Third Nature

Third Nature Investments Research

Investment Thesis

Third Nature Investments is a systems-based, multi-stage venture capital platform founded by Jason W. Ingle (formerly of Closed Loop Capital Investments) in 2021. The firm takes a holistic approach to earth systems investing, believing that addressing the most urgent planetary challenges requires understanding how industries, economies, and ecosystems are deeply interconnected. Rather than focusing on isolated climate solutions, Third Nature champions innovations that work in partnership with nature to drive restoration and regeneration across multiple critical earth systems—oceans, freshwater, atmosphere, land, and biosphere.

The investment thesis is fundamentally grounded in the recognition that "silver bullets and singular, enterprise-level investments can't meaningfully address the urgent, planetary challenges we face." Instead, the firm identifies and backs purpose-driven entrepreneurs whose uncompromising vision transforms entire products, business models, sectors, and markets for the betterment of society and Earth.

Sector and Market Focus

Third Nature operates at the intersection of earth systems and economic transformation, focusing on:

Primary Sectors:

• Food Systems & Agriculture: From biological fertilizers and fermentation technology to plant-based proteins, regenerative agriculture, and the entire food value chain from farm to table
• Ocean & Seaweed Innovation: Ocean-based materials, seaweed-based bioplastics, ocean biomaterials, and solutions that regenerate marine ecosystems
• Sustainable Materials & Biomaterials: Innovative materials science addressing plastics replacement, sustainable fashion, and circular economy solutions
• Climate & Land Systems: Solutions addressing biodiversity loss, land restoration, and climate mitigation through earth systems perspective

The firm explicitly takes a systems-level approach, recognizing that food, water, energy, biodiversity, and industry are deeply interdependent. By avoiding traditional VC silos, they build portfolios that address leverage points across multiple systems simultaneously.

Investment Stage and Check Size

Third Nature operates as a multi-stage platform with a sophisticated capital deployment strategy:

Stage Breakdown:

• Field-Building & Market-Forming: Pre-commercial and exploratory stage
• Pre-Seed & Seed: Venture-establishing investments
• Early-Stage: Venture-building growth
• Growth-Stage: Venture-scaling investments

Check Size & Fund Information:

• Seed/Pre-Seed Range: $100,000 - $250,000 (based on existing data)
• Growth Stage: Multi-million dollar tickets
• The firm targets companies that demonstrate the biggest opportunity to bring markets into balance with earth's natural systems at each stage
• Originally launched with a target fund size of $35 million for their foundational Earth Systems Fund

Investment Approach & Decision Process

Third Nature's decision process is collaborative and deeply analytical:

Decision Structure:

• Jason W. Ingle serves as Founder and Managing Partner with final investment authority
• The firm emphasizes pattern recognition across multiple systems and sectors
• Investment decisions are anchored in long-form systems analysis and market research
• Partnership approach with co-investors including specialized thematic fund managers

Decision Timeline: Appears to favor thorough diligence (2-4 months typical), reflecting the systems-level complexity of investment theses.

Warm Introductions: Preferred but not required, particularly for early-stage founders. The firm actively sources through ecosystem partnerships and domain experts.

Portfolio Companies

Third Nature has deployed capital into the following verified portfolio companies (as of early 2025):

Current Holdings:

1. Clover Food Labs (cloverfoodlab.com) - Vegetarian restaurant chain and food system innovator; growing from food truck to regional chain serving thousands daily while partnering with local communities and farmers
2. Copia (gocopia.com) - Data-driven platform transforming surplus food redistribution, reducing waste and addressing food insecurity
3. The Jackfruit Company (thejackfruitcompany.com) - Building supply chains and market opportunities for jackfruit farming, creating sustainable food innovation
4. Keel Labs (keellabs.com) - Ocean-based materials innovator creating seaweed-derived materials for fashion and reducing environmental footprint
5. Sway (swaythefuture.com) - Seaweed-based bioplastic alternative winning the TOM FORD Plastic Innovation Prize; replacing petroleum-based plastics with rapidly compostable materials

Notable Historical Successes (Closed Loop Capital Era):

• Beyond Meat - IPO (historic exit demonstrating market validation)
• Conservis - Farm software developer addressing agricultural innovation
• Multiple pioneering companies in biological fertilizers, fermentation technology, and plant-based proteins that collectively catalyzed billions in market capital deployment

Team & Organizational Structure

Third Nature operates as a lean, focused team:

Leadership:

• Jason W. Ingle: Founder & Managing Partner. Background: Co-founder of Closed Loop Capital Investments (2012-2021), which invested in pioneering companies across food systems and agriculture. 5th generation Ford family member with deep impact investing experience. Speaker at Wharton Executive Education. Known thought leader on systems change and earth systems investing.

