Sunly Future Ventures ceases operations

Estonian fund Sunly Future Ventures (SFV), established by Erki Ani (co-founder of Estonian cleantech accelerator Beamline) and Rasmus Udde, has ceased its operations. According to Erki Ani, there were two reasons for this. The fund did not achieve the investment phase (first close) at the right time, although the founders raised €30M out of a target size of €50M. €20M was committed by its anchor investor Estonian SmartCap Green Fund, €5M - by Estonian independent electricity producer Sunly and the founders of Sunly Future Ventures, and about €5M - by other investors.

The second reason was geographical limitations, meaning the fund could only invest in Estonian companies. Erki Ani noted that the general decline in startup activity has also affected the creation of cleantech-specific startups.

Founded in 2023, SFV is a green tech investment fund with an initial ticket of €500K per startup and follow-on investments - up to €3M. The investment focus of SFV is on energy, mobility, new materials, agtech, foodtech, etc.

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