Here's our list of smart green VCs that back startups in climate tech, energy, mobility, cities, advanced materials, food and circular economy to generate impact as well as environmental, financial and strategic returns for their fund investors. To showcase the investment strategy, we also include portfolio companies that we like. In the VC food chain, early stage investors prefer to invest, at lower valuations and higher risk, in the Seed and Series A financing rounds of young startups working on product market fit and traction (customers, revenues). Afterwards, late stage VCs join startup cap tables from Series B onwards, expecting more than €5M revenues, experienced management teams, positive unit economics and fast growth. Facing climate change, technology revolution and global competition, the majority of corporates are active in corporate venturing and open innovation to invest and cooperate with startups. As a result, VCs follow different investment strategies to build their portfolios that startups should know before pitching.

Kiko Ventures

Kiko Ventures (Europe, Australia - early and late stage) is a London- and Berlin-based evergreen fund focused on climate tech that invested in First Light Fusion, Hysata, Bramble Energy, Tado, Mixergy, OXCCU and Vytal.

SET Ventures

Amsterdam-based SET Ventures (Europe - early and late stage) built a strong smart energy portfolio including Instagrid, Hydrogrid, Easelink, ESFORIN, Energyworx, Frequenz, Sensorfact and Green Eagle Solutions.

Emerald Technology Ventures

Founded in 2000, Emerald (Europe, North America, Asia - early and late stage) invested in over 60 startups, manages their own and corporate venturing funds on behalf of corporates and enjoys a strong track record of exits. Emerald's portfolio includes Enspired, Ineratec, Eologix-Ping, Takadu, EnOcean, Nanograf and Colibri Energy.

BP Ventures

BP Ventures (global - early and late stage) was set up more than fifteen years ago to identify and invest in disruptive energy startups. Since then, the CVC invested over $1B in over 70 startups and VC funds. The portfolio includes Hysata, StoreDot, Freewire, Grid Edge, Voltaware, Service4Charger and Phelas.


InnoEnergy (Europe - early stage) is financed by EIT and a large number of European companies. They have over 200 portfolio companies including Nexwafe, CorPower Ocean, Suena, Volytica Diagnostics, Phytonics and Swobbee.

Future Energy Ventures

Future Energy Ventures (FEV) (Europe, Israel, USA - early and late stage) invests in future energy, future cities and future technologies and is backed by E.ON. The large portfolio includes Prisma Photonics, Nuventura, Tado, Esmart Systems, Kiwigrid, Lumenaza, Piclo, Virta, and Reev. On 30 January 2024, Future Energy Ventures announced the first close of Fund II at €110M.

High-Tech Gründerfonds

High-Tech Gründerfonds (Germany - early stage) is Germany's leading seed investor which €1.4B AUM, 45 fund investors (limited partners), more than 750 investments and over 180 exits and IPOs. The active portfolio of HTGF includes Instagrid, Proxima Fusion, Heliatek, Ineratec,, Rabot Charge, Resourcify, Caeli Wind, and Traceless Materials.

Energy Impact Partners

Energy Impact Partners (global - late stage) is a big energy VC with over $4B AUM aggregating many utilities as fund investors. The portfolio includes Instagrid, Electric Hydrogen,, Hometree, Esmart Systems and Mill.

Inven Capital

Inven Capital (Europe, Israel - late stage) is the corporate VC of the Czech utility CEZ Group. Inven's portfolio includes Sunfire, Tado, Hometree, Eliq, Hydrogrid and Ember.

Alantra Klima Fund

Madrid-based Alantra Klima Fund (Europe, USA - late stage) is a €210M late stage fund focused on the energy transition that invested in 7 startups: Swtch, GridBeyond, Eturnity, Enmacc, Sunroof, Meteomatics and Mainspring.

SEB Greentech

SEB is a Swedish bank that is very concerned with our planetary boundaries and, in particular, climate change. That's why they started a smart green coporate VC unit investing from the balance sheet. SEB Greentech (Europe - early and late stage) provides patient capital and the portfolio includes CorPower Ocean, ESFORIN, Qvantum, ClimateView, Metry and Rocsys.

Eneco Ventures

Rotterdam-based Eneco Ventures (Europe - early and late stage) is the CVC of the most innovative utility in the Netherlands, working hard on their transformation to a smart green utility. The portfolio includes Gradyent, 42watt and Solar Monkey.

