May 2026 · Private investor circle · qualified investors only
A private investor circle focused on women-led climate tech, energy transition, grid, and industrial decarbonisation companies across Iberia, Southern Europe, and the Baltics
Selected opportunities are sourced through Verana Ventures' advisory pipeline and shared privately with eligible investors on a deal-by-deal basis.
FOUNDING INVESTOR CONVERSATIONS OPEN MAY-JULY 2026.
The thesis
Some of Europe's strongest climate engineering teams are being built outside the obvious capital hubs. They are in Barcelona, Lisbon, Porto, Bilbao, Tallinn, Vilnius, Riga, Athens - where capital is thin, networks are local, and many technical women founders remain under-visible to mainstream European venture networks.
The gap is not always technology quality. It is capital translation, investor positioning and access.
Graciosa is being developed as a deal-by-deal investor circle, not a blind fund. Information is shared privately with eligible investors after a short eligibility review. Investors review each opportunity individually - no obligation to invest.
Read the full thesis →Focus
We are building access to technically serious teams in sectors with clear engineering, regulatory, and demand drivers - not narrative-led categories.
Geography
Our coverage spans the European Union and the United Kingdom. The active focus is the engineering geographies the rest of European VC quietly underserves - where capital is thin, networks are local, and competitive auctions have not yet arrived.
How it works
There is no fund-level commitment and no blind pool. Each opportunity is underwritten on its own merits.
A short note via this site or directly to Elaine. We respond personally - no automated funnel.
Qualified-investor status, jurisdiction, and fit with the circle's focus are confirmed before any materials are shared.
Eligible investors receive private materials on individual companies - written thesis, conflict disclosure, and indicative terms.
Each opportunity is reviewed individually. Investors decide one company at a time. There is no aggregate commitment.
Investments are completed through separate legal documentation and an appropriate third-party platform or legal structure, not on this website.
Any investment process is subject to applicable law, investor eligibility, conflict disclosure, and separate legal documentation.
Illustrative themes
The themes shown are illustrative of the circle's focus areas. They are not offers to invest. Specific opportunities, names, terms and timing are shared only privately with eligible investors after eligibility review.
ILLUSTRATIVE THEME
Tyre thermolysis · Iberia
Steam-thermolysis platform for end-of-life tyre treatment, seeking first Spanish reference-asset financing to prove commissioning, compliance and buyer acceptance.
Details shared privately with eligible investors.
ILLUSTRATIVE THEME
Biomass transition platform
Retrofit-led heating-transition platform combining physical conversion, monitoring and a live procurement marketplace for households and installers.
Details shared privately with eligible investors.
ILLUSTRATIVE THEME
Distribution-grid intelligence
Software for distribution-grid operators and flexibility providers - virtual power plants, balance-of-plant, settlement and connection planning.
Details shared privately with eligible investors.
For qualified investors
For founders
About
Graciosa Climate Circle is connected to Verana Ventures' advisory-led sourcing work, but investment opportunities are shared separately and are subject to conflict disclosure and eligibility review.
Where Verana has an advisory relationship with a company, this will be disclosed before any investment materials are shared. Investors must make their own investment decisions and seek independent advice where appropriate.
Get in touch
Submit a short note. If the fit is right, we will share more privately.
Submitting interest does not create any investment commitment or guarantee access to opportunities.