The time value of carbon on our investment decision making

The transition to net zero is underway. We need to minimise our emissions to have any hopes of maintaining our 1.5°C targets. Doing so requires gargantuan effort and a lot of money. That’s where investors like us come in. However, we are inundated with different climate-related investment opportunities. So what should we focus on?

We should focus on investments which result in consequential short-term emissions reductions, for two main reasons:

      1. Immediate actions to reduce greenhouse gas emissions are:
            • more effective in the fight against climate change, and

            • have a stronger social impact.

        1. The carbon credit market underprices these projects. A future correction to this mispricing would benefit current investors.

      Before getting into this, we should properly define the space.

      Classifying the climate project space

      Firstly, we define all climate projects as those resulting in emissions reductions. We measure greenhouse gases with kg CO2 equivalents (kg CO2e). This enables us to compare different greenhouse gases on a like-for-like basis. In this article, we often refer solely to carbon dioxide, in which case we drop the CO2e and use tonnes only.

      Climate projects can take two forms:

          1. Avoidance – changing our behaviour to decrease the amount of emitted emissions. Examples include electrifying the grid, or taking actions to prevent deforestation.

          1. Removal – getting rid of carbon dioxide from the environment. This could be by carbon capture or by planting trees and enhancing natural carbon sinks.

        And we view them on two different time horizons:

            1. Immediate – leads to a GHG reduction within 3 years of project start

            1. Long term – takes ~10 years to make significant reductions in GHGs


          So why do we prefer immediate climate projects?


          Right here, right now: the environmental and social impacts of immediacy

          A tonne removed today is better than a tonne removed tomorrow

          Greenhouse gas emissions are not fungible. A tonne CO2e emitted today will have a different climate impact to a tonne CO2e emitted a few years from now.

          There is an almost linear relationship between the total CO2 released by humans and net global warming. In other words, for every tonne CO2e emitted, the planet gets hotter. Each tonne CO2e has the same direct impact. But this doesn’t account for feedback loops.

          As the planet warms, a few things happen. Firstly (and obviously), everything gets hotter. The oceans get hotter, and so sea-levels rise due to the thermal expansion of the water. The hotter oceans evaporate more, and so there is more water vapour in the air. But water vapour is also a greenhouse gas, so we introduce another source of heating. Away from the oceans: Glaciers retreat, mountains lose snow and the icecaps melt. Ice is great at reflecting sunlight, which keeps the planet cool. As we have less ice, the planet reflects less sunlight, and so we absorb more. This introduces another source of heating. Even worse, as the permafrost melts, we begin to release tonnes of trapped methane into the air. Methane is a far more potent GHG than CO2 or water vapour, and so we introduce yet another source of heating.

          And these new sources of heating lead to more water vapour, less ice and more released methane. And so on. These knock-on effects of greenhouse gas emissions are what we need to avoid.

          Reducing GHG emissions now decreases today’s heating, which means less time for these feedback loops to kick in. Avoiding feedback loops is a strong reason to prefer immediate projects over longer term, but there is another equally convincing climate argument.

          The journey to net-zero matters as much as the destination

          As a concept, net-zero is now accepted. To keep global warming within 1.5°C targets, we must reduce our net CO2e emissions to zero before 2050. An often missed nuance is that how we decrease our emissions matters.

          As mentioned earlier, there is a linear(ish) relationship between CO2 emitted and net warming. If we plot that on a graph, we see:

          Today we’re at around 1.1°C of net heating. If we extrapolate that line to 1.5°C on the vertical axis, we end up with this:

          And so, the point on the x-axis corresponding to 1.5°C on the y-axis (green lines) is the maximum amount of emitted CO2e. To stay in line with the Paris targets, we cannot exceed this amount. The difference between the green and the red (today) is our remaining carbon budget. For us to stay within our targets, we need to get to net-zero by 2050, without exceeding this carbon budget.

          This impacts how our emissions must change. For example, maintaining global emissions as they are in the short term and then reducing them to zero in the 2040’s would not work. We would exceed our carbon budget, despite reaching net-zero emissions in 2050.

