VCs Talk: An interview with Itamar Weizman Partner & Head of Climate Tech at Firstime Ventures

Itamar Weizman, partner, and head of climate tech at Firstime Ventures, is part of the next generation of venture capitalists who are on a mission to fund the technologies that many believe will help solve one of humanity’s most pressing issues – runaway carbon emissions and the resulting climate change.

With a government that has yet to put its money where its mouth is when it comes to climate, and with a longstanding security situation that draws primary focus, it has been Israel’s entrepreneurs and investors that have taken the lead in promoting the technologies that address the challenges of a warming Earth. 

As one of these investors, Weizman notes that the solutions they’re introducing do more than just make the world a better place – they also build profitable businesses. He sat down with the Jerusalem Post to talk about his path to venture capitalism and share some of his insights from the field.

You were a campaigner for Greenpeace when you were younger, you co-founded V15 (the political supra movement active in the 2015 elections), and today, you invest in climate tech. Where do you get your drive to make the world better?

There's nothing really special about me – it’s that I grew up in a society, an environment, and a community where these values were at the core. Whether it was taking responsibility for the country I’m living in or taking responsibility for the community that is surrounding me.

A lot of the great people that I have the privilege to work with have similar backgrounds. They grew up on shared values and a belief in the power of people to change reality and the power of people to build large-scale and innovative organizations, whether they are in the business sector or in the public sector.

How did you go from activism to hi-tech? 

I was one of the first employees of Mindspace. This was 11 years ago, and I had the opportunity to see and meet a lot of tech companies. The folks who rent spaces at Mindspace are up-and-coming startups, not mature ventures. They are people who are just starting something, and I was super curious. I ended up being more interested in their work than in my work, and I learned a lot from working with entrepreneurs.

Later, I founded two tech companies, which were both VC-backed companies that raised millions of dollars and employed tens of people. And I saw how tough it is to start something from nothing and to try to survive in a very competitive market. 

How did your journey in climate investing begin?

About three or four years ago, I had the honor of joining Firstime as a partner. It was clear to me, and to my Partners as well, that the climate crisis is a long-term, fundamental change in our economy, our society, our financial system, and our technologies. So, we decided to shift our direction from the first decade of Firstime – which was more general VC investing in software and AI – to a more thematic and impactful approach.

It is not just because we're going to do good with the money that we are investing – and we’ve invested over $50 Million so far in the last three years, it's also to do well. We really believe that there are going to be tremendous returns from investments in the green transition and decarbonization of our economy. So it's not just about creating the right impact. It's also about building big businesses. 

What is a MUST for you before deciding to make an investment? What does your due diligence focus on?

Before deciding to make an investment, a must-have for us is a strong alignment with our investment thesis. We want to ensure our companies are focused on solving large-scale, critical climate challenges.

It’s clear that climate technologies often require massive investments in later stages, so we need to make sure the company has a clear path forward toward profitability. Other than that, our due diligence process focuses on the quality and experience of the founding team, the validity of the science and product, scalability of the technology, market potential, and more.

Ultimately, we look for companies that not only have innovative solutions but also a clear path to market and growth.

What makes you go ‘Wow’ when you meet a founder or a company pitches you?

I’m most impressed by founders who are courageous and take on moonshot challenges in the climate tech space rather than just chasing where the money currently is. These founders are driven by a bold vision to solve the toughest problems, which is exactly what the industry needs.

How has what you look for now in a company changed compared to two or three years ago?

The market has evolved significantly, and there are now far more interesting companies emerging in the climate tech space. We’re seeing incredible ventures in areas like carbon removal, sustainable agriculture, and the circular economy. The focus has shifted from early-stage concepts to more mature, impactful solutions addressing critical environmental challenges, making this an exciting time to invest in the sector.

Have you had any companies you turned down come back and re-pitch you, and are any of them in your portfolio?

Yes, we’ve had companies come back and re-pitch us, and some have ended up in our portfolio. We appreciate founders who are persistent, take feedback seriously, and come back stronger. It shows resilience and a commitment to improving their business.

When a team demonstrates that they’ve addressed the initial concerns and made significant progress, we’re always open to reconsidering. Some of our most successful investments have come from second or even third pitches.

Are there companies that you turned down that wish you'd invested in?

Yes, there are tens of them. I always like to look at Bessemer’s anti-portfolio. They honor the companies that were successful that they didn't invest in. Apple, Airbnb, eBay. About Facebook, they said they told Mark Zuckerberg, ‘Kid, haven't you heard of Friendster? Move on, it's over.’ This was in 2004, so you know… This is one of the largest venture capital firms in the world. They said no to Google, to Intel, to PayPal, to Zoom… So obviously, every successful venture capital, from Bessemer to Firstime, makes mistakes.

I think the main issue is to learn from them. But every company is different. And again, this is venture capital – venture, right? There's an element of risk-taking, and with the reward comes the risk. So we make mistakes, we try to learn from them.

Could you share a little about some of your portfolio companies?

I'd like to mention two that are really outstanding. One is BeeHero. They're poised to become a unicorn. They help save the world's food supply by making sure pollination is available globally through a unique chip that they’ve already put in quarter million hives – a quarter million hives.

I remember when we invested three years ago, there were a 10-thousand hives. So they have tens of millions of dollars of recurring revenue, soon to be hundreds of millions of dollars.

Another company is Triple W. They came out of the Technion and basically, they create magic. They turn food waste into lactic acid, which is a base material for a lot of industries. It helps reduce food waste, which breaks down into methane gas – a dangerous greenhouse gas. They just received tens of millions of dollars from the European Union and they're poised to expand dramatically this year with new factories. 

Do you have partnerships or collaborations with other VCs or investors? How do you think VCs can collaborate to increase the ROI of their investments?

Yes, we actively collaborate with other VCs and investors, as partnerships are crucial in the venture ecosystem. By sharing deal flow, insights, and expertise, we can better support our portfolio companies and make more informed investment decisions. Collaboration helps syndicate deals, reduce risk, and bring diverse perspectives to the table.

We have several partners we work closely with and have co-invested with other VCs in the past. Additionally, our LPs often co-invest with us, further strengthening our investment approach.

How would you sum up the past year, and what do you anticipate from the upcoming year?

We’ve seen a lot of challenges in Israel in the past year, but this also attracts supporters… Folks see this as an opportunity to rebuild and invest further. I hope that once the war ends, we'll see a recovery, which will benefit everyone. But you can't take away the fundamentals of the Israeli startup nation.

The talent pool is incredible. Israeli academia leads the world. And even through the war, we're seeing innovation and civil society becoming more engaged.

Our focus will be on continuing to support our existing portfolio while making selective new investments… There are a lot of great opportunities out there. This year led to even more resilience, a leaner approach and also, more founders that are looking for true impact, such as the climate space.

We are looking forward to what’s to come.