Theresa Böttger, Co-founder Karma Capital

What was the very first moment you realized you wanted to dedicate your career to impact investing – and how did it shape your path?

The turning point was when I first encountered the concept of Doughnut Economy and heard Kate Raworth speak at the SO:22 conference in Berlin about doing business within both social and planetary boundaries. At that time, I was transitioning after 15+ years in traditional finance and realized a few months later I could use my experience to co-create the emerging field of systemic investing with Karma Capital by aligning capital with impact and purpose.

Imagine explaining Karma Capital’s mission to your grandmother – how would you describe what you do in the simplest way possible?

I would tell her: We give money to companies that want to do good for people and the planet, not just make profits. And we make sure they can grow without having to compromise their values or lose sight of their purpose.

What is the hardest decision you’ve had to make as an investor in this space, and what did you learn from it?

The hardest step was deciding to fully integrate systems thinking into our investment decisions. It forced me to go beyond looking at single companies and to understand how impact actually cascades through whole systems. Along that process, I learned the critical difference between direct and indirect impact, inspired by Ashoka’s “4 Levels of Impact” framework. The real insight was that genuine systems change only happens when you hit leverage points – when others begin shifting their mindsets, behaviors, and collective actions as well. That was both a challenge and an invitation to think much bigger.

If you had the power to change just one thing in the current funding landscape for climate tech, what would it be?

There are already so many brilliant businesses tackling important challenges, but they often lack the right financial tools to succeed. If I could change one thing, it would be to give them access to less extractive financing structures: models that align profit with long-term mission rather than short-term returns. That way, capital wouldn’t distort their purpose but would actually reinforce it.

What role do you think female investors and founders will play in accelerating the transition to a sustainable economy?

Female investors and founders bring important perspectives that have traditionally been underrepresented in finance and entrepreneurship. That diversity of experience and thinking opens up new opportunities, leads to more resilient decision-making, and ensures that the transition to a sustainable economy is shaped by a richer set of voices and ideas.

Looking ahead to 2030, what’s the boldest vision you have for Karma Capital – and for the world you want to help create?

IBy 2030, our vision is that at least 10% of venture capital funding in Germany will go into steward-owned companies. Why? Steward ownership is such a powerful tool: it ties profits to purpose while keeping control with the company, it simplifies succession planning for SMEs, and it enables financing that avoids mission drift through non-extractive returns and structured exits.

More broadly, I want to see capital as part of the solution, not part of the problem. That means creating fair incentives for both founders and investors, and scaling alternative financial structures that truly serve the long-term health of people, planet, and businesses alike.