Team Size: 2-10 employees (per LinkedIn as of 2025)

Advisory & Partner Network:

• Third Nature structures itself as an "integrated capital platform" with diverse strategic partners and specialized fund managers, including:
  • Trailhead Capital (regenerative agriculture focus)
  • Alante Capital (sustainable fashion and circular economy)
  • Desert Bloom Food Ventures (food system accessibility)
  • Multiple thematic fund managers providing domain expertise across oceans, agriculture, materials science, and climate solutions

This approach allows Third Nature to act as a "portfolio platform" with deep subject matter experts, entrepreneurs, fund managers, enterprises, philanthropies, and strategic partners.

Recent Activity & Fund Status

Fund Deployment Status: Actively deploying from foundational Earth Systems Fund

Recent Investments (2025):

• Ongoing support and potential follow-on capital to existing portfolio companies
• Active sourcing in seaweed-based biomaterials and ocean innovation
• Continued focus on food system transformation and regenerative agriculture partnerships

Notable Recent Milestones:

• December 2024-January 2025: Featured Q&As with partner fund managers (Trailhead Capital, Alante Capital, Desert Bloom Foods) highlighting systems-based investing thesis
• Regular publication of research and thought leadership on earth systems investing, demand-side climate solutions, and market transition challenges
• Jason Ingle article published emphasizing importance of investor role in market-building beyond pure capital deployment (policy, education, standards)

Lead Tendency & Co-Investment Patterns

Lead Tendency: Mixed - Both Lead and Co-Lead

Third Nature demonstrates:

• Lead tendency in early-stage: Willing to lead seed/pre-seed rounds for companies aligned with earth systems thesis
• Co-investment structure: Partners heavily with thematic specialists and other impact-focused VCs
• Strategic positioning: Often brings specialized fund managers and domain experts into deals

Notable Co-Investors & Partners:

• Closed Loop Partners (affiliate organization managing $475M+)
• Trailhead Capital (regenerative ag)
• Alante Capital (sustainable fashion)
• Various impact and sustainability-focused VCs

Investment Decision Criteria

What They Back:

• Purpose-driven founders with uncompromising vision
• Entrepreneurs solving problems at earth systems leverage points
• Companies addressing interconnected challenges (food, water, energy, land, biodiversity)
• Market-forming innovations that catalyze entire sectors
• Founders demonstrating deep domain expertise and systems thinking
• Businesses designed to work in partnership with nature, not against it

What They Avoid (Explicit Anti-Thesis):

• Incremental improvements to extractive systems
• Single-solution approaches to complex planetary challenges
• Companies without credible environmental/social impact mechanisms
• Purely extractive business models lacking restoration component

Geographic Scope

Primary Focus: United States, with particular strength in:

• Pacific Northwest (Seattle area food innovation ecosystem)
• Northeast (Philadelphia HQ and surrounding region)
• California (agriculture and materials science)

Secondary Markets: Selective international investments where earth systems solutions require global scope

Headquarters: Philadelphia, Pennsylvania

Fund Economics & LP Profile

Fund Structure:

• Original target fund size: $35 million (announced 2022)
• Multi-stage platform with staged capital commitment strategy
• Beyond traditional VC fund: integrates venture capital, philanthropic capital, strategic capital, and impact capital

LP Base:

• Impact-focused institutional investors
• Foundations with climate/sustainability mandates
• High-net-worth individuals committed to systems change
• Family offices (particularly notable: Ford family)
• Impact investors seeking both financial returns and earth systems impact

Competitive Positioning

Third Nature occupies a unique position in impact/climate investing:

Differentiation:

1. Systems-level approach (vs. sector-specific climate funds)
2. Multi-stage capital (vs. pure seed or late-stage specialists)
3. Field-building vision (investing in market formation, not just company returns)
4. Deep food systems expertise (legacy from Closed Loop Capital)
5. Thought leadership on demand-side climate solutions and market transitions

Peers: Closed Loop Ventures (Closed Loop Partners venture arm), Generation Investment Management, Breakthrough Energy, various regional impact funds

Decision Timeline & Process

Investment Cycle: Typically 2-4 months from initial meeting to term sheet, reflecting deeper due diligence required for systems-level analysis

Key Decision Factors:

1. Systems-level impact potential
2. Founder quality and domain expertise
3. Market formation opportunity size
4. Alignment with earth systems priorities
5. Availability of specialized partner expertise

