SET Ventures Doubles Fund Size to €200M for Clean Energy Tech
Netherlands, Thursday, 5 September 2024.
Dutch VC firm SET Ventures closes its fourth fund at €200 million, doubling previous size. Focuses on digital solutions accelerating renewable energy adoption. Targets 20-25 European startups at Series A, emphasizing software and automation for mass market clean energy integration.
A Leap Towards Sustainable Energy
SET Ventures, a Dutch venture capital firm specializing in clean energy technology, has made a significant stride towards accelerating the global energy transition. By closing its fourth fund at €200 million, the firm has doubled the size of its previous fund. This capital will be directed towards supporting 20-25 European startups, each focusing on digital-first, data-driven solutions aimed at making renewable energy mainstream.
Focus on Digital and Data-Driven Solutions
Managing Partner Anton Arts emphasizes that the new fund will primarily target Series A startups, with initial investments ranging from €2 million to €5 million. Arts highlights the importance of digital technologies, mentioning that ‘hardware alone will not meet climate targets.’ Instead, SET Ventures aims to leverage software and automation to ensure the mass market adoption of innovative clean energy solutions.
Strategic Investments and Key Players
SET Ventures has outlined a clear strategy for its investments. The firm is not averse to hardware investments, provided the underlying science is robust. An example of this is their investment in Instagrid, which raised $95 million in Series C funding for portable chargers. Furthermore, Arts notes the role of automation and artificial intelligence in achieving widespread adoption, stating, ‘Early adopters are tinkerers, but mass markets need automation.’
Investor Confidence and Regional Focus
The €200 million fund has garnered support from a range of investors, including the European Investment Fund (EIF), Triodos Energy Transition Europe Fund, a.s.r., Carbon Equity, and several European grid operators. Berg de Bleecker, Senior Investment Manager at Oost NL, commented that the investment aligns well with their ambition to accelerate the energy transition and develop Arnhem Buiten into a hub for energy transition companies and talent.
Impact and Future Prospects
In 2023, renewable sources accounted for 44% of the EU’s total electricity supply, a record high that underscores the growing adoption of clean energy. SET Ventures aims to build on this momentum by supporting startups that can rapidly integrate renewable technologies into mass markets. Last year, the firm’s portfolio companies contributed to avoiding 3.3 million tonnes of CO2 emissions, showcasing the tangible impact of their investments. The fund’s classification as an SFDR Article 9 fund further emphasizes its commitment to sustainable and impactful investment practices.