Impact fund for sustainable transport startups raises over 100m euros in first close

IMPACT investment fund Shift4good on Tuesday (Oct 18) announced that it has raised over 100 million euros (S$139 million) in the first close for its venture capital fund dedicated to supporting startups in the sustainable mobility sector.

Among the major participants were French carmaker Renault Group, and the European Investment Fund (EIF) through its new European investment program InvestEU and Bpifrance. 

Other investors included various mobility players as well as family offices and entrepreneurs interested to participate in sustainable mobility startups. 

Founded by four French investors with backgrounds in venture capital and mobility, Shift4Good touts itself as the first global independent venture capital fund with an environmental impact dedicated to sustainable mobility.

The company has offices in Paris and Singapore.

The organisation aims to support innovative companies in the sustainable mobility sector that have high growth potential. It will do so by providing in-depth sector knowledge, financing, and a collaborative ecosystem that can be mobilised to respond to the climate emergency.

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Shift4good co-founder Yann Marteil said: “This closing will allow us to launch our support programmes for entrepreneurs committed to developing such solutions, making it possible to contribute to reversing the climate trend (knowing that almost 30 per cent of carbon dioxide emissions in Europe come from mobility).”

Shift4Good has plans to invest in approximately 30 start-ups over the next five years in Series A and B, two-thirds in the European Union and one-third in the rest of the world, with a focus on Southeast Asia.

Co-founder Sebastien Guillaudon said the company’s first two deals will be in France and Germany, with the fund looking at a minimum investment of 3 million euros per company. About 10 per cent of the fund will be allocated to pre-seed rounds for companies it believes might follow on with larger cheques in series A and beyond.