Thesis · v1.0 · May 2026
Read these in an evening. If three resonate, the circle may be a fit. If none do, it certainly is not.
The asymmetry of European climate-tech capital is not random. Berlin and London concentrate. Barcelona, Lisbon, Porto, Bilbao, Tallinn, Vilnius, Riga, Athens do the engineering. Under-covered Europe is where we operate, and where we are paid to know the difference.
A mediocre slide deck and a working pilot beats the inverse, every time. We diligence the bench, the patent prior art, and the failure modes - not the vision statement. Capital-light hardware on a short path to cash-on-cash beats narrative.
Climate tech has one of the lowest rates of VC funding to women-led companies in Europe - under 3%. Among technically serious founders in under-covered geographies the discount is steeper still. The deals exist; they are simply not in competitive auction processes.
The gap is not always technology quality. It is capital translation, investor positioning and access. Through Verana Ventures' advisory work we help companies get investor-ready, then surface them to the circle.
A fund averages outcomes. A deal-by-deal circle exposes a single decision. Members underwrite each company on its own merits - no cross-subsidy, no portfolio cover, and no obligation to participate.
This website is for information only. It does not constitute an offer to sell, a solicitation to buy, or investment advice. Graciosa Climate Circle is not currently a regulated fund. Any opportunity will be shared only privately with eligible investors and subject to separate legal documentation. Early-stage investing involves significant risk, including loss of capital and illiquidity.