Last month, Annick Verween, head of biotope, joined VCo2 | The Climate Investing Podcast for a conversation with host Hugo Raunch about one of the most pressing challenges in the biotech startup landscape: closing the early-stage funding gap.

The VCo₂ podcast explores the intersections of venture capital and climate tech, and Annick’s episode offered a timely perspective on what it really takes to build and back biotech companies tackling planetary health. While the ambition of these startups is often vast, their path to funding—and ultimately, to impact—is anything but straightforward.

Annick began by unpacking what makes early-stage biotech so difficult to fund. While most teams come with strong scientific credentials, they often lack a clear go-to-market plan. “Most biotech startups have great tech but no GTM,” she explained. “These teams are often still deeply immersed in the lab, without a clear product or customer in sight. For investors, this creates a credibility gap that’s hard to bridge.”

She also pushed back on the assumption that technology alone makes a startup fundable. “We always tell founders: stop loving your technology, and start loving the problem you’re solving.” That shift in mindset is crucial but it’s also challenging, especially for teams that are still refining their science and haven’t yet validated the business case.

When asked what makes biotope’s model different, Annick explained that its focus is as much on people as on platforms. Biotope only takes on a handful of startups per cohort and provides highly individualized support, from IP development to customer discovery. Unlike many accelerators, which rely on fixed programming and demo days, biotope’s support is continuous, adaptive, and deeply hands-on. “Workshops don’t work when each startup is on its own timeline. Tailored support is key,” she said.

Annick also touched on one of biotech’s most persistent hurdles: timelines. In a sector where it can take years for a product to reach market, early-stage investors are often wary. “This isn’t always the best bet if you’re looking for a quick return,” she acknowledged. “But if you’re betting on long-term impact, it’s one of the most meaningful bets you can make.”

So how do these startups stay afloat in the meantime? Annick pointed to grants and non-dilutive funding as an essential, but incomplete, part of the answer. Since joining biotope, portfolio startups have raised a collective €28 million—three-quarters of which came from grants. Still, she stressed that grants alone don’t demonstrate traction. Strategic investor involvement remains critical, especially as startups prepare for seed rounds.

The discussion also explored the emerging role of data and AI in biotech. While Annick was quick to caution that AI “won’t save you,” she sees significant potential in tools that unlock predictive insights, especially when applied to fields like soil health, shelf life, and the microbiome. These tools can shorten development cycles, offer new paths to revenue, and make biotech startups more compelling to a broader investor base.

Annick concluded with a call for more diversity—of thought, experience, and background in biotech investing. “We need more people at the table who are willing to think long-term, support early-stage science, and build the infrastructure for systemic innovation.”

It’s a powerful message for both founders and funders: real innovation takes time, and real support takes commitment.

🎧 You can listen to the full episode of VCo₂ | The Climate Investing Podcast on all major platforms.