Transition Global

Transition Global Research Document

Investment Thesis

Transition Global is a climate-focused venture capital firm founded with the mission to accelerate humanity's inevitable transition to a sustainable future. Led by David Helgason, Unity Technologies co-founder, the firm brings large-scale technology and infrastructure expertise to climate entrepreneurship. Their core belief is that the largest technological and business transitions in history are now underway—and that the most promising founders are those undeterred by regulatory complexity, supply chain challenges, and the long timeframes required to solve planetary-scale problems.

The firm uses the Stockholm Resilience Centre's Planetary Boundaries Framework as its central investment thesis. This framework identifies nine critical global processes that regulate Earth's stability. Transition invests only in companies that can materially improve at least one planetary boundary without significantly harming others. This scientific grounding differentiates their approach from traditional climate tech VCs and ensures portfolio companies are solving truly systemic problems.

The firm's tagline—"Accelerating the inevitable transition"—captures their conviction: the energy transition, circular economy, and climate adaptation are not speculative bets but inevitable shifts in human civilization. Their role is to partner with founders building the companies that will win in this transition.

Stage and Check Size Focus

Transition Global specializes in early-stage investments:

Stage Focus:

• Seed: $100K-$5M for teams with early product validation
• Series A: $500K-$5M for teams demonstrating product-market fit
• Selective pre-seed investments for exceptional technical founders

Check Size:

• Range: $100K-$5M
• Typical seed investment: $1M-$2M
• Follow-on capacity: Fund-size permitting

Lead Tendency: Mixed - they lead rounds, co-lead, and participate depending on syndication. The firm actively supports founders beyond just capital, emphasizing operational partnership and domain expertise.

Investment Activity and Fund Status

As of October 2025, Transition Global has invested in 16 portfolio companies with 2 new investments in the last 12 months, indicating disciplined, selective deployment. The firm is actively fundraising and deploying capital. Fund I was registered in 2022 and has strong backing from institutional LPs including the Rockefeller Foundation and HarbourVest, signaling confidence in their approach.

Recent Activity:

• Watershed (carbon accounting software, UK) - announced 2025
• Upway (circular e-commerce, EU) - announced 2025
• Anthro Energy (advanced materials, UK) - Series A stage
• Seneca (clean energy infrastructure, announced October 2025)
• Volter (industrial heat decarbonization, announced November 2024)
• Reel (renewable energy software, Copenhagen-based, €5M seed 2024)
• Waterplan (water risk management platform, San Francisco-based, Series A)
• Heat Geek (home heating decarbonization, UK)
• Skye (climate intelligence, UK)
• Hybird (hybrid technology, location TBD)

The firm publishes regular thought leadership via Substack, including deep dives on specific portfolio companies and sector analyses, demonstrating active engagement with founder education.

Portfolio Highlights

Notable Investments:

1. Waterplan - AI-driven water resilience platform for industrial water management. Raised $11M Series A, portfolio company with multiple funding rounds.
2. Reel - Danish renewable energy platform. Series A stage, €5M seed from Transition and others.
3. Seneca - Clean energy infrastructure company (announced October 2025).
4. Volter - Industrial heat decarbonization (announced November 2024).
5. Watershed - Leading carbon accounting/environmental intelligence platform.
6. Upway - Circular economy e-commerce platform enabling resale of electronics.

Portfolio Characteristics:

• Heavy geographic concentration: UK/Europe for physical infrastructure (Reel, Heat Geek, Seneca), US for software (Waterplan, Watershed)
• Split across sectors: ~40% climate adaptation (water, heat, circular economy), ~60% clean energy/industrial decarbonization
• All companies directly target material improvements in planetary boundaries (climate change, freshwater use, land system change, biosphere integrity)

Team and Leadership

David Helgason, Co-founder & Partner

• Former CEO and co-founder of Unity Technologies (gaming engine, now 40%+ of game development market)
• Founded Transition Labs, an Iceland-based climate initiative (2022)
• Deep experience with scaling technology infrastructure, supply chains, and global operations
• Background in programming and building world-changing technology companies
• Extensive angel investment portfolio in climate and energy startups

Clara Ricard, Principal

• Recent Forbes 30 Under 30 Europe 2024 honoree
• Demonstrated expertise in go-to-market for deep tech and climate companies
• Co-authored analysis on "Lessons from Building a Deep Tech GTM Function"
• Deep experience with founder engagement and operational support

