Investor Spotlight: Ananda Impact Ventures - How are impact funds pivoting towards Adaptation?

As climate induced risks intensify, traditional impact funds are pivoting towards adaptation technology investments. I recently sat down with Zoe Peden, partner at Ananda Impact Ventures to discuss investments in technology that help industry and society survive and not just prevent climate impacts in a changing world.

With an investment portfolio ranging from wildfire detection & monitoring from space to biosecurity platforms that analyse environmental DNA for early pandemic warnings; these solutions are creating entirely new markets based on addressing the predictable demand to come from climate accelerated and induced change.

Interview

Could you briefly introduce yourself and share your journey into impact investing? What aspects of your background and experience led you to join Ananda Ventures?

I’m a Partner at Ananda Impact Ventures, we’re an early stage pan-European VC with offices in Munich, Berlin and London. Our team of entrepreneurs, scientists and engineers  invest in Deeptech Impact applied to people and planet.

I started out in the late 90s digitising content and building software products in the role of  product manager in the education markets through to starting my own tech start up in assistive technology in 2010. Ananda were one of my investors and I changed sides 8 years ago to become a VC.

So technology, purpose and change have been threads throughout my 30 year tech career. At Ananda I found my ikigai for this next stage of my life. 

What initially drew Ananda Ventures into the climate adaptation space when many impact investors were still focusing primarily on mitigation technologies?

Ananda's investment philosophy is rooted in the understanding that global challenges are interconnected. Recognising that focusing solely on climate mitigation is insufficient, Ananda expanded its scope to include adaptation solutions over 5 years ago with a pre-seed investment into Ororatech which builds satellites that provide  wildfire intelligence.

The company closed a 37m euro Series B just recently.  We believe that by addressing both mitigation and adaptation, companies can aim to foster resilience in communities facing immediate climate threats, such as extreme weather events and biodiversity loss .

Given your dual focus on health and climate impact, how are you thinking about the intersection of these areas as climate change creates new health vulnerabilities through vector-borne diseases, heat stress, or compromised water quality?

Ananda adopts a "One Health" approach, recognising the interconnectedness of human, animal, and environmental health. Climate change exacerbates health risks like vector-borne diseases and water contamination.

In our portfolio we have a company called Resistomap, which is pioneering the first autonomous platform for environmental biosecurity—designed to detect and assess biological threats. Their technology transforms environmental DNA (eDNA) from wastewater and soil into actionable early warning signals, enabling rapid response and risk mitigation across industries. This data is the key to preventing the next pandemic, and even the threat of biowarfare.

When evaluating adaptation technologies, how do you approach market sizing for threats that are still emerging or intensifying due to climate change?

When you are looking towards a market that does not exist yet we focus on the scalability and systemic impact of solutions rather than traditional market sizing. We assess the potential of a technology to address significant, emerging challenges and look for lead indicators from industry experts.

By investing in early-stage companies with innovative solutions, Ananda aims to catalyse markets that are still developing.

In the adaptation field we’ve build a strong reputation for this in spotting the potential for biodiversity data, wildfire detection and biosecurity. And we’re working on many more - the majority of our sourcing is driven by research thesis. We look to find the best companies in Europe against this. 

Your investment in Resistomap suggests water quality monitoring is a priority area. What other subsectors within adaptation technology do you believe are poised for significant growth?

Ananda has also invested in areas like biodiversity monitoring (NatureMetrics) and in near shore coastal monitoring using earth observation tech (Ocean Ledger) to support natural defence solutions like mangroves, seagrass and coral in the face of disappearing coastlines.

The field of parametric insurance is waking up to innovative approaches to insuring coastal assets and I believe this will drive growth in this area .

These sectors are critical for climate adaptation, offering  tools to manage and mitigate the impacts of climate change on ecosystems and human communities plus viable fast scaling business models suitable for VC investment. 

Many adaptation technologies create multiple value streams beyond just addressing climate risks. How does this potential for diverse revenue models factor into your investment thesis?

I believe generally across all VC backed companies people are looking for the potential for multiple revenue streams given the volatility of many public and private markets this year. You can have the best science and the best team but it’s difficult to survive multiple market disruptions.

We’re always on the look out for founders with the ability to drive a company to a more immediate revenue stream and have the foresight to see how the company expands into further mid to long term prospects through commercial growth and product expansion. 

How do you evaluate the potential exit pathways for adaptation technology companies? Are there established acquirers already showing interest?


While the adaptation technology market is still maturing, Ananda considers the growing interest from both public and private sectors in resilience solutions.

We anticipate that as the importance of adaptation becomes more recognised, exit opportunities through acquisitions or public offerings will increase.

As an example those in the nature/space tech world the finance, risk and insurance market show early interest and we would actively look to take a company to an IPO should the market support it.  

The Adapt Deal Tracker for Climate Adaptation Technology Funding

🌊 WATER & DROUGHT

• Rainmaker Technology 🇺🇸 - Series A, $25M (May 2025) - Cloud seeding with drones and AI

• Kumulus Water 🇫🇷 - Seed, €3.1M (June 2025) - Atmospheric water generators (20-30L daily)

🔥 WILDFIRE

• Pano AI 🇺🇸 - Series B, $44M (June 2025) - AI cameras for rapid wildfire detection

• OroraTech 🇩🇪- Series B (May 2025) Satellites that provide wildfire intelligence

🐛 PESTS & INVASIVES

• Fermata 🇮🇱 - Series A, $10M (Jan 2025) - Computer vision for automated crop monitoring

• Beewise 🇺🇸🇮🇱- Series D $50M (June 2025)- Robotic bee homes that protect the insects from climate impacts and pests

Note: For more adaptation tech deals and analysis, visit theadapt.co

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Events

Final Call: Climate Adaptation: Technology Showcase & Reception, Monday 23 June, 15:00 - 19:30, London.

​If you’re in London in late June and interested in how technology plays a role in Climate Adaptation, this event is for you. Bringing together founders, investors, and corporate partners and meeting 10 ‘CAT’ companies in the tech showcase….

From wildfires and water risks to extreme temperatures and invasive species, climate risks are escalating. Climate Adaptation Technology ('CAT') is emerging as a critical sector, offering practical, scalable solutions for industry and society to manage climate-change-induced risks. While adaptation policy/advocacy and decarbonisation efforts are vital, we must leverage technology to address climate realities more effectively.

One pitching slot left in the innovation showcase!

Please let me know as soon as possible if interested.

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