Engie New Ventures

Engie New Ventures (Europe, USA - early and late stage) is the CVC of the French utility Engie. Their portfolio includes GravitHy, Energyworx, Ineratec and Vyntelligence.

EDF Pulse Ventures

EDF Pulse Ventures (Europe, USA - early and late stage) is the corporate VC arm of the French utility EDF that makes fund investments as well as direct investments in smart green startups. The portfolio includes Sweetch, Carbon8 and PowerUp.

Shell Ventures

Shell Ventures (global - early and late stage) is the corporate VC of Shell. The Dutch oil and gas corporate is active in renewable energy and corporate venturing for a long time. The portfolio includes Heaten, Kraftblock and Zeroavia.

Equinor Ventures

Equinor Ventures (global - late stage) is the corporate VC fund of Equinor from Norway that was established in February 2016. Their portfolio includes Oxford PV, Mainspring, Reactive Technologies and Esmart Systems.

Aramco Ventures

Aramco Ventures (global - early and late stage) is is the corporate VC unit of the oil and gas company Aramco in Saudi Arabia. Investing out of 3 funds, Aramco Ventures built up a big portfolio with over 100 companies including Nexwafe, Dendra Systems, OXCCU, Boston Metal, Noon Energy, Form Energy and Hydrogen Mem-Tech.

First Imagine Ventures

First Imagine Ventures (Europe - early and late stage) invests in startups accelerating the energy transition and its portfolio includes Lumenaza, Voltaware, Solar Materials and Heliovis.

Blueworld Group

Blueworld Group (Europe - early and late stage) is a German family-owned VC that invests in impact and climate tech startups and its portfolio includes Instagrid, Smartlane and Recup.

Sustainable Future Ventures

Sustainable Future Ventures (Europe, USA - early and late stage) is an independent VC at the intersection of climate tech and the built environment. The €58B real asset investor Patrizia is the anchor investor of SFV and provides access to their huge network. SFV makes its first investments from Late Seed to Series B and recently invested in Piclo and Leap.

Energie 360°

Energie 360° (Europe - early stage) is a Swiss utility whose corporate VC unit likes to invest in the early stage mainly in Switzerland, Germany and Austria. The active portfolio includes VoltStorage, Stabl Energy, Suena, Enersis, ChargeX, Necture and Insolight.


Encevo (Europe - early stage) is the utility in Luxembourg and their corporate venturing portfolio includes R8 Technologies, Ezzing, DataThings, Energiency and Ampacimon.


The 5th largest German utility EWE (Europe - early stage) is active as corporate VC for many years investing in startups driving the energy transition. EWE's portfolio includes Bullfinch and Solytic.

Rockstart Energy Fund

Rockstart Energy Fund (Europe - early stage) is an Accelerator VC in Amsterdam that invests in energy startups that also join their accelerator programme. Rockstart's portfolio includes Sympower, Dexter Energy, Oktogrid, Fibersail, Flexidao and Circadian.

Vestas Ventures

Vestas Ventures (global - early and late stage) is the corporate VC of the Danish wind turbine manufacturer Vestas that backs sustainable energy startups including Northvolt, Hysata and Modvion.

Phoenix Contact Innovation Ventures

Phoenix Contact Innovation Ventures (Europe - early stage) is a German corporate VC focusing on energy, mobility, infrastructure and industry and their portfolio includes Eologix-Ping, Aedifion and Accerion.


Industrya (Europe - early stage) is a smart green €42M VC with funding from the corporate group John Cockerill and a few public funds in Belgium. Industrya invests in energy, industrial innovation as well as advanced materials. The portfolio includes SupAirVision, VocSens, Aloxy and SpotLight.

Siemens Energy Ventures

Founded in 2021, Siemens Energy Ventures (global - early and late stage) is the corporate VC arm of Siemens Energy that invests globally in smart green startups that accelerate the energy transition. Moreover, the team also manages the open innovation activites which means that Siemens Energy becomes a client of innovative startups. Finally, Siemens Energy Ventures also gets involved when internal ideas are incubated and spun out. The portfolio includes Square Robot, Seurat and Wirescan.

