Invest NL and Rubio discuss the Impact VC market :“I know we’re a big fish, so it’s on us not to scare others out of the water”
Rubio’s ‘Follow the Impact’ interview series takes you behind the scenes of impact investing, spotlighting the people and partnerships driving systemic change. We delve into the motivations, challenges, and shared vision of those striving to combine financial returns with meaningful impact. In this feature, we spoke with Machtelt Groothuis, Founding Partner at Rubio, and Rinke Zonneveld, CEO of Invest-NL, about their collaboration and how they’re working together to transform the impact investing landscape in the Netherlands and beyond.
“It was a no-brainer”
Rinke Zonneveld, CEO of Invest-NL, doesn’t mince words about why Invest-NL invest in Rubio; “For me, it was a no-brainer,” he says. “Rubio is leading the pack in the Dutch impact investing scene and I like how they don’t just talk climate and food but tackle social issues head-on.”
Rubio’s model, which fully ties carry to measurable impact goals, grabbed Rinke’s attention from the start. He found it refreshing that the team doesn’t stick to a single theme—like clean energy or regenerative agriculture—but actively seeks out “people-first” ventures as well, addressing inequality, upskilling, or affordable healthcare. “We’re still figuring out how to fund more social impact ourselves,” he admits. “Rubio gives us a front-row seat to some amazing ideas that typically fly under the radar of traditional VC.”
“Triple role” partnership and healthy friction
Machtelt Groothuis describes Invest-NL’s involvement as more than just LP funding. “They’ve taken on a triple role: Limited Partner, co-investor, and joint ecosystem builder,” she says. “If we need bigger checks for a promising Dutch startup on the brink of relocating to the US for access to funding, Invest-NL can make the difference by stepping up.”
She’s quick to add that friction is part of the fun. “They have a lot of muscle—our role is to keep them honest and ‘additional,’ so they don’t overshadow the private market. That tension is what keeps us both creative.”
Rinke laughs at the challenge. “I know we’re a big fish, so it’s on us not to scare others out of the water. But we’re one of the few who can bring long-term capital quickly, which is something Dutch ventures desperately need.”
Moving faster without cutting corners
A few years ago, Machtelt would have highlighted Invest-NL’s slower processes as a sticking point. Now she’s the first to praise how much faster and more decisive they’ve become. “A quick ‘no’ is better than a six-month maybe,” she says, adding that the new speed helps founders under time pressure—and shows that public financing doesn’t have to be bureaucratic.
Rinke credits a growing team and clearer internal processes. “Of course we still have to do our homework, but we’ve learned that founders can’t wait forever. Better to give them a realistic timeline and a solid decision than to keep them in limbo.”
We cannot saas our way out of the climate crisis
Both believe that Europe’s focus on climate tech—though vital—can’t overshadow social impact. Machtelt points out that “if people are left behind, a clean energy transition won’t stick. We need to address issues like workforce upskilling, affordable healthcare, and mental well-being.”
Rinke sees a role for Invest-NL to expand its mandate beyond strictly climate-oriented deals. “I don’t want to be the investor that only chases the next hydrogen hype. Education, inclusion, and healthcare are equally important if we’re serious about long-term societal impact.”
More than a risky niche
There’s a shared vision at play: showing the market that impact investing can rival—and often outperform—traditional VC. “We want more Dutch founders to scale here, rather than heading abroad for capital,” Rinke says. He hopes institutional investors, especially pension funds, will also see impact as more than a ‘risky niche.’
Machtelt agrees and highlights how Invest-NL’s public backing shows this is no vanity project. “They’re here to move the needle on economic and social development in the Netherlands. When we succeed together, it proves that generating returns and doing good aren’t mutually exclusive.”
They also coordinate efforts to engage other institutional investors. Both recall meetings and events with other VCs where they’ve jointly made the case for channeling pension money into climate, agtech, and social ventures. “We’re laying the groundwork for the next wave of impact capital,” Machtelt says. “If we get this right, it’s not just good for Rubio or Invest-NL—it’s good for the entire ecosystem.”
That valuation is nuts!
At the core of their partnership is a mix of trust, challenge, and a shared drive for impact. Machtelt calls Rinke “a teleporting CEO—everywhere at once,” recognizing how he’s turned Invest-NL into a proactive force in the market. Rinke, in turn, appreciates Rubio’s relentless drive: “They push you to move faster, measure more, and be bolder on impact, but they never lose that human touch.”
Neither denies that tension surfaces—over valuations, timelines, or strategic calls—but they see it as a necessary ingredient for better decisions. Machtelt jokes, “We’re Dutch, so we have to be able to say to each other, ‘You’re moving too slowly,’ or ‘That valuation is nuts.’ We’ll hash it out, find a solution, and move on. It’s how the ecosystem grows.”
Looking ahead
Rubio and Invest-NL plan to keep expanding opportunities for mission-driven startups to grow in the Netherlands and beyond. They’re betting that proving success for both planet and people will draw more capital into impact—and change the narrative about what VC can achieve.
And they strongly believe that if they prove impact ventures can scale successfully, the rest of the market will follow. And in doing so, they might just reshape the narrative of what venture capital can and should accomplish.
This conversation is part of Rubio’s ‘Follow the Impact’ interview series, where we go behind the scenes of impact investing and spotlight the people and partnerships driving systemic change. We explore the motivations, challenges, and shared vision of those proving that financial returns and meaningful impact can go hand in hand.
