WEBVTT

1
00:00:00.208 --> 00:00:01.209
- Sheila, welcome.

2
00:00:01.209 --> 00:00:04.462
How is the current market
environment impacting

3
00:00:04.462 --> 00:00:06.881
the ability to raise new funds?

4
00:00:06.881 --> 00:00:09.175
- Well, thank you for
talking with me today.

5
00:00:09.175 --> 00:00:11.011
I think the current market environment

6
00:00:11.011 --> 00:00:13.179
is a fascinating one to behold.

7
00:00:13.179 --> 00:00:16.516
We have seen funding rates
drop off pretty dramatically

8
00:00:16.516 --> 00:00:18.309
over the last several quarters,

9
00:00:18.309 --> 00:00:19.853
but in particular,

10
00:00:19.853 --> 00:00:21.479
growth is suffering the most,

11
00:00:21.479 --> 00:00:23.857
with only about 8% of
funding in the first quarter

12
00:00:23.857 --> 00:00:24.816
going to growth,

13
00:00:24.816 --> 00:00:27.902
and about 67% going to early stage.

14
00:00:27.902 --> 00:00:29.571
So it's a bit of a bifurcated market

15
00:00:29.571 --> 00:00:31.573
when it comes to where funds are going

16
00:00:31.573 --> 00:00:35.326
and how we can all raise funds
to keep funding innovation.

17
00:00:35.326 --> 00:00:37.454
- What is the outlook on venture capital

18
00:00:37.454 --> 00:00:39.789
in the short and medium term?

19
00:00:39.789 --> 00:00:44.044
- Well, I think as you
look at crises in the past

20
00:00:44.044 --> 00:00:47.130
and you look at the vintages
that came out of those years,

21
00:00:47.130 --> 00:00:49.716
those were some of the best
years for venture capital.

22
00:00:49.716 --> 00:00:52.802
And I think many of the
investors, large institutions,

23
00:00:52.802 --> 00:00:54.971
pension funds, sovereign wealth funds,

24
00:00:54.971 --> 00:00:56.681
that have a long history

25
00:00:56.681 --> 00:01:00.393
and have invested over many,
many years in the space,

26
00:01:00.393 --> 00:01:02.228
are looking at the next four to five years

27
00:01:02.228 --> 00:01:04.147
as potentially some of the best vintages

28
00:01:04.147 --> 00:01:06.816
for venture and growth investing,

29
00:01:06.816 --> 00:01:08.568
where great companies will be founded

30
00:01:08.568 --> 00:01:11.821
in areas like generative
AI, the Metaverse,

31
00:01:11.821 --> 00:01:15.700
Web 3.0, and they
want to be part of that.

32
00:01:15.700 --> 00:01:16.534
- So that's AI.

33
00:01:16.534 --> 00:01:20.538
But I know climate tech is
something that is an area

34
00:01:20.538 --> 00:01:22.123
of expertise for you.

35
00:01:22.123 --> 00:01:23.083
Could you just tell me a little bit more

36
00:01:23.083 --> 00:01:24.793
about the opportunities there?

37
00:01:24.793 --> 00:01:25.627
- Sure.

38
00:01:25.627 --> 00:01:26.461
Well, I think climate tech

39
00:01:26.461 --> 00:01:28.004
is such a fascinating space.

40
00:01:28.004 --> 00:01:30.632
It clearly is one that
has countered the trend

41
00:01:30.632 --> 00:01:31.758
on fundraising.

42
00:01:31.758 --> 00:01:33.510
Over the past several
quarters, as venture suffered,

43
00:01:33.510 --> 00:01:37.514
climate tech has been accelerating
in terms of investors,

44
00:01:37.514 --> 00:01:39.808
and I think it's because of so many forces

45
00:01:39.808 --> 00:01:44.145
that are encouraging investment
in maybe the 2.0 of 3.0

46
00:01:44.145 --> 00:01:46.731
of how we address the
challenges around climate.

47
00:01:46.731 --> 00:01:49.234
The technology that can help companies

48
00:01:49.234 --> 00:01:51.236
answer the regulatory challenges

49
00:01:51.236 --> 00:01:53.655
of showing that they're
addressing the situation.

50
00:01:53.655 --> 00:01:55.448
The risk analytics,

51
00:01:55.448 --> 00:01:56.991
and the technology again,

52
00:01:56.991 --> 00:02:00.245
and the AI that can help
us look at challenges

53
00:02:00.245 --> 00:02:01.121
within climate,

54
00:02:01.121 --> 00:02:04.999
carbon sequestration, and
agricultural technology.

55
00:02:04.999 --> 00:02:06.876
There is so much to be unraveled

56
00:02:06.876 --> 00:02:09.920
and so it's a really exciting
time to invest in climate,

57
00:02:09.920 --> 00:02:12.757
alongside innovation and technology.

58
00:02:12.757 --> 00:02:14.384
- Sheila, thank you so much.

59
00:02:14.384 --> 00:02:15.510
- Thanks for having me.