Berlin-based VC firm Vireo Ventures has closed its €50M Electrification Fund I, aimed at backing startups that drive Europe’s transition to an all-electric future.
Founded in 2020, Vireo Ventures invests in hardware-driven startups focused on electrification, spanning energy generation, grids, storage, mobility, and industry applications. The fund is classified as an Article 9 fund under SFDR, emphasizing its climate-focused mandate.
The close comes amid Europe’s urgent push to electrify heating, transport, and industrial processes. Currently, clean electricity makes up 40% of global power but accounts for only 23% of the EU’s final energy use. Vireo highlights the need to increase this to 35% by 2030 and 61% by 2050.
Backed by major energy players
The fund is supported by the European Investment Fund, NRW.Bank, six major energy corporations including Encevo, Verbund X, and EnBW New Ventures, as well as 80+ entrepreneurs and sector veterans.
“Grid investments are central to Europe’s future security and competitiveness. Electrification is both a climate imperative and a geostrategic necessity. Startups bring the speed and innovation needed to achieve this,” said Felix Krause, Managing Partner at Vireo Ventures.
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Portfolio and pilot projects
Vireo has already backed startups including Encentive, Atmen, Green Fusion, and About:Energy, which are developing solutions in grid optimization, decarbonized heating, and EV infrastructure. Several portfolio companies have secured follow-on funding and strategic partnerships.
Early pilots supported by the fund include grid intelligence and decarbonized heating solutions, with LPs actively contributing expertise and collaborating in startup projects.
Industry validation
Crispin Leick, Managing Director at EnBW New Ventures, noted:
“We value Vireo’s deep experience in energy and utilities and their shared vision of an all-electrified world. Their focus on seed-stage startups brings us closer to early innovation.”
Dr. Franz Zöchbauer, Managing Director at Verbund Ventures, added:
“The closing of this fund is strong confirmation of market trust in Vireo’s mission. Their sharp focus on early-stage energy startups makes them an exceptional partner for Europe’s transition.”
About Vireo Ventures
Vireo Ventures focuses on early-stage European startups that transform how energy is generated, managed, and consumed. With its first €50M fund, the firm aims to build next-generation infrastructure that strengthens Europe’s autonomy, reduces fossil fuel dependency, and supports a sustainable energy future.
