French-born venture capital firm Eurazeo has announced the first close of its second smart city fund, devoting €80 million to invest in the most promising energy, mobility proptech and logistics startups worldwide.
Specifically the fund will look at startups assisting shifts such as work from home, shared mobility, electric mobility, food delivery and the renewable energy transition.
To the firm, cities becoming more modern is synonymous with becoming more sustainable. Smart City II will “support entrepreneurs who take decisive action to reduce carbon emissions and enable the development of more inclusive and resilient cities,” said Matthieu Bonamy of Idinvest Partners, a subsidiary of Eurazeo.
“This is crucial today as cities consume 78 percent of the world’s energy and produce more than 60 percent of the world’s greenhouse gases,” he added.
This first round of fundraising brought together new and gold investors in Europe and Asia: French, German and Asian groups (carmaker Stellantis, electric utilities EDF and Mainova, public transportation operator RATP, energy major Total, logistics champion Duisport and Thaï real estate developer Sansiri), institutional investors as PRO BTP and family offices.
Earlier this month Eurazeo announced it secured €340 million in additional commitments to its growth strategy.
Source: https://tech.eu/brief/eurazeo-smart-city-two/