Suma Capital and ENION Venture Partners have successfully concluded fundraising for their first joint vehicle, the ENION I Energy Fund, raising €31 million in capital.
These Barcelona-based venture capital firms joined forces in August 2022 and have closed the deal with a 72% increase over the fund’s first closing of €18 million.
The vehicle aims to invest in start-ups dedicated to the development of early-stage decarbonization-purpose technologies.
New investors have joined the project, especially Catalan family offices that have sold out a parallel vehicle constituted as a public limited company, which has 10 million euros. The initial fund has 21 million from institutional investors and corporations, and other private investors.
The final size of 31 million euros is clearly above the initial target for the Fund, prior to the alliance with Suma Capital. These results are a source of satisfaction for ENION Venture Partners, Spain’s leading early-stage cleantech fund manager, especially given the current uncertain financial markets.
The incorporation of Suma Capital to the Enion I Energy Fund was intended to strengthen the vehicle through the participation of new individual investors. Since the Barcelona firm joined the project, more than twenty family offices and individual investors have joined.
The fund focuses on investing in emerging companies in the cleantech sector. ENION I Energy Fund seeks to back projects related to sustainable mobility, circular economy, sustainable energy sources, green hydrogen, digitization of the energy system, energy storage and distributed and flexible energy generation.
Currently, the vehicle portfolio includes seven startups: Wattwin, Soof, BeePlanet, Vega Chargers, Bamboo Energy, Vonzu and Candam. The forecast is to reach a dozen investees by the end of this coming summer, which will be a milestone that represents half of the target set by the vehicle’s managers.
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