Berlin’s Vireo Ventures Closes €50 Million Fund

In a time of resource scarcity and fragile supply chains, the fund aims to strengthen Europe’s energy independence and global competitiveness.

Supported by six major energy corporations, including Encevo, Verbund X, and EnBW New Ventures, along with the European Investment Fund and NRW. Bank, and 80+ entrepreneurs and sector veterans, Vireo is building momentum for the continent’s electrification journey.

"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" said Felix Krause Managing Partner at Vireo Ventures. "Startups are uniquely positioned to deliver the speed, innovation and scalability needed to meet this challenge."

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Founded in 2020, Vireo Ventures is a VC firm investing in hardware-driven startups advancing electrification and redefining energy and mobility.

Its €50M Electrification Fund I, classified as Article 9 under SFDR, is supported by institutional and corporate LPs across the energy landscape. The fund closes amid Europe’s urgent push to electrify.

"Our focus is on direct investments in startups," explains Crispin Leick, Managing Director EnBW New Ventures. We have known Vireo’s team for a long time and value their experience in the energy and utility 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."

Vireo reports that clean electricity made up 40% of global power in 2024 yet it represents only 23% of the EU’s final energy use. Reaching climate goals requires boosting this to 35% by 2030 and 61% by 2050. Electrifying heating, transport and industry could cut household bills, reduce fossil imports, and enhance Europe’s autonomy.

With its new fund, Vireo is backing early-stage European startups advancing generation, grids, storage, and applications across mobility, industry, and real estate.

"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," said Dr Franz Zöchbauer, Director Corporate Innovation & New Business Managing Director VERBUND Ventures.

Vireo emphasizes building partnerships where LPs act not only as investors but as collaborators, contributing industry expertise, operational know-how, and strategic depth.

With backers across Europe and the U.S. including utilities, corporates, and entrepreneurs startups gain access to real-world testing and scaling opportunities. Early pilots already include grid intelligence and decarbonized heating solutions.

"Our LPs are not just investors. They are experts, allies, and partners," added Krause. "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."

Since launch, Vireo has invested in startups including Encentive, Atmen, Green Fusion, and About:Energy, driving innovation in grid optimization, heat decarbonization, and EV infrastructure. Several portfolio companies have already attracted follow-on funding, forged strategic partnerships, or earned recognition through industry awards.

"For us, ESG is embedded in our DNA. Every portfolio company we back contributes directly to decarbonising critical infrastructure. Their economic success amplifies their impact" said Matthias Engel, Managing Partner at Vireo Ventures.

About Vireo Ventures

Vireo Ventures backs early-stage companies shaping the electrified future. The firm supports innovations transforming how energy is generated, managed, and consumed. By connecting the physical and digital worlds, Vireo aims to build next-generation infrastructure that enables people to live, move and work sustainably within a more innovative, more connected energy ecosystem.