Explore tells the stories behind the success of entrepreneurs and investors around the world. Hi there👋, I'm Hugo Rauch, a financial analyst at Microsoft and the host of Explore. I've always been fascinated by startups, in 2022 I wrote a 100 pages paper on the startup economy. In 2023, I wanted to learn from experience and I started Explore. I'm made myself the goal of supporting early-stage founders with theoretical and practical learnings. Consider following and giving 5 stars to support the show! ✨ A feedback or an idea, reach out to me on LinkedIn (Hugo Rauch). 🤠explorepodcast.substack.com
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Thanks you, Morning for hosting the podcast this week. Get 20% off your next meeting room (in Paris), just say you're coming from Hugo at New Wave.****Subscribe to the newsletter:New Wave | Hugo Rauch | Substack****
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Subscribe to the newsletter:New Wave | Hugo Rauch | Substack****Listen now:Apple // Spotify // YouTube
Subscribe to the newsletter:New Wave | Hugo Rauch | Substack****
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Subcribe to the newsletter:New Wave | Hugo Rauch | Substack****Thank you to this week's sponsor:Accelerating Impact - a non-profit advancing impact finance by mobilizing capital and running free accelerator programs for emerging fund managers. Join for expert coaching, training, financial support, and a strong community. Apply here.****
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Thank you to this week's sponsor:Accelerating Impact - a non-profit advancing impact finance by mobilizing capital and running free accelerator programs for emerging fund managers. Join for expert coaching, training, financial support, and a strong community. Apply here.***
Thank you to this week's sponsor:Accelerating Impact - a non-profit advancing impact finance by mobilizing capital and running free accelerator programs for emerging fund managers. Join for expert coaching, training, financial support, and a strong community. Apply here.***
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Thank you to this week's sponsor:Accelerating Impact - a non-profit advancing impact finance by mobilizing capital and running free accelerator programs for emerging fund managers. Join for expert coaching, training, financial support, and a strong community. Apply here.***
Sam Goodall on Europe's Climate Tech “Supercluster”In Paris, I sat down with Sam Goodall, CEO of Cambridge Cleantech and co-founder of the Climate Tech Supercluster.We unpacked a question I kept hearing:Why does Europe lead in climate innovation, but fall behind on scale?Sam's take is refreshingly clear: Climate tech is spread too thin. We miss an obvious “Silicon Valley” to go to.That's why he created the Supercluster approach: a series of events across Europe (London, Paris, Amsterdam) that increases the collision rate, and let smart people collaborate.Here's what we covered:→ Europe's superpower: the research base (TRL 1-3)→ Where the system breaks: scaling post-TRL 7 + “value leakage”→ The missing link: capital that matches deeptech timelines→ Why corporates are the de-risking engine for FOAK → 2026+ opportunities: industrial decarb + data center energy This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com
Makesense just closed its €25M pre-seed fund:So we sat down with Marion Schuppe to unpack what it really takes to build an impact-first VC from a nonprofit DNA.
This week on New Wave Weekly:
Thank you to this week's sponsor:Accelerating Impact - a non-profit advancing impact finance by mobilizing capital and running free accelerator programs for emerging fund managers. Join for expert coaching, training, financial support, and a strong community. Apply here.***
We're joined by Alex Bakir, Partner at Norrsken Evolve, an operator-turned-investor who has built and scaled companies across Silicon Valley and Europe before launching one of the continent's most distinctive early-stage climate funds.In this episode, we dive into why Europe's climate tech story needs a new foundation, one rooted in productive capacity, supply-chain sovereignty, and operator-led support for founders, and what it really takes to convince LPs in today's market.In our conversation, we covered:→ Why climate cycles repeat, and why this one is different→ What Alex actually sold to LPs (and why he was oversubscribed)→ The real gap at pre-seed: sophistication, not capital→ Momentum as the new signal: how Norrsken Evolve picks winners→ Why resilience ≠ defense, and what Europe misunderstands→ The role of regionalization and the end of “global by default.” This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com
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Today on New Wave Weekly: Sightline Climate just released the Globalization in climate tech report (download it here). I sat down with Julia Attwood, Head of Research at Sightline, to chat about the key takeaways for European investors.
