Question 1

Who is Mazarine?

Accepted Answer

Mazarine is a venture investor backing early-stage technology companies with innovations that address water-related risks, spanning multiple markets.  As impact investors Mazarine leverages the ESG framework to guide investment strategy and ensure portfolio companies bring solutions to market  that help their customers realize their ESG goals.

Question 2

Is Mazarine in the ‘water industry’?

Accepted Answer

Mazarine's portfolio companies operate in sectors where water is a 'protagonist', meaning water plays a key role in day to day operations, but is a means to some other end.  Sectors where water is a protagonist include: agriculture, aquaculture, buildings, conservation, finance & insurance, health & healthcare, hospitality, manufacturing, mineral processing, and power generation. Some of Mazarine's portfolio companies deliver innovations to water and wastewater utilities.

Question 3

Is Mazarine an impact investor?

Accepted Answer

Yes, realizing social and environmental impact objectives is in Mazarine's mission statement.   Additionally, part of Mazarine's impact mandate is to catalyze sharing and learning opportunities via webinars and events, as well as help the Mazarine syndicate realize their ‘water’ thesis goals.

Question 4

Why is 'risk' so central to Mazarine's investment thesis?

Accepted Answer

The inefficiencies in the management and use of water (and wastewater) create risks for industry and society.  At the household level (in rich and poor countries) water quality is a health risk, leaks are asset management risks, and in water scarce parts of the world the water bill can put the household in financial risk.  In agriculture, water quantity (flooding or drought) is a risk that an ruin livelihoods.  For the business community, interruptions in water quantity and/or quality are disruptive operational risks, and exceeding water withdrawals or discharge permits can lead to financial and brand risks.  For utilities, managing source water, the distribution network, and the rate payer all present existential risks for the hardworking people dedicating their careers to delivery of safe water, handling of wastewater, and mitigating the effects of stormwater.  The finance and insurance sector also faces 'water-related' risks in their financing of projects of underwriting of assets that could be damaged by water in some way.     Mazarine 'frames' water risks as 1) public health & safety risks, 2) environmental protection risks, 3) climate adaptation risks, and 4) business continuity risks.  Once you frame 'water' this way, impact and financial return opportunities start to come into focus.

Question 5

How is Mazarine organized?

Accepted Answer

Mazarine operates 4 platforms: Mazarine Labs (in-house incubator), Mazarine Ventures (seed-stage investments), Mazarine Technology Investments (growth-stage investments) and Bluehouse Investments (international impact, focused only on diagnostics).

Question 6

What does Mazarine's dealflow look like?

Accepted Answer

Mazarine sees on average ~300 early-stage investment opportunities a year with most coming from N. America and Europe, followed by Israel and ANZ.   The opportunities arrive in the form of 1) pre-seed university research and entrepreneurial ideas, 2) newly-formed 'start-ups' ready for take-off, 3) nascent companies already in-market,  4) young companies already enjoying some commercial success, and 5) fast-growing companies that are already deemed 'competitive' by strategics, who may be already eying them for acquisition.     Intellectual Property (IP) is typically rooted in chemistry, data science, materials science, microbiology, process engineering, or some kind of business model innovation not rooted in the 'hard' sciences.    Due to Mazarine's 'water is a risk' investment thesis, Mazarine might see more deals than other traditional 'water investors'.   Mazarine's inbox includes technology companies with innovations addressing some aspect of water-risk in agriculture, aquaculture, smart home/smart building, manufacturing, power-generation, and even water-risk faced by banks.

Question 7

What makes Mazarine unique?

Accepted Answer

Three things:  1) Mazarine is a hypothesis-oriented investor, meaning if/then statements are formulated around the most compelling ‘water’ related market or technology opportunities, then research is conducted with an identified founder to determine if there is a real opportunity.   2) Mazarine sees the 'water' opportunity differently, resulting in a unique investment thesis and strategy.  3) Mazarine leverages the unique experience/expertise of our 4 Partners to support Founders realize their vision.

Question 8

What geographies is Mazarine interested in?

Accepted Answer

Mazarine will consider opportunities anywhere; however, markets that are understood by the Mazarine team tend to be prioritized.

Question 9

What's Mazarine's PoV on Climate & Water

Accepted Answer

Whether too much water (floods, sea level rise), too little water (droughts, acidification), or water quality concerns (harmful algal blooms), the result of a warmer atmosphere (ie: Climate Change) is a disrupted hydrological cycle and an uncertain water future for all.  The climate of yesterday is not guaranteed going forward, and even if we cease all carbon emissions today we need to invest in solutions to support local and global adaptation efforts.  Most of humanity’s climate adaptation needs will center around forecasting and managing water-related risks.    Whilst decarbonization, offset markets, carbon sequestration will continue to offer compelling business and investment opportunities, and Mazarine agrees that carbon emissions must be slowed, Mazarine is focused on investment opportunities on the adaptation ‘side’ of ClimateTech, which refers to the $20B+ market for products, services, and innovations that support both public and private sector mitigate adaptation risks.    Mazarine has developed a unique taxonomy within the "Climate Adaptation Technology" industry, meaning innovations that enable industry and society to:  'see' climate adaptation risks, 'predict' near-future water risks, and lastly 'manage' the risk via earthworks, engineering, equipment, or other solutions to accelerate adaptation to a world with an uncertain water future.    Climate Adaptation Tech investment opportunities are categorized by whether the company's innovation helps their customer 'see', 'think', or 'do'.   In short, Mazarine's PoV is that Adaptation needs to be on equal footing with Decarbonization.    "If climate change was a shark, the shark's teeth would be water".

Question 10

Does Mazarine maintain any corporate relationships?

Accepted Answer

Yes.  Mazarine has formal engagements with strategics who are supported with tech scouting, due diligence, and investments.

Question 11

Why Does Mazarine only operate at the early-stage?

Accepted Answer

The composition of the Mazarine team translates into more impact at the very earliest stages of a company where business strategy, marketing, finance, and introductions are often just as important as financial capital.  Mazarine enjoys the challenges and opportunities on the proverbial forest floor.

Question 12

Does Mazarine have competition?

Accepted Answer

There are other early-stage investors with similar theses and strategies whom we actively syndicate opportunities with. Several times a year we include them in our quarterly roundtables.

Question 13

What’s Mazarine’s origin story?

Accepted Answer

John Robinson and Tami Fratis knew each other from their involvement with Meidlinger Water Partners.  Upon that fund’s completion, Tami and John joined forced with Anders Hallsby and Pete Nassos to establish Mazarine.  Each partner brings unique experience and expertise helpful in early-stage investing in technologies that address water-related risks.

Question 14

Has Mazarine had any exits yet?

Accepted Answer

As of Q2 2022 Mazarine has not realized any exits.

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