Topics
later
AI
Amazon
Image Credits:Transition Ventures
Apps
Biotech & Health
mood
Image Credits:Transition Ventures
Cloud Computing
DoC
Crypto
Enterprise
EVs
Fintech
fund-raise
Gadgets
bet on
Government & Policy
ironware
layoff
Media & Entertainment
Meta
Microsoft
privateness
Robotics
security measures
Social
Space
Startups
TikTok
Transportation
Venture
More from TechCrunch
consequence
Startup Battlefield
StrictlyVC
Podcasts
Videos
Partner Content
TechCrunch Brand Studio
Crunchboard
touch Us
Some strike out CEOs go to space . Others move to Hawaii . But Unity co - founder David Helgason choose a different path after 12 age at the helm of the biz engine company , which went public in 2020 ata $ 13.7 billion evaluation .
Having tread out as CEOin 2014 , Helgason still sit down on the panel of the now - lean company he co - founded in Copenhagenin 2004 ; but most of his metre is dedicated toTransition Ventures , an other stagecoach speculation capital letter house he found in 2021 to focus on the mood .
It ’s a William Tell that the fund is called “ transition ” and not , say , “ apocalypse . ” That ’s partly because Helgason is convinced that legacy industriousness — typically harmful to the surround — will eventually be outcompeted by more sustainable solutions and partly because of his personality . “ Friends of mine describe me as a ‘ glass one - one-tenth full ’ optimist , ” he told TechCrunch .
In an interview at his home near Reykjavík , the enterpriser - turned - VC share thinking on his ventures and the journey that run him from Unity to clime tech , a homecoming of sorts . “ It ’s kind of embarrassing how playfulness the climate crisis is to work on , ” he said .
A long way home
Unity ’s public launching turned Helgason into abillionaire , at least on paper . marketplace cap has declined since then , but the gist remains : He made lots of money from the fellowship , and this cap became increasinglyliquidover the days .
This made it possible for him to become a prolific angel investor , fulfilling his natural penchant for spending time with enterpriser . But his climate worries had to await : As a ego - account software hombre , he had no clear way in .
That alter when one of his sib , Ingvar , started a lab - arise leather ship’s company , VitroLabs Inc. This led Helgason to get ask with the startup and with synthetic biology more loosely . finally , that led him to climate - minded deep tech startups .
Join us at TechCrunch Sessions: AI
Exhibit at TechCrunch Sessions: AI
Besides his angel investments , Helgason also became a circumscribed collaborator in many climate - rivet funds . “ For a while , I was claiming I was probably the most broadly invested LP in mood , ” he said .
Both activities brought him the form of learning he starve . “ I always desire to be a scientist , ” he recalled . In his current state , though , he realized he had more economic value to add as an former - stage investor . Thus , Transition Ventures was born as a venture firm . Helgason already had ( and has ) a crime syndicate business office calledFoobar . Transition Ventures is a dissimilar beast , and not just because of its climate mandate .
A proper fund
It would be a mistake to guess of Transition Ventures as a family affair . Sure , Helgason and Ingvar ’s brother Ari is one of its four pardner , but Ari ’s résumé speaks for itself . His startup , Fabricly , took part in Y Combinator ’s Winter 2010 tidy sum before he became an investor at Dawn Capital and Index Ventures .
The third cooperator , Kristian Branaes , a London - free-base Atomico alum , was on board from day one , with the trio shortly hiring New York - based Mona Alsubaei , who read the ropes of VC at Union Square Ventures and itsclimate fund . The investment team also includes master Clara Ricard , who recently made theForbes 30 Under 30 Europe 2024 listing .
While Helgason ’s wealth made it potential for Transition to start up adorn straightaway , the collaborator also made a point of looking for special partner . “ We never really view not doing it as a proper commercial-grade venture fund , ” he articulate . This entail bring together the rank and file of other climate funds such asClimate Capitaland Chris Sacca’sLowercarbon Capital . Although it has LPs , Transition does not disclose set fund sizes nor how much it has invested to appointment and plan to invest .
Despite the fact that Helgason was able to cast anchor the store himself , fundraising was n’t easy . By the meter paperwork was ready , market conditions had changed .
“ Before we could come out fundraising properly , the warfare [ in Ukraine ] had commence and we went from the hottest market in remembering to the coldest market in quite a while , so it was quite a lot of workplace , ” he order .
Once fundraising was done , Transition Ventures end up with an LP mix that Helgason thinks is quite healthy : some mission - array backers , but also more financially driven ones without a climate authorisation . In other words , they are there for the returns , which is the committedness of any commercial-grade venture investment firm .
Having L-P means having to generate returns , and doing so within a circumscribed timeframe , but Helgason is fine with that .
“ We ’re quite disciplined about focalise on timelines , but the climate crisis also requires that of us , ” he said . “ We do n’t have time for just tarry around and explore . … We ’re in the business of finding company that are primed to go … and then we avail them accelerate a lot . ”
A portfolio of projects
Because Transition Ventures see climate as a theme , not a sector , the 12 companies in itsportfolioare quite wide-ranging :
Unlike Helgason , none of these society is Icelandic , but “ that was never the plan , ” he said . However , Running Tide uses Iceland asan R&D foundation , with support from an external squad that Helgason aid set up . Now calledTransition Labs , it helps climate technical school companies leverage Iceland and its lifelike and social characteristicsto accelerate their grading up .
Not long after initiating Transition Labs , Helgason moved back to his home nation .
“ I always wanted to endure here , ” he say . After pass most of his life overseas , he now repose in one of Iceland’smost expensive properties ; although , that price tag is far from unseen in the Bay Area . The house itself is reasonably retiring ; its most outstanding feature is its scenic persuasion of the ocean .
For someone who spends his time worry about global warming , the ocean is probable a powerful reminder to take activity .
“ But even to people who say climate variety is n’t real , I say , well , it almost does matter , because there are adjacent crises that are so big , ” he said . Whether it ’s biodiversity or ocean health , Helgason is impressed with the caliber of founders harness these issue . “ The talent is incredible , ” he added .
While Helgason no longer project himself as an enterpriser , he also has a novel project , Cleanplay , whose stated mission is to “ make games a part of the result in the fight against the clime crisis . ”
The project is still under wraps , with detail to be announced at theDice Europe conferencein September , but we already know that television game ace Richard Hilleman is involve , as is Benedikt Franke , the CEO of Planetly , a atomic number 6 direction startupacquired by OneTrustin 2021 .
It sounds like a large fit for Helgason to combine gage with investing around mood impact , but his core now sit down firmly with the latter .
“ A few years ago , I decided I will only do climate from now on , ” he enounce . passage Ventures still has work to do on that front ; it is “ or so halfway ” through deploy its capital , in avocation of the answer to the doubt on many investors ’ lips : Which mood solutions are best position to scale ?
revealing : Anna Heim move to Iceland on an invitation fromBusiness Icelandon behalf ofReykjavík Science City .
