Amsterdam-based SET Ventures closes fourth fund at €200M; its largest fund to date 

Amsterdam-based SET Ventures, a VC firm that invests in digital technology to promote a carbon-free energy system, announced on Thursday, September 5, that it has closed its fourth fund SET Fund IV –  at €200M.

The Dutch VC announced its fourth fund in September 2023 to invest in 20-25 European innovators in the energy transition sector. 

At that point in time, the VC has already committed to €127M from the European Investment Fund (EIF), Triodos Energy Transition Europe Fund, and Carbon Equity. 

SET Fund IV marks the largest fund in the Dutch VC’s 17-year history and doubles the size of SET Fund III.

Anton Arts, Managing Partner at SET Ventures, says, “With SET’s fourth fund closed, we champion the founders who apply digital technology to address these challenges. We invest to spawn a universe of solutions and companies that complete the formula for fully transitioning to a carbon-free energy system in the coming years.”

SET Fund IV, an SFDR Article 9 fund, has attracted investment from new and existing investors, including the European Investment Fund (EIF), Triodos Energy Transition Europe Fund, a.s.r., Carbon Equity as well as several European grid operators.

To date, SET Ventures have invested in smart heat-management startups, including vilisto, energy renovation advisor Fuchs & Eule, energy management software provider Tibo Energy, and e-mobilio, the cloud-based e-mobility platform.

The announcement comes six months after raising €10M from Invest-NL, European Investment Fund (EIF), ABN AMRO Bank, Triodos, and ASR.

With this fund, the Dutch VC aims to back European startups with digital-first, data-driven solutions that accelerate the integration of existing renewable energy technologies into mass markets.

“The fourth fund will invest in entrepreneurs who pioneer business models that incentivise companies and consumers to adapt now, rather than wait for regulation to force a change.

“Hardware is, on its own, not going to achieve urgent climate goals,” says Anton Arts.

“For decades, our energy system has been geared towards fossil fuels, so it’s no surprise that the energy transition has come with teething problems. In fact, these issues are a positive sign that we are amid this mass rollout,” adds Arts.

Brief about SET Ventures

Founded in 2007, SET Ventures invests in digital technology to promote a carbon-free energy system. It supports “pioneering” founders with capital, community, and insights. 

The firm focuses on companies with sustainable solutions and digital DNA, driving systemic change in energy generation, distribution, storage, and consumption across sectors, including distributed infrastructure, energy retail, buildings, mobility, industry, and enabling technologies.

With 17 years of experience in clean energy investing, SET Ventures has expertise in electrification, flexibility, and decentralised energy architectures.

The firm has partnered with industry key players, including grid operators and utility firms. Successful investments include Instagrid, Sensorfact, and Sonnen.

Co-founder and Managing Partner Wouter Jonk says, “When it comes to fighting the climate crisis, we are firm believers that energy is the best place to start. 76% of the world’s emissions stem from energy, so solving this brings the fastest potential emissions reductions. The advantage of our long-standing history is that we understand which technologies will likely stand the test of time and have a genuine impact.”

He adds, “We’re proud that our portfolio reflects this. Last year, our portfolio companies’ work led to avoiding 3.3 million tonnes of CO2 emissions.”