          This leads to the IPCC net-zero pathways. These suggested reduction pathways give us a safe way to net-zero. The recommendation is a decrease of emissions to c50% of 2010 levels by 2030, and then a final reduction till net-zero by 2050. A few of the suggested pathways which would limit emissions to 1.5°C (from differing model regimes) are below:


          IPCC Pathways, Fig 2.5, taken from

          All the IPCC scenarios above ensure we stay within our carbon budget. By focusing on immediate reduction, we work within the IPCC pathway and derisk the journey to net-zero.

          The social cost of carbon will keep increasing: we should move now before it’s too late

          How much does a tonne of carbon dioxide emissions cost? According to the carbon markets, a fair trade carbon credit is around €10 per tonne. However, policy makers and economists use an alternative pricing framework: carbon value. To quote the UK Government:

          GHG emissions values (“carbon values”) are used across government for valuing impacts on GHG emissions resulting from policy interventions. They represent a monetary value that society places on one tonne of carbon dioxide equivalent (£/tCO2e). They differ from carbon prices, which represent the observed price of carbon in a relevant market (such as the UK Emissions Trading Scheme).

          This cost is also known as the marginal abatement cost (MAC). The MAC (and equivalents) allow government to attribute a £-value to policy affecting emissions.

          The UK Government forecasts marginal abatement costs to increase over time as follows:

          But what does this mean for us? Today, the MAC is £251 per tonne CO2e. The MAC forms part of the calculations for understanding climate benefit in policy. For example, a policy change leading to a removal of 1 megatonne of CO2e would lead to a benefit of £251m. This climate benefit is a component of a broader cost-benefit analysis. As the MAC increases, radical policy measures become more and more palatable, as the outcomes of the cost-benefit analysis change.

          In fact, the Trump administration did this to impact the Obama administration’s environmental pledges. The Trump administration issued a new social cost of carbon (SCC, analogous to the MAC) to replace Obama’s. Trump’s was an order of magnitude lower than Obama’s ($4 per tonne as opposed to $43 per tonne). This allowed the Trump administration to make the economic case for the rolling back of federal environmental standards.

          For us, this means two things:

              1. The social cost of carbon is increasing over time. This means the societal impact of carbon emissions will exacerbate. Removing emissions today rather than in 10 years lessens the cost on society.

              1. The increasing MAC will permit governments to justify more severe policy for the climate. (Governments having the political will for this is a separate discussion entirely!) Focusing on emissions reduction today decreases the risks of this, minimising disruption.

            There are compelling environmental and social reasons to prioritise immediate actions: There is more value in removing CO2 today than in future. This “time value of carbon” is analogous to the time value of money. As investors, we can take advantage of this time value of carbon.

            Inefficient carbon credit pricing: an understated economic opportunity

            Many climate projects make use of carbon credits. Carbon markets price these credits, on a £-per-tonne-CO2e basis. The Gold Standard, one of the best standards and brokers for credits, has three pricing methodologies.

            • Market dynamics, ultimately relying on supply and demand
            • Project cost, dividing the total cost of the project by the total number of tonnes CO2e removed
            • Value based, looking at the environmental and social value which a project delivers over its lifetime


            However, these methodologies (the first two in particular) do not take the time value of carbon into account. Two offset projects may remove the same amount of CO2e, but if they have different rates of removal, then they will have different climate impacts.

            Looking at the above graph, we have three hypothetical carbon projects corresponding to three common project archetypes, for example:

              • The green curve corresponds to the removal profile of heavily retrofitting an energy-intensive portfolio and then optimising it over time.

              • The blue curve corresponds to the removal profile of planting a tree and other types of nature sequestration.

              • The yellow curve corresponds to a longer term project, which is not operational for several years (R&D-heavy sequestering).


            If we look at the cumulative emissions reductions for all three projects, we see the following:

            All three projects remove the same amount of emissions over the project timespan, but they have hugely different removal rates. The deep tech and the linear project both are stagnant for the first few years, whereas the front loaded project has done the majority of its removal in the first few years.

            With Gold Standard’s first two pricing methodologies (market dynamics and project costs), these projects could have similarly priced carbon credits. In our opinion, this is a market inefficiency. Today, the green project has the most climate impact potential. Recent controversy in the voluntary carbon markets may lead to a shift in methodologies: We are already seeing a shift from avoidance-based projects to removal-based projects. If this shift continues, we think there is an opportunity for a change in the market pricing mechanisms. With this in mind, the carbon credits from these immediate carbon projects are undervalued, and this presents an economic opportunity for investors. Investments in immediate projects with megatonne removal capabilities would benefit from an amended pricing mechanism.

