The 10 impact VCs that raised the biggest funds in 2025 – and where they’re placing bets now

European VCs are set to raise around €11 billion from LPs this year – barely half of 2024’s haul and the lowest annual tally this decade, according to PitchBook data.

It’s an especially tough outlook for those VCs operating in impact. Globally, VC dollars flowing into impact are expected to hit just $33 billion – the weakest level since 2017, per Dealroom.

Swimming upstream

Against that backdrop, raising a climate or impact fund this year has been slow, grinding work. LPs remain cautious, processes have stretched out, and even established managers have had to fight for every commitment.

Stefan Maard, general partner at Climentum Capital – set to close its €100m vehicle next year – recently admitted that LP conversations have been “slower than expected.”

Nevertheless, Maard is confident that impact VCs will weather the storm, a sentiment shared by Nicolas Celier, co-founder of private equity firm Ring Capital, who stresses that impact investing is built on “megatrends” that aren’t going away.

“We need to transform the planet, supply chains, and adapt to climate change. We need to invest in things,” he previously told Impact Loop.

Those megatrends have no doubt encouraged LPs – especially the patient ones – to continue to put money into new venture funds.

Here are the 10 largest impact-focused funds closed this year.

Shift4Good – €220m

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

Future Energy Ventures – €205m

Berlin-based 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.

FEV backs Series A and B energy tech startups mainly focused on AI-driven, software-based solutions.

2150 – €197m

London-headquartered 2150 closed a €197m fund back in March, with backing from LPs including Novo Holdings, Augustinus Fabrikker, Nysnø Climate Investments, and BMW. The VC focuses on “urban sustainability” startups reshaping the built environment, across everything from carbon capture to heat pumps.

FoodLabs – €105m

Berlin-based FoodLabs raised €105m for its third fund in December, as it looks to pursue a new wave of early-stage bets across food, health, and agriculture. The firm declined to comment on the LP mix, but according to Dealroom data its existing backers include the European Investment Fund, Arcano Partners, and KfW Capital.

Oyster Bay Venture Capital – €100m

Hamburg, Germany-based 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. It mainly targets seed stage and Series A companies. Anchor LPs are the European Investment Fund (EIF) and KfW.

Revent – €100m

Revent is (another!) Berlin-based VC that raised a big fund this year. The firm invests in both social and environmental impact-focused startups, and with its second, €100m fund its focusing especially on the energy transition, industrial decarbonisation, healthcare, climate, economic empowerment, and reskilling.

Shift Invest – €92m

Dutch VC Shift Invest, led by managing partner Janneke Bik, 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 fund include Investors in the first close include Rabo Investments, Invest-NL, and the Royal Schiphol Group.

Greencode Ventures – €70m

Founded in 2023, Helsinki, Finland-based women-led Greencode backs early-stage climate software and data startups. It closed its first fund at €70m in June, as Impact Loop first revealed. Key LPs include Nordea Funds, Farvatn Venture, and OP Financial Group.

Rubio Impact Ventures – €70m

In November, Amsterdam-based Rubio Impact Ventures announced 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.

Ship2B Ventures – €65m

In November, Spain, Barcelona-based Ship2B Ventures launched its second impact fund, 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. The fund will focus on startups supporting vulnerable groups and the elderly, alongside technologies for industrial decarbonisation and natural ecosystem recovery.

Course Corrected – €63m

Stockholm, Sweden-based Course Corrected is a women-led climate tech VC backing early-stage climate founders working on carbon removal, industrial decarbonisation, and adaptation solutions. The firm raised €63m in the first close of its second fund, announced at the beginning of 2025.