Investing in early-stage ventures carries significant risk. Prospective investors and partners should carefully consider the following factors before engaging with any opportunity associated with Insurgent Ltd, Insurgent Fund I, or any related vehicle. This list is not exhaustive and does not replace independent professional advice.

1. Capital at Risk

Early-stage companies frequently fail. Investors may lose part or all of their committed capital. There is no guarantee of profitability, liquidity, or return of invested funds.

2. Illiquidity and Long Time Horizons

Interests in private funds and early-stage ventures are illiquid. There is no public market for these securities, and investors should expect long holding periods with restricted ability to sell, transfer, or redeem their interests.

3. Dilution

Start-ups often require multiple rounds of financing. Future fundraising may dilute existing investors’ ownership, influence, and economic rights.

4. Valuation Uncertainty

Valuations of early-stage companies are inherently speculative. They may not reflect actual market value and may fluctuate significantly over time.

5. Operational and Execution Risk

Start-ups depend heavily on their founding teams. Execution risk is high, and success requires sustained delivery across product development, market adoption, hiring, and capital management. Leadership changes may materially affect performance.

6. Market and Sector Volatility

Climate, sustainability, and regenerative sectors are shaped by shifting consumer behaviour, technology cycles, regulatory change, supply chain constraints, and geopolitical forces. These externalities may materially impact a company’s prospects.

7. Regulatory and Policy Risk

Ventures operating in climate, energy, agriculture, and circular systems may face evolving regulatory frameworks. Policy changes, certification requirements, and compliance obligations can increase cost, slow timelines, or limit market access.

8. Impact Measurement Risk

While Insurgent operates with a dual mandate of profit and planet, impact outcomes are not guaranteed. Environmental and social metrics rely on external data, evolving methodologies, and third-party verification. Actual impact may differ from projections.

9. Concentration and Portfolio Risk

Investing in a narrow set of companies, geographies, or themes increases concentration risk. Adverse events in a particular sector or region may disproportionately affect performance.

10. Conflicts of Interest

Insurgent may operate both a venture studio and an investment fund. While clear governance structures are maintained, there remains a risk that conflicts could arise between advisory roles, fund interests, and portfolio companies.

11. No Guarantee of Future Funding

Insurgent’s support does not guarantee that portfolio companies will successfully raise future capital. Funding conditions may deteriorate due to macroeconomic shifts or sector-wide sentiment.

12. Dependence on Third Parties

Portfolio success may rely on suppliers, manufacturers, data providers, regulators, and other external partners. Disruptions, failures, or compliance issues within these ecosystems can materially affect outcomes.

13. Past Performance is Not Predictive

Any examples, historical projects, or case studies provided by Insurgent are illustrative. They should not be taken as an indication of future performance or outcomes.