            Takeaways for investors: what am I looking at?

            We should focus on investment opportunities which lead to immediate reductions in greenhouse gases that can move the needle. At PT1, we invest in solutions that affect the built environment: homes, offices, other buildings and infrastructure. The retrofitting of existing buildings is one area which fits those two points. This is best seen in our portfolio companies ecoworks and 42Watt, both working to retrofit residential properties, at scale. We’ve also seen this in Norway, with our recent investment in Proptly, who are building the middleware software layer for retrofit companies to scale their contractor bases nationwide.

            There are interesting opportunities in the UK as well, and these are taking different forms and sitting in different parts of the value chain. Three common areas where we have seen startups are:

              • Building optimisation platforms: tools like Demand Logic and Novacene, helping their clients save thousands of tonnes of CO2e per year by providing better control of existing commercial buildings

              • Retrofit providers and coordinators: solutions like Hestia, FurbNow and Skoon, who are providing a one-stop residential retrofit solution for institutional housing providers and home-owners

              • Alternative material providers: companies like Kenoteq or Seratech, researching and creating green alternatives to bricks, concrete and more


            There are also providers outside of the value chain including Greenworkx, who are working to recruit and train the next generation of retrofit coordinators the UK desperately requires to hit the net-zero targets.

            Companies in these spaces fit our two criteria and are exciting to us as investors.

            If you’re interested in these sectors or have any comments, please get in touch at

            Post script: what about carbon capture?

            Carbon capture is something we’ve refrained from mentioning in this article. Carbon capture is an essential part of meeting our 1.5°C targets, and carbon capture can even be seen in the pathway graph, helping us get negative emissions post 2050. However, carbon capture is a complex technology and requires time to get to megatonne or even gigatonne capabilities. Carbon capture is a slow burner, and its immediate contribution to fighting climate change will be small.

            But we believe in the importance of the sector and have accordingly invested in NeoCarbon, a potential market leader in highly efficient direct air capture. Feel free to get in touch if you operate in this space as well.

            Burhan Pisavadi

            Burhan Pisavadi

            Louise Richnau

            Venture Partner

            Louise Richnau has worked in the real estate sector for the last 30 years, covering investments, transactions, financing, the establishment of new businesses and sustainability issues. As a veteran real estate professional with a passion for people, business, ESG and constant improvement, she has gained previous experience from AP-fonderna (1-3), operating in a listed environment (Drott Riks AB) and from the partner-owned financial advisor Nordanö.

            Louise Richnau has also been responsible for the establishment of Brunswick Real Estate Capital, the first Nordic institutional real estate credit fund (today Niam Credit). Apart from being a Venture Partner at PT1, today she manages her own investments, often in a story capacity or on board assignments. She is a board member of STING’s (Stockholm Innovation & Growth) funds and Sunna Group as well as an advisor for Selma.

            Louise Richnau holds a master in Engineering with a degree in construction and real estate economics from the Royal Institute of Technology, is a certified financial analyst (CEFA) from the Stockholm School of Economics and a certified ESG analyst (CESGA) from the EFFAS Academy.

            Jannik De Winter

            Strategy & Business Development

            After completing his M.Sc. finance degree at the International School of Management and the INSEEC with a research focus on ESG considerations in the VC Industry, Jannik worked as a Strategy & Innovation Manager at the leading sustainable finance CRE bank Berlin Hyp. There he gained vast experience in the PropTech environment and worked on the development of green loan products. Following his work at Berlin Hyp, he worked as a startup financing specialist at IBB Capital, distributing public equity funding (provided by the federal state of Berlin and KfW) to Berlin-based startups during the Corona crisis.

            At PT1, he is now responsible for developing and scaling new products / fund concepts (e.g. club deals) as well as for creating strategic ideas on the general business development. Besides his activities at PT1, Jannik is also lecturing basics of ESG and climate risks to banking students at Berlin School of Economics and Law (HWR).