ABB Technology Ventures

Founded in 2009, ABB Technology Ventures (ATV) (global - early and late stage) is a corporate VC which brings the global technology and distribution power of ABB to the table. The swiss corporate didn't allocate a dedicated fund but makes investment decisions deal by deal if a business unit sponsors them. ATV's portfolio features Northvolt, Graphmatech, Freewire, PointGrab and Oktogrid.


Demeter (Europe - early and late stage) is a French smart green VC with €1B AUM that invested in Deepki, Insolight, Plan A, Sweetch, Zenpark and Ynsect.


Aster (Europe, USA and Asia - early and late stage) is a climate tech VC with two decades of experience, specialised in hard-to-abate sectors. Aster's portfolio includes Sunfire, Tado, Cosmo Tech, ekWateur and FinalCAD.

Breakthrough Energy Ventures

Breakthrough Energy Ventures (BEV) (global - early and late stage) was initiated by Bill Gates and has got €2.35B AUM. The strategy is to invest in early stage startups with disruptive technologies that can make the world a better place and accelerate the global energy transition to a 100% renewable energy system. The goal is to massively reduce carbon emissions in five key areas: electricity, transportation, agriculture, manufacturing and buildings. Breakthrough provides patient, risk-tolerant capital and that's badly needed by capital-intensive hardware startups. The BEV portfolio includes Redwood Materials, Lilac Solutions, Boston Metal, Form Energy, Electric Hydrogen, H2Pro, H2site, Heart Aerospace, Zeroavia and Pachama.


Lightrock (Europe, USA - early and late stage) is an impact investor in Luxembourg backing climate tech startups such as Aerones (Aerones raises $30M Series A led by Lightrock and Haniel), Sunfire, Mainspring, Velocys and Group14.


Aenu (Europe - early and late stage) is a German VC whose climate tech portfolio includes Hometree, Tesvolt, Voltfang, Alcemy, Dance, Ember and Trawa.

World Fund

World Fund (Europe - early and late stage) is a Berlin-based €300M climate tech VC whose portfolio includes Ecoworks, Cylib, Sunroof, Aedifion and IQM.

Norrsken VC

Norrsken VC (Europe - early and late stage) is a Stockholm-based climate tech VC whose portfolio includes Northvolt, Heart Aerospace, ClimateView and Einride.

Future Positive Capital

Paris-based Future Positive Capital (Europe - early stage) invests in climate tech startups such as Aerones, Dendra Systems, Sweetch and Cowboy.


Ecapital (Europe - early and late stage) is a German VC whose climate tech portfolio includes 1KOMMA5°, Dryad Networks, Numbat and Heliatek.

UVC Partners

Munich-based UVC Partners (Europe - early stage) is part of the startup ecosystem UnternehmerTUM and backs early stage startups such as Stabl Energy, Twaice, Predium, ChargeX, Reel, DeepDrive and Proxima Fusion.

Planet A Ventures

Berlin-based Planet A Ventures (Europe - early stage) invests in early stage climate tech startups such as Ineratec, Dance, C1, Good Carbon, Traceless Materials and Optiml.


Berlin-based Extantia (Europe - early and late stage) manages a fund-of-fund and also makes direct investments in climate tech startups including Ineratec, H2Pro, Leko Labs, Betteries and RepAir.

Vireo Ventures

Vireo Ventures (Europe - early stage) is a new German VC focused on the electrification of our planet with a target size of €60M investing in pre-seed, seed and Series A. The portfolio includes About Energy, Amperecloud, Green Fusion, E-Mobilio and Flexecharge.


Oslo-based Sandwater (Europe - early stage) is a new €125M climate tech and impact VC that invested in ClimateView, Evyon, Powall and Oyster.


From their offices in Copenhagen, Berlin and Stockholm Climentum (Europe - early stage) invests in European early stage climate tech startups such as Wayout, Jolt, Qvantum, Aegir and Novatron Fusion.


Haniel (Europe - early and late stage) is a German industrial holding investing growth capital in funds as well as directly in climate tech startups such as Aerones (Aerones raises $30M Series A led by Lightrock and Haniel), 1KOMMA5° and Ecoworks.

Junction Growth Investors

Junction Growth Investors (Europe - early and late stage) is a new €125M energy transition VC from Belgium that invested in Eturnity, Ampacimon, Haulogy, Hysopt and EET.

