Our list features 106 smart green VCs in Europe, selected portfolio companies and recent deals. These outstanding impact investors back startups in climate tech, energy, mobility, cities, materials, food and circular economy to generate environmental, financial and strategic returns for their LPs. In the VC value chain, early stage investors prefer to invest, at lower valuations and higher risk, in the Seed and Series A of young startups working on product market fit and traction (customers, revenues). Late stage VCs join startup cap tables from Series B onwards, expecting €5M revenues, experienced management teams, positive unit economics and fast growth. Facing climate change, technology revolution and global competition, many corporates are also active in corporate venturing and open innovation to invest in and cooperate with startups. Thus, VCs follow different investment strategies to build their portfolios that startups should know before pitching. The better the startup, the more VCs make an effort to get into the deal.

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