New Estonian fund Sunly Future Ventures will invest €50M in pre-seed cleantech startups

A new Estonian fund Sunly Future Ventures (SFV), established by Erki Ani (co-founder of Estonian cleantech accelerator Beamline) and Rasmus Udde will back pre-seed cleantech startups. SFV is a green tech investment fund with an initial ticket of €500K per startup and follow-on investments - up to €3M. 

SFV’s target size is €50M. The anchor investor is SmartCap Green Fund (established by the state-owned fund management company SmartCap and sponsored by the NextGenerationEU recovery fund), which committed €20M. Estonian investor in early-stage startups and independent electricity producer Sunly is also part of the fund, and together with Sunly and SFV, their commitment to the fund is €5M.

The fund has started operations, such as looking for startups to invest in. However, SFV has not yet completed the first close and will start deploying capital once it has sufficient external investors, the names of which will be announced later. The investment focus is on energy, mobility, new materials, agtech, foodtech, etc.