            Sally Jones

            Venture Partner

            Sally Jones is an experienced real estate professional, having been Head of Strategy, Digital and Technology and member of the Executive Committee of British Land, one of the largest property development and investment companies in the United Kingdom. Founded in 1856 in London, British Land owns or manages a portfolio of high quality UK commercial properties valued at £14.1bn, making it one of Europe’s largest listed real estate investment companies. Sally Jones is also Non-Executive Director at the tenant experience platform Equiem after having been Member of the Advisory Board at WiredScore, the global certification for technology in the built world.

            David Wortmann

            Venture Partner

            David Wortmann is founder and Managing Director of DWR eco, a leading strategy, communications and policy consultancy in the field of CleanTech, sustainability and future technologies, based in Berlin with field offices in Brussels, the U.S., South America and Australia, among others. David has now been promoting the introduction and dissemination of new business models and technologies for a green economy at the interfaces between industry, politics and the public for around 20 years.

            David is also the initiator of the Eco Innovation Alliance, a B2B network of the most important CleanTech startups from the German-speaking region.

            Andreas Wende

            Venture Partner

            Andreas was from 1996 Commercial Director North (CFO) of Deutsche Telekom AG for five and a half years, with a clear focus on real estate. For about eight years Andreas Wende then worked for STRABAG PFS (at that time DeTeImmobilien) as Branch Manager North, responsible for the nationwide sales of property management and facility management services as well as a board member at STRABAG Hungary for two years. Following the successful sale of DeTeImmobilien to STRABAG in 2009, Andreas assumed responsibility for the Northern Germany area of Jones Lang LaSalle.

            The GreenLease working group, co-initiated by Andreas, won the Real Estate Manager Award in the sustainability category in 2013. From 2013 to 2016, Andreas was COO and Head of Investment of Savills Immobilien Beratungs GmbH. Andreas has been founder and CEO of the Arena Group since 2016 and since 2017 COO and Managing Partner of NAI Apollo, one of the leading real estate consulting firms.

            Andreas von Blottnitz

            Senior Advisor &
            Member of the Limited Partner Advisory Committee

            Andreas von Blottnitz, together with his business partner Jan Henric Buettner, built up BV Capital / (rebranded to Headline) to an internationally renowned venture capital investor after founding AOL Europe and becoming Managing Director of AOL Germany in 1997 (exit for a total of approx. $10 billion). As a serial entrepreneur he continued to celebrate successes such as serving as President and CEO of Expertcity (exit to Citrix Systems for $225 million). Since 2007, he has been Chairman of the Board of Directors of the software company AppFolio, which under his aegis made the move to NASDAQ. Andreas von Blottnitz is also a long-standing venture capital investor with board and advisory board positions in numerous technology startups such as Sonos and Speakeasy.

            Christian Vollmann

            Venture Partner &
            Member of the Investment Committee Panel

            Christian Vollmann, as founder and business angel, is one of the most prominent players in the German startup ecosystem. After starting in the Samwer startups Alando and Jamba, he founded the dating portal iLove in 2003 and the video platform MyVideo in 2006. Since 2011, he has been working for eDarling as a participating Managing Director.

            His investments as a business angel include ResearchGate, Trivago, Moneybookers (Skrill), studiVZ, and Friendsurance. As the founder of his current project, he establishes a social network for

             eighborly living. Christian Vollmann was elected „Business Angel of the Year 2017“ and personally holds over 40 active startup investments. He is currently founder and CEO of the carbon capture startup Carbon One.

            Sander van de Rijdt

            Venture Partner

            After studying at the Vienna University of Technology and Vienna University of Economics, Sander worked for an international consulting group. From 2006, he launched several IT companies with operations in Europe, the U.S., the Middle East and Central Asia and guided them from idea to growth company, leveraging his international experience as a business consultant.

            Afterwards, he co-founded PlanRadar where he was responsible for the corporate and growth strategy as well as the finance, HR, legal and administration departments. In 2022, PlanRadar won the EY Scale-up award, where Sander was also a winner of the EY Entrepreneur of the Year award.

            Timo Tschammler

            Venture Partner

            Until recently, Timo Tschammler was CEO of JLL Germany, where he held executive responsibility for more than 1,000 employees. His core responsibilities at the leading provider of real estate services included the expansion of the German digitization strategy, which included the development of proprietary business models such as JLL’s own online commercial real estate portal. During his eight-year tenure at JLL Germany, annual revenue grew rapidly to several hundred million euros.

