London-based venture capital firm A/O has announced the first close of its €250m (£214.5m) green proptech fund.
Founded in 2019, A/O is a VC that primarily focuses on technology in the real estate industry and the built world. The firm will now look to back sustainable technologies.
A/O will target proptech and construction tech companies that are reducing greenhouse gas emissions, building climate resiliency and accelerating the transition to clean energy.
“We believe this is one of the largest industry transitions of our generation, that will see the emergence of some of the most significant category defining technology companies globally,” said A/O founder and chief innovation officer, Gregory Dewerpe.
“Furthermore, the emergence of AI in the built world is showing very promising potential to further accelerate the transition to automation, efficiency and transparency across the entire lifecycle of assets and power the next wave of adoption.”
The first investment of Fund II has already been announced, the German home energy assessment startup Enter, which raised £16.6m in a Series A round this year.
A/O invests in seed to Series B startups in the UK, across Europe and in North America, its last fund, of the same size, was launched in February 2020.