The transportation sector produces over 8 billion tons of greenhouse gases, mainly from road transportation. Shift4Good, a Paris and Singapore-headquartered impact venture fund, launched in 2021 to back startups in Europe and Southeast Asia that are decarbonizing mobility. It raised an initial €100 million ($107 million) in 2022 to provide Series A and B funding of up to €20 million to more than 30 startups. As the global VC funding slump gives way, Shift4Good has reached a final close of €220 million, shy of its €300 million target.
Support came from corporations, institutional investors and family offices, including Capricorn, BNP Paribas and Bpifrance, as well as existing investors Renault Group and the European Investment Fund.
Clean mobility
Under Article 9, the most stringent under the EU’s Sustainable Finance Disclosure Regulation, the fund plans to allocate two-thirds of its portfolio to Europe and the rest to Asia. It has invested in 13 companies, including Finnish e-bike leasing company Vapaus and Singapore-based electric ship producer Pyxis.
“By connecting bold entrepreneurs with industry leaders, Shift4Good exemplifies the power of impact-driven investment to create meaningful solutions to the climate challenge,” said Renault Group’s Luc Julia.