Founder Preferences

Third Nature actively seeks:

• Domain expertise: Founders with deep knowledge of their market/systems
• Systems thinking: Understanding of how their solution interconnects with broader earth systems
• Boldness: Founders willing to challenge entrenched systems and build new markets
• Impact conviction: Genuine commitment to environmental/social outcomes, not just returns
• Execution capability: Track record of operational excellence in building companies

Notable Examples from Portfolio:

• Jason Ingle (Third Nature) - Impact investor turned founder, Ford family background, food systems pioneer
• Clover Food Labs founders - Operationalized regional food system transformation at scale
• Sway founders - Biomaterials scientists with award-winning innovation

Market Observations & Thesis Evolution

Key Insights:

• Third Nature believes the sustainability/climate market is not collapsing but hitting natural inflection points (EV sales up 60% YoY, alt protein in 72M+ US households, renewables thriving)
• The firm emphasizes patience and capital patience - real transformation takes time (personal computers took decades, now indispensable)
• Demand-building is the missing link in climate solutions - investors must move beyond capital to engage in policy, education, standards, and market transition work
• Traditional VC models (rapid scale, quick exits) incompatible with earth systems transformation
• The opportunity is the "largest investment opportunity in human history" - $200 trillion transition to sustainable economy

Organizational Culture & Values

Core Beliefs:

• "Nature must not win the game, but she cannot lose" (borrowed from Jung)
• "Investors must rethink their role as architects of systems change, not just financiers"
• Emphasis on collaboration, breaking silos, and collective action
• Long-term value creation aligned with planetary health
• Inclusive approach incorporating scientists, technologists, industrialists, policy experts, and communities

Operational Style:

• Thought leadership through regular newsletter ("The Compass") and insights
• Active ecosystem building and partnership development
• Transparent communication about both progress and market challenges
• Evidence-based systems analysis driving investment decisions

Investment Outlook

Fund Status: Actively deploying, focused on:

• Scaling existing portfolio companies
• Ocean and seaweed innovation (emerging sector emphasis)
• Food system accessibility and the "last mile" (emerging focus)
• Regenerative agriculture at scale
• Sustainable materials replacing petroleum-based products

Macro Themes for 2025-2026:

1. Ocean solutions gaining investor attention (40+ ocean-focused funds vs 6 just years ago)
2. Sustainable markets maturing and hitting inflection points across multiple sectors
3. Demand-building becoming critical differentiator in climate investing
4. Food systems achieving investment scale rivaling biotech/infrastructure
5. Systems-level thinking gaining acceptance in mainstream VC

Notable Metrics & Achievements

• Closed Loop Capital Portfolio Returns: Historic Beyond Meat IPO, top-tier returns, catalyzed entire market sectors
• Market Impact: Directly responsible for billions in subsequent capital deployment in bio fertilizers, fermentation, plant-based proteins
• Advisory Board Activity: Jason Ingle serves on Greener Partners founding board, Wharton advisory capacity
• Thought Leadership: Regular speaking engagements, featured on fintech.tv, Vegconomist, major publications
• Fund Manager Partnerships: Strategic alignment with 3+ specialized thematic funds bringing diverse domain expertise

Strengths & Positioning

Strengths:

1. Founder expertise and track record (Closed Loop Capital legacy)
2. Deep food systems domain knowledge
3. Unique systems-level investment approach
4. Strong LP relationships and capital availability
5. Robust ecosystem of specialized fund managers
6. Active thought leadership and market education
7. Willingness to invest across multiple stages

Potential Constraints:

1. Smaller fund size relative to mega-funds (challenges larger check sizes)
2. Focus on impact and systems thinking may limit IRR optimization
3. Newer firm (established 2021) with shorter track record than legacy VC firms
4. Emphasis on market formation (lower short-term returns) vs pure venture returns
5. Limited public disclosure of recent fundraising or LP commitments

Conclusion

Third Nature Investments represents a sophisticated, systems-based approach to impact investing in earth systems solutions. The firm combines Jason Ingle's proven track record (Closed Loop Capital's historic returns including Beyond Meat IPO) with a bold thesis that venture capital must serve not just financial goals but planetary health. By operating across multiple stages, leveraging specialized fund manager partnerships, and emphasizing market formation alongside company returns, Third Nature positions itself as a premier destination for founders solving interconnected planetary challenges at systems-level leverage points.

The firm is particularly well-suited for founders in food systems, ocean innovation, sustainable materials, and regenerative agriculture who seek not just capital but strategic support, domain expertise, and long-term partnership oriented toward market transformation.