Netherlands-based venture capital firm Set Ventures has secured commitments from petroleum producer Shell, energy utility PTT Group and banking group BNP Paribas for a fund with a €75m ($85.5m) target.
The fund, Set Fund III, also counts Energiiq and BOM Brabant Ventures, funds managed by Dutch development agencies InnovationQuarter and De Brabant Development Agency, as limited partners, along with family office Korys, the Finnish-state backed fund Sitra and European Investment Fund.
Shell made its contribution to the fund through its corporate venturing vehicle, Shell Ventures.
Founded in 2007, Set Ventures is an energy technology-focused vehicle that invests up to €6m a time in European businesses that are focused on energy generation, distribution, storage and efficiency.
Set Fund III, the firm’s third fund, will make early growth-stage investments in startups that are using smart software and services-based business models.
Set Ventures’ portfolio includes 3D printing technology developer Luxexcel, software developer Greencom, energy generator producer Limejump, electric mobility management platform GreenFlux and wireless technology provider EnoCean.
Wouter Jonk, managing partner at Set Ventures, said: “The energy sector is going through a major transition as the trend towards renewable generation and electrification of many sectors accelerates.
“Helping our limited partners anticipate the profound consequences of the wave of innovation in this field, while creating attractive financial returns and generating impact, is our task at hand.”
The firm closed its second fund at $67m in 2016 having received commitments from LPs including energy utilities Essent and Delta, Shell and Topfonds Gelderland, a fund-of-funds instituted by the Dutch province of Gelderland.