Capricorn Venture Partners has held a first closing of Capricorn Cleantech Fund on €26 million.
Cornerstone investors are ParticipatieMaatschappij Vlaanderen, a Flemish economic policy investment unit; Electrabel, a Benelux power company and a member of the Suez Group, and MRBB, the holding company of investment firm Boerenbond.
Capricorn expects a final closing in the €75 million to €100 million range.
Capricorn Cleantech Fund will invest in European innovative growth companies developing breakthrough technologies in the field of renewable energy, water purification, clean air and soils, reduction of greenhouse gases, biobased chemicals, biorefineries.
Cleantech is an emerging category in the venture capital industry that combines a number of technologies that are projected to be important in the coming years. In the US cleantech has become the third investment category after biotechnology and software.
The team of Capricorn Venture Partners has been strengthened by Paul Decraemer, an investment manager in sustainable energy. Decraemer will spearhead the cleantech investment practice within Capricorn Venture Partners.
Capricorn Venture Partners was established in 1993 as an advisor of venture capital funds that invest in technology-based growth companies in Western Europe.