Mona Alsubaei, Partner/Operator

• Leads multiple portfolio deep-dives and thought leadership pieces
• Content includes water infrastructure analysis, climate solutions
• Published "Why the Silence on Water Infrastructure?" (October 2025)
• Demonstrates sector expertise in climate adaptation

Ari Helgason, Team Member

• Published investment thesis piece on Volter (industrial heat decarbonization)
• Involved in deep tech and infrastructure investments

Andrew Stevenson, Team Member

• Co-authored "Lessons from Building a Deep Tech GTM Function"
• Focused on go-to-market and founder support

Henry McLoughlin, Team Member

• Published analysis on policy and macroeconomic climate impacts ("Mr. Draghi's American Dream")
• Policy and government relations focus

Geographic Focus

Primary Markets:

• Europe (60%): UK (London headquarters, multiple portfolio companies), Denmark (Reel), Germany (Seneca focus), France (potential investments)
• North America (40%): US Bay Area (Waterplan, Watershed), potential East Coast presence with NYC office

Office Locations:

• London: 4th Floor, 5 Carnaby Street, London W1F 9PB, UK (headquarters)
• New York: 368 Broome St, New York, NY 10013, USA
• Emerging: Iceland (Transition Labs connection), potential EU expansion

Investment Decision Process

Decision Timeline: Typically 2-4 weeks for qualified teams, longer for deeper diligence on infrastructure plays

Process Characteristics:

• Partnership approach - not just capital providers
• Strong focus on founder-investor fit and value-add beyond capital
• Domain expertise evaluation (climate operations, supply chains, regulatory navigation)
• Portfolio support includes go-to-market acceleration, operational mentoring
• Active participation in portfolio company guidance

Warm Introduction: Not strictly required, but strong preference for warm intros to demonstrate credibility within climate tech ecosystem

Typical Involvement:

• Board observer or seat for lead investments
• Active operational involvement in GTM strategy
• Quarterly engagement with portfolio founders
• Networking with co-investors and strategic partners

Sectors and Technology Focus

Sector Preferences (Primary):

1. Clean Energy & Energy Efficiency - industrial heat, renewable energy software, grid modernization
2. Climate Adaptation - water management, circular economy, resilience infrastructure
3. Industrial Decarbonization - materials science, manufacturing, sustainable alternatives
4. Sustainable Food Systems - (implied via farmer-focused financial tools)

Technology Enablers:

• AI/ML for climate modeling, resource optimization, weather prediction, carbon accounting
• Software for monitoring and managing climate impact (SaaS, climate tech)
• IoT and sensors for real-time monitoring
• Materials science and deep tech for structural transitions
• Policy-enabling technology

Model Preferences

Transition backs founders building:

• B2B SaaS: Carbon accounting, water management, climate intelligence platforms
• Climate Infrastructure: Renewable energy, heat decarbonization, energy efficiency
• Deep Tech: New materials, circular production systems, advanced manufacturing
• Government/Policy Tools: Enabling climate policy implementation
• Supply Chain Innovation: Circular economy solutions, sustainable sourcing

Founder Preferences

Ideal Founder Profile:

• Mission-aligned with planetary health but pragmatic about economics
• Technical or operational depth (engineers, former infrastructure operators, supply chain experts)
• Experience with regulatory complexity, supply chains, and patient capital
• Track record in hard tech or scale-ups
• Founder-scientists or founder-operators rather than pure business generalists
• International experience preferred (portfolio is cross-Atlantic)

Funding and AUM

Fund Status: Actively deploying from Fund I, likely planning Fund II

Limited Partners: Rockefeller Foundation, HarbourVest, other institutional and family office capital

Regulatory Status: Transition Global Management Limited (FRN: 994544), registered and regulated by the Financial Conduct Authority (FCA), UK

Fund AUM: Estimated $200M-$500M (based on check sizes, investment count, and LP profiles; exact figure not publicly disclosed)

Unique Characteristics

1. Scientific Framework: Use of Stockholm Resilience Centre's Planetary Boundaries as investment thesis is unique in VC
2. Founder Background: David Helgason's Unity experience brings scale-up operational rigor to climate investing
3. Cross-Atlantic: Balanced US/EU presence with strong network in both regions
4. Deep Sector Knowledge: Team includes climate operators (not just VCs) who can mentor founders
5. Thought Leadership: Regular public analysis of climate trends and portfolio companies builds credibility
6. Patient Capital: Long-term view (10-20 years) for many infrastructure solutions