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balancing-profit,-purpose,-and-planet:-a-must-see-talk-at-tnw-conference

Balancing profit, purpose, and planet: A must-see talk at TNW Conference

Ecosystems, Investors and funding, Next Featured, Startups and technology / /
Balancing profit, purpose, and planet: A must-see talk at TNW Conference

Siôn Geschwindt

Story by

Siôn Geschwindt

Siôn is a reporter at TNW. From startups to tech giants, he covers the length and breadth of the European tech ecosystem. With a background Siôn is a reporter at TNW. From startups to tech giants, he covers the length and breadth of the European tech ecosystem. With a background in environmental science, Siôn has a bias for solutions delivering environmental and social impact at scale.

Lubomila Jordanova and Jamie Crummie will be speaking at TNW Conference, which takes place on June 15 & 16 in Amsterdam. If you want to experience the event (and say hi to our editorial team!), we’ve got something special for our loyal readers. Use the promo code READ-TNW-25 and get a 25% discount on your business pass for TNW Conference. See you in Amsterdam!

The goals of decarbonisation and the circular economy are two sides of the same coin. We cannot achieve one without the other, and both are vital to a sustainable and equitable future for humanity. 

Just a few years ago, however, actionable tools for businesses and consumers to reduce emissions and waste were hard to find. But thanks to pioneering entrepreneurs like Lubomila Jordanova and Jamie Crummie, ways to measure and reduce our carbon and material footprint are now within reach.    

Jordanova is the founder and CEO of Plan A, an AI-powered carbon accounting tool that helps companies measure, reduce, and report on CO2 emissions. So far, Plan A has built a 100-strong team of leading scientists and developers, secured big name clients like BMW and the European Commission, and claims to have 5Mt of carbon under its management. 

Operating in a very different market, Crummie is the co-founder of sustainable food app Too Good To Go, which enables consumers to buy unsold food from restaurants and retailers. It is currently the world’s largest marketplace for surplus food, active in 17 countries, has over 75 million registered users, and 135,000 active food businesses. The app claims to have rescued over 200+ million meals of food.  

Both companies entered the market in the mid-2010s, a time when climate tech received a mere fraction of the funding it does today. Despite an unfavourable investment landscape, both startups overcame their respective challenges and positioned themselves for impressive growth. 

At TNW conference next week, Jordanova and Crummie will take to the stage to discuss their respective journeys, and ways to successfully deliver measurable impact within a for-profit business model. 

So if you’re an entrepreneur looking to found a startup, or scale your existing business, make sure not to miss this talk! The future of the planet could depend on it.   

Navigating the spinout process is among many startup growth topics that will be explored at TNW Conference. You can find more on the event agenda — and remember: for a 25% discount on business passes, use the promo code READ-TNW-25.

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This AI-powered platform could predict the next big flood

Investors and funding, Startups and technology, Sustainability / /
This AI-powered platform could predict the next big flood

Siôn Geschwindt

Story by

Siôn Geschwindt

Siôn is a reporter at TNW. From startups to tech giants, he covers the length and breadth of the European tech ecosystem. With a background Siôn is a reporter at TNW. From startups to tech giants, he covers the length and breadth of the European tech ecosystem. With a background in environmental science, Siôn has a bias for solutions delivering environmental and social impact at scale.

The European floods of 2021, which affected large areas of Germany and Belgium, took the lives of 209 people and cost over €30bn in damages. Catastrophic floods like these are becoming more and more common as climate change increases the frequency and intensity of extreme weather events. 

While there is no easy fix for preventing floods, there are ways in which we can be more prepared for them. One company tackling this challenge head-on is Norwegian climate tech startup 7Analytics. 

Founded in 2020 by a team of data scientists and geologists, the startup aims to help municipalities and businesses better predict flooding and minimise damage to infrastructure. 

The startup’s main offering, FloodCube, applies AI and machine learning to vast quantities of terrain and land use data in order to predict how a future flood will unfold.  

Whereas the weather forecast tells you when a storm is approaching, 7Analytics will tell you exactly how the water from this storm will travel through your community, to a metre-scale accuracy.  

Recent advancements in computing power and AI couldn’t have come at a better time for the startup. “These technologies enable us to analyse data and generate predictive insights in a way that was impossible just a few years’ ago,” says Jonas Aas Torland, co-founder and CCO of 7analytics. 

Jonas Aas Torland, geologist and co-founder and CCO at 7Analytics. Credit: 7Analytics

While there are a handful of other companies operating in this space in the US and Australia, Jonas says that none of them offer such high resolution data nor do they constantly reprocess data to account for physical changes in the landscape.  

For governments or businesses looking to minimise damage to infrastructure, the value of these predictive insights cannot be understated. “Knowing how a flood will occur in the future gives you the gift of time,” Jonas told TNW. 

“Our platform can tell you if a flood will occur in your area of interest and issue alerts 72 hours in advance so you can take all the necessary actions to protect employees and assets,” he says. 

These insights are also of interest to insurers, who are always looking for more accurate ways to predict future risks to assets.  

So far, 7Analytics has secured contracts with the likes of the Municipality of Bergen, construction giant Skanska, and, most recently, French oil conglomerate Total Energies. 

