Climate Takes Series A

This episode of Climate Takes looks at the venture journey from Seed to Series A for climate tech investors and the founders they back.

There’s been a revolution in the fundraising ladder for UK startups. The rise of AI (taking up to 80% of VC dollars in 2025), the maturation of the deeptech sector, the rise of molecules and electrons in portfolios over bytes, and the global VC trend cycles, have all combined to re-draw what a startup’s capital strategy looks like – and the approaches of the investors who back them.

Climate tech companies are upping their game to win in this new world, building increasingly sophisticated capital stacks and leveraging non-dilutive forms of capital. Despite this, the valley of death is real. Only about 15% of UK startups reach Series A (Carbon13’s Cocoon Carbon among them, in April of this year)

So many climate tech are deeptech startups which often carry longer development timelines, harder unit economics, and more complex capital needs.  

Investors are reacting as well. They’re not just writing cheques, they’re helping founders navigate grants, corporate pilots, blended finance, and philanthropic capital, alongside venture capital.

To explore this topic, Carbon13’s Sara Jones spoke to Carmel Rafaeli, angel investor and Founding Partner of The Table, a global community of 460+ investors co-investing in women-led climate ventures between Seed and Series A. Through her work, she’s seeing the full spectra of the climate capital stack between Seed to Series A.

Here’s her Climate Takes:

Skip ahead with episode stamps:

00:54 — What is The Table and why did you found it specifically to address the journey from Seed to Series A?  

6:55 — Give more information on the success of Female Founders that have come through The Table. 

11:09 — How has the climate capital stack evolved, and what do we mean by blended finance?  

21:53 — What are the best practices founders need to increase their chances of raising a follow-on round?  

27:25 — 90% of angel investors are male — what would you say to a male investor who wants to build a better pipeline of female-led deals?  

29:38 — What would you say to a woman considering becoming an angel investor?  

33:06 — What is your climate hot take? 

Carbon13’s SEIS Fund X is open now

Your chance to invest in the next cohort of Carbon13’s Venture Builder and take advantage of the UK government’s tax reliefs for SEIS, including 50% income relief and 100% CGT and inheritance tax relief (subject to holding terms, and subject to change and status.)