To combat climate change effectively, we need the strongest possible teams positioned for global success. At Future Energy Ventures, we recognize and acknowledge that inequality and bias exist within the venture capital community, the energy industry and climate tech startups, resulting inter alia in underrepresentation of startups e.g. led by women and people of color. The venture capital industry plays a pivotal role in shaping the future by funding the next generation of entrepreneurs and businesses. Therefore, it is imperative that we actively promote and embrace diversity within our organization and our portfolio companies. In this DEI Policy, we outline our commitments and our ambitions with regards to diversity, equity and inclusion. 
 
Diversity refers to the presence of diverse perspectives, experiences, and backgrounds within the organization. Equity means equal access to opportunities while recognizing societal barriers for some individuals. Inclusion refers to an organizational culture where every employee is heard, valued, and integrated. The language around diversity is constantly evolving. We use the term DEI in this policy because it is widely accepted, but other terms include: DIB (diversity, inclusion and belonging), D&I (diversity & inclusion), JEDI (justice, equity, diversity and inclusion). As an organization, we are committed to positively impacting Diversity, Equity and Inclusion (DEI) in our whole ecosystem. We make this commitment because we believe it is the right thing to do – that every individual should have equal opportunity to succeed and contribute to the success of the communities they wish to be a part of. We also make this commitment because we know, from data, that diverse and inclusive teams outperform their homogenous peers.  
 
Diversity is a critical driver of innovation, creativity, and long-term success. In fact, companies in the top quartile for ethnic diversity are 33% more likely to have industry-leading profitability1. Specifically, in the venture capital industry, gender diversity significantly improves the financial performance of investments at the individual portfolio company level, and overall fund returns2. Diversity in companies increases the likelihood of financial outperformance by 15%3. Our investment and hiring decisions are based on meritocracy. However, we actively challenge our biases and blind spots to ensure that we truly provide equal opportunities and that we indeed work with and invest in the very best. 
Recitals 
 
This document stipulates in its section B, D, and E the DEI policy of Future Energy Ventures GmbH (“FEV”), a German limited liability company with a MiFID license for providing investment advice. Sections C of this DEI policy pertains to the Future Energy Ventures Fund I, SCA SICAV-RAIF (“FEV Fund I” or “Fund”). FEV advises the Fund.  

 

DEI in FEV operations 
 
We consider diversity, equity and inclusion business critical and believe that by embracing DEI we build a better and more successful firm and Fund. Hence, FEV strives for each team member to: 

– Enhance their awareness of unconscious bias and how that might hinder them in their work and work relationships.  
– Respect the dignity and diversity of all people inside and outside the organization.  
– Create a work environment that is free from discrimination, harassment, derogatory attitudes and bullying.  
– Act against any behavior witnessed, inside or outside the organization, which goes against the fundamental DEI values of our firm.  
– Put a dedicated effort into making diverse talent inside and outside the organization successful. 
 
FEV is committed to furthering a supportive and inclusive culture throughout the workforce. All employees, whether part-time or full-time, are treated fairly and with respect. Selection of applicants for employment, promotion, training, or other benefits are based on suitability and ability. There is no room for discrimination regarding compensation and benefits, working and employment conditions, handling of complaints and disciplinary actions, dismissal, parental leave, and requests for flexible work schedules or otherwise. FEV does not tolerate any form of harassment, or victimization. We treat everyone we interact with fairly and ethically, regardless of their or our diverse characteristics, and we expect the same from others.  
 
FEV commitments: 

– Interview, hire and leverage a diverse employee base and regularly review employment practices and procedures to ensure fairness is always maintained. 

Target: FEV will ensure that at least 2 candidates who are either women or under-represented minorities are interviewed for every critical or senior role, and strive for the same for junior roles (this is also encouraged for the Fund’s portfolio companies).

– Maintain inclusive practices across all areas of business. This includes inclusive language across our internal and external channels, designing processes to reduce risk of bias, offering flexible and remote work options, ensuring fair compensation, and much more.  
– Include a DEI chapter in our annual Impact report detailing progress towards targets and areas for improvement. 
– Maintain a work environment and culture of psychological safety where individual differences, potential and contributions are recognized, and every employee feels encouraged to contribute their best ideas. 

