Future Positive Capital, an early-stage venture capital company, has launched and announced a new $57.1m pan-European fund which it will invest in "deep tech" startups across the region that are working to solve "the world's most pressing problems".
The firm has revealed it will be looking to invest in entrepreneurs working with AI, genetics, robotics and synthetic biology, among other deep technologies, to tackle global problems like climate change, limiting plastic pollution and feeding a growing population sustainably.
Future Positive was co-founded by ex-Index Ventures associate Sofia Hmich, Alexandre Terrien and Michael Rosen. The company will be working from its investment thesis, penned by Hmich, which suggested that that VC investment has been unfairly distributed. The firm has contended that too much capital has been funneled into a small number of sectors, including consumer, fintech and marketing, and is unfairly targeted at "upper-class demographic groups".
"Our observation is that capital remains incorrectly distributed across the spectrum of opportunity, particularly in the European early stage ecosystem," wrote Hmich. "This leaves a long tail of opportunities for independent investors who are willing to back those visionary entrepreneurs.
"We created Future Positive to fill this gap and invest in companies that use advanced technologies – novel technologies that offer significant advances over those currently in use – to solve massive global needs at the seed and series A stage across Europe," she added. "We see those companies as the greatest value-creation opportunities over the next decades, and we're focused on accelerating their development."
Hmich gave three examples of companies that Future Positive has invested in "either as Future Positive or in our past lives" that demonstrate what kind of startups it is looking to back. These were Biobeats, an AI company pioneering preventative mental healthcare, Meatable, which is developing lab-grown meat, and Ynsect, a leading global manufacturer of insect protein.
The firm has said it plans to build a portfolio of between 20–25 investments at seed and Series A, which will range from €300,000 ($331,725) to €5m ($5.5m), and that it will have the capacity to follow-on at Series B.