The Spanish fund, which is focused on closing the €344bn European climate tech scale-up gap, attracted a wide range of public and private investors.
Barcelona-based venture capital and private equity firm Suma Capital has reached a final close of €210m for its SC Net Zero Ventures I fund, 40% above its initial target.
Spanish energy and petrochemical multinational Repsol acted as an anchor investor in the new fund as well as a strategic partner in industrial decarbonisation. Other backers include the European Investment Fund, several Spanish public institutions, as well as venture capitalist Seed Capital Bizkaia, international fund-of-funds and family offices.
“At Repsol we believe alliances are essential to accelerate the energy transition. Our participation as anchor investor in SC Net Zero Ventures I reinforces the ambition to promote technologies with real industrial application, capable of generating measurable environmental impact and delivering long-term competitiveness,” said Gema García, head of Repsol corporate venturing.
European climate investments reached €498bn in 2023, well below the €842bn that’s needed each year to reach European climate targets by 2030, according to a 2025 report by the France-based Institute for Climate Economics.
Impact focus
The new climate scaleup fund will invest €5m to €15m in Europe and US-based companies in the scale-up phase that can facilitate decarbonisation in the industry, mobility and energy sectors and also have a clear focus on impact. Portfolio companies include smart energy storage tech firm Hesstec, grid digitalisation company Corinex and V2C, an electric car charging specialist.
The new fund falls under Suma Capital’s venture strategy, which also includes a fund focused on early-stage climate tech companies.
“With this final close, we reinforce our role as a reference partner for companies leading industrial decarbonisation in Europe. Through SC Venture, we support climate scaleups with validated technology and commercial traction, driving their expansion and their long-term environmental and competitive impact,” said Natalia Ruiz, partner at Suma Capital .
In addition to financial resources, Suma Capital also provides its portfolio companies with strategic and operational support, as well as assistance in measuring and reporting the environmental impacts generated.
