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July 21, 2023

Eurazeo seals €400M Smart City fund for urban innovation

Fund targets sustainable cities, invests in 1Komma5°, Electra, Swapp, and Urban Chain

Eurazeo, a leading investment firm, has successfully closed its Smart City Fund II at an impressive €400 million. This fund is dedicated to investing in renewable energy, mobility, logistics, manufacturing, and the built environment globally, aligning with the vision of creating sustainable and intelligent cities.

The €400 million fund boasts support from various influential players, including 5 sovereign wealth funds and development institutions such as EIF, Bpifrance, PFR, F.R.C, and KVIC. Additionally, 18 corporations from Europe and Asia, including EDF, TotalEnergies, Stellantis, Hager Group, ZF, RATP, Mainova, and SWK AG, have contributed to the fund's success.

Having been active in the Smart City space since 2016, Eurazeo's first iteration of the Smart City Fund has already achieved significant milestones. In 2021 alone, the fund saw five portfolio companies complete successful exits through public listings or acquisitions: Volta Charging, Bird, Forsee Power, Glovo, and Grab.

With the launch of Smart City Fund II, Eurazeo has wasted no time in deploying capital. Notable investments include participation in 1Komma5°'s €430 million Series D round, support for EV fast-charging network Electra, backing AI-powered construction startup Swapp, and involvement in the peer-to-peer renewable energy exchange platform Urban Chain.

Eurazeo's closure of the Smart City Fund II at €400 million solidifies its commitment to driving sustainable and innovative advancements in cities worldwide. Through strategic investments in cutting-edge technologies and solutions, Eurazeo aims to shape the future of urban environments, creating smart cities that are more energy-efficient, connected, and livable for all.

Neil Hodgson Coyle
Neil Hodgson-Coyle
Editorial chief at TechNews180
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