            In September 2020, Timo Tschammler left the company to focus on the activities of his consulting company TwainTowers and his private investment activities, which are expressed, among others, in his involvement with PT1. Prior to joining Jones Lang LaSalle, Timo Tschammler was CEO of the real estate consultancy DTZ Germany, which subsequently merged with Cushman & Wakefield.

            Dr. Peter Staub

            Venture Partner

            Peter Staub is CEO and founder of pom+, the leading Swiss consulting firm that advises real estate companies on digitization strategy and technology deployment. Peter Staub is regarded as one of the most active experts in the Swiss PropTech segment and organizes the annual Digital Real Estate Conference, holds the „Digital Real Estate“ Chair at the Zurich University of Economics (HWZ), is responsible for the LAB100 innovation laboratory and is an active business angel with PropTech focus.

            Jakob Soravia

            Venture Partner

            Jakob spent his childhood in Vienna, Austria, as a son of a Family with a background of 140 years in the construction and real estate industry that has built up the SORAVIA Group with a project volume of €7 billion. Jakob moved to the United Kingdom during his teenage years, finishing both school and university in England. Throughout his business management degree at King’s College London, Jakob complimented the theoretical learnings with a range of practical experience. This includes working at Corestate Capital and Strabag, providing valuable insights into the workings of the real estate industry. While supporting the private investor network at btov Partners, Jakob gained valuable venture capital experience. He then spent time as an Investment Manager at PT1 before moving on to Sector7 Investors to further broaden his horizon. Due to the trusting collaboration, Jakob remains associated to PT1 as Venture Partner.

            Dr. Beat Schwab

            Venture Partner

            Beat Schwab was Head of Global Real Estate in the Asset Management division of Credit Suisse, one of the world’s largest real estate asset managers with over €50 billion in assets under management. Prior to that, he was CEO of Wincasa, Switzerland’s leading property manager. His current positions include Chairman of

            the Board of Zug Estates, a real estate company listed on the Swiss stock exchange, and Member of the Board of Swiss Federal Railways (SBB) and Raiffeisen Schweiz Genossenschaft. In addition, he has been active as a business angel in the PropTech environment for several years. In the role of Venture Partner, he contributes comprehensive expertise in asset and property management as well as his network from decades of career in the real estate sector.

            Birgit Rahn-Werner

            Venture Partner

            Birgit Werner MRICS is one of the leading Swiss real estate managers and Honorary Chair Switzerland as well as Global Trustee of the Urban Land Institute (ULI). With her Indevise Group AG, she is responsible for various active investments, developments, and advisories with concerning digitalization and future trends. This includes REALCUBE, the partner ecosystem for digital asset management.

            Robert Oettl

            Venture Partner

            Robert Oettl has been working in the field of planning, construction and management of complex buildings for more than 20 years. The cgmunich GmbH, which he founded with two partners in 2002, quickly established itself as a consultancy for the optimization of real estate management.

            From 2014 to 2021, the engineer for production and automation technology worked for the TÜV SÜD Group in various companies related to the real estate life cycle for strategic product and corporate development. Among other positions, he was Managing Director and CEO of TÜV SÜD Advimo GmbH from 2016 to 2021. TÜV SÜD Advimo is a consultant and manager lifecycle partner for professional real estate users, owners and operators. TÜV SÜD Advimo is among the TOP3 Property Managers (Bell Report 2016-2020) and TOP3 Lift Managers in Germany.

            Robert Oettl is also active as a business angel, senior advisor and advisory board / supervisory board member in the startup environment.

            Nicholas Neerpasch

            Venture Partner

            Nicholas Neerpasch is a Diploma Architect and holds a Bachelor’s degree. He began his career in 2001 as an employee in the renowned architectural firm of Zaha Hadid Architects in London. He then worked for six years as a consultant at the management consultancy Ernst & Young in Berlin, further developing his expertise in the real estate sector. With the necessary specialist knowledge, he immediately succeeded in taking the first step into self-employment in 2007 when he founded his first own company, acht+ Baumanagement und Immobilienberatung GmbH, in 2010. He left the successful company in 2012 to join the GFP Group as Managing Partner (successful exit). In 2014, he founded the now million-funded PropTech startup Doozer, a marketplace for modernization management.

