Netherlands-based venture capital firm Set Ventures has raised €60m ($67m) for its Set Fund II, securing commitments from energy utilities Essent and Delta, as well as petroleum supplier Shell.
Set Fund II reached its latest close in late 2015, though the figure was only released today. Essent, Delta and Topfonds Gelderland, a fund instituted by the Dutch province of Gelderland, initially acted as anchor investors for the fund in 2014.
The earlier backers have since been joined by Shell, which invested through its Shell Technology Ventures unit, family office Korys, European Investment Fund, Finnish-state backed fund Sitra and Brabant Development Agency, which represents the Dutch province of Brabant.
Founded in 2007, Set Ventures targets Europe-based companies developing what it calls ‘smart energy solutions’, particularly those that use software to aid alternative energy generation, energy distribution and storage, and energy efficiency.
Set Fund II’s portfolio currently includes building design software provider Sefaira, 3D printing technology developer Luxexcel, cooling and energy management software producer 4energy and energy storage company Sonnen.
The firm plans to eventually extend the portfolio to between 10 and 15 companies, and to reach a final close for Set Fund II before the end of next month.
Geert van de Wouw, managing director of Shell Technology Ventures, said: “Scanning for alternative energy technologies and business model innovations in generation, storage and distribution is a key activity for Shell Technology Ventures.
“Through our collaboration with Set Ventures, we hope to gain earlier access to novel and breakthrough technologies and startups in this sector.”