In this episode, we’re joined by Giulia Margstahler, Communications and ESG Lead, at United Ventures. Giulia shares her inspiring journey from communications to ESG leadership. She offers insights into integrating sustainability across a diverse portfolio and why ESG is more than just compliance, it's a key driver of long-term success.
You went from communications to ESG. How did your role evolve at United Ventures, and what was the process like as you expanded your responsibilities?
Absolutely. When I first joined United Ventures, my primary focus was on communications—managing both internal and external messaging and shaping the public perception of the company.
But I quickly realized that much of what we were doing was deeply tied to our company values, though it wasn’t always communicated as clearly or strategically as it could be. From a VC perspective, ESG is essentially a precondition for asset allocation. Sustainability and innovation go hand in hand. If something is truly innovative, it must have an impact—and if that impact isn’t positive, it’s not real innovation.
We see this all the time in our portfolio companies. They innovate to optimize processes, create sustainable products, and generally make things better. For them, ESG isn’t just a “nice to have”; it’s the driving force behind their innovation.
So, back to your question: from there, I started to see a natural overlap between communications and ESG. I began researching, studying, and learning more about ESG frameworks, best practices, and the evolving regulatory landscape, trying to understand how we could better align our efforts with ESG goals. Over time, I transitioned from a purely communication role to taking on direct responsibility for overseeing and shaping our ESG strategy.
Today, I split my work equally between communications and ESG—it’s like a 50-50 balance. In my view, though, the two are deeply interconnected and intertwined. This evolution was gradual, built on strategic communication, collaboration with colleagues in finance, compliance, and the investment team, and continuous learning. Most importantly, it was about finding where I could add value—first by enhancing how we communicated our impact and then by helping drive that impact more meaningfully.
I love what you said earlier—that innovation must have an impact; otherwise, it’s not real innovation. United Ventures is a general fund, right? What do you think are the main challenges when it comes to integrating ESG, especially with the complexities of reporting and data collection?
There are many challenges. ESG is a vast and complex universe, which is also what makes it fascinating. Sorting through these challenges is part of the process.
One of the biggest challenges for a fund like United Ventures is the diversity of our portfolio. To give some context, we’re an early-stage VC based in Milan, investing in Italy and Europe. We manage €500 million in AUM across four funds—three early-stage funds and one later-stage fund.
We invest broadly across sectors, but our main areas of focus are enterprise software, deep tech, and fintech. Naturally, a fintech company is different from a cybersecurity company, which is different from an agritech company or a manufacturing firm. Each sector comes with its own unique ESG risks and opportunities.
This diversity means we need a flexible yet consistent ESG framework. We can’t apply a one-size-fits-all approach; instead, we tailor our assessments to each sector while ensuring we uphold the same high standards across the board.
Another major challenge is standardizing ESG metrics. Gathering consistent ESG data from diverse portfolio companies—especially those at varying stages of ESG maturity—can be complex. Not all companies have the infrastructure to report on ESG, particularly early-stage startups. That’s why we work closely with our portfolio companies to improve their ESG reporting and align their practices with global standards.
For example, starting this year, we adopted a specialized ESG reporting platform. This software helps us manage data holistically, automate data collection, standardize frameworks, and gain insights through benchmarks and analytics. This allows us to provide LPs with the transparency they require while strengthening our commitment to sustainable and responsible investing.
That sounds wonderful. But how do you work with your portfolio companies daily? Many startups don’t have the capacity to prioritize ESG reporting. How do you handle this?
Working with portfolio companies often involves cultural and operational change. Many founders—especially in early-stage startups—are understandably focused on growth and financials rather than implementing comprehensive ESG strategies.
Our role is to go beyond oversight and act as partners, helping these companies see how integrating strong ESG practices leads to long-term value creation. For startups lacking the resources or expertise to execute ESG initiatives, we offer support through education, frameworks, and assistance in building their reporting capabilities.
We embed ESG as early as possible to help build strong, resilient, and future-proof companies. It’s not about asking them to fill out an ESG questionnaire for the sake of it—it’s about creating a meaningful impact.
How hands-on do you get in helping them develop their ESG reporting capabilities?
Very hands-on, especially for our Article 8 fund under SFDR. After the investment is made, I conduct an ESG kickoff meeting with the company to create awareness and set an action plan.
The first step is identifying material ESG topics relevant to them. Based on this, we define action items they need to address within a specific timeframe.
For our previous funds, ESG was more general, but with our SFDR Article 8 fund, there’s a higher level of rigor required in terms of compliance and reporting. This evolution has been significant. ESG isn’t just part of due diligence anymore—it’s integrated into every stage of the investment lifecycle, from sourcing deals to monitoring and reporting.
How does your ESG framework provide a competitive advantage?
Julia: Absolutely. A strong ESG framework offers several advantages:
Risk Management: It helps us identify and mitigate risks early—whether environmental, social, or governance-related.
Growth Opportunities: We can attract high-potential companies aligned with global sustainability goals.
Fundraising: Institutional investors increasingly demand transparency and sustainability, so a robust ESG strategy helps attract LPs.
Talent Acquisition: Companies prioritizing ESG are better positioned to attract mission-driven founders, executives, and employees.
Regulatory Preparedness: As ESG regulations evolve, a strong framework ensures we stay ahead of compliance requirements.
Ultimately, a strong ESG framework benefits both our fund and the companies we invest in.
