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EIF invests €40M into European climate tech growth fund, Blume Equity

Climate tech is one of the fastest-growing areas of European tech, supported by compelling macro and regulatory tailwinds. However, there is a well-documented funding gap at the scale-up stage for climate tech companies. Blume Equity, a European female-founded climate tech growth investor, addresses this issue by supporting fast-growth European businesses addressing the climate crisis to scale. It invests in high-growth climate tech scale-ups that drive decarbonisation and broader environmental sustainability

Closes a €40M fund

In a recent development, Blume Equity has closed a €40 million fund from the European Investment Fund (EIF). This partnership was made possible with the support of the InvestEU programme, which aims to trigger over €372 billion in additional investment over the period 2021-27 across Europe.

This is one of the largest investments EIF has made into a first-time growth-stage fund. EIF joins an investor base that includes AP4 (the Swedish National Pension Plan), Visa Foundation, Impact Engine (a US impact fund-of-funds programme) and other institutional investors who see the opportunity to invest into the next generation of European climate tech companies.

The investment is part of the EIF’s mission to support high-growth and innovative SMEs across Europe, and to ensure at least 25% of its activity is in climate and environment-related projects by 2024.

Commissioner for the Economy, Paolo Gentiloni, said: “The InvestEU programme supports investments across Europe, focusing on our common priorities, including the transition to a low-carbon and more sustainable economy. I am delighted that, thanks to this new agreement, additional investment will be channeled towards high-growth and cutting-edge SMEs engaged in climate and environmental initiatives. This is a great example of how InvestEU helps make Europe greener, more digital and more innovative, thus contributing to sustainable growth and the creation of quality jobs.”

“The green transition must be accelerated to meet our current climate and environmental challenges,” said EIF Chief Executive Marjut Falkstedt. “Innovation in all sectors of our economy and cutting-edge technology will play a major role in achieving it. With the backing of the InvestEU programme and the Dutch Future Fund, we are very happy to invest in the female-led Blume Equity Fund to support disruptive businesses with a positive impact on people and planet.”

Clare Murray, co-founder of Blume Equity, said “We are delighted to partner with EIF alongside other investors, such as AP4 and Visa Foundation. By supporting Blume with one of the largest investments EIF has made to a first time fund, the European Union highlights its commitment both to the environment and to supporting the growth-stage ecosystem in Europe. This partnership will help us continue our profit with purpose mission to support entrepreneurs tackling the climate emergency.”

Previous investments by female-led fund

Blume Equity was founded by three female co-founders – Eleanor Blagbrough, Clare Murray, and Michelle Capiod with previous experience at BlackRock, Goldman Sachs, McKinsey and investment firms ECI Partners and Mid Europa Partners.

Blume’s recent investments include the following:

Sensorfact: The UK-based provider of Internet of Things (IoT) data solutions to enable industrial SMEs to be more resource efficient raised €25 million in July.
Normative: The Swedish carbon accounting platform focusing on Scope 1, 2 and 3 emissions for large enterprise clients closed €31 million in funding last year.
Matsmart-Motatos: This is another Swedish company that tackles food waste from fast-moving consumer goods. The company secured €24 million funding back in 2021.
Aerones: The Riga-based robot-enabled wind turbine maintenance and inspection company, picked up $30 million in funding earlier this year.

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