Amsterdam’s SET Ventures has announced its fourth fund of €200M, with €127M already committed. The fund will back energy transition pioneers in creating a carbon-free future energy system. The fund will be invested in 20-25 European innovators in the energy transition sector.
The VC firm aims to assist Europe’s most visionary energy entrepreneurs to become successful energy market leaders. With double the size of the previous fund, the capital will address the issue regarding the scarcity of sufficient funds plaguing these startups.
Dubbed SET Fund IV, the fundraising involved long-time and new investors. These investors include the European Investment Fund (EIF), Triodos Energy Transition Europe Fund, and Carbon Equity.
In its current operations, SET Ventures provides investment across Europe at the Series A stage to support portfolio companies through multiple financing rounds.
Partners at SET Ventures Wouter Jonk, Anton Arts, Julia Padberg, Till Stenzel, and René Savelsberg will lead the team responsible for managing SET Fund IV.
Driving energy transition
SET Ventures seeks to lead the much-needed changes in the energy transition. Thus far, the venture capital company has successfully invested in innovations concerning EV charging, virtual power plants, mobile energy, flexibility trading, and energy efficiency.
“We see SET as a leader in the field of digital technologies in the energy transition. This is an area in which the EU and the EIF attach great importance,” says EIF executive officer Marjut Falkstedt.
“We value our long-standing relationship and are keen to support their efforts to drive innovation in the energy transition, thus making a very tangible contribution to securing a better future for all of us on this planet,” adds Falkstedt.
SET Fund IV works on the basis that investment and climate returns correlate with one another. In order to reach its objectives, the fund relies on scientifically proven impact analysis and reporting throughout the investment lifecycle.
“The world is deploying renewable energy assets at an unprecedented pace,” says Anton Arts, managing partner at SET Ventures.
“It is a generational investment opportunity to back digital technologies and business models to integrate renewables at scale while driving the electrification of industry, mobility, and the built environment towards net-zero climate targets,” Arts adds.
About SET Ventures
Founded in 2007, SET Ventures is Europe’s leading energy venture capital investor. The company aims to create a carbon-free energy system by endorsing pioneering founders with the capital, community, and insights to deliver financial and impact returns.
SET Ventures created smart energy system solutions for multiple industries to implement energy transition. These solutions cover industries relating to different specialities, from distributed energy systems to built environments.