– Provide relevant training, development, and advancement opportunities to all employees.

Target: Every team member sets annual development goals and career progression is discussed twice a year. 

– Ensure fairness in the performance review process and feedback by using various forms of feedback methods – each with different advantages.  
– Not tolerate any form of intimidation, bullying or harassment and act against those who violate this policy. Such actions will be treated as misconduct and appropriate action will be taken. Particularly serious misconduct may result in dismissal. 
– Facilitate for, and encourage anyone who feels they have been discriminated against or who wants to report any whistleblowing matter to report to their immediate manager, HR, or directly to the compliance officer Christian Diener at diener@revcomp.de.  
– Educate the entire FEV team about their rights and responsibilities under the DEI policy and according to the latest best practice in DEI awareness.  

Target: provide DEI related training and workshops at least every 2nd year (unconscious bias, cultural diversity, etc.) with a 100% participation rate. 

 

FEV’s Investment Advisory Activities 
 
Aside from the impact our DEI initiatives have on our own organization, how and where the Fund invests can contribute to the necessary changes within our wider ecosystem. We recognize that access to the resources and opportunities needed to pursue founding a company is not equitably distributed in society – and we acknowledge our own opportunity to positively influence those inequities. As an early-stage VC, we can contribute to sustainable, systemic change and a more diverse and inclusive society and economy through how we source the investments of the Fund, what the Fund ultimately invest in and how we support the portfolio, ecosystem and beyond.  
 
Investment process 

– Diversity of our dealflow: Our goal for the Fund is to invest in amazing founders, whatever their backgrounds. We use our best efforts to have an objective and fair evaluation process, identifying and addressing any biases or blind spots. We: 
– Track gender diversity metrics of founders and CEOs in the dealflow,  
– Conduct Unconscious Bias training for the investment team every two years, target 100% completion.  
– DEI term sheet clauses: We have a specific DEI related term sheet clause we aim to include for all investments where we lead the round, where we encourage portfolio companies to implement DEI policies driving better and more equal recruitment and employment practices.  
– DEI in the Fund’s portfolio: We actively seek and evaluate diversity in founding and management teams as part of our teams due diligence process.  
– By the end of the current fund cycle (Future Energy Ventures Fund I), we will use best efforts to reach 15% founders or co-founders identifying as female or non-binary in the portfolio. 
– DEI in our portfolio companies: As part of our broader ESG due diligence, we consider DEI through metrics such as the unadjusted gender pay gap, board member gender diversity, the existence of whistleblowing mechanisms and human rights policies.  
 
Portfolio Management 
 
Post-investment, we collect metrics regularly as part of the broader ESG monitoring and we leverage our active ownership to promote sustainable scaling practices. We support our portfolio companies in setting and achieving diversity targets where relevant, and we advise founders on the creation of a healthy and inclusive workplace. In general, we believe our support is most valuable when tailored to each company’s specific needs and timeline.  
 
Ecosystem engagement 
 
We seek to engage with and support individuals, initiatives, organizations and investors in the climate tech community that focus particularly on discovering the best underrepresented founder talent and supporting them to reach Series A stage, where the Fund can invest directly.  
 
Existing initiatives: 

 

Several FEV investment team members are active members of ClimateMosaic, an inclusive community aiming to support underrepresented founders and investors in climate, as well as Women in VC, a global network for female investors.  
FEV acts as mentors in Female Founders Office Hours at every iteration, supporting the initiative’s aim of addressing the continued headwinds for women founders in tech by lowering the barriers to face-to-face interactions with investors.  
The topic of DEI is brought to the attention of co-investors, limited partners, portfolio companies, applicants and other stakeholders whenever relevant, and whenever it can be of support to them.  
 
Responsibility of this Policy 
 
We believe in continuous growth, and while we have a female managing partner, making us one of few in Europe and even fewer globally, and an investment team that is diverse in gender, age, socio-economic backgrounds, religions, nationalities and experiences, we are constantly challenging ourselves to do better. Our policy is monitored and reviewed annually to ensure that equity and diversity in the workplace is continuously promoted. FEV’s ESG Team, consisting of one Partner and the ESG & Impact Lead is responsible for the DEI Policy, with support from FEV’s People Partner.