ETF Partners
ETF Partners LLP (formerly ETF Manager LLP) is Europe's original venture capital firm dedicated to sustainability, founded in London in 2005 by Patrick Sheehan, Rob Genieser, and Peter Horsburgh. The firm invests in digital climate-focused businesses at seed through Series B stages across Western Europe, deploying tickets of EUR 5-10 million per investment. It is authorised and regulated by the UK Financial Conduct Authority under firm reference number 453441 (Companies House number OC312083). The firm has managed four funds: Environmental Technologies Fund I (2006), Environmental Technologies Fund II (USD 102 million, 2013), Environmental Technologies Fund III (GBP 167 million, 2020), and Environmental Technologies Fund IV (EUR 285 million, 2024). Notable exits include Enablon (Wolters Kluwer EUR 250m, 2016), MWR InfoSecurity (F-Secure GBP 105m, 2018), and Greenbird (GE Vernova, 2023).
Key facts
Recent exits
Coverage notes
3 funds tracked, 32 portfolio companies (26 active · 6 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio
Every fund ETF Partners has raised, with its portfolio companies. Hand-checked from public filings.
Environmental Technologies Fund IVVC2024 · 2yr€285M10 active
Unrealized
10 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| AIPERIA | AI/ML | Germany | 2024 |
| Amber | ClimateTech | Australia | 2025 |
| Beams | ClimateTech | UK | 2024 |
| Cubbit | Cloud Infrastructure | Italy | 2024 |
| Hubcycle | AgTech | France | 2024 |
| Look Up Space | Aerospace & Defence | France | 2025 |
| Modo Energy | Software | UK | 2025 |
| Next Sense | Software | Netherlands | 2024 |
| Nodes & Links | SaaS | UK | 2025 |
| Riverlane | Deep Tech | UK | 2024 |
Environmental Technologies Fund IIIVC2020 · 6yr€195M8 active · 1 realized
Unrealized
8 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Basemark | Software | Finland | 2020 |
| Ecoparts | E-commerce | France | 2021 |
| Fairly Made | ClimateTech | France | 2022 |
| Hellas Direct | InsurTech | Greece | 2023 |
| Intigriti | Cybersecurity | Belgium | 2020 |
| Net Purpose | Fintech | UK | 2022 |
| Normative | ClimateTech | Sweden | 2021 |
| Open Cosmos | Aerospace & Defence | UK | 2023 |
Realized
1 exit| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| DeepSea Technologies | Software | Greece | 2020 | 2023 | Trade Sale | – |
Environmental Technologies Fund IIVC2013 · 13yr€94M8 active · 5 realized
Unrealized
8 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Cloud&Heat | Cloud Infrastructure | Germany | 2018 |
| Corporater | Software | Norway | 2017 |
| Dexter Energy | Software | Netherlands | 2016 |
| Flyability | Industrials | Switzerland | 2016 |
| Tomorrow | ClimateTech | Germany | 2019 |
| TravelTime Technologies | Software | UK | 2019 |
| Wirepas | Deep Tech | Finland | 2016 |
| Worldsensing | Deep Tech | Spain | 2017 |
Realized
5 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Enablon | Software | France | 2011 | 2016 | Trade Sale | – | |
| Greenbird | Software | Norway | 2016 | 2023 | Trade Sale | – | |
| MWR InfoSecurity | Cybersecurity | UK | 2014 | 2018 | Trade Sale | – | |
| QOS Energy | Software | France | 2016 | 2022 | Trade Sale | – | |
| Telensa | Industrials | UK | 2015 | 2022 | Trade Sale | – |
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About ETF Partners
ETF Partners is Europe's original sustainability-dedicated venture capital firm with more than €800 million of cumulative assets across 4 funds as of December 2024 (Fund IV closed May 2024 at €285 million oversubscribed vs €250 million target), headquartered in London. The firm was founded in 2006 by Patrick Sheehan and operates as a partner-owned independent LLP. ETF Partners combines deep environmental thesis with an institutional and corporate LP base.
Investment thesis
ETF Partners deploys capital through four flagship funds (Environmental Technologies Fund I through IV, vintage 2008/2013/2018/2022), targeting growth-stage sustainability and impact venture capital backing European technology companies delivering measurable environmental impact across climate, water, pollution, biodiversity and ecosystems. Sector focus spans energy and cleantech, sustainable transportation, cloud infrastructure, quantum computing, space technology and agritech. Geographic deployment is pan-European.
Recent activity
Recent realised exits include data and biotech (Eagle Genomics, January 2025), energy SaaS (Greenbird, DeepSea Technologies, earlier vintages) plus an active climate-tech exit pipeline. Recent acquisitions include energy analytics (Modo Energy Series B, December 2025) plus 7 new investments made during 2025. The platform continues active deployment across the European sustainability VC franchise. Detailed buyer names and multiple data available on Pro at €29/month.
Investment team
Senior partners. Hand-checked from public filings and the firm's own site.
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