Climate-tech scaleup Blume Equity has received a €40 million investment from European investment fund InvestEU.

The funds have been granted by the EU's InvestEU programme and a regional mandate from the Netherlands’ Dutch Future Fund.

The European Commission (EUC) called Blume, which invests in companies supporting the transition to a low carbon economy and a more sustainable environment, one of the EU’s “leading” investment funds.

Europe needs to mobilise trillions in sustainable investments to address the climate emergency and the European Union has developed the European Green Deal in response, it added, and noted that while there is a robust early stage venture ecosystem, there is a well-documented funding gap at the scale-up stage for climate tech companies, which firms like Blume are seeking to address.

“The InvestEU programme supports investments across Europe, focusing on our common priorities, including the transition to a low-carbon and more sustainable economy,” said commissioner for the economy Paolo Gentiloni. “I am delighted that, thanks to this new agreement, additional investment will be channelled towards high-growth and cutting-edge SMEs engaged in climate and environmental initiatives."

Gentinoli added that the grant was a “great example” of how InvestEU helps make Europe greener, more digital and more innovative, and ultimately contributing to “sustainable growth and the creation of quality jobs”.

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