            Marius Marschall
            von Bieberstein

            Venture Partner

            Marius Marschall von Bieberstein began his career after studying European Business with a management trainee program at Mercedes Benz Bank AG in Stuttgart. He then held positions in various Daimler Group companies in the areas of sales and business development at national and European levels.

            In 2006, Benjamin Otto (from the Hamburg UHNWI family) and Marius Marschall founded their first joint venture. In the following years, further construction and technology-oriented business areas were established and purchased. Since 2009 Marius developed many real estate projects with his main company evoreal. He is also a co-founder and key shareholder in FORTIS Group (around 50 RE privatization projects).

            Even before it was common practice to summarize startups from the real estate sector under the term „PropTech“, he began to make investments in this sector with his investment vehicle ImmoTech Ventures.

            Michael Lowak

            Venture Partner

            After studying mechanical engineering, Michael initially worked at Braun AG as a product manager. From 1999 to 2009, he was responsible for building up the energy services business at MVV Energie, becoming the Managing Director from 2003 onwards. From 2010 to 2013, Michael was a member of the Executive Board at Kofler Energies AG and in November 2010, he became the Chairman of the Executive Board. In 2013, Michael moved to GETEC WÄRME & EFFIZIENZ as a member of the Executive Board and has been Chairman of the Executive Board since 2015. Since January 2022, Michael is the CEO of GETEC Germany.

            Michael is part of the ZIA – German Property Federation and also sits as Vice Chairman on the Committee for Energy and Technology Business Council and the Committee for Real Estate and Smart Cities.

            Ibrahim Imam

            Venture Partner

            After studying Economics and Computer Science at the Vienna University of Technology, alongside Sander Van de Rijdt, Ibrahim launched 5 IT companies with operations in Europe, the U.S., the Middle East and Central Asia, leveraging his 15+ years of experience in marketing & sales and his network to drive these companies from concept to growth.

            Afterwards, he co-founded PlanRadar where he was responsible corporate and growth strategy as well as all the go-to-market teams – the departments of marketing, business development, sales, channel management and customer success report to him. In 2022, PlanRadar won the EY Scale-up award where Ibrahim was also a winner of the EY Entrepreneur of the Year award.

            Klaus Freiberg

            Venture Partner &
            Member of the Investment Committee Panel

            Klaus Freiberg until May 2019 was Member of the Board & COO and played a significant role in the success of the DAX-listed real estate company Vonovia SE, which is today the largest non-state owned residential real estate owner in Europe, growing the total number of employees to around 10,000 during his tenure. After

            the resignation at his personal request, he remains true to his entrepreneurial spirit as business angel and founder & CEO of the company builder 1648 factory as well as as Non-executive Chairman at ecoworks. Before his approximately 10 years at Vonovia, Klaus Freiberg was Managing Director of the Arvato Group, where he took over and optimised service centres of, for example, Deutsche Post or Deutsche Telekom.

            Kristofer Fichtner

            Venture Partner

            Kristofer Fichtner has supported energy companies as a management consultant for many years and then turned into a serial entrepreneur. He set up two own startups in the mobile sector before he co-founded Thermondo, a leading German provider of heating solutions (partial exit).

            As an active PropTech Angel, he is also deeply rooted in the startup scene and the first point of contact for all construction and energy-related topics.

            Jan Henric Buettner

            Senior Advisor &
            Member of the Investment Committee Panel

            Jan Henric Buettner’s career has been focused on new technologies from the beginning. As early as 1988, he was involved in Axel Springer’s efforts to acquire the D2 mobile communications license, which at the time represented the start of private mobile communications in Germany. In 1994, he became Managing Director of AOL Germany, which resulted in the sale of Bertelsmann’s shares to the American AOL parent company for a total of approximately $10 billion. Finally, as one of the German venture capital pioneers, he founded his first own VC fund, BV Capital, in 1997, which later changed its name to (today Headline), with offices in San Francisco, Hamburg, Berlin, Tokyo, São Paulo, and Beijing. Subsequently, Jan Henric Buettner bought the Weissenhaus estate at the Baltic Sea, completely restored it for almost €100 million and converted it into a luxury resort.

