S2G Ventures

We are experienced venture capital investors who have been at the forefront of impact investing since 1999. We are passionate about generating extraordinary results, creating positive changes, and partnering with visionaries who combine these two. Our team has invested in over 70 ventures, bringing time-tested perspective and expertise to partnerships with entrepreneurs. We are ready and eager to build something special together.

We believe that a radical change to our food, agriculture, and ocean sectors is necessary to meet our climate, biodiversity, water, justice, and human health goals. We are a small, experienced team with background at impact investment firms like Generation Investment Management and Astanor Ventures. We are part of a platform called Galvanize Climate Solutions. Galvanize’s team combines decades of experience building and managing multi-billion dollar investment strategies with climate expertise across policy, technology, and measurement. Galvanize provides Ponderosa with an investment committee, legal and structural support, and access to the platform’s insights. We invest $100-750k in pre-seed and seed stage companies working to transform the food, agriculture, and oceans sectors. We invest globally, with a focus in the US and Europe. Our average time to reach a yes / no decision is 18 days (but check back because we update this number live). We keep our investment process targeted so you can go back to building your company. We only have a decade to change our trajectory - let's not waste time. If you are building an early stage company in the food, agriculture, or oceans sectors, please contact us at contact@ponderosavc.com.

We focus on two industries: agriculture and clean hydrogen. We invest in startups and in funds as a limited partner. For both investment types, we aim to be the best partner that we can be by leveraging our network (both in Yara and across our industries) to help those around us succeed. Agriculture and clean hydrogen are industries that will require collaborative work to make a real change - we see ourselves as enablers of that change. Our agriculture thesis Our core thesis is that we believe in "no compromise farming." By that we mean that we don't believe that the majority of farmers, advisors, or agriculture companies are going to be willing to compromise on yield, quality, profitability, and time effort in order to meet sustainability demands. As such, we are looking for companies which have a high impact with low effort required and price parity (or better) with current practices in order to get sustainability to massive adoption. With this in mind, we invest in the following verticals, themes, and business models. Agriculture verticals New biologicals for the field: New products that help with yield and quality while having better efficiencies. Agronomic decision support: Data is great, but only as far as its able to drive a decision to be made. Supply chain optimization: Building better, smarter, and more efficient agricultural supply chains. Agricultural financing: Access to financial instruments enabling better income and security. Agriculture themes Decarbonization and sustainability: All investments should have at least some tie back to accelerating decarbonization and sustainability. Soil health: Protecting the world’s soils for future generations. Industry transparency: Creating clarity across the value chain from field to fork - and doing it as frictionless as possible. High impact, low effort: We believe farmers shouldn’t have to compromise on their outputs to meet sustainability requirements. Agriculture business models We are interested in new business model opportunities in agriculture (while understanding that there are some traditional ones here to stay). The business models we like to invest in include: SaaS, direct to customer, marketplaces, subscription, manufacturer, fertilizer as a service, outcome based, and generally models which move towards "do it for you." Our clean hydrogen thesis Clean hydrogen is a critical part of the world's ability to address the UN Sustainable Development Goals. Given Yara's hundreds of years of experience in ammonia production, we are looking to empower and accelerate the transition to green and blue production by investing in the "picks and shovels" of the industry including the verticals, themes, and business models below. Clean hydrogen verticals Carbon-free fertilizer: Carbon-free fertilizer and food enabled by clean ammonia and hydrogen. Clean power production: Ammonia as substitute for coal and natural gas in power plants. Zero-carbon maritime fuel: Ammonia as fuel decarbonizing the maritime sector. Zero-carbon heavy duty fuel: Ammonia as fuel decarbonizing the transport sector. Clean hydrogen themes Green hydrogen production: Next generation hydrogen electrolysers with low CAPEX and high efficiency. Blue and turquoise hydrogen production: Next generation high performance blue and turquoise hydrogen. Next generation ammonia: Technologies enabling clean ammonia production, synthesis, cracking, and use. Systems solutions and business models: New business models and configurations enabling hydrogen and ammonia uptake. Clean hydrogen business models We are interested in manufacturing, SaaS, distributed production, subscription, and transaction based business models.

