SET Ventures raises 3rd fund of €100 Million
AMSTERDAM, THE NETHERLANDS – January 9, 2020 – SET Ventures, the energy transition venture capital firm, successfully completed its fundraising for SET Fund III at €100 million, well above the target size of €75 million. SET will continue to invest in European early growth-stage companies that shape the future energy system through effective balancing of intermittent renewable generation, smart energy distribution and storage, and promoting efficient energy use.
Investors in SET Fund III include leading international corporations, renowned family offices, development agencies and forward-looking financial institutions.
“We are delighted to welcome all of our new investors, joining the investors that made the start of SET Fund III possible only a year ago”, said René Savelsberg, Managing Partner at SET Ventures. “Reaching the hard cap of €100 million confirms the trust in our entire team and the dedication to make the energy system transition a reality”.
SET Ventures backs exceptional smart energy entrepreneurs who have what it takes to transform large, global markets. These include energy sector success stories like Munich-based sonnen (acquired by Shell to expand its residential smart storage & energy services) and London-based Limejump (acquired for its virtual power plant technology).
Managing Partner Wouter Jonk adds: “The energy sector is going through a major transition as the trend towards renewable generation and electrification of many sectors accelerates. Besides traditional utilities, the energy system of tomorrow has many new participants: from energy producing consumers to the automotive industry to real estate. All enabled by newly created data-driven business models.”
“We are off to a very good start in SET Fund III with investments in DEPsys (CH), Minibems (UK) and FlexiDAO (NL), and expect to announce further investments soon”, explained Anton Arts, Managing Partner at SET Ventures. “We see amazing opportunities for value creation by building the next generation of leading tech companies that benefit from Europe’s visionary role in the energy transition”.
SET Fund III is geared to generate financial returns, strategic insights and environmental impact for its limited partners. SET is considered a leader among venture capital funds in the way ESG and impact creation are integrated into its investment decision-making process. It received the 2018 ESG Award from the Dutch Private Equity and Venture Capital Association and was the winner of Cleantech Group’s “European Investor of the Year 2019 Award”.
ABOUT SET VENTURES
Since 2007, Amsterdam-based SET Ventures has invested in European technology companies that impact the future of the energy system. SET Ventures focuses broadly on innovative energy generation, energy distribution & storage and energy efficiency. SET Fund III provides early growth-stage capital to ventures that shape the energy system transition through smart software and services-based business models. For more information please visit www.setventures.com.
SET Ventures haalt in twee instanties €100 mln op – Het Financieele Dagblad, 09-01-2020
SET Ventures Raises Fund closes third fund on €100m – Unquote, 13-01-2020
European green energy investor SET Ventures seals €100m hard cap fund III close – AltAssets, 14-01-2020