DEEP DIVE: Who said climate tech was dead? 28 new impact funds launched in 2025

2025 hasn’t been a great year to raise an impact fund – or to get funding from one. While money has flooded into AI and defence tech, climate and impact funds have struggled to stay at the top of LPs’ priority lists.

And yet, a sizeable group of European impact VCs has still managed to pull it off. From energy and climate software to foodtech and industrial transformation, fresh pools of capital have been raised and set aside for impact-driven startups.

After digging through Impact Loop’s data and archives, we’ve pulled together a list of 28 European impact VCs that launched new funds in 2025.

Founders hunting for capital in a tough market: start here!

1. Cherry Ventures – hunting for Europe's next tech hero

The Berlin-based VC firm announced a new $500m (€455m) fund in February last year, aimed at funding Europe's next tech legend. "The current narrative around European tech is all doom and gloom," said an open letter from the firm, stating: "We don’t buy it."

Based in: Berlin, Germany

Invests in: Early-stage tech, with selective investments in impact and climate. Portfolio companies include carbon-cutting startups such as Planet A Foods and Bardo.

Contact: Not disclosed

Read Impact Loop’s article about the fund here.

2. Future Energy Ventures – energy tech

Future Energy Ventures (FEV) closed its second fund at €205m in November, alongside a €30m dedicated capital fund for Italian startups. German energy giant E.ON and the European Investment Fund (EIF) anchored the fund. "Energy tech is being reshaped around sovereignty, security, and digital scale," Jan Lozek, founder and managing partner at FEV, told Impact Loop.

Based in: Berlin, Germany

Invests in: Series A and B energy tech startups mainly focused on AI-driven, software-based solutions

Contact: Veronique Hördemann, managing partner (read our interview with her here).

Read Impact Loop’s article about the new fund here.

The Future Energy Ventures team. Photo: press image.

3. Daphni – expanding climate and science portfolio

The Paris-based VC firm raised €200m for a new fund targeting climate and science startups, with plans to secure an additional €50m by the end of 2025 (we'll have to follow up on that!). The fund aims to back 40 startups tackling sustainability challenges. "We believe that science is the next driving force in the climate transition," Daphni said in a comment.

Based in: Paris, France

Invests in: Climate and science startups

Contact: Pierre-Eric Leibovici, founding partner

Read Impact Loop’s article about the fund here.

4. Daphni (second fund) – €100m fund for underrepresented founders

French VC firm Daphni has teamed up with impact-focused organisations to launch Time4, a €100m fund aimed at backing entrepreneurs from underrepresented backgrounds in France's tech ecosystem.

"There are talented entrepreneurs who are still [overlooked] by the venture capital system, especially in France, for many different reasons," venture partner Anita de Voisins told Impact Loop in an interview here.

Based in: Paris, France

Invests in: Seed-stage startups founded by underrepresented entrepreneurs. The plan is to write cheques between €100,000 and €1m at the seed stage.

Contact: Anita de Voisins, venture partner

5. Shift4Good – sustainable transportation

Shift4Good closed its first fund at €220m in January, making it one of the largest venture capital funds globally focused entirely on sustainable transportation. Notable LPs include Renault Group, BNP Paribas Group, Bpifrance, European Investment Fund (EIF) and Capricorn.

Based in: Paris and Singapore

Invests in: Sustainable transportation. Targeting mostly Series A and Series B.

Contact: The four, nicely dressed investors below.

Read Impact Loop’s article about the fund here.

Yann Marteil, Matthieu de Chanville, Sébastien Guillaud and Thierry de Panafieu, co-founders of Shift4Good. Photo: press image.

6. 2150 – urban sustainability

2150 closed a €197m fund back in March, with backing from LPs including Augustinus Fonden, Novo Holdings and Carbon Equity. The VC focuses on "urban sustainability" startups reshaping the built environment, across everything from carbon capture to heat pumps.

Based in: London, Oslo, Berlin and Copenhagen

Invests in: Urban sustainability. Series A, initial check of €3-15m

Contact: Christian Hernandez, partner and co-founder

Read Impact Loop’s article about the fund here.