            Nicole Kemmel

            Back Office

            Nicole Kemmel is a trained legal and notary assistant and has been working in team of Cooperativa – the predecessor to ERIC, the fund manager of PT1 – for many years in the administrative and commercial handling of various investment transactions as well as portfolio management. Under the direction of Anja Rath, she also acts as the interface to all external service partners. With her many years of experience in the efficient handling of administrative and accounting tasks, she now supports the fund administration of PT1.

            Tanja Takides

            Fund Administration


            Uta Wasserberg

            Fund Administration

            Uta Wasserberg holds a degree in Business Administration (Technical University of Berlin) with a major in taxation. After years of experience in leading positions in controlling, reporting, as well as tax and liquidity planning, she now supports our team in commercial and administrative areas.

            Tzvete Doncheva

            Investor Relations Lead

            After working as one of the youngest international correspondents for Bulgarian privately-owned TV media group BTV, Tzvete Doncheva used her background as a journalist to transition to tech business development. She entered the tech sector as a first employee for an alternative co-working PropTech startup, where she headed BD and operations. Following this, she did a short stint at Bosch’s urban mobility co-creation hub in London, helping to create a ‘mobility innovation ecosystem’, bringing together entrepreneurs, corporate leaders, investors and public sector executives.

            Her interest in the financing side of tech startups lead her to explore a career in venture capital. She has been working in PropTech (VC) ever since 2019, when she joined the London-based VC spinout of multinational real estate investment manager Round Hill Capital / Ventures. Tzvete is with PT1 since 2021, where she leads the firm’s IR efforts, supporting the Managing Partners in fundraising, and market expansion.

            Tzvete’s varied experience across different areas of the finance industry helped her to understand the challenges innovators face when accessing early stage capital – an awareness that fueled her drive and efforts to bring more diversity in PropTech and venture capital.

            Theo Bonick

            Corporate Communications Lead

            Theo Bonick holds an interdisciplinary BA from the Free University of Berlin and the University of Colorado and worked for several years in various startups in editorial, online and content marketing. He joined the team of Cooperativa – the predecessor to ERIC, the fund manager of PT1 – in the context of an IPO project and has been fully responsible for public relations as well as marketing at PT1 since the launch of the fund.

            Sebastian Rehbein

            Portfolio Manager

            Sebastian has already worked in various startups in business development positions, e.g. at the PropTech company Weissmaler, NKF Media, the publisher of the startup magazine Berlin Valley, or the Rocket Internet FinTech Innolend. In addition to a professional training as a wholesale and foreign trade merchant, Sebastian holds a BA in entrepreneurship from the Berlin School of Economics and Law. Since 2018 he has been a member of the transaction team of Cooperativa – the predecessor to ERIC, the fund manager of PT1 – and is now responsible for portfolio management, syndication and M&A/exits at PT1.

            Burhan Pisavadi

            Investment Manager

            Burhan was the first employee at Gridizen, a UK PropTech, and was responsible for their technology and product. At Gridizen, Burhan designed, architected and launched the UK’s first ESG reporting tool for the social housing sector. In addition to this, Burhan was the co-founder and CTO of Mentyoo, an EdTech startup that brings mentoring to underrepresented communities. Burhan holds a first-class master’s degree in theoretical physics with a focus in climate modeling from Imperial College London. Since 2022, he has been a member of the investment team of PT1. Here, Burhan focuses on companies which are decarbonising buildings and infrastructure, planning adaptations for climate change and those which are deep-tech.

            In his spare time, Burhan is a climber, cook (currently cooking his way through the Noma Guide to Fermentation), tabletop gamer (Pathfinder) and an active blogger (

            Fabian König

            Investment Manager

            As Investment Manager at PT1, Fabian explores startups developing transformative real estate and construction technologies. Building on his background in finance, data science and human-centered design, he gained operational startup experience as CFO of one of the first VC funded crypto startups in Germany. Having researched ML models in the VC space, he is particularly interested in applying data science to the VC deal flow. Accordingly, besides investment management he is also responsible for advancing the fund’s tech stack.


