Podcast Summary: Brian Ruszczyk — Earth First Ventures

Podcast: The Investor with Joel Palathinkal
Host: Dr. Joel Palathinkal
Guest: Brian Ruszczyk, Earth First Ventures
Date: October 9, 2025

Overview

This episode explores the career journey and venture activities of Brian Ruszczyk, a veteran in private banking and wealth management who transitioned into food technology and sustainable investing. The conversation focuses on his path from global banking leadership—especially across Latin America and Europe—to co-founding Earth First Ventures, a firm innovating in aquaculture, plant-based foods, and cellular agriculture. Ruszczyk shares personal stories, industry insights, and lessons learned, offering a window into how capital, sustainability, and new technologies are shaping the next chapter of food and impact investing.

Guest Background & Early Career

[01:37 – 10:22]

• Origin & Education:

  • Grew up in Connecticut, U.S., son of an earth science teacher, and became fluent in Spanish through a high school exchange in Latin America.
  • Studied Latin America extensively and attended Johns Hopkins for graduate school.

• Banking Career Path:

  • Started at JP Morgan in the early 1990s, sent to Mexico City due to language skills.
  • Led Latin America private banking for JP Morgan, then moved to Geneva 20 years ago, where he still lives.
  • Later transitioned to Deutsche Bank, covering Greece and Turkey, especially focusing on private banking for wealthy families and family offices.

"I started in the business of private banking … back when there was no private. There was no venture capital. It didn't exist."
— Brian Ruszczyk, [08:37]

• Lifestyle Reflections:
  • Geneva's safety and quality of life contributed to his decision to stay ("gravyard of ambition" for ambitious professionals, but ideal for work-life balance).

Key Insights on Banking, Global Markets & Offshore Wealth

[10:22 – 19:53]

• Emerging Markets Focus:
  • Differing appetites and behaviors among wealthy investors in Brazil, Chile, Greece, and Turkey; emerging market risk led to capital moving offshore.
  • Offshore wealth strategies serve as stability amid political and economic upheaval.

"I can't think of a single wealthy family in Latin America that has the bulk of their assets onshore."
— Brian Ruszczyk, [15:42]

• Structural Industry Shifts:

  • Swiss banking secrecy has eroded; more regulation and automatic information sharing among countries.
  • Rigorous compliance cultures post-2008 financial crisis; banks had to vet clients extensively.

• Client Vetting & Ethics:

  • Strong rejection of "PEPs" (Politically Exposed Persons); worked only with verifiable entrepreneurial wealth, not political fortunes.

"We weren't allowed to bank those individuals. We couldn't touch those individuals. We had a hard and fast rule in Latin America. No politicians, past, present, and future."
— Brian Ruszczyk, [17:53]

Transition to Entrepreneurship and Venture Investing

[19:53 – 26:10]

• Motivation to Go Independent:

  • Desired independence after long corporate career; wanted to focus on niche impact with flexibility.
  • Maintained relationships with global families—many became clients in the new venture.

• Entry into Food Technology:

  • Accidental entry, catalyzed by consulting for former banking colleagues.
  • Helped raise $358 million in capital for 8F Pure Salmon, a Singapore-based firm scaling land-based Atlantic salmon farming using Israeli RAS (Recirculating Aquaculture Systems) technology.

"If we want to continue eating Atlantic salmon, we need to figure out a different way to produce it. And that's exactly what this company does."
— Brian Ruszczyk, [20:58]

Aquaculture and Impact Investing: Deep Dive into Pure Salmon

[23:42 – 39:51]

• The Problem:

  • Overfishing, ocean pollution, disease (e.g., sea lice in salmon), and the environmental havoc of open net pen aquaculture.

• Land-Based Salmon Farming Solution:

  • Recirculating systems on land replicate natural environments without antibiotics, chemicals, or hormones.
  • Higher fish density, lower mortality, eco-friendly—addresses sustainability, food security, and supply chain issues globally.
  • Video presentation showcased facility design, impact, and the global vision of the company ([31:00 – 33:51]).

"We're producing locally on land. So we tick a lot of boxes for ESG and … impact investing, low carbon footprint, no chemicals, no hormones, no antibiotics."
— Brian Ruszczyk, [27:31]

• Scale and Model:

  • Early facilities in Poland, Russia, Slovakia, Israel; plans for expansion in Indonesia and Canada.
  • Planning to become the world’s largest land-based salmon producer.

• Private Equity Structure Insights:

  • $358M fund structured traditionally (7+1+1 years, GP/LP 2 and 20).
  • Noted that some ultra-wealthy families are now avoiding traditional funds—prefer direct investment to avoid lockups and fees.

"Some of our families ... built their own in-house go direct teams … avoiding the managers … and writing checks directly for ... whatever they’re interested in. ... They’re turning away from the traditional PE structure."
— Brian Ruszczyk, [36:20]

Broader Food Tech & Alternative Protein Innovation

[39:51 – 50:51]

• Expansion into Vertical Farming:

  • Launched Crate to Plate, using hydroponic containers (Freight Farms tech) for urban food production—pesticide-free, low-carbon, and seven days fresher than imports.
  • Owns EM franchise for this brand and technology.

