Some potentially very good news for smart city entrepreneurs as French venture capital firm Eurazeo has announced today that it has closed the funding for its second smart city programme.
The VC says it has earmarked up to €80 million for Smart City II to invest in the most promising energy, mobility proptech and logistics startups worldwide.
The announcement follows the news last week that Eurazeo had secured €340 million from a group of international investors who acquired a 32 percent stake in Eurazeo Growth assets
The VC said its focus was to assist startups addressing working from home, shared mobility, electric mobility, food delivery and the renewable energy transition.
Matthieu Bonamy of Idinvest Partners, a subsidiary of Eurazeo said that Smart City II will “support entrepreneurs who take decisive action to reduce carbon emissions and enable the development of more inclusive and resilient cities,” said
“This is crucial today as cities consume 78 percent of the world’s energy and produce more than 60 percent of the world’s greenhouse gases,” he added.
Photo by Aleksandar Pasaric from Pexels
