Faber’s deep tech fund invests in Germany’s Fuelsave

  • ECO News
  • 27 June 2022

The VC firm has also announced that it has "more investments in the pipeline to be completed during the next few weeks."

Faber’s deep tech fund focused on blue economy and climate action innovation – Faber Blue Pioneers I – has exceeded the initial target of €30 million, by reaching €32 million in the first close, and has already made its first investment: the German cleantech Fuelsave.

“It is with great pride that we announce the first close of Faber Blue Pioneers I above the initial target with such a notable group of impact-driven investors, joining us in the strong belief that science- and purpose-driven entrepreneurs can accelerate innovation and make a positive impact on ocean sustainability and climate action. It is also with great satisfaction that we welcome Fuelsave to the fund’s portfolio, as we believe their team will pave the way for the decarbonization of the maritime industry,” said Alexandre Barbosa, managing partner of Faber, quoted in a statement.

Announced at the end of last year, the VC firm is backed by investors entities such as the European Investment Fund (EIF), Portugal Blue, Sociedade Francisco Manuel dos Santos (through its investment arm Movendo Capital), Builders Initiative (the philanthropic arm of Builders Vision, an impact platform founded by Lukas Walton with an ocean investment strategy), the Calouste Gulbenkian Foundation and the Champalimaud Foundation, as well as entrepreneurs such as Peter Rive (co-founder of SolarCity, CEO Aqualink and president of Sofar Ocean Technologies) and Pedro Bizarro (co-founder and Chief Science Officer of Feedzai).

Rita Sousa and Carlos Esteban (Partners) and by Bruno Ferreira (Venture Partner) lead the fund, in collaboration with a network of experts, such as strategic advisor Tiago Pitta e Cunha (CEO of the Blue Ocean Foundation) and scientific advisors Susana Moreira and Joana Moreira da Silva (Ciimar Science and Innovation Researchers), among other scientists and industry experts, Faber explains in a statement.

Southern Europe’s first VC fund specializing in deep tech for ocean sustainability and climate action has surpassed its initial target of €30 million and the final closing is planned for the end of 2022.

“Regardless of having exceeded the initial target, until the end of the year we will continue the process of capital reinforcement and open to welcome investors who are aligned with our investment thesis, alongside the current ones,” says Faber’s official source when asked about possible new targets for the fund’s final closing.

“This fund has the ambition of investing in a portfolio of 20 to 25 early-stage companies developing innovative deep-tech solutions with global ambition. Areas such as blue biotechnology, food and feed, ocean health, ocean intelligence, or the decarbonization of multiple industries are key priorities – all refelcting the UN’s Sustainable Development Goals,” says the Portuguese VC firm.

The investment team has already analysed more than 600 startups, from all over Europe, with special emphasis “on projects coming from the Iberian province, and those looking to extend operations into the region.”

The fund’s first investment was in Fuelsave, a German cleantech focused on the decarbonization of the maritime industry.

“The amount invested was €1.25 million as part of the company’s seed round,” an official Faber source tells ECO.

The VC firm has also announced that it has “more investments in the pipeline to be completed during the next few weeks.”

(article last updated at 4h05 pm)