BNP Paribas Asset Management (BNPP AM) has raised an initial €150m for a fund that invests in environmentally friendly, innovative startups in the clean technology sector.
The manager said the BNP Paribas Solar Impulse Venture Fund (BNPP SIVF), which has a €200m hard cap, is expected to have a final closing before the end of the year.
BNPP SIVF is the result of a partnership between Bertrand Picard’s Solar Impulse Foundation and BNPP AM. The limited partner investors in BNPP SIVF include a mix of institutional, corporate and family office investors alongside BNP Paribas and the Solar Impulse Foundation.
The capital will enable BNPP SIVF, managed by the private assets division within BNPP AM, to make 15 to 20 investments into European and North American high-potential growth startups.
BNPP SIVF targets sectors like energy transition, sustainable agriculture and food, the circular economy, water and ocean management, smart cities, sustainable mobility and industrial innovation.
The fund’s first investments include NatureMetrics, a British start-up developing a measurement and monitoring of biodiversity solution based on environmental DNA samples; Phenix, a French scale-up active in the circular economy helping reduce food and non-food waste; Axioma, a French bio-solutions start-up which targets to accelerate the ecological transition of agriculture mitigating hydric stress for plants; Hello Watt, an energy renovation one-stop shop to make it simpler, more efficient and more accessible for homeowners; Chemix, a US tech company revolutionising next-generation battery design.
Yann Lagalaye, managing partner of the BNP Paribas Solar Impulse Venture Fund, said: “We are delighted to have reached this milestone for the BNPP Solar Impulse Venture Fund and to have already invested in five flagship promising startups.
“Supporting best climate tech companies to accelerate ecological transition is our mandate and the team is eager to grow this activity within BNP Paribas Asset Management in the coming years, building bridges between our strong network and entrepreneurs, with the objective of accelerating their development and significantly changing their scale.”
David Bouchoucha, head of private assets at BNP Paribas Asset Management, said: “BNPP SIVF’s successful closing is evidence of the strong interest of our client investors to actively contribute to tackling climate change, fully aligned with the long-standing commitment of BNP Paribas to support young and innovative cleantech companies.
“We will continue, along with the Solar Impulse Foundation, to identify and support game-changer companies for the ecological transition.”
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