What we do
We look for founders and startup teams who are experts at what they do, with diverse experience and backgrounds. We support teams with strong execution skills.
We invest in European startups that make infrastructure digital and sustainable. With our €100 million evergreen setup we act as lead- or co-investor.
- Investment stage: Series A+
- Ticket size: €1 to 10 million
- Geography: Startups headquartered in Europe
We are a single LP VC investor. Our corporate backer EnBW Group drives the energy and mobility transition by building, owning and operating secure and stable infrastructure, which includes
- renewable generation & trading,
- grid infrastructure,
- and Germany’s largest fast-charging-infrastructure for electric cars.
EnBW does the asset investments and the infrastructure roll-out. We like the vision of an all-electric world and look for scaling business models that digitally enable a faster asset-roll-out driving the sustainable energy & mobility transformation.
Our investment topics
Renewables
Roll-out of renewables
Renewable energy, especially photovoltaics (PV), is the most cost-effective generation technology. We are committed to driving further roll-outs, particularly in combination with battery systems. We're looking for software startups in project development, operation and monitoring, and ensuring safety.
Startups we've invested in
Batteries
Roll-out of batteries
We believe battery applications are crucial for a successful energy transition, impacting with their flexibility areas like grid stability, mobility, energy generation, and trading. Our focus is on improving battery use cases and developing innovative business models around them.
Startups we've invested in
Electrification of transport
By 2030 all newly registered cars in Germany will be electric!
The electrification of transport is key to a sustainable future. We believe that after cars and bikes, the next vehicles to be electrified are buses, trucks, and ships, and in the future hopefully airplanes.
We focus on software for charging, trading, optimization, and operation.
News from our startups driving the electrification of transport
Power Grid and Critical Infrastructure
Grid solutions and critical infrastructure
We're looking for startups enabling and enhancing the automized and digital power grids of the future.
- Software grid operation, monitoring, and maintenance
- Roll-out and management of smart meter data
Startups we've invested in
Enterprise solutions
Enterprise solutions
We're looking for startups digitizing large enterprises. We look for solutions corporates like EnBW can integrate to make their processes more efficient and digital.
This includes solutions for
- Data Management and AI
- Cybersecurity
- Cloud computing
- Augmented Reality
- Quantum technology
Startups we've invested in
Frequently Asked Questions
We invest €1 to 10 million over several funding rounds.
How much do you invest?
We invest in startups with headquarters in Europe.
Which countries do you invest in?
We do both. We consider ourselves to be an active investor so we love to lead rounds and have board seats but in the right consortium we're fine with a follower role.
Do you do Lead- or Co-Investments
We've invested in 24 startups and realized 8 exits.
Additionally, we've invested in 4 VC funds.
How many startups have you invested in and exits have you realized?
Yes, of course! If our startups perform well, we're looking to double down in the next funding rounds.
Do you do follow-on investments?
As the CVC arm of EnBW we understand ourselves as a single-LP fund with strong connections to our corporate backer.
We're setup in an Evergreen structure which means we can reinvest our profits.
How are you different from traditional VCs?
We put the success of our startups first. For us, financial returns are a pre-condition for our success. So we look at financial performance first.
We enable the impact on our corporate through our investment strategy, that's the frame for our portfolio of startups.
Are you a strategic investor?
1. We are an investment vehicle with an own legal structure
2. We are not dependent on corporate budgets
3. We have Chinese Walls between us as ENV and the EnBW corporate
4. Our investment committee has external members that strengthen our expertise and help us to act fast
If you're looking for the right CVC partner consider these 9 questions: 9 questions to ask a CVC
How are you structured as a CVC?
We invest in startups enabling the energy transition by developing digital solutions that support three major asset roll-outs:
- renewables
- batteries
- electrification of transport
Beyond that, we look at enterprise software solutions that help corporates to become more digital and efficient.
Which topics do you focus on?
We look at all e-mails sent to dealflow@env.vc
How can I best reach out to the ENV team?
Our startups
We’re proud to work with amazing founders and their startup teams in scaling their businesses from initial investment until the exit.
HOLO-LIGHT's augmented reality software enables engineers to collaboratively create and accurately edit 3D models.
Contact
Marc Umber
E-mail: marc@env.vc
Easelink facilitates the electric charging experience and automates the charging process with its Matrix Charging® technology.
Contact
Marc Umber
E-mail: marc@env.vc
Intigriti has created a global cybersecurity platform that connects corporate customers with over 50.000 ethical hackers.
Contact
Holger Wagner
E-mail: holger@env.vc
enspired automates energy trading for decentralized power generation. This enables both small and big operators to trade their capacities on the intraday-market.