7. Nordic Capital – €500m impact fund

Nordic Capital is raising a new Article 9 climate fund, Elevate, targeting €500m. The fund will focus on decarbonisation, circularity and health-related technologies. Elevate has secured €250m at first close and is now pursuing the remainder.

Based in: Stockholm, Sweden

Invests in: Decarbonisation, circularity and health-related technologies

Contact: Andreas Näsvik, Partner

Read Impact Loop’s article about the fund here.

Elin Ljung, head of sustainability and communications at Nordic Capital. Photo: press.

8. FoodLabs – food, health, and agriculture

FoodLabs raised €105m for its third fund in December last year, as it looks to pursue a new wave of early-stage bets across food, health, and agriculture. "We're focusing on backing the engineers of food," a spokesperson for FoodLabs told Impact Loop. The firm declined to disclose the anchor investors for its third fund, but did say the VC had backing from "leading industrial family offices and strategic corporate partners" including REWE, Henkel, and Bitburger.

Based in: Berlin, Germany

Invests in: Early-stage food, health, and agriculture

Contact: Not disclosed

Read Impact Loop’s article about the fund here.

9. Oyster Bay Venture Capital – agrifood tech

Oyster Bay Venture Capital invests solely in agrifood tech. Its latest €100m fund, one of the largest foodtech investment vehicles in Europe, has an initial ticket size of €1m-€4m, with "significant" reserves for follow-ons, the funds managing partner Felix Leonhardt told Impact Loop. Anchor LPs are the European Investment Fund (EIF) and KfW.

Based in: Hamburg, Germany

Invests in: Seed stage and Series A agrifood tech

Contact: Felix Leonhardt and Christoph Miller, managing partners.

Read Impact Loop’s article about the fund here.

Oyster Bay's managing partners Felix Leonhardt and Christoph Miller. Photo: press image.

10. Sofinnova Partners – €1.2bn for health and sustainability

The European VC heavyweight has raised €1.2bn over the past year to back life science innovation and sustainability projects. It plans to support 50–60 new companies tackling health and sustainability challenges. Sofinnova has a strong track record in life sciences and sustainability, with recent investments in AI-driven biological research, animal-free dairy proteins, and plant-based meats.

Based in: Paris, France

Invests in: Life sciences and sustainability

Contact: Antoine Papiernik, managing partner

Read Impact Loop’s article about the fund here.

11. Revent – social and environmental impact

Revent invests in both social and environmental impact-focused startups, and with its second €100m fund, it's focusing especially on the energy transition, industrial decarbonisation, healthcare, climate, economic empowerment, and reskilling.

Based in: Berlin, Germany

Invests in: Energy transition, industrial decarbonisation, healthcare, climate, economic empowerment, and reskilling

Contact: Otto Birnbaum, General Partner; Dr. Lauren Lentz, General Partner

12. ReOcean Fund – €100m ocean innovation fund

The ReOcean Fund, co-created by Prince Albert II of Monaco, aims to raise €100m to invest in ocean innovations. The fund focuses on five themes, including solutions to plastic pollution, healthy seafood, and climate mitigation in shipping.

Based in: Monaco

Invests in: Series A and Series B, ocean innovation startups

Contact: More here

13. Emerald VC – invests in water tech

Swiss VC firm Emerald VC launched a new water-focused fund in October, targeting technologies that address treatment, monitoring, and emerging contaminants. The Global Water Fund II will have a target size of €150–180m, adding to Emerald's existing €1bn in assets under management. Anchor investors are Veralto and Ecolab, SKion Water and Oxy Technology Ventures, the venture arm of petroleum giant Oxy.

Based in: Lausanne, Switzerland

Invests in: Water tech startups focused on resilience, water quality, and conservation

Contact: Helge Daebel, partner

Read Impact Loop’s article about the fund here.

14. Shift Invest – early-stage climate tech

Shift Invest announced the first close of its fourth fund in July, securing €92m towards its target of €150m. The fund will invest from proof-of-concept to Series A in early-stage ventures working on technologies that tackle climate change, resource scarcity, and biodiversity decline. Investors in the first close include Rabo Investments, Invest-NL, and the Royal Schiphol Group.

Based in: Amsterdam, Netherlands

Invests in: Early-stage climate tech

Contact: Janneke Bik, managing partner

15. Unconventional Ventures – backing diverse founders

The Nordic impact investor has announced the first close of its €80m second fund at €52m. The fund will target pre-seed and seed-stage startups in climate and sustainability, health, and education, with a focus on underrepresented founders. "Fund II is about going bigger, bolder, and proving that equity and returns can, and must, coexist," said founding partner Thea Messel.

Based in: Copenhagen, Denmark

Invests in: Climate, sustainability, health, education

Contact: Founding partners Nora Bavey, Alexis Horowitz-Burdick, and Thea Messel

Read Impact Loop’s article about the fund here.

Founding partners Nora Bavey, Alexis Horowitz-Burdick, and Thea Messel. Photo: press image.

16. Nordic Foodtech VC – research-driven foodtech

The Helsinki-based firm launched its second fund of €80m, aimed at backing research-driven solutions with the potential to transform the food system, at the end of last year. The first close of €40m was made back in June. The new fund is backed by LPs such as Tesi, Elo Mutual Pension Insurance Company, Valio Pension Fund and Heino Group.

Based in: Helsinki, Finland

Invests in: Early-stage foodtech companies

Contact: Louise Heiberg, Investment Director

Read Impact Loop’s interview with Louise Heiberg here.

17. Rubio Impact Ventures – climate and social impact

Rubio Impact Ventures announced in November that it had secured more than €70m for the first close of its third impact fund. The VC, founded by Willemijn Verloop and Machtelt Groothuis, backs early-stage startups across climate and social impact tech. Rubio Fund III is backed by both returning and new LPs, among them the European Investment Fund (EIF), Invest-NL, Oost NL, Brabantse Ontwikkelingsmaatschappij, ING Social Impact Investments, and the NN Social Innovation Fund.

Based in: Amsterdam, Netherlands

Invests in: Early-stage climate and social impact tech

Contact: Machtelt Groothuis, Founding Partner

Read Impact Loop’s article about the fund here.

18. Ship2B Ventures – social impact

Ship2B Ventures launched its second impact fund in November, achieving a first close of €65m from investors including the European Investment Fund (EIF), Axis and Banco Sabadell. The firm says its blended-finance vehicle, which it touts as Spain’s biggest social impact VC fund, is aiming for €80m in total commitments.

Based in: Barcelona, Spain

Invests in: Social impact like supporting vulnerable groups and the elderly, industrial decarbonisation, and natural ecosystem recovery

Contact: Maite Gasparin, co-founder and managing partner

19. Turbine Capital – targets deeptech startups

The new Swedish fund Turbine Capital is raising €65m to back 30–40 early-stage deeptech startups over the next 15 years, and has closed 40% of the funding in March. The firm targets spinouts from university incubators, with a focus on energy storage, smart materials and other enabling technologies. Backed by industrial partners including Saab Ventures, the fund aims to bridge the gap between startups and established industry, and can invest up to 20% of its capital outside Sweden.

"University-affiliated incubators spin out many great companies, but within deeptech they often struggle to access sufficient capital," co-founder Karin Edström told Impact Loop earlier this year.

Based in: Stockholm, Sweden

Invests in: Early-stage deeptech

Contact: Co-founders Pär Hedberg, Karin Edström and Anders Ösund.

Pär Hedberg, Karin Edström and Anders Ösund, Turbine Capital. Photo: press image.

20. Maia Ventures – backs science-led agrifood tech

This new Italian fund has emerged from stealth with €55m to back 20–25 early-stage agrifood tech startups in Italy, Europe, and potentially the US. It is looking for science-led solutions at the intersection of food, health, and sustainability, with a focus on cost savings, efficiency, and scalability. The fund has already made six investments, including in alt-chocolate startup Foreverland.

Based in: Milan, Italy

Invests in: Early-stage agrifood tech

Contact: Founding partners David Bassani and Andrea Galassi

Read Impact Loop’s article about the fund here.

21. Vireo Ventures – electrification and energy independence

Berlin-based Vireo Ventures has closed its first fund at €50m to back early-stage founders working on everything from smarter grids to energy storage and industrial solutions. "Europe’s electrification push is not just a climate imperative but a geostrategic necessity," said managing partner Felix Krause. The VC has the stated aim to "accelerate an all-electrified future that will secure Europe’s energy independence and competitiveness."

