Emerald Technology Ventures, a Zurich- and Toronto-based investor in energy, water and materials, announced the first closing of its third venture fund, which has a 100 million-euro ($126 million) target size.
New investors included ABB Ltd., the largest maker of power transformers, Swiss specialty chemicals maker Clariant AG, pump maker Sulzer AG, family offices and existing investors in the fund, which targets early and expansion stage companies.
“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,” Emerald managing partner Gina Domanig said today in a statement.
“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,” said Girish Nadkarni, head of ABB Technology Ventures.
“We are proud to have achieved this important milestone despite a difficult fund-raising environment,’’ Emerald Chief Financial Officer Hans Dellenbach said in the statement.
Emerald, founded in 2000, manages three venture capital funds and two venture capital portfolio mandates totaling at least 300 million euros, it said.