The startup raised a €2.5m secured its first funding round last year, looks to grow its customer base both in Europe and the US. 

This AI-powered platform could predict the next big flood
A screenshot of 7Analytics’ platform which can pinpoint to metre-scale accuracy how a flood will unfold. Credit: 7Analytics

Adapting to the new climate reality

Investors are pouring trillions into climate mitigation technologies like renewable energies and EVs in an attempt to reduce carbon emissions. While essential, there is increasing acknowledgement that investing in technologies that help humanity adapt to a changing climate is an equally urgent priority.  

In 2021, however, less than $50 billion — or just 10% of all climate finance — was allocated to adaptation measures such as flood and wildfire prevention, resilient agriculture, and clean water supply.  

This is partly because climate adaptation tech investment has often been regarded as the realm of NGOs and government, not private capital, partly due a false perception that there is no money to be made. But this outlook appears to be shifting.  

Bill Gates’s Breakthrough Energy Ventures pledged last year to expand its scope to climate adaptation technologies, while water tech firm Gradiant — which helps companies reduce water usage — hit ‘unicorn’ status last month after a $225m raise. 

Michiel de Bruin, portfolio manager for Dutch investment firm Robeco, says that recent climate disasters are a “wake-up call,” directing “more attention to adaptation.” 

Jonas believes that solutions like his flood prevention platform are part of this new wave of climate adaptation tech. The startup is now plotting its Series A funding round for next year, and looks to expand its offerings to predict landslides and other natural hazards. 

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European startup funding to drop 38% in 2023 — but there’s cause for hope

Ecosystems, Investors and funding, Startups and technology / /
European startup funding to drop 38% in 2023 — but there’s cause for hope

Ioanna Lykiardopoulou

Story by

Ioanna Lykiardopoulou

Ioanna is a writer at TNW. She covers the full spectrum of the European tech ecosystem, with a particular interest in startups, sustainabili Ioanna is a writer at TNW. She covers the full spectrum of the European tech ecosystem, with a particular interest in startups, sustainability, green tech, AI, and EU policy. With a background in the humanities, she has a soft spot for social impact-enabling technologies.

European tech startups will see a 38% investment drop in 2023 compared to 2022 levels, the latest report by Atomico finds. Specifically, startups are expected to raise $51bn in funding — down from $83bn in 2022 and $106bn in 2021.

But Europe isn’t alone in navigating a tough year for tech. The US and China are also looking at a 49% investment decrease in 2023 compared to 2021. According to the report, this global retraction in funding has a domino effect on the flow of capital between the regions. For Europe, this translates to a significant reduction of capital from US investors, which will mostly impact companies raising larger later-stage rounds.

While the funding slowdown is visible across all European countries, the biggest fall between H2’22 and H1’23 is expected in the UK with a 57% investment drop. This is followed by France at 55% and Germany at 44%.

As a result, founders are adjusting to the new reality, which, according to Atomico, means that layoffs were accelerated in Q1 2023, while valuations are dropping and down rounds are increasing.

Don’t worry, it’s not all doom and gloom

Despite the rough funding landscape, the European tech ecosystem’s total value is forecast to reach $1tn this year — climbing back to (the highest ever) 2021 levels.

The ecosystem also accounts for 29% of the global funding going to early-stage companies — almost at parity with the US (at 36%), after nearly halving the gap in the past five years. At the same time, Europe is leveling with the US in terms of startup creation, although the pace has slowed somewhat.

In addition, startups in the continent continue to lead in “purpose-driven tech” that meets the UN’s sustainability goals. Specifically, investments in “climate and purpose” have so far reached an all time high, representing 18% of the total funding.

Notably, the flow of capital in generative AI is also on the rise. This year to date, companies developing the technology have secured 35% of all funding going to AI/ML — the highest share ever — jumping from 5% in 2022.

“We should think about this period as a return to first principles,” said Tom Wehmeier, Partner and Head of Insights at Atomico. “From this cycle we have the opportunity to build an even healthier ecosystem, with a clearer focus on quality. In the short-term, there will be fewer companies started, but the ones that break through will more likely be winners, with a strong foundation of senior talent and greater share of the region’s resources.”

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This building in Amsterdam is almost 100% reusable

Corporates and innovation, Government and policy, Investors and funding, Next Featured, Startups and technology, Sustainability / /
This building in Amsterdam is almost 100% reusable

Siôn Geschwindt

Story by

Siôn Geschwindt

Siôn is a reporter at TNW. With a background in environmental science, he loves to write about climate tech, policy, and the built environme Siôn is a reporter at TNW. With a background in environmental science, he loves to write about climate tech, policy, and the built environment.

Dutch architecture firm MVRDV has completed Matrix One — a 6-storey, energy-efficient, office and laboratory block constructed using over 120,000 reusable components. 

The building is the largest of seven that make up the Matrix Innovation Center in the Amsterdam Science Park, which serves as a hub for scientists and entrepreneurs developing solutions to some of the world’s toughest challenges.

