Susan Su

Partner, Toba Capital

Susan Su is a climate tech investor and capital formation advisor to companies and funds across the energy transition. She built Toba Capital’s climate investment practice from the ground up, spanning direct deals, fund-of-funds commitments, and co-investments, and currently serves as an advisor to the fund. Her work focuses on helping climate companies tell their story, structure their raises, and reach the right investors, while empowering allocators to understand where climate returns actually come from.

As an investor, Susan has led and participated in deals across stages and geographies, with a portfolio that includes some of today’s best-known early-stage climate tech companies, including David Energy, Swift Solar, Overstory, Bedrock Energy, Zeno Moto and Euclid Power, alongside co-investors such as Union Square Ventures, Andreessen Horowitz, Lowercarbon Capital, General Catalyst, and Upfront Ventures. Having operated as a direct investor, an LP, and an SPV lead,Susan is fluent across a broad range of structures through which capital reaches climate solutions.

Susan is the founder of Climate Money, a newsletter and podcast covering the business of decarbonization, where she publishes data-driven analysis on capital flows, market structure, and the financing mechanics behind the energy transition. She is also the creator of Climate Change for VCs, a course on the fundamentals of climate investing that trained more than 80 venture investors and allocators, including individuals from Andreessen Horowitz, Lightspeed, and Equal Ventures.

She is a founding board member of the Carbon Business Council and serves on the Mission Alignment Committee at Prime Coalition, where she reviews catalytic capital investments for mission integrity.

Susan previously held leadership roles in Growth and Product at Google and Stripe, and served as portfolio manager and executive-in-residence at Sound Ventures, where she advised portfolio companies including Affirm and Flexport. She brings an operator’s lens to her investing and advisory work. Susan is an alum of Stanford University and is based in Seattle.