Greencode Ventures

Greencode Ventures (Europe - early stage) is a new green transition VC from Finland with a €50M first closing in 2023. Its first investments are Supercritical, LiveEO, Flexecharge and Southern Lights.

Proptech1 Ventures

Berlin-based Proptech1 Ventures (Europe - early stage) invests in early stage climate tech startups such as Ecoworks, Voltfang, Autarc, Climate X and 42watt.

Contrarian Ventures

Vilnius-based Contrarian Ventures (Europe, Israel - early stage) invests in early stage climate tech startups such as H2Pro, PVcase, Eliq, Chooose, 42watt, Metafuels and Ember.


Seaya (Europe, USA, Latin America - early and late stage) is a Spanish impact VC focused on sustainability and climate tech that invested in 011h, Recycleye and Pachama.

Icos Capital

Dutch Icos Capital (Europe - early stage) is a smart green VC focused on the early stage - that's where the risk and the fun is. Its portfolio includes Carbon Clean, Gamaya and Invert Robotics.

SHIFT Invest

Dutch SHIFT Invest (Europe - early stage) invests in European early stage impact startups in food, energy, mobility and circular economy and its portfolio includes Volytica Diagnostics, Zero Friction, E-magy and Byborre.


Korys (Europe - early and late stage) in Belgium invests in many funds and also directly in energy startups including VoltStorage, Ampacimon and Sensorfact.

Kopa Ventures

German Kopa Ventures (Europe - early stage) invests in early stage energy startups and its portfolio includes 1KOMMA5°, Ecoworks, VoltStorage, Green Fusion, E-Mobilio and Home Power Solutions.

Übermorgen Ventures

Zurich-based Übermorgen Ventures (Europe - early stage) backs early stage climate tech startups such as Ostrom, Exnaton, Green Fusion and E-Mobilio.

Matterwave Ventures

Munich-based Matterwave Ventures (Europe - early stage) invests in early stage industrial hardware and software startups such as Electrochaea, LiveEO and Orcan Energy.

Nordic Alpha Partners

Nordic Alpha Partners (Europe - early stage) is a Danish climate tech VC that invested in Stabl Energy, Sunroof, Agrointelli and Green Hydrogren Systems.

Supernova Invest

Supernova Invest (Europe - early stage) is a French deeptech VC that invested in PowerUp, Sylfen and Ynsect.

SE Ventures

SE Ventures (global - early and late stage) is the corporate VC of Schneider Electric that has allocated €500M for direct startup and fund investments. The portfolio includes Ostrom, Prisma Photonics and Verkor.

Eviny Ventures

The corporate VC Eviny Ventures (Europe - early stage) from Norway invested in Tibber, Heimdall Power, Utiligize, Amina and Voltfang.

Statkraft Ventures

Statkraft Ventures (Europe - early and late stage) is the corporate VC of Statkraft in Norway and their portfolio includes Tado, Deepki, Heycharge, Metron and Parkbee.

EnBW New Ventures

Launched in 2015, EnBW New Ventures (Europe - early and late stage) is the corporate VC of the third largest utility in Germany. The portfolio includes Enspired, Easelink and Volytica Diagnostics.

BayWa r.e. Energy Ventures

BayWa r.e. Energy Ventures (Europe, Israel - early and late stage) is the CVC of BayWa r.e. and was launched in 2018. Since then, they invested in Blixt in Sweden, Zolar in Germany, Pexapark in Switzerland, in Estonia and Circadian in Germany.

ETF Partners

ETF Partners (Europe - early and late stage) is a London-based sustainable innovation VC that invested in Dexter Energy, Telensa, Worldsensing, Vulog, Flyability and Urbantz.

BMW i Ventures

BMW i Ventures (USA, Europe - early and late stage) is the CVC arm of BMW and invests in cutting-edge startups redefining the automotive industry. Headquarted in Silicon Valley, the portfolio includes Boston Metal, Heycharge, Nauto, Graphcore, Tekion and Zum.


Zouk (Europe - late stage) invests in the sustainable economy with a special focus on public EV charging in the UK and the portfolio includes Dendra Systems, Enspired, EO,, Believ and Instavolt.