Matrix One has been designed for disassembly: almost everything from the doors and windows to ceilings and furniture is fully detachable and reusable. Even the floors are made from prefabricated concrete slabs with no fixed connections — they can simply be unscrewed and removed. 

MVRDV teamed up with Dutch startup Madaster to create ‘material passports’ for the building. These digital IDs store key information about each component — like weight, dimensions, and material characteristics — which aids efficient reuse further down the line.

Once the building reaches the end of its useful life or gets renovated, these components could be available for purchase on a second-hand marketplace (think eBay for buildings). According to MVRDV, 90% of the building’s materials can be used again. 

“In the future, we hope this is how all buildings will work,” said MVRDV partner Frans de Witte.   

MVRDV-Matrix-One-detachable-reuse-circular-building-amsterdam
The interior of Matrix ONE. Credit: MVRDV/Daria Scagliola

Construction and demolition is currently responsible for a third of all waste generated in the EU. Making the sector more circular — that is, to minimise waste to the furthest extent possible — has been identified as a key priority for the Dutch government, in line with its commitment to transition to a fully circular economy by 2050.  

Parallel to the push toward circularity is cutting down the carbon footprint of buildings and infrastructure, which account for a whopping 37% global CO₂ emissions. Projects like Matrix ONE act as a testbed for many of the technologies needed to minimise these impacts. 

“Matrix ONE offered an excellent opportunity for us to test a number of carbon-reduction strategies we have been investigating for a long time,” said de Witte.

The rooftop of Matrix One is covered with a 1,000 sq.m solar array, with the rest given over to greenery, helping improve insulation. Lighting and heating are controlled by sensors and via a phone app, to reduce energy consumption. 

Matrix One also has a restaurant on the ground floor, a bar at the top of the staircase, a 100-seat auditorium, and storage space for bikes.

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German startup secures funding for bizarre twisted fusion machine

Deep tech, Investors and funding, Next Featured, Startups and technology / /
German startup secures funding for bizarre twisted fusion machine

Siôn Geschwindt

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Siôn Geschwindt

A German startup has secured its first investment to scale a bizarre twisted-looking fusion machine that could power the world with abundant, clean, and limitless energy.   

Proxima Fusion raised €‎7mn in funding to build a device known as a stellarator, a little-known fusion reactor that could hold the key to unlocking the potential of atom-fusing power within our lifetime.  

While the initial funding round was small, it is noteworthy because the startup is the first spinout from Germany’s esteemed Max Planck Institute for Plasma Physics.  

The institute is solely dedicated to fusion research and is home to the world’s largest stellarator. Dubbed the Wendelstein 7-X, the machine is the result of 27 years of research and design (and €‎1.3bn of investment), aided by recent advancements in supercomputing and state-of-the-art plasma theory. 

german-startup-fusion-energy
Wendelstein 7-X — this heap of metal, pipes, and plasma could be the energy plant of the future. Credit: Max Plank Institute/Jan Hosan

While the physics behind the machine is extremely complicated, what matters is that stellarators offer a number of potential advantages to the more popular doughnut-shaped tokamak — a design that has dominated the fusion sector for decades.  

The twisted configuration of the superconducting magnets in a stellarator help to keep the super-heated plasma they contain stable enough to fuse nuclei and release energy. Even more crucial for a future fusion power plant, they can theoretically operate continuously, whereas tokamaks must stop periodically to reset their magnet coils. 

However, stellarators are notoriously complex to design and build, which is why they were largely set aside in the 1960s in favour of their simpler cousin, the tokamak. 

“A tokamak is kind of easy to design, hard to operate, whereas a stellarator is super hard to design but once you’ve designed it, it’s way easier to operate,” Ian Hogarth, co-founder of Plural Platform, which is leading the €7mn investment, told the Financial Times.

Since the German Chancellor at the time, Angela Merkel, turned on W7-X in 2016, it has achieved a number of scientific breakthroughs that are “basically defining the whole field of magnetic confinement fusion,” said Hogarth.  

Fusion physicist Josefine Proll of the Eindhoven University of Technology is equally excited. “All of a sudden, stellarators are back in the game,” she said. 

Proxima Fusion, aided by the initial investment, looks to take these developments commercial. Its CEO Francesco Sciortino believes that the startup’s connection to the Max Planck Institute, which has more people working on plasma physics than MIT, offers a unique advantage. “The question is, can we execute just as well, and really make this a European champion?” he asked. 

While private investment has poured into tokamak pioneers — such as the likes of MIT spinout CFS, valued at over $2bn — recent breakthroughs in stellarator technology could pave the way for a new cohort of fusion startups like Proxima. 

Type One, a spinoff from the University of Wisconsin-Madison, and Proxima’s only other competitor so far, raised $29mn in March from Bill Gates’ Breakthrough Ventures to develop a commercially viable stellarator. 

While the stellarator startup scene is powering up, Thomas Klinger, director of the Max Planck Institute’s Greifswald branch, cautioned that commercially viable operations could still be 25 years away. 

However, if the technology can deliver on the promise of limitless, clean energy — then it’s probably worth the wait. 

If you, like me, would really like to nerd out on stellarator technology a bit more, check out this fascinating explainer from the Max Planck Institute: