Vireo Ventures has completed the final close of its Electrification Fund I at €50 million, underscoring firm investor conviction in technologies that accelerate Europe’s transition to an all-electric economy. The Berlin-based firm secured backing from six major energy utilities, including Encevo, Verbund X, and EnBW New Ventures, alongside the European Investment Fund and NRW.BANK and over 80 seasoned entrepreneurs and energytech specialists. This oversubscribed raise demonstrates that electrification has become the defining investment theme of the decade.
Expanding electric heating, transport, and industrial processes could halve household energy bills, slash tens of billions in fossil fuel imports, and strengthen Europe’s strategic autonomy. Vireo Ventures’ new fund will invest in early-stage companies orchestrating generation, grids, storage, and downstream applications across mobility, industry, and real estate.
Rather than acting solely as passive financiers, Vireo’s limited partners bring decades of industry expertise, operational know-how, and market access. From the outset, portfolio companies have piloted grid intelligence tools, tested decarbonized heating solutions, and co-developed electric mobility infrastructure alongside LPs. This hands-on model accelerates product validation, commercial rollout and follow-on funding.
Since its founding as an angel network, Vireo Ventures has grown into a dedicated early-stage fund that has already backed startups such as Encentive, Atmen, Green Fusion and About:Energy. Several of those companies have secured follow-on rounds and strategic partnerships, reinforcing Vireo’s reputation as a high-conviction investor in scalable energytech.
The final close of Electrification Fund I follows one of the most challenging fundraising environments in recent memory, yet it outpaced targets thanks to a shared commitment from utilities, public institutions and private investors to drive Europe’s energy transition. With this new capital, Vireo Ventures will deepen its support for founders developing software-enabled, scalable solutions that boost grid resilience, optimize renewable output and unlock new electrified use cases.
KEY QUOTES:
“Grid investments are central to Europe’s future security and competitiveness. Europe’s electrification push is not just a climate imperative but a geostrategic necessity. Startups are uniquely positioned to deliver the speed, innovation, and scalability needed to meet this challenge.”
“Our LPs are not just investors. They are experts, allies, and partners. The majority of our 90+ limited partners have a direct connection to the energy industry. They provide critical insights, help shape due diligence, and often join forces with startups in pilot projects or co-investments. This hands-on collaboration is what sets our model apart and accelerates both commercial success and climate impact.”
Felix Krause, Managing Partner at Vireo Ventures
“Our focus is on direct investments in start-ups. We have known vireo’s team for a long time and value their experience in the energy and utitlity sector and our shared vision of an all-electrified world. Thanks to Vireo, we are even closer to startup seed investments and their further development. We are already co-investors in FLEXECHARGE.”
Crispin Leick, Managing Director EnBW New Ventures
“The closing of the Vireo Ventures Fund is a powerful confirmation to the trust the market places in the team and its mission. From day one, our partnership has been shaped by a shared commitment to accelerating the energy transition through innovation. Vireo’s deep expertise, entrepreneurial mindset, and sharp focus on early-stage energy startups in Europe make them an exceptional partner. Their ability to identify and support breakthrough technologies has already created tangible value. We are proud to be part of this journey and look forward to scaling our impact together.”
Dr. Franz Zöchbauer, Director Corporate Innovation & New Business Managing Director VERBUND Ventures
“We want to strengthen our approach as a partner to our ecosystems and access further opportunities for us and our customers. Whilst we remain primarily focused on direct investments, we have found that Vireo Ventures could be a very good add-on, offering us to access further startups in selected jurisdictions and a complementary focus on seed stage. With a prior co-investment in AmpereCloud, the process was obviously very smooth and straightforward. Looking forward to getting our teams working closely with their startups as well as with the other LPs.”
Nicolas Milerioux, Head of Venture Capital – Encevo
“In view of the increasing share of renewable energy sources and the volatility of energy production and energy prices, investments in innovative technologies and business models play a crucial role in building a reliable energy system of the future and ensuring affordable prices for all market participants. NRW.Venture’s investment in Vireo Electrification Fund I is therefore dedicated to boosting investment activities and driving the technological transition in North Rhine-Westphalia.”
Philipp Leidig, Director at NRW.Ventures
“As a proud Limited Partner in the Vireo Electrification Fund, I deeply value the team’s strategic clarity, their strong network across the clean energy ecosystem, and the quality of their portfolio companies. Collaborating with the Vireo team goes beyond capital – it’s an active partnership built on shared conviction and access to some of the most exciting founders in electrification.”
Dr. Lars Hoffmann, Clean Energy Entrepreneur & Investor
“I have known the Vireo team since early 2021 and have always valued their perspective on the market and how closely they collaborate with their portfolio companies. As co-investors in PIONIX, I’ve already experienced the value they bring, and I’m excited to continue building the electrified future together.”
Jan Rabe, Co-Founder & CEO, Rabot Energy
“For us, ESG is embedded in our DNA. Every portfolio company we back contributes directly to decarbonizing critical infrastructure. Their economic success amplifies their impact.”
Matthias Engel, Managing Partner at Vireo Ventures
