Climate and Clean Tech | September 21, 2023

European Investment Fund plugs €40 million into Blume Equity

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, September 21 – Blume Equity is one of a small number of climate tech venture funds with all female founders. The firm invests in growth-stage companies in Europe supporting the transition to a low-carbon economy, such as carbon accounting venture Normative, which helps large companies account for Scope 1, 2 and 3 emissions, and Aerones, which makes robotics for wind turbine maintenance.

The European Investment Fund made a €40 million in Blume as part of its commitment to direct a quarter of its investments to climate and environment-related projects. It joins Swedish pension fund AP4, Visa Foundation, and Impact Engine as an investor in Blume.

Climate tech appetite

Funding for climate tech in Europe, as globally, has taken a hit in the tech downturn. But it still accounts for nearly one-quarter of all European venture funding. Outside of electrification and renewable energy, investors have backed companies supporting home energy efficiency and a greener built environment.

Last week, Berlin-based World Fund raised €50 million for its early and growth-stage climate tech fund.