According to her, “You can do a lot of impact investments unintentionally, but if you don’t have the intentionality there, it can be hard to call it real impact.” LUMO Labs, where she currently works, uses intentionality as a core part of their investment thesis. They measure both the financial and social returns, ensuring that each investment stays true to its impact goals over the long term.

This intentional approach is key in climate tech as the sector grows rapidly. As Linn-Cecilie notes, the impact investing market has reached “1.16 billion dollars” and is set to expand 20% yearly, showing how intentional impact is becoming the new normal in the investment world.

With a primary focus on early-stage investments, LUMO Labs actively encourages startups to scale beyond their local markets. Linn-Cecilie points out, “Our whole thesis is to take these companies and make them go out of their own market as soon as possible.” For climate tech and impact-focused startups, scaling is often essential to reach global markets and make a measurable impact.

By leveraging networks in the Nordics, Baltics, and beyond, Linn-Cecilie’s team at LUMO Labs helps startups overcome geographic and cultural barriers, setting them up for global success. This ability to bridge regions is what makes LUMO Labs’ impact investing approach truly valuable.

Linn-Cecilie shares that many Nordic founders tend to prioritize values over profit. She notes, “To build the biggest and the best companies, you need to be driven by something else than profit.” This value-driven approach is increasingly prominent in Norway and the Nordic regions, where impact and sustainability are core parts of the entrepreneurial mindset.

This shift toward values is especially beneficial in the climate tech space, where creating a positive impact is integral to the company’s mission. Startups in this ecosystem aren’t just focused on financial growth; they aim to create real-world change, which aligns with LUMO Labs' focus on investing in sustainable urban solutions.

One unique aspect of Linn-Cecilie’s work at LUMO Labs is collaborating with Tech Transfer Offices (TTOs) at universities to identify and develop early-stage tech innovations. She explains, “We invest very early, so we can do pre-seed and up to late-seed, often with projects coming directly out of TTOs.”

Working closely with TTOs allows her team to invest in cutting-edge technologies that address climate and urban challenges. These partnerships bring academic innovations to market faster, enabling climate tech startups to build solutions that are not only technologically advanced but also deeply impactful.

Linn-Cecilie highlights how LUMO Labs strives to support founders beyond mere financial investment. She states, “It’s not always a pitching competition; there is space for conversations.” Her firm places a strong emphasis on mentorship and availability, with Linn-Cecilie herself often meeting with founders just for a chat, even if no investment is immediately involved.

This approach is especially encouraging for early-stage startups, who may feel intimidated by VCs or overwhelmed by their financial needs. Her advice for founders? Don’t be discouraged by a “no” from VCs—often, it’s about alignment rather than company quality. LUMO Labs aims to foster an ecosystem where startups can thrive with the right support, not just funding.

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Find Linn-Cecilie on:

LinkedIn: Linn-Cecilie Linnemann

Instagram: @linnlinne

Find Ben on:

LinkedIn: Ben Costantini

Twitter/X: @bencostantini

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