Earth Set:Build Webinar series 6. Fundraising Fundamentals
Autumn 2025
Fundraising Fundamentals for Climate Founders
Highlights from Earth Set: Build — Session 6 with Pippa Gawley (Zero Carbon Capital)
“Venture capital should be your last option.”
That’s how Pippa Gawley of Zero Carbon Capital opened: not to scare anyone off, but to reset expectations. VC money buys a slice of your company and comes with speed, targets, and loss of control. If you do choose it, go in eyes-open and use it alongside other capital.
Here’s the distilled version of her advice.
1) First question: do you actually need VC right now?
If you can reach customers with grants, pilots, and early revenue, start there. Rounds are taking longer than they used to; goalposts have moved. Raising because “that’s what startups do” is how you paint yourself into a corner.
Sound choice: raise only what gets you to the next real proof point (18–24 months), not the biggest cheque you can imagine.
2) Build a blended stack (so you’re not hostage to one source)
Think of funding like a toolbox:
Non-dilutive: Innovate UK/UKRI, EIC, awards, foundation programmes, small innovation loans, regional/national banks. They take time and reporting, but extend runway.
Dilutive: angels, specialist climate funds, corporates/strategics.
Revenue: the best leverage of all.
Investors dislike big early debt that has to be repaid from their money. Keep loans modest and tied to revenues or specific assets.
3) Make an investable case (not just a vision)
Three simple artefacts do the heavy lifting:
Theory of Change: one page that joins the dots — what you do → what comes out → what changes → climate impact. Fill gaps with evidence, not vibes.
Techno-Economic Analysis (TEA): even a first pass. What drives capex/opex? What’s your unit cost at scale? Where does cost fall over time?
Emissions potential: unit impact × plausible adoption. Climate funds want to see that the prize is big enough, not just that the tech is clever.
4) Right-size your round to a milestone
Work backwards: milestone → work packages → people → budget → sources of capital.
Most teams are better off raising the minimum to hit the next value inflection (pilot results, first paid customers, offtake, regulatory approval) than swinging for an oversized round that forces harsh dilution or a down round later.
5) The deck (and the versions you’ll actually use)
You don’t need 40 slides. You need a clean master (≤15 slides) plus variants:
Purpose (your north star in one sentence)
Problem (specific pain, not the whole climate crisis)
Solution (what it is, not the secret sauce)
Why now (what’s changed: tech, policy, cost)
Market & impact (size + climate relevance)
Competition/alternatives (honest map; why you win)
Plan & milestones (what you’ll prove this round)
Route to scale (manufacturing and/or go-to-market)
Traction (LOIs, pilots, offtakes, paid trials)
Team (why you, and who fills the gaps)
Ask (amount, runway, use of funds)
Then create a 3–4 slide teaser and a deeper technical appendix. Keep detailed numbers in the data room.
6) The data room (so diligence moves fast)
Mirror what investors will ask for: impact/TEA, technical notes and results, IP status, customer proof, commercial model, cap table, governance docs, grants, insurance, and a simple forecast.
Simple filenames, one source of truth.
7) Target by fit, not fame
Every fund has a risk appetite and a strategic angle (and a point in their fund life). Do the homework: thesis, cheque size, stage, geography, portfolio, how many cheques they have left, who their money comes from. Prioritise likely leads first; followers join once a lead is in place. Warm intros beat cold outreach.
8) Run the process like a pro
Be organised and proactive. Share references, market data, and test results before you’re asked. Create momentum (updates, milestones hit) without bluffing.
About NDAs: most VCs won’t sign them. Share enough to be compelling; keep the crown-jewels back until trust is built or IP is filed.
9) Closing: details that matter
Beyond headline valuation, watch: dilution, leaver terms, board/consent rights, warranties, and any “gotchas”. Use standard docs where possible and a good lawyer. If you can, compare more than one term sheet before you decide.
10) After the round: you’re still fundraising
Don’t give your investors surprises, they prefer regular, useful updates. Ask for help early. If your current investors wouldn’t back you again, the next round will be uphill.
Do-this-week checklist
Draft a one-page Theory of Change and a first TEA; log the evidence you still need.
Convert your plan into three milestones and the minimum round to hit them.
Trim your deck to ≤15 slides; spin out a 3-slide teaser.
Set up or sweep out your clean data room.
Build a lead-first investor list (thesis, cheque size, fund age, intro path).
Thanks to Pippa Gawley for closing the series with clarity and candour. This was webinar 6 of 6 in Earth Set: Build.
