Future Positive Capital

What they fund

• Stage & Size — Seed to Series A, with capacity to follow-on at Series B [2].
• Cheque Range — Investments range between €300,000 and €5 million [2].
• Sector Focus — Deep tech fields like AI, robotics, synthetic biology, and genetics [2].
• Geography — Pan-European, with specific mentions of France, UK, Germany, and Netherlands [1].

Investment thesis

Future Positive Capital invests in European companies leveraging advanced technologies to address universal challenges on a planetary scale, such as climate change, biodiversity loss, and healthcare access [1]. The firm seeks to cultivate "preferable futures" by backing entrepreneurs who redesign systems and rethink the economy to solve global problems [2]. They target a holistic value creation model where economic, human, societal, and technological benefits compound to unlock unlimited potential [2]. The thesis argues that a "tipping point" in history, driven by converging macro trends and technological advancements, creates the conditions for these new types of companies to thrive [2]. They look for a common backbone in target companies: business value (new markets), scientific value (proprietary tech), societal value (solving global problems), and human value (founding teams with anticipatory visions) [2].

Value add

Future Positive Capital partners with entrepreneurs to cultivate holistic value, focusing on economic, human, societal, and technological benefits [2]. They provide strategic guidance to help founders redesign systems and rethink the economy [2].

Fit verdict: Ideal for deep tech founders in Europe seeking patient capital aligned with planetary impact.

Founder diligence script:

• How does your proprietary technology align with the four-value framework (business, scientific, societal, human)?
• What is your strategy for scaling across European markets given the fund's pan-European mandate?
• How do you plan to measure and report on the holistic value creation beyond financial returns?

Portfolio focus

• Life Sciences & Health — Clue (women's health data), BioBeats (AI mental health), Ouihelp (home care rollup) [1].
• Climate & Mobility — Upway (refurbished e-bikes), Aerones (robotic wind turbine maintenance), Cervest (climate AI) [1][3].
• Food & Agtech — Meatable (lab-grown meat) [2].

Notable investments & exits

• Conceivable Life Sciences — Described as providing end-to-end IVF automation with a goal to reduce fertility costs by 70% [1].
• Upway — A Sequoia-backed e-bike startup making refurbished e-bikes 45% cheaper than new; raised $60m Series C at a $400m valuation [1].
• Ouihelp — A tech-enabled rollup in France's fragmented home care market; acquired ONELA to establish itself as a national leader [1].
• Aerones — Provides robotic maintenance for half of global wind capacity; raised $62 million [1].
• Clue — A women's health platform with 25 billion health data points that women trust [1].
• aDryada — Raised 10 M€ to extend reforestation projects [1].
• Tangible — A fintech hardtech debt company that secured $4.3m seed funding [1].

Strategic implications

Future Positive Capital's edge lies in its thematic focus on 'deep tech' for 'universal challenges,' differentiating it from consumer/fintech-heavy European VCs [2]. The firm's reliance on a 2019 fund vintage suggests it may be in a deployment or fundraising phase, requiring founders to verify current capital availability. The explicit 'follow-on' capacity at Series B is a key signal for founders seeking long-term support without immediate dilution from new investors.

Where they could go further

The firm could strengthen its position by publicly disclosing its current fund status and AUM to attract more LPs and founders. Expanding its network of co-investors beyond Draper Esprit and Bpifrance could increase deal flow and reduce concentration risk. Publishing more detailed case studies on how its 'holistic value' framework impacted portfolio companies would enhance its brand and attract mission-driven founders.