Subscribe to our newsletter and stay informed

Check out our list of top companies

Check out our carefully compiled lists of the most relevant and impactful companies within their fields.

Check out our list of top unicorns

Read and learn about the biggest companies that various countries have produced, how they made it, and what the future looks like for them.
September 25, 2023

Blume Equity Drives Growth for European Climate Tech Secures €40M EIF Fund

Founded by women, this trailblazing venture capital firm is on a mission to empower high-growth climate tech scale-ups

Europe's burgeoning climate tech sector is riding the wave of rapid growth, fueled by compelling macro trends and robust regulatory support. Yet, a persistent funding gap has left many climate tech startups struggling to scale. Enter Blume Equity, a European venture capital firm founded by women, dedicated to supporting high-growth European businesses addressing the climate crisis. Blume Equity is on a mission to nurture and scale climate tech startups that champion decarbonization and environmental sustainability.

In a significant milestone, Blume Equity has successfully closed a €40 million fund, backed by the European Investment Fund (EIF). This collaboration is made possible through the InvestEU program, designed to stimulate over €372 billion in additional investments across Europe between 2021 and 2027. Remarkably, this marks one of EIF's largest investments in a first-time growth-stage fund. EIF joins an impressive roster of investors, including AP4 (the Swedish National Pension Plan), Visa Foundation, Impact Engine (a U.S.-based impact fund-of-funds program), and other institutional backers with a shared vision of supporting the next generation of European climate tech pioneers.

EIF's involvement in Blume Equity's fund aligns with its broader mission to champion high-growth and innovative SMEs (small and medium-sized enterprises) throughout Europe. Furthermore, EIF is committed to ensuring that at least 25% of its activities are dedicated to climate and environment-related projects by 2024. This commitment reflects the growing recognition of the pivotal role innovation and cutting-edge technology play in accelerating the green transition.

Paolo Gentiloni, Commissioner for the Economy, emphasizes the importance of InvestEU in supporting Europe's transition to a low-carbon and sustainable economy. This initiative not only promotes greener practices but also fosters digital innovation, contributing to sustainable growth and the creation of quality jobs. The investment in Blume Equity underscores the EU's dedication to environmental initiatives that drive positive change.

Marjut Falkstedt, Chief Executive of EIF, underscores the significance of innovation and technology in driving the green transition across all sectors of the economy. By collaborating with the InvestEU program and the Dutch Future Fund, EIF is reinforcing its commitment to backing the female-led Blume Equity Fund, which supports disruptive businesses making a positive impact on both people and the planet.

Co-founder Clare Murray of Blume Equity emphasizes the firm's commitment to its "profit with purpose" mission. By securing one of the largest investments EIF has ever made in a first-time fund, Blume Equity stands poised to continue supporting entrepreneurs who are tackling the climate emergency head-on. The partnership with EIF, along with other esteemed investors, amplifies the EU's commitment to environmental sustainability and the growth-stage ecosystem in Europe.

Blume Equity, led by its three female co-founders Eleanor Blagbrough, Clare Murray, and Michelle Capiod, boasts a roster of investments that champion sustainability:

  • Sensorfact, a UK-based provider of IoT data solutions for resource-efficient industrial SMEs, raised €25 million in July.
  • Normative, a Swedish carbon accounting platform focusing on emissions for large enterprise clients, secured €31 million in funding last year.
  • Matsmart-Motatos, another Swedish company addressing food waste in fast-moving consumer goods, secured €24 million in funding in 2021.
  • Aerones, a Riga-based company specializing in robot-enabled wind turbine maintenance and inspection, raised $30 million earlier this year.
Neil Hodgson Coyle
Neil Hodgson-Coyle
Editorial chief at TechNews180
Back to top

Related articles

chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram