Eurazeo has announced the final close of its Smart City fund II, at €400 million. As the name implies, the Smart City fund is earmarked to invest in renewable energy, mobility, logistics, manufacturing and the built environment on a global scale.
In total, the €400 million fund is backed by 5 sovereign wealth funds and development institutions, EIF, Bpifrance, PFR, F.R.C, and KVIC, alongside 18 corporations from Europe and Asia, including EDF, TotalEnergies, Stellantis, Hager Group, ZF, RATP, Mainova and SWK AG.
Active in the Smart City space since 2016, the firm’s first iteration of this fund has already yielded 5 portfolio companies complete exits through public listings or acquisitions in 2021: Volta Charging, Bird, Forsee Power, Glovo, and Grab.
As for v2 of the Smart City Fund, Eurazeo has already begun deployment, investing in 1Komma5°’s €430 million Series D round, EV fast-charging network Electra, AI-powered construction startup Swapp, and peer-to-peer renewable energy exchange platform Urban Chain.