            Kingma Ma

            Managing Director UK

            Kingma is based in London and joined the PropTech1 team in 2021 to focus on generating and analysing UK proptech investment targets. Prior to joining PropTech1, Kingma worked as both a PropTech-focused venture capital investor at Round Hill Capital as well as a company founder in the social work industry. He is passionate in growing an active network of both investors and operators in the UK startup community. Kingma comes from a family of high-quality cashmere producers that supplies some of the top luxury brands of the world.

            Klara Ritter

            Associate Partner

            After successfully completing her Bachelor’s degree in business administration at Vienna University of Economics and Business, she gained first professional experience in the FMCG industry, both in a startup and in the corporate environment, as well as in innovation management of a tech group. As a venture capital analyst at SIGNA Innovations she was able to combine her passion for technology and innovation and gained deep insights into the PropTech world. After a short detour back to university, she graduated with a M.Sc. in strategic management at the Rotterdam School of Management and is since 2020 part of the investment team of PT1.

            Anja Rath

            Managing Director

            As early as 1998, Anja joined her first startup immediately after finishing her A-Levels (Abitur), initially as an intern in the finance department. This startup was one of the first companies co-founded by Nikolas Samios in Munich. She quickly assumed more responsibility in the growing company and soon replaced the previous COO/CFO in all his duties.


            Parallel to her work in financial management, organizational development, and general management, Anja studied part-time at the British OU University in Milton Keynes and received both a Master’s in International Finance and an MBA.

            After many years of first-hand experience in corporate management, Anja increasingly specialized in supporting other founders and their shareholders in growth and turnaround situations and structured numerous financing rounds, mergers, and exits, often taking on interim CFO mandates. Together with Nikolas Samios, she also set up Brandenburg Ventures GmbH, the VC investment entity of MP3 inventor Prof. Karlheinz Brandenburg and advised numerous listed companies on corporate venture capital programs, portfolio, and M&A aspects.

            Together with Nikolas, Anja is co-author of the venture capital standard reference book DEALTERMS.VC. She is furthermore a member of the Extended Board of Directors of the Startup-Verband (German Startup Association).

            Nikolas Samios

            Managing Director

            Nikolas Samios is a serial entrepreneur, long-time expert for transformational startups and venture capital and early sustainability advocate.

            He founded his first company around 25 years ago in parallel to doing A-Levels in Munich, Germany, and was quickly sucked into the grand new thing called „the Internet“, mainly helping traditional industries like print publishers, TV stations, retail chains or banks to digitise their businesses.

            Around 15 years ago, he increasingly focused on the transactional aspects, financing, buying and selling startups. He set up a special family office for like-minded Internet entrepreneurs and venture capital investors that, for example, built up and managed the personal investment holdings of MP3 inventor Prof. Karlheinz Brandenburg and AOL Europe founder Jan Henric Buettner.

            After many years, participating in more than 100 venture capital transactions and co-authoring the German reference book on venture capital methodology DEALTERMS.VC, he co-founded PT1 – PropTech1 Ventures, one of the first PropTech/ConstructionTech venture capital funds in Europe and most likely the first ESG SFDR article 8 fund in this segment. PT1 is a fully independent early-stage venture capital platform that fuels #Futurebuilders on their mission to apply transformative real estate technologies, generating double returns for its investors and society.

            He was also appointed “Co-Chairman” of the PropTech platform of leading German real estate association ZIA as well as Deputy Chairman of the Young Digital Economy Advisory Board to German federal minister and Vice Chancellor Robert Habeck. Furthermore, Nikolas is part of the committees of multiple leading industry awards and events (e.g. QUO VADIS, ZIA TDI – Tag der Immobilienwirtschaft). He was recently awarded “Head of the Year 2023” by Immobilienmanager magazine.

            Nikolas is living with his wife and two kids in Berlin, is privately supporting many NGOs around sustainable transformation and is a member of Leaders for Climate Action. In his rare spare time, he is an enthusiastic musician and music producer.

            Kosta Matsoukas

            Associate Partner

            Kosta combines sound theoretical knowledge with practical know-how. After successfully completing his bachelor’s degree in business administration and his master’s degree in strategy and innovation, Kosta gained diverse experience on both sides of the negotiating table, for example at the startups and Infarm as well as at the investors Rheingau Founders and Wayra. He has been an active member of the PropTech1 investment team since 2020.