France-based private equity firm Eurazeo has raised €80m ($97m) for the first close of its Smart City II Venture fund, after securing commitments from several corporates.
Limited partners include car manufacturer Stellantis, electric utilities EDF and Mainova, public transport operator RATP, energy producer Total, logistics company Duisport and real estate developer Sansiri.
The fund also received capital commitments from family offices and PRO BTP, a non-profit organisation providing insurance and pension services for the French construction industry.
The vehicle is set to invest in early-stage companies operating in the energy, mobility, property technology and logistics sectors globally.
Matthieu Bonamy, partner at Eurazeo’s subsidiary, IdinvestPartners, said: The smart city venture strategy aims to select and support the future global leaders in each of their sectors thanks to an expertise in our investments themes and a selectivity rate at the level of the best generalist funds.”
Eurazeo’s first fund in the series, Smart City I Venture Fund, completed close to 25 investments in companies located across Europe, Asia and North America.
Investments for Smart City I included Spain-based delivery services provider Glovo, US-based electric vehicle charging network operator Volta Charging and autonomous driving software producer WeRide.