We're joined by Hampus Jakobsson, Partner at Pale Blue Dot, longtime founder, operator, and one of Europe's most prolific early-stage investors.In this episode, we dive into what it means to be a “five” in agency, how great teams form, why climate became unavoidable for him, and how Pale Blue Dot built an unconventional fund model that actually works for founders.In our conversation, we covered:→ Why The Astonishing Tribe scaled from six friends to 180 people across the world→ The traits Hampus looks for in the first 10 hires of any startup→ How extreme agency became his superpower, and occasional liability→ The personal story that shaped his worldview on care, speed, and craft→ Why climate wasn't obvious at first… and then became the only rational choice→ How Pale Blue Dot balances “three solo GPs” inside one fund→ What founders consistently misunderstand about VC***Supported by:Accelerating Impact - an independent non-profit advancing impact finance by mobilizing capital toward sustainable development and running free accelerator programs for emerging fund managers (ICFA, ISFA). Join for expert coaching, training, financial support, and a strong peer community. Apply here.***Listen now:Apple // Spotify // YouTubeConnect with Hampus:Hampus on LinkedInPale Blue DotOr ask me for an intro! This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com
How two founders turned a decade of building too-early ideas into a climate investment thesis for the next industrial wave.We're joined by Maex Ament and Philip Stehlik, co-founders of two unicorns (Taulia and Centrifuge) and now founding partners at Earth, a new European climate fund investing across the industrial stack.In this episode, we dive into how being “too early” became their edge, what it really takes to sustain a 20-year co-founder relationship, and how ex-founders think differently when they start backing the next generation of climate entrepreneurs.In our conversation, we covered:→ Why great co-founder relationships are like marriages (and how to make them last)→ Why being too early can be a founder's superpower, if you can survive it→ How ex-founders approach venture investing differently→ Why climate investing is the new industrial revolution (not just a cause)→ What “climate dynamism” really means, and why green premiums are dead***Supported by:☕ Climate Coffee: Max Bray and his co-founder have been building a fast-growing community and series of meet-ups connecting founders, investors, operators, and scientists in climate tech across Europe. Read more here.***Connect with Maex & Philip: Maex AmentPhilip Stehlikearth.nowOr ask me for an intro! This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com
Today on New Wave: Altrove just raised $10M to reinvent how new materials are discovered, using AI and robotics to replace the world's rarest elements. This week, I sat down with Thibaud Martin, Altrove's co-founder and CEO, to unpack:
Supported by:Accelerating Impact - an independent non-profit advancing impact finance by mobilizing capital toward sustainable development and running free accelerator programs for emerging fund managers (ICFA, ISFA). Join for expert coaching, training, financial support, and a strong peer community. Apply here.***
This week on New Wave Weekly:
Brought to you by:Accelerating Impact - an independent non-profit advancing impact finance by mobilizing capital toward sustainable development and running free accelerator programs for emerging fund managers (ICFA, ISFA). Join for expert coaching, training, financial support, and a strong peer community. Contact them here.***
Brought to you by:D-CRBN - a Belgian startup turning industrial CO₂ emissions into valuable feedstock using cutting-edge plasma technology. If you want to learn more, reach out directly to David Ziegler or Gill Scheltjens.***
Brought to you by:Accelerating Impact - an independent non-profit advancing impact finance by mobilizing capital toward sustainable development and running free accelerator programs for emerging fund managers (ICFA, ISFA). Join for expert coaching, training, financial support, and a strong peer community. Contact them here.***
Brought to you by:Accelerating Impact - an independent non-profit advancing impact finance by mobilizing capital toward sustainable development and running free accelerator programs for emerging fund managers (ICFA, ISFA). Join for expert coaching, training, financial support, and a strong peer community. Contact them here.***
Brought to you by:D-CRBN - a Belgian startup turning industrial CO₂ emissions into valuable feedstock using cutting-edge plasma technology. If you want to learn more, reach out directly to David Ziegler or Gill Scheltjens.***This week on New Wave Weekly:
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