• Plant-Based and Fermentation Investments:

  • Investing in a UK plant-based alternative protein company (fermentation-based, already in Sainsbury supermarkets), focusing on scalability in emerging markets.

"No pesticides, no herbicides, no fungicides because it's hermetically sealed. We produce locally for local consumers. ... And our produce is seven days fresher by the time you do supply chain …"
— Brian Ruszczyk, [43:00]

• Value Proposition:
  • Leverages strong local partnerships for market entry in Brazil, Turkey, Chile, etc.; provides strategic scaling support, capital, and know-how.

Cellular Agriculture: The "Holy Grail"

[45:48 – 50:07]

• Lab-Grown Meat & Protein:
  • Believes this is a future game-changer for food sustainability and carbon reduction.
  • Technology to produce animal protein by growing cells in vitro is advancing (mentions KFC’s launch in Russia, Memphis Meats’ large raise).
  • Not yet mainstream but "the train has left the station".

"We think this is a big game changer, Joel. We think this is the holy grail of the production of protein and is the future. ... The technology exists today to produce chicken fillets and fish fillets and steaks in a lab by removing the original cell from the animal without slaughtering the animal and reproducing that cells grow."
— Brian Ruszczyk, [47:48]

• Impact:
  • Potential to greatly reduce land use, emissions, animal suffering, and reshape the environmental impact of protein consumption.

Investment Model Innovation & Industry Outlook

[50:51 – 55:56]

• Investment Criteria:

  • Focused solely on food tech with impact—requires ESG, lower carbon, local production, and meaningful innovation.

• Direct-to-Cap Table Model:

  • No fund lockups, no management fees, no carry.
  • Compensation through equity from capital recipients—aligns with new investor preferences, especially family offices.

"There's no management fee, there's no carry, and there's no lockup. This resonates with our clients today."
— Brian Ruszczyk, [55:51]

• Raising Capital using STOs:
  • New fundraising method: Security Token Offerings (STOs), leveraging blockchain for innovation, transparency, and potential disruption of investment fund structures.

Reflections, Quotes & Life Advice

Entrepreneurial Reflections

• Ruszczyk emphasizes that his entry to entrepreneurship was late, but he loves the independence and creativity compared to large banks.
• Encourages listeners to “stay creative, stay innovative”—banking compliance culture stifled dynamism.

"I wish I had done it sooner. I wish I had jumped sooner … the banking industry for me lost its creativity and it became very much of a compliance box … but I love my independence. … Stay creative, stay innovative."
— Brian Ruszczyk, [53:26] & [55:24]

• Success in food tech was “accidental,” stemming from relationships and readiness to pivot into new trends.

Advice for Entrepreneurs and Investors

• Don’t let security prevent you from jumping into entrepreneurial ventures.
• Value creativity and openness to accidents or opportunities that aren’t planned.

Segment Timestamps

• Brian’s Background and Banking Career: [01:37 – 10:22]
• Switzerland, Offshore Wealth, and Market Observations: [10:22 – 19:53]
• Becoming an Entrepreneur and Entering Venture/Food Tech: [19:53 – 23:42]
• Deep Dive: Land-based Salmon Farming & Impact: [23:42 – 39:51]
• Expansion into Plant-based, Urban Farming, and Fermentation: [39:51 – 45:48]
• Cellular Agriculture & Food Tech Future: [45:48 – 50:51]
• Investment Structure Innovation: [50:51 – 55:56]
• Life Advice on Creativity & Entrepreneurship: [52:04 – 55:24]
• Closing & Reflections: [55:56 – End]

Notable Quotes

• “Geneva is a parking lot. It's where families come to park their assets in a bank for safekeeping for future generations.” — Brian, [13:36]
• “Our fish are no antibiotics, no chemicals, no hormones.” — Brian, [26:16]
• “Urban farming … goes straight to the same similarities. No pesticides, no herbicides, no fungicides because it's hermetically sealed.” — Brian, [43:00]
• “The technology exists today to produce chicken fillets and fish fillets and steaks in a lab by removing the original cell from the animal without slaughtering the animal and reproducing that cells grow.” — Brian, [47:48]
• “Stay creative, stay innovative.” — Brian, [55:24]

Memorable Moments

• Video walk-through of a land-based salmon farming facility, showcasing the scale and technology ([31:00 – 33:51]).
• Discussion of the “direct-to-cap table” investment model as the future for large family offices.
• Perspective that true innovation in food tech today is happening at the intersection of new production technologies and new capital-raising structures.

Engaging, insightful, and rooted in a lifetime of lessons navigating global finance and now food sustainability, this episode is a must-listen for investors, entrepreneurs, and anyone curious about the future of food and capital.