TLDR:
- EnBW New Ventures, the corporate venture capital arm of German electric utility firm EnBW, has invested in the new electrification fund raised by venture capital firm Vireo Ventures.
- The investment in Vireo Ventures represents the second fund investment made by EnBW New Ventures, which typically focuses on direct investments in startups.
EnBW New Ventures has invested in the new electrification fund raised by venture capital firm Vireo Ventures, marking its second fund investment. The corporate venture capital arm of German electric utility firm EnBW typically focuses on direct investments in startups, but has made occasional “fund of funds” investments, such as backing climatetech-oriented VC firm ETF Partners as a limited partner.
Vireo Ventures, founded in 2020, specializes in young companies operating in various sectors including energy, mobility, smart city, decarbonization, digitalization, and logistics. EnBW invested an undisclosed amount in the company’s Electrifications Fund I, with the intention of identifying additional seed and early-stage investment opportunities through this partnership.
EnBW New Ventures is a €100m ($110m) evergreen fund that targets digital and sustainable energy infrastructure technology developers. The unit typically invests between €1m and €10m per deal in European startups at series A stage and beyond. This recent investment in Vireo Ventures demonstrates EnBW’s commitment to supporting innovative startups in the climate and sustainability space.
