Impact Report 2025 – How we build impact and trust

Welcome to our 2025 Impact Report – an inside look at how our portfolio companies are creating real-world impact, and how we help them scale it.

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Dive into the full report

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2025 wasn’t an obvious year for optimism. The geopolitical order is shifting in real time. Tensions are rising. Yet innovation continues to accelerate. We see it every day in the founders we back, the problems they’re solving, and the ambition with which they’re solving them. Not despite the uncertainty, but often because of it.

That has led us to think deeply about what it actually takes for breakthrough technologies to scale. Not just on our screens, but in the places where they can create the most value: hospitals, energy grids, financial systems, public infrastructure, and industry.

How we make AI fit to scale

But these markets open their doors only to what they can trust. AI may be the greatest breakthrough of our generation, yet even the most powerful technologies only scale when the world decides to let them into the places that matter most. The most successful companies of this next wave of AI will not be the fastest, but the most trusted. 

Our founders see this clearly. In fact, 80% of our portfolio companies believe businesses with strong responsible AI practices are more likely to succeed in the long run. While many already prioritize these issues, responsible AI has therefore become the number one area where our founders want investor support.

In this year’s report, we share how we’re helping founders put that trust infrastructure in place.

Impact created

Our portfolio continued to deliver real-world impact. Here are a few milestones: 

• 344% of long-term impact targets reached by the NVC 1 portfolio
• 262% of 2025 impact targets reached by the NVC 2 portfolio
• 393 jobs created across the portfolio despite continued layoffs across the tech sector

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And as always, we’ve open-sourced our full suite of impact tools – templates, frameworks, and practical guides. Free to use, whether you’re part of our portfolio or not.

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Because the challenges ahead are too big for any one company, fund, or ecosystem to solve alone. Demand for clean, abundant energy, electrification, industrial efficiency, and trusted AI is accelerating. These are trillion-euro challenges that require solutions at massive scale. That’s why our conviction has only grown stronger: the biggest business opportunities come from solving the world’s hardest problems.

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To the founders solving hard problems, the LPs backing them, and the partners helping make it happen: thank you for being part of the journey.

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Dive into the full report

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