Transition Ventures: A Climate-Focused Venture Capital Firm with a Purpose
After stepping down as CEO of Unity, the game engine company he co-founded, David Helgason chose a different path. Instead of retiring or indulging in luxury, Helgason launched Transition Ventures, an early-stage venture capital firm with a focus on the climate. While his personal wealth allowed him to become a prolific angel investor, it was his involvement with a lab-grown leather company that sparked his interest in climate tech and deep tech startups.
Transition Ventures is not just a family affair. Helgason’s partners include his brother Ari, who has an impressive startup and investment background, as well as Kristian Branaes and Mona Alsubaei, experienced professionals in the venture capital industry. The fund’s investment team is rounded out by principal Clara Ricard, recently recognized as one of Forbes’ 30 Under 30 Europe 2024. While fundraising was initially challenging due to market conditions, Transition Ventures ended up with a mix of mission-aligned and financially driven limited partners.
The fund’s portfolio reflects its belief that climate is a theme rather than a sector. Its investments span various areas, such as electricity consumption optimization, biomanufacturing, heat pump adoption acceleration, renewable energy project development, CO2 upcycling, renewable electricity supply, battery solutions for vehicles, carbon removal through kelp growth, recycling marketplaces, affordable electric bikes, water risk management, and business decarbonization. Although none of the companies are Icelandic, Transition Labs, an R&D base in Iceland supported by Helgason, helps climate tech companies leverage the country’s natural and societal characteristics.
Helgason’s personal commitment to climate action is evident in his decision to move back to Iceland. He acknowledges the urgency of the climate crisis and believes that even those who deny climate change should recognize the importance of addressing related crises like biodiversity loss and ocean health. Inspired by the talent and caliber of founders tackling these issues, Helgason is dedicated to supporting climate solutions through Transition Ventures.
While Helgason no longer considers himself an entrepreneur, he has embarked on a new project called Cleanplay, aiming to make games part of the solution in the fight against the climate crisis. With details to be announced at the Dice Europe conference in September, the project involves collaboration with video game expert Richard Hilleman and Benedikt Franke, CEO of carbon management startup Planetly.
Transition Ventures is committed to deploying its capital to support climate solutions that are best positioned to scale. With a sense of urgency and a focus on accelerating the growth of impactful companies, Helgason and his team are dedicated to making a difference in the battle against climate change.