Amsterdam-based FORWARD.one, a venture capital firm specialising in industrial technology, has announced the launch of its third fund, with a target of €200M and a hard cap of €250M.
The majority of the target has already been secured from both new and returning investors.
Backing industrial innovation at scale
Fund III will invest in early-stage companies driving breakthroughs across semiconductors, robotics, climate tech, hardware, and other industrial technologies. Initial investments will range from €1–3M, with substantial reserves for follow-on funding. The portfolio is expected to include 25–30 startups across Europe’s major innovation hubs, including the Benelux, Nordics, and DACH region.
“Fund III gives us more clout to support Europe’s most technological pioneers,” said Riemer Smink, Managing Partner at FORWARD.one. “The strong early commitments reflect confidence in both our strategy and the opportunities in industrial tech.”
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Proven track record in high-tech venture
Since its launch in 2018, FORWARD.one has established itself as one of Europe’s top-performing venture firms. Its first €40M fund delivered a net IRR of 41% and 2x DPI, placing it among the continent’s leading VCs. Exits include Sensorfact (acquired by ABB) and Mayht (acquired by Sonos).
Its second fund, a €145M vehicle launched in 2021, is on track for similar performance, backing scale-ups in semiconductors, robotics, and sustainable industrial technologies.
“Our strategy has been proven: invest early, scale quickly, and support exits through our network,” said Beau-Anne Chilla, Partner at FORWARD.one. “With Fund III, we want to help entrepreneurs commercialise innovations that can change society, while continuing to deliver strong returns.”
Why industrial tech matters for Europe
Europe has a long history of global industrial leaders such as ASML, Infineon, and STMicroelectronics, creating ecosystems that are hard to replicate elsewhere. FORWARD.one sees fertile ground for a new generation of startups in these domains.
“Europe has a unique lead in complex technologies such as chips, robotics, and sensors,” added Partner Arjan Göbel. “These ecosystems provide fertile ground for the next generation of industrial pioneers.”
Looking ahead
Despite challenging fundraising conditions, FORWARD.one’s strong early close positions Fund III to become a major driver of Europe’s industrial innovation. With its combination of financial strength, hands-on support, and deep sector expertise, the firm aims to accelerate the rise of Europe’s next industrial champions.
