Noa

Noa Capital Research

Investment Thesis

Noa is a London-based venture capital firm focused exclusively on decarbonizing the built world through pioneering technologies and breakthrough innovations. The firm invests in companies that leverage technology to address mission-critical problems in the built environment—structures, energy systems, materials, environmental impact, mobility, and community infrastructure. Their thesis recognizes that the built world has an astronomical environmental impact and remains largely analog, presenting enormous opportunities for digitization and technological transformation.

The firm's tagline "backing tech that matters" reflects their commitment to investing in companies that create sustained, positive environmental impact while driving business innovation.

Stage Focus

Noa invests across early to growth stages, with particular emphasis on:

• Pre-Seed and Seed stage (early-stage innovation)
• Series A follow-on investments in existing portfolio companies
• Growth stage opportunities in proven business models

Team members mention sourcing and underwriting opportunities across all stages, with portfolio companies ranging from pre-seed prototypes to more mature ventures.

Investment Areas

The firm focuses on breakthrough technologies across six key pillars:

1. Structures: Construction technology, building systems, modular construction, 3D printing, advanced materials for buildings
2. Energy: Renewable energy systems, energy efficiency, smart grid technologies, decentralized energy solutions
3. Materials: Sustainable materials science, low-carbon alternatives, circular economy solutions
4. Environment: Carbon capture, air quality, water systems, environmental remediation
5. Mobility: Sustainable transportation, urban mobility solutions, zero-emission vehicles
6. Community: Social impact technology, affordable housing innovation, community resilience

Sector Classification

Primary sectors:

• Climate & Clean Energy
• Proptech & Real Estate
• Sustainable Materials
• Infrastructure & Developer Tools

Secondary focus areas:

• Robotics & Automation (for construction)
• Advanced Manufacturing
• IoT & Sensors
• Software & AI/ML (for optimization and monitoring)

Check Size

Based on portfolio company discussions and team backgrounds:

• Estimated check range: £500K - £5M for Seed stage
• Pre-seed: £250K - £750K
• Series A follow-ons: £1M - £10M+

The firm maintains reserves for follow-on investments and board involvement.

Lead Tendency

Noa exhibits a lead tendency. Team members describe active involvement in sourcing, due diligence, and board roles (including observer positions). The firm takes strategic positions in portfolio companies and provides operational support beyond capital.

Recent Activity

While specific recent investment announcements are not detailed on the current website, team biographies suggest:

• Active deployment from current fund(s)
• Arjun Jairaj joined in 2019, indicating fund continuity
• Focus on energy transition, mobility, and smart building technologies
• Strong engagement with portfolio companies on strategy and operations
• Market research initiatives working closely with LPs and ecosystem partners

Note: Noa does not publicly list their portfolio companies on their website. Portfolio information is likely available upon direct inquiry or through the LP network.

Team & Decision Process

Noa operates as a partnership-based decision model:

Leadership:

• Gregory Dewerpe (Founder & Managing Partner): Serial entrepreneur with deep experience in built world innovation. Leads firm strategy and partnership development.

Investment Team:

• Arjun Jairaj (Principal): Former M&A advisor and entrepreneur. Focuses on energy transition, mobility, and smart buildings. Board observer to portfolio companies. MBA from University of Oxford.
• Jess Clemans (Principal): Former real estate investor and software engineer. Leads construction technology and deep tech investment strategy. Background in both real estate and technology.
• Catriona Hyland (Investment Associate): Former architect and venture-backed real estate developer. Leads market research and LP ecosystem partnerships. Architecture degree from Cambridge University, Master's in Finance from LSE.

Decision Process: Investments are evaluated by the partnership with focus on:

• Mission alignment with decarbonization goals
• Technology differentiation and defensibility
• Founder capability and vision
• Market opportunity and timing
• Operational value-add potential

Estimated decision timeline: 6-12 weeks (typical for seed-stage VC)

Geographic Focus

Primary focus:

• United Kingdom (particularly London and Southeast England)
• Europe (strong emphasis on EU markets)

Secondary focus:

• North America (selective opportunities)
• APAC (emerging focus, particularly for specific technologies)

Founder Preferences

Noa backs founders with:

• Deep domain expertise in built world, construction, engineering, or sustainability
• Technical capability combined with entrepreneurial ambition
• Commitment to decarbonization and positive environmental impact
• Ability to work collaboratively with LPs and ecosystem partners
• Vision for scaling solutions globally

Examples from team: builders who started as pizza delivery drivers, architects turned technologists, operations-focused engineers.

Warm Intro Requirements

Likely warm intro required: Yes. The firm is selective in sourcing and works closely with their ecosystem. Introductions through:

• Existing portfolio founders
• LP networks
• Built environment industry leaders
• Sustainability-focused networks

Typical Involvement

• Board seat or Observer role on portfolio boards
• Active operational support: Strategy, hiring, go-to-market
• Ecosystem access: Connections to manufacturers, contractors, real estate partners
• LP introductions for subsequent rounds

Competitive Positioning

Noa differentiates itself through:

1. Sector specialization: Narrow focus on built world creates deep expertise
2. Team composition: Mix of architects, engineers, software developers, and financial expertise
3. Investor base: Strong LPs with built world expertise and industry connections
4. Value-add model: Board involvement, market research, ecosystem partnerships
5. Mission alignment: Genuine commitment to decarbonization beyond financial returns

Market Dynamics

Noa operates in a favorable market environment:

• Strong regulatory tailwinds (net-zero mandates, carbon pricing)
• Large TAM: Built environment accounts for ~37% of global CO2 emissions
• Venture funding in climate tech growing
• Institutional LP interest in ESG/sustainable investing
• Shortage of venture capital dedicated to built world innovation

Risk Considerations

From the firm's perspective:

• Regulatory uncertainty (policy changes could affect demand)
• Long sales cycles in construction and real estate
• Capital intensity of some solutions
• Geographic concentration risk (London/UK based)
• Portfolio concentration risk (narrow sector focus)

Cultural & Values

The firm emphasizes:

• Intentionality: "Mission and vision driven" decision-making
• Innovation: "Breakthrough technologies" focus
• Collaboration: "Collective human ingenuity" mindset
• Sustainability: Environmental impact as core metric
• Diversity of thought: Team blends engineers, architects, operators, and finance professionals

Investment Process

Estimated process:

1. Sourcing: Through founder networks, LP introductions, ecosystem partnerships
2. Initial screen: Fit with sector focus and mission
3. Due diligence: Technology validation, market analysis, founder assessment
4. Market research: Catriona's team conducts deeper market analysis
5. Decision: Partnership consensus
6. Board involvement: Structured governance from day one

Outlook

Noa is well-positioned in a growing market:

• Clear and differentiated thesis in climate tech
• Experienced team with deep sector knowledge
• Strong LP backing from built world stakeholders
• Active deployment and portfolio support
• Aligned with long-term sustainability megatrends