2C Ventures Launches €50 Million Fund to Support Cleantech Startups in Estonia and the New Nordics
Tallinn-based venture capital firm, 2C Ventures, has announced the launch of a new €50 million fund dedicated to supporting early-stage cleantech companies in Estonia and the New Nordics. The fund will focus on areas such as renewable energy and waste reduction, with the aim of addressing climate change and making a climate-neutral economy a competitive advantage for Estonia.
Advancing Positive Change through Innovative Cleantech Solutions
2C Ventures is a cleantech venture capital firm that is committed to advancing positive change through innovative solutions in clean energy, sustainability, and environmental initiatives. The company collaborates with entrepreneurs, startups, and research pioneers in order to support groundbreaking technologies that contribute to a more environmentally conscious future. By emphasizing the transformative potential of disruptive ideas, 2C Ventures aims to contribute to a greener and more sustainable world.
Investing in Research-Intensive Startups to Accelerate Cleantech Solutions
The newly created fund will invest in cleantech startups in the Baltic and Nordic regions, with a particular focus on supporting Estonian companies. The fund aims to provide initial funding ranging from €250,000 to €1 million per company, with the goal of accelerating the development of cleantech solutions. Additionally, the fund’s strategy includes substantial follow-on investments in later rounds to further support the growth and expansion of these startups.
Cleantech as the Driver of Sustainable Future and Economic Growth
According to Hendrik Reimand, a partner of 2C Ventures, research-intensive companies are key to developing new technologies that can effectively address climate change. However, these companies often face challenges when it comes to raising external capital, as they have longer development cycles and require more capital than software start-ups. By investing in and supporting these companies, 2C Ventures aims to help them reach the global market and contribute to the sustainable future.
Anchor Investor and Additional Support from Estonian Entrepreneurs
The anchor investor of the fund is SmartCap, the Estonian state investment arm. In addition to SmartCap, the fund has received support from various Estonian entrepreneurs in sectors such as technology, energy, construction, and forestry. These investors recognize the critical role that innovative cleantech companies play in shaping a sustainable future and see the green transition as a significant opportunity for economic growth.
Experienced Team Managing the Fund
The fund will be managed by four partners: Herty Tammo, founder of Startup Wise Guys; Hendrik Reimand, former investment specialist at Livonia Partners and head of finance of Katana Technologies; Taavi Veskimägi, former Minister of Finance and CEO of Elering; and Martin Koppel, an active angel investor and former co-founder and CEO of Fortumo. These partners have extensive experience in investing in startups and have made over 200 investments in the past decade.
Overall, the launch of this new fund is expected to support the growth and development of cleantech startups in Estonia and the New Nordics, while also contributing to the global effort to address climate change and foster innovation in the cleantech sector. With a focus on research-intensive startups and a commitment to providing ongoing support, 2C Ventures aims to help these companies become the next success stories and unicorns in the Estonian cleantech industry.
Analyst comment
Positive news. The launch of the €50 million fund by 2C Ventures is expected to have a positive impact on the market. It will support the growth and development of cleantech startups in Estonia and the New Nordics, contributing to the global effort to address climate change and foster innovation in the cleantech sector. The fund’s focus on research-intensive startups and commitment to ongoing support will help these companies become successful and drive economic growth.