Astanor brings together capital, deep sector knowledge and a strong network of entrepreneurs, impact investors, technologists, scientists, farmers, chefs, policy makers and food lovers to give rise to a future of food that is nourishing, regenerative, scalable, trusted and delicious. Mission-driven investors, from soil to gut Astanor is an impact investor, delivering financial, social and environmental returns in equal measure. We believe in the future of an agrifood system that provides affordable nutrients for 10 billion people, preserves and regenerates natural resources, actively contributes to decarbonization and protects land and ocean biodiversity. At Astanor, we are driven by a pressing urgency to combat climate change, biodiversity loss and improve the health of humanity and the planet. Sustainability and impact were part of the firm’s founding principles and remain an area we are committed to excel in. Our mission as impact investors is to find, support and scale the most disruptive, impactful solutions to accelerate progress towards global sustainability targets. Our priorities Only highly disruptive, scalable new technology guided by a deep understanding of, and respect for, nature will revolutionize the agrifood sector. Astanor is founded on the thesis that a healthy food system starts from the soil, is connected, transparent and local, nurtures diversity and grows food that is our and the environment’s best medicine. Accelerating regenerative agri/aquaculture finding innovative solutions that enable the global regenerative use of resources, soil & ocean stewardship and scalable agroecology. Connecting the value chain implementing sustainable supply chains, fair remuneration, traceability & transparency, circularity and eliminating waste. Innovating agrifood transformation processes facilitating the sustainable production of food, textiles & agriculture- based materials and restore human and planet health. Astanor’s investment process is guided by 6 principlesRegeneration: Soil is the new black. Health starts, and is sustained for the long-term for people and the planet, from fertile soil and healthy oceans. Food integrity: Insight breeds intelligence. Traceability, transparency, fair labor and supply chain practices will restore trust, decrease risk and strengthen communities. Sustainable diet: Resilience rooted in diversity. New sources of food are required to end overreliance on a few species, monoculture systems and climate-destructive diets. Fresh & delicious: Quality led innovation. New approaches are needed in distribution, packaging that preserves without polluting and urban agriculture to put great tasting food on the table. Nourishment: Food as medicine. Sustainably grown and minimally processed foods protect and promote health. Protection: Waste not, want not. Greater care and efficient use of natural capital, alongside new methods to repurpose waste, are needed to repair the planet.

Historically, economies and emissions have grown in lockstep. We invest in companies that break this link, growing the economy while reducing global emissions. We invest in companies driving Green Growth. We work together as a team to find, build and support companies that are modernizing and revolutionizing the traditional industries like transportation, manufacturing, agriculture, energy, supply chain, and logistics, that together make up over half of the global economy. As Investors, We:PRIORITIZE SERVICE TO THE PORTFOLIO We are attentive to entrepreneurs’ needs, are responsive, and are respectful. We see ourselves as service providers to our portfolio and aim to be a “go-to” board member for our portfolio companies. VALUE ENTREPRENEURIAL EXPERIENCE All of our partners have founded companies or have actively incubated companies as founding board members. We have empathy and a fundamental respect for the entrepreneurial experience. BRING A POWERFUL NETWORK OF CUSTOMERS AND CO-INVESTORS We cultivate and manage a network of more than 500 executives at major industrial and technology companies to assist our teams with product feedback, partnerships or potential customer relationships. Selling into ‘old-school’ industries takes both novel technology and novel business model approaches, as well as connections to forward-thinking early adopters. We connect our portfolio to a network that accelerates time-to-market and tests new ideas for young companies. OPERATE AS A TEAM We have worked together as a team for over eight years and have developed high-functioning, direct communications and processes to collaborate on investment execution and assist on portfolio work. Importantly, our journey together through both successes and failures provides us with a clear, shared view of what makes businesses successful. VALUE INTEGRITY AND TRANSPARENCY These values inform our behavior with each other, with investors, with portfolio companies, and with other stakeholders. We build value through trusting relationships with entrepreneurs and stakeholders. We hold ourselves to the same standard with every company and person with whom we interact: portfolio companies, competitors, other investors, and ecosystem participants. We are equally open about good and bad news. We don’t use information as currency. We strive to be apolitical. INTEGRATE WORK AND VALUES We back mission-driven teams. Our experience is that mission-driven teams who believe they will change the world for the better build more successful companies than mercenary teams. We are driven to have a positive impact, and we choose to work with companies that share those values. LEVERAGE OUR ROOTS AT KLEINER PERKINS Years of managing the Green Growth Fund at Kleiner Perkins, a partnership with a 45-year track record, have ingrained many of the foundational goals and practices that shaped Kleiner Perkins: a focus on entrepreneurs, active company building, and a willingness to think big. We remain actively involved with Kleiner Perkins as we continue to manage the firm’s Green Growth Fund and its existing portfolio companies. We are also headquartered in Silicon Valley, at the center of California’s technology ecosystem. This presence and network offers visibility into cutting edge technologies that will disrupt large industries in the coming years.

At Virescent Ventures we believe there's no need to choose between emissions impact and commercial impact. We seek investments that address the largest, hardest to abate sources of emissions. In the present decade, we will see companies born which remake the physical economy in the way the internet remade the digital economy. Virescent Ventures was born out of the Clean Energy Innovation Fund, part of the Clean Energy Finance Corporation. We invest from pre-seed to late-stage growth capital, continuing to back great founders and companies as their needs evolve. We invest in deep tech and business model innovations, software and hardware. Clean Energy Transition: Low Cost Renewables, Green Hydrogen, Decentralised Generation. Mobility And Smart Cities: Electrification, Multiple Modes Of Transportation, Better Built Environment, Embodied Carbon. Food And Agriculture: Feeding More With Less Waste, Resilient Soils, Digitisation, Regenerative Agriculture, New Food Categories. Circular Economy And Industry: Redefining Waste, Efficient Production, New Industrial Processes.