Is the power law dead for climate startups? Should VCs stop chasing unicorns and start funding real impact? In this thought-provoking episode, Lucas J Pols, GP at Pegasus Angel Accelerator, sits down with Gaby Darbyshire, General Partner at Dangerous Ventures, to unpack how climate venture capital is shifting — and why that’s a good thing.
Gaby shares her journey from nuclear energy law to climate VC, and explains how her fund backs startups solving climate problems at the root — from precision agriculture to grid resilience. They dive deep into what defines a successful climate startup, how to balance profit with planet, and why not every company should chase the next billion-dollar valuation.
0:27 Introduction to the Episode and Guest
0:52 Gabby’s Background and Climate Resilience Focus
1:46 Challenges and Opportunities in Climate Tech Investing
2:38 Early Investment Failures and Evolution of Climate Attitudes
4:16 The Growing Scope of Climate as a Category
6:08 Climate-Focused Software Startups and Market Experiments
7:23 The Reality of Venture Failures and Learning from Iteration
7:53 Balancing Impact and Returns in Climate Startups
8:49 Defining Impact Without Being Concessionary
10:52 LP Expectations vs Founder Aspirations in Climate VC
11:32 Rethinking the Power Law in Climate Venture Capital
13:25 Fund Size, Exit Strategy, and Mid-Market Opportunities
14:34 Venture Math and the Case for Emerging Managers
17:06 Long-Term Value and Challenges in Regulated Industries
17:19 Case Study: Verdi and Agricultural Water Conservation
20:27 Valuation Challenges and Early-Stage Investment Strategy
21:35 The Fallout of 2021 Valuations and Founder Misconceptions
22:53 Founder Advice: Ownership, Dilution, and Sustainable Growth
23:27 Nuclear Power's Resurgence and Public Perception
24:20 Gabby’s Nuclear Facility Experience and Risk Perspective
26:57 Investing in Nuclear-Adjacent Technologies
27:25 Energy Transition and the Role of Fossil Fuels
28:09 Cars, Carbon Capture, and Energy Efficiency
28:58 The Promise of Clean Energy and Fusion Potential
29:27 Government Regulation and Corporate Incentives
29:50 Insurance Markets as Climate Risk Indicators
31:14 Electrical Grid Resilience and the Future of Energy
31:41 Final Thoughts and Episode Wrap-Up
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