It might seem the surroundings and society stay related, no matter you may hear in another quarters. A minimum of, that’s one conclusion to be drawn from the information that European specialist VC Revent has closed a €100 million ($109 million) Fund II to put money into “planetary and societal well being” startups.
Launched out of Berlin in 2021 by Otto Birnbaum and Lauren Lentz, Revent’s thesis was (and stays) that essentially the most bold entrepreneurs wish to construct corporations that drive societal progress, and this may, due to this fact, turn into extremely useful. Excessive-minded stuff.
Admittedly, geopolitics have moved in such a manner as to recommend “progress” may look fairly completely different to the views of 2021. However with all that stated, the pair has assembled a major array of LPs to again the brand new fund.
These embrace the German retail big the Otto Group, Goldbeck, Wepa, Oetker, Beiersdorf, and Hymer, in addition to a variety of European tech founders. The European Funding Fund has additionally elevated its dedication in Revent’s second fund.
Lentz informed TechCrunch that the fund is in search of startups in vitality transition, industrial decarbonization, healthcare, local weather, financial empowerment, and reskilling, amongst others.
Since launch, it’s invested in 26 corporations. “Many in local weather tech, some in well being tech, some in empowerment. And general, issues have gone rather well. We’ve had a variety of corporations that had been picked up by tier-one normal funds,” she stated.
Lentz stated the fund has at all times tried to place itself within the third class, “as a performance-focused fund, investing in planetary and societal well being, by way of long-term worth creation. Within the early days, there have been some of us who had been skeptical and didn’t perceive why we weren’t simply calling ourselves impression or local weather. However now, I believe, on this present macro surroundings, his positioning makes fairly a little bit of sense for lots of people, and permits us to essentially use the language of driving worth by investing in long-term important transitions.”
Revent’s LPs are very long-term oriented, she stated. “I believe they aren’t afraid of what’s taking place within the U.S. proper now. I believe they, in truth, consider that it’s necessary to proceed investing in these areas regardless of what’s taking place within the US. And I believe there’s this concept of Europe, sort of standing up and punching again and determining what values it stands for, and investing closely in these areas.”
She sees extra capital going towards so-called re-industrialization, European sovereignty, and protection, and “wouldn’t be stunned” if now there’s a proliferation of recent rising specialist funds. “I believe Europe now wants to determine what it stands for … tech and innovation as a part of that, and I believe capital will circulation to some extent that course.”
The crew is now cut up throughout Berlin, London, Paris, and now has a enterprise accomplice in San Francisco.
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