Investment Focus:

• Check size: €100K–2M
• Stage you invest: Seed and Series A
• Size of your fund: €150M
• Industry verticals: Energy transition, circular economy, food and agriculture; education access, healthcare access, job inclusivity
• Geographies you invest in: Northwest Europe
• ‍Portfolio companies include: Sama, Sympower

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Brighter Future had the pleasure of speaking with Helmer Schukken, a managing partner at Rubio Impact Ventures, a Netherlands-based impact venture capital firm. Rubio was one of the first in Europe to build impact into its “carried interest”— fully tying remuneration to aligned impact targets and financial returns.

Rubio's approach focuses on investing in businesses that are not only commercially viable but also intrinsically beneficial to society— with a multi-specialist approach to addressing planetary or social challenges. With two funds already established and a third on the way, Helmer shared valuable insights into their mission-driven investment strategies and practical advice for startups navigating today’s dynamic venture capital landscape.

Investment Criteria: A Dual Focus on Impact and Viability

Rubio Impact Ventures specialises in Seed and Series A investments, working in two specialised teams, one focusing on Planet, the other on People. The Planet team targets industries such as energy transition, circular economy, food and agriculture, wellbeing and education. Their portfolio reflects a balance of both environmental and social impact.

Rubio's investments prioritise systemic impact, a concept Helmer described as transforming entire industries to adopt sustainable practices. “Ultimately, and this is maybe most important, when we look at impact, we try to achieve what we call systemic impact, which means if this technology is adopted and becomes mature, it will become the industry standard. That means all our competitors will be doing it as well, which may be bad from a business point of view but is super good from an impact point of view.”

Examples from Rubio’s portfolio include Sympower, a software-driven grid-balancing solution replacing coal power with energy-efficient alternatives, and Sama, a data annotation company employing thousands in Kenyan and Ugandan slums, lifting many out of poverty.

Navigating Economic Changes

The global energy crisis and fluctuating gas prices have reshaped Rubio’s climate investment lens. "I think sustainable energy has become a hedge for heavy fluctuations in fossil fuels, which I think is a very positive thing," Helmer noted. For example, Rubio has backed RIFT, a company using iron powder as a hydrogen carrier, offering scalable solutions for industrial heat. The technology basically allows hydrogen fuel to be stored without pressurised tanks.

Helmer praised Europe’s Green Deal for incentivising sustainable practices through market-driven mechanisms like the European Trade System (ETS). "I was a big fan of how the EU handled the green deal with the ETS system and CBAM (Carbon Border Adjustment Mechanism). I think it's brilliantly thought out because it just forces you to reduce emissions, but you can choose as an entrepreneur or a company what technology is best, not the government— which I think is the right way to go."

In contrast, Helmer expressed scepticism about the current subsidy-driven approach being used in the United States of America. "I’m not a fan of subsidies— let’s be clear about that. Governments should just set the rules, and if those rules are complied with, that we hit the Paris targets, let the market solve it."

Insights on Startup Success

Rubio’s experience in early-stage investments has provided critical lessons about what makes startups succeed— or fail. Helmer emphasised the importance of aligning innovation with market needs. 

He also noted that fundraising must be treated as core business for startups. "If you're cash flow negative, fundraising is core business. The best entrepreneurs lock in 30 minutes of their time every week just to make phone calls to existing relationships they have with investors or new ones so that they're on the radar. By the time that you're fundraising, the whole process goes much faster."

The Circular Economy and Emerging Opportunities

Helmer acknowledged the challenges of investing in circular economy solutions, citing the need for technologies that can achieve cost parity with linear models. "Our belief is if you cannot foresee that happening in the future, then you're always going to be in a niche. That has two disadvantages: if your market is small then your impact is small. That can change if the CEO or procurement manager who is substituted in after four years is more experienced, because they always are, but then you lose your business."

He also highlighted overlooked climate sectors with significant potential, such as industrial heat, biodiversity solutions, and recyclable plastics. "Industrial heat— anything above 120 degrees, which is a lot of energy that goes into it, mind you— is all gas fired, and that's hugely overlooked," he said. Additionally, biodiversity represents an important underdeveloped area for Rubio. "We have an amazing university in agriculture called Wageningen in the Netherlands, but [...] I think it's a difficult market because you're arguably sort of stuck sometimes with traditional family farmers. I don't mean to patronise in any way, but there are just very small margins there." As far as recyclable plastics, he noted that an EU law dictates that 20% of plastic will soon need to be from recycled plastic— but he didn’t see incumbents substantially acting upon it yet.

Looking Ahead

Helmer is optimistic but pragmatic about the future of climate & social venture capital. There are perhaps too few impact VC's focused on social themes in Europe, while there may be ample climate investment funds right now. Helmer also underscored the need for more late-stage capital for climate startups. Emerging opportunities within climate will centre around industrial heat, biodiversity solutions, and circular plastics, areas he believes are still underfunded but could prove vital for the systemic change we all hope to see.

Reflecting on the interplay of regulation and innovation, Helmer concluded, "If you deliver a sustainable solution that’s cheaper than fossil alternatives, you don’t need regulation— it will win on its own."

A Final Word

Helmer Schukken’s leadership at Rubio Impact Ventures is a terrific purpose-driven approach to venture capital. By aligning financial returns with societal impact and supporting startups through mentorship, strategic insights, and access to global markets, Rubio is empowering the next generation of transformative solutions.

From all of us at Brighter Future, we thank Helmer Schukken very much for his time and insights into his perspectives as a climate investor. To read more about Rubio Impact Ventures, please visit their website at https://www.rubio.vc/.

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