Systemiq Capital Research
Investment Thesis
Systemiq Capital is a venture firm backing founders "redefining the physical economy." The firm invests across three thesis pillars: Electrification (power delivery, grid infrastructure, EV and hydrogen mobility, and the advanced computing/semiconductor stack enabling AI data centres), Decoding Nature (using technology to make biological and natural systems programmable — biodiscovery, precision agriculture, alternative proteins, carbon removal), and Applied AI (AI applied to physical-world and industrial workflows that software has not historically reached, including supply-chain traceability, climate risk, and commerce infrastructure). The firm's edge, in its own words, comes from understanding the market forces, industry dynamics, and system conditions that shape a company's path to scale, and from connecting founders with specialist expertise and networks — reinforced by its relationship with sister organization SYSTEMIQ, a sustainability-focused system-change advisory and investment firm.
Stage Focus
Systemiq Capital describes itself as investing "at Series A +/-" and, per third-party sources, spans late-seed through Series A/B. Recent deals span seed (Claros, eComID) through Series A (Subbyx).
Check Size
The firm's own June 2025 report on early-stage climate tech states an "initial cheque size of $3-5m," aligned with third-party estimates of roughly $500K-$5M depending on stage and geography.
Lead Tendency
Systemiq Capital frequently leads or co-leads rounds. It explicitly states it "led eComID's $17m seed round" and led/co-led Subbyx's €30m Series A. It also participates in syndicates it does not lead, such as Claros's $30m seed alongside General Catalyst and Red Cell Partners.
Recent Activity
The firm is actively deploying out of Fund II, which announced a $70m first close in July 2022 against a $200m target. Recent 2026 investments include Claros (data-centre power management, March 2026), Subbyx (subscription infrastructure, €30m Series A, March 2026), eComID (shopper identity/context layer for fashion e-commerce, $17m seed), and Mixx Technologies (silicon-photonics optical interconnect for AI data centres). The firm publishes a monthly "Physical Economy Briefing" newsletter (most recently August 2026) covering compute, power, and physical-AI themes.
Portfolio Highlights
Notable portfolio companies include Kraken/KrakenFlex (Upside Energy, exited into Octopus Energy), ZeroAvia (hydrogen aviation), Basecamp Research (biodiscovery/protein database), Charm Industrial (large-scale carbon removal), Hoxton Farms (cultivated fat for alternative protein), Circulor and Qualis Flow (supply-chain material traceability), Archetype AI (foundational physical-AI models), and several other exits including Dendra Systems, Open Invest, and Specifx.
Team
- Irena Spazzapan, Managing General Partner
- Jessica Stewart, General Partner, Chief Operating Officer
- George Darrah, General Partner
- Louis Millon, Investment Principal
- Jasper Wigley, Investment Principal (built the firm's Advanced Computing thesis; previously Seraphim Space)
- Gemma Bloemen, Investment Principal, leads Applied AI thesis (previously Creandum, Norrsken, Uber, Elder)
- Sie Yin Poh, Investment Analyst
- Elena Guglielmini, Operations Associate
Advisors include Jeremy Oppenheim, Taraneh Azad, Paul Polman, Paul Fletcher, George Polk, and James Bilefield.
Decision Process
Investment decisions appear to run through the partnership (Managing General Partner plus General Partners and Investment Principals), consistent with a small, focused venture team rather than a solo-GP or formal investment-committee structure.
Founder Preferences
The firm favors "audacious founders building category-defining companies in systems we understand deeply," with a preference for technical or domain-expert founding teams (e.g., silicon-photonics veterans at Mixx Technologies, an ex-H&M digital customer experience lead at eComID) building infrastructure-layer businesses rather than point-solution tools.
Geographic Focus
Systemiq Capital invests across the UK, Europe, and the US, headquartered in London (Russell Square House).