Contact
Marc Umber
E-mail: marc@env.vc
Sunhat offers companies a flexible platform to map the multitude of sustainability requirements, manage associated projects, and fulfill necessary tasks. Sunhat focuses on making the existing data dynamically usable for different needs, establishing the software solution as a crucial tool for users.
Contact
Pascal Beckers
E-mail: pascal@env.vc
3YOURMIND provides software solutions for agile manufacturing, enabling companies to use 3D printing processes in their industrial production and supply chains.
babelforce automates processes in call centers. Through the simple integration of existing systems, customer inquiries can be processed more cost-effectively, more quickly, and in a more targeted manner.
Exited
CYCLE rents fleets of e-bikes and manages their service for large-scale customers as a full-service-mobility subscription.
Exited
Easelink facilitates the electric charging experience and automates the charging process with its Matrix Charging® technology.
enspired automates energy trading for decentralized power generation. This enables both small and big operators to trade their capacities on the intraday-market.
Founded in 2006, ETF Partners supports talented entrepreneurs and management teams with investment capital and experience.
Exited
Exited
HOLO-LIGHT's augmented reality software enables engineers to collaboratively create and accurately edit 3D models.
Intigriti has created a global cybersecurity platform that connects corporate customers with over 50.000 ethical hackers.
Exited
Artificial intelligence for better roads. vialytics provides digital road data so that communities and municipalities can make the best use of road maintenance budgets.
Exited
Exited
Exited
Vivacity reduces traffic accidents and emissions in cities. Its sensors collect detailed and anonymous data on transport modes, traffic flows and travel patterns, and analyses this data using to make strategic decisions about optimising the transport network and improving urban infrastructure.
Volytica provides an intelligent cloud-based independent battery analytics platform to analyze the battery condition and simulate the performance behavior in the future without additional hardware. Furthermore, the platform enables the simulation of the application in different operating modes.
Sunhat offers companies a flexible platform to map the multitude of sustainability requirements, manage associated projects, and fulfill necessary tasks. Sunhat focuses on making the existing data dynamically usable for different needs, establishing the software solution as a crucial tool for users.
Cozero enables CO2 management with efficient measurement, reduction and processing for CSRD reporting of company and product emissions. The Cozero ERP supports companies in performing Scope 1-3 carbon accounting and thus decarbonising complex sectors.
Validaitor is a pioneer in trustworthy AI, ensuring quality and compliance with AI-driven products and services. Its unique all-in-one platform enables companies to govern and test their AI systems and to comply with today's and tomorrow's AI regulations and standards, most notably the EU AI Act.
FLEXECHARGE is focused on managing the connectivity, optimization, and aggregation of public and depot-installed fast charging points. Their solution targets Charge Point Operators (CPOs) and Charging Solution Providers (CSPs) who manage larger infrastructures. FLEXECHARGE's unique modular and open platform architecture sets it apart from other software solutions in the EV-charging market.
Vireo Electrification Fund I is an Alternative Investment Fund (AIF) under the European Venture Capital Funds (EuVECA) regime. The fund is managed by Vireo Ventures, a European venture capital firm specializing in early-stage investments in technology companies driving the energy transition through electrification. Vireo Electrification Fund I focusses on seed-stage companies involved in renewable energy production and storage, smart grid solutions, as well as applications spanning e-mobility, real estate, and industrial sectors. Vireo Ventures’ mission is to shape and accelerate the transition towards sustainable energy solutions.
The Auxxo Female Catalyst fund is co-investing in the strongest female-founded pre-seed and seed stage startups in Europe.
They drive equitable participation of women as founders and investors in venture capital - powered by network, experience and wholeheartedness.
Elephant is an AI-powered frontline excellence platform for operational companies, founded by Maurice Zomorrodi, Niklas Dehio, and Melchior Schramm. The solution combines mobile, interactive training, an AI assistant, and a targeted communication platform to enable more efficient processes and more productive teams in day-to-day operations. The founding team brings together in-depth expertise in AI technology, scaling, and industrial processes to specifically empower the deskless workforce to meet the challenges of digital transformation.
Spoor is a Norwegian technology company using artificial intelligence and computer vision to help wind developers and operators monitor and protect biodiversity. Its software integrates directly into wind farm control systems to provide continuous, high-resolution insights on bird and bat activity, supporting smarter mitigation, faster permitting, and more sustainable energy generation.
Founded in 2020 and based in Oslo, Spoor partners with leading developers and turbine OEMs globally to deliver data-driven, science-backed biodiversity risk management.
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