Based in: Berlin, Germany

Invests in: Early-stage startups focused on electrification and energy transition

Contact: Felix Krause, managing partner

Read Impact Loop’s article about the fund here.

22. Carbon Equity – launches first direct investment fund

Amsterdam-based Carbon Equity is expanding beyond its fund-of-funds model with a €50m co-investment vehicle that will directly back growth-stage climate tech companies. The fund has already raised €20m in pre-commitments and expects a first close of around €25m by the end of December.

Based in: Amsterdam, Netherlands

Invests in: Growth-stage climate tech companies

Contact: Jacqueline van den Ende, founder and CEO

Read Impact Loop’s interview with van den Ende here.

Carbon Equity team, with founder and CEO Jacqueline van den Ende at centre. Press photo.

23. Aldea Ventures – backs early-stage deeptech VCs

The Barcelona-based fund of funds has launched its second vehicle, Aldea II, with €50m raised so far and a target of €125m. The fund will back pre-seed and seed-stage VCs in deeptech sectors, including AI, climate tech, health and bio, and robotics. Aldea Ventures has already invested in 28 funds managed by 23 different VCs, participating in over 1,000 startup investments.

Based in: Barcelona, Spain

Invests in: Pre-seed and seed-stage VCs in deeptech sectors

Contact: Daniela Cavagliano, Gonzalo Rodés, and Alfonso Bassols at Aldea Ventures.

Read Impact Loop’s article about the fund here.

24. Course Corrected – early-stage climate tech

This Stockholm-based climate VC firm raised €63m in the first close of its second fund, announced at the beginning of 2025. The firm backs early-stage climate founders working on carbon removal, industrial decarbonisation, and adaptation solutions.

Based in: Stockholm, Sweden

Invests in: Early-stage climate tech

Contact: Founding partners Christine Ahlstrand, Katja Bergman and Kerstin Cooley.

Read Impact Loop’s interview with one of the co-founders here.

25. Alliance VC – AI-focused fund targeting Nordic tech startups

Alliance VC has completed the first close of its new fund, Alliance Nordic III, with backing from major Nordic investors including Telenor, Saminvest, and KLP. The fund will focus on early-stage Nordic startups, particularly in climate tech, digital health, business tools, and fintech. AI is a central theme, with the firm aiming to back 25–30 companies over the coming years.

Based in: Stockholm, Sweden

Invests in: Pre-seed to Series A, AI, climate tech, digital health, fintech

Contact: Not disclosed

Read Impact Loop’s article about the fund here.

26. Spin Ventures – circular economy in consumer and retail sectors

Spin Ventures is dedicated to accelerating the transition from a linear to a circular economy within the consumer and retail sectors. They invest in early-stage companies and breakthrough technologies that drive circularity and operational efficiencies. "Our mission is to shift the consumer retail sectors from a very inefficient linear economy to a completely reimagined regenerative and circular economy," Spin founder Nic Gorini told Impact Loop.

Based in: London, UK

Invests in: Seed to Series A

Contact: Nic Gorini, partner

Read more in Impact Loop's article here.

27. Icebreaker.vc – early-stage investor in Nordics and Baltics

This VC firm, which already claims to be the most active idea-stage investor in the Nordics and Baltics, closed its third fund in March. The firm invests across a broad range of companies and has increasingly backed startups focused on environmental sustainability. The size of the fund has not been disclosed.

Based in: Helsinki, Finland

Invests in: Early-stage startups in Estonia, Finland, and Sweden

Contact: Lasse Lehtinen, General Partner

Read Impact Loop’s article about the fund here.

28. Greencode Ventures – digital-first approach to green transition

The Finnish VC firm has raised more than €70m for its debut fund, managing partner Ines Bergmann-Nolting told Impact Loop in March. The fund focuses on software technologies that can have an immediate impact today, rather than going for "moonshot" technologies that could take years to develop. Key LPs include Nordea Funds, Farvatn Venture, and OP Financial Group.

Based in: Helsinki, Finland

Invests in: Software solutions that drive the green transition

Contact: Ines Bergmann-Nolting, managing partner