Emerald Technology Ventures Announces the First Closing of its Third Venture Fund
Emerald Technology Ventures is pleased to announce the first closing of its third venture fund with a target size of € 100 million. New investors including ABB, Clariant, Sulzer and family offices as well as existing investors took part in the closing. The fund invests in early and expansion stage companies in the energy, water and materials sectors.
“After a series of very positive portfolio company developments including the US$ 500 million acquisition of AgraQuest by Bayer CropScience this year, we are happy to see a similar momentum in our fund raising,” commented Gina Domanig, Managing Partner at Emerald. “We look forward to partnering with additional fund investors of similar caliber in order to build new industry leaders out of our rich deal pipeline.”
“We are proud to have achieved this important milestone despite a difficult fund raising environment. It gives us a unique market position to invest in high potential start-ups at favorable terms resulting in superior returns for our new fund investors,” added Hans Dellenbach, Emerald’s CFO.
Girish Nadkarni, Head of ABB Technology Ventures stated: “ABB is extremely pleased to partner with such a strong team with a proven track record of investing in, building and successfully exiting new industry leaders.”
“Open innovation is a key avenue for Clariant and given the Emerald competence and deal flow, this investment represents an important pillar to support our efforts in partnering with external start-ups,” concluded Frank Kueber, Head of New Business Development at Clariant.
ABB is a leader in power and automation technologies that enable utility and industry customers to improve their performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs about 145,000 people.
Clariant is an internationally active specialty chemical company. The group owns over 100 companies worldwide and employed 22 149 employees on December 31, 2011. In the financial year 2011, Clariant produced a turnover of CHF 7.4 billion.
Sulzer was founded in 1834 in Winterthur, Switzerland, and today is active in machinery and equipment manufacturing and surface engineering at over 170 locations worldwide. The divisions are global leaders in their respective customer segments, which include the oil and gas, power, water, and transportation industries.
About Emerald Technology Ventures
Emerald Technology Ventures is a globally recognized investor in the areas of energy, water and materials. Founded in 2000, Emerald has been a venture capital pioneer in these industrial sectors and invested in nearly fifty companies to date. From offices in Zurich, Switzerland and Toronto, Canada, Emerald manages three venture capital funds and two venture capital portfolio mandates totaling over EUR 300 million (USD 390 million). Fund investors include leading financial institutions and multinational corporations.