HomeFundingGoing Green: European GreenTech Overview | November 2022 | Powered by Net...

Going Green: European GreenTech Overview | November 2022 | Powered by Net Zero Insights

GreenTech is one of the biggest growth areas in the innovation and startup space, on a global level. It’s a market area that has the potential to shape and influence our future for the better, and investors and entrepreneurs are actively promoting development in this space. This report, powered by Net Zero Insights, aims to give an overview of everything that happened in GreenTech across Europe in the past month.

GreenTech refers ​​to the use of tech that has a positive environmental impact at its core. It refers to those companies that are founded for a wider purpose – it could be reducing carbon emissions, tackling pollution, minimizing waste, protecting the world’s ecosystems or anything that contributes to making life on earth more sustainable and less harmful.

This month, we noticed a slowdown in terms of funding after October’s GreenTech gold rush. It’s not to say there haven’t been exciting updates and developments, but there is certainly a noticeable decrease in funding amounts – approximately 67%! This month, some things did stay the same with EVs and the energy transition picking up most of the cash. 

In total, European startups in the climate and GreenTech space raised just over €1 billion in November – down from over €5.2 billion in October. France, Germany and the UK were the powerhouses of the continent, taking up 78% of the continent’s funding. While Europe didn’t raise as much as the US this month, there were more deals (99 compared to 93 in the US), which suggests that the wider spectrum of innovation is still strong. The top three European rounds were: Verkor (France – €241 million), Volta Trucks (Sweden – €58 million) and The Modern Milkman (UK – €55.9 million).

European startups and innovative thinkers are at the forefront of trying to make Europe more climate-friendly and planet-positive, uniquely positioned to be agile, to think outside of the box, and to dare to challenge the status quo. It’s imperative that, as a community, we continue to support innovation in this space and encourage new ideas to flourish.

Let’s take a deeper look

As November came to a close, Europe’s cities got ready for the ‘most wonderful time of the year’ – Christmas. As many people flocked to see Christmas lights turned on, enjoy festive treats and begins to get the sparkle season underway, there has been one noticeable difference this year – the lights aren’t shining quite as brightly as in previous years and it’s brought home that we are currently living in turbulent times. 

Rising energy costs, the fuel supply chain issues, the war in Ukraine and the worsening energy crisis have left Europeans feeling the pinch at home as winter bites and the Christmas lights are a little dimmer. It brings home the sheer importance of a green transition right now. We need it to protect our planet, to give energy dependence and ensure a bright future for the years to come. 

In light of this, it’s no surprise that startups fueling the energy transition remain at the forefront of GreenTech innovation. Alongside this, and intrinsically linked, is a rising momentum to tackle greenwashing in this space and ensure energy across sectors is more efficient and greener.

Saying goodbye to greenwashing? 

November also saw the COP 27 conference take place – and it was an eye-opening affair this year. From the realisation that we are not reaching the targets previously agreed upon to empty promises and widespread criticism being raised, one thing that also caught our attention was the UN Secretary-General, Antonio Guterres’ words: “We must have zero tolerance for net-zero greenwashing.” 

Greenwashing is an incredibly harmful phenomenon within the wider GreenTech space, and the words from the UN Secretary-General just highlight the damage that it can have. In Europe, while a strong tradition for green innovation and sustainable impact is growing, we are also seeing startups endeavour to tackle greenwashing and bring tangible, transparent sustainability to society. 

According to research carried out by Supercritical, a software platform tackling greenwashing by bringing companies to net zero via data, employees care about meaningful climate action – and they want their companies to take it seriously and be transparent about it. The data suggests that many employees, especially Gen Z team members, will quit their jobs if they feel their company isn’t taking it seriously. 

Michelle You, co-founder and CEO of Supercritical, said: “COP27 should be a wake-up call for businesses that have buried their heads in the sand for too long. Not only are their employees willing to quit over inadequate climate action, but a majority want to see their company taking the conference seriously and doing something about its output. It’s time for businesses to get on the same page as their employees on climate, or they could be in for a real shock.” 

The time has come for greenwashing to become a thing of the past. Sustainability and green initiatives can no longer be buzzwords, used to jump on the bandwagon and curry favour – they now have to be legit, tangible and genuine.

With this in mind, it encouraging this month to see that Ecosia, the green search engine which uses 100% of its profits to reforest the planet and tackle the climate crisis, launched a new climate pledge rating feature to help users understand the climate action commitments of major organizations. The Climate Pledge Rating now appears in the search results of the most-searched companies on Ecosia, including Amazon, Meta and Spotify. The rating analyzes the open climate commitments of each company compared to the 1.5°C goal set by the Intergovernmental Panel on Climate Change. The aim is to help users understand the role of individual companies in the climate crisis and help highlight any greenwashing statements.

New funds and accelerators

In November, we took a deep dive into Europe’s climate and GreenTech investment agenda – finding that it tops the priority list for both the public sphere and the private sphere. You can read more about it here, and discover how Europe’s VC and startup community have been working collaboratively to bring about innovative and promising solutions. We put a spotlight on the EIF’s commitment to mobilize €2.5 billion of climate action and environmental sustainability investment across Europe through five equity funds, as well as Antler VC’s update, where they shared that 2022 has been a record year for climate tech. The firm invested in 17 European startups developing tech or products to improve sustainability and address climate change throughout 2022 so far. 


  • Munich-based VC firm, VSquared Ventures launched a new fund – a €165 million early-stage fund aiming to support deeptech innovators addressing global problems. This is the firm’s third early-stage fund and aims to generate tangible long-term impact. 
  • Sweden-based EQT Ventures closes its third fund at €1.1 Billion to double down on European and early-stage startups, the company will invest in the category where society has problems. That includes green-tech investments, transportation and the future of work.
  • Nesta Impact Investments, the investment arm of UK social innovation agency Nesta, has unveiled a new €57.9 million (£50 million) investment strategy to support early-stage startups across Europe that are delivering positive social and environmental impact. You can read about it here.
  • Startupbootcamp opened up applications for its Renewable Energy and Net Zero Accelerator programme 
  • Pact launched its first £30 million fund to back early-stage European tech startups tackling key priorities for the next generation – economic inclusion, personal and professional well-being and climate solutions

Anne Tutar, Partner at Antler, comments: ”We are seeing an unprecedented influx of highly skilled entrepreneurs and inventors dedicating themselves to innovations that will make a difference in the fight against climate change. With demand increasing from consumers and businesses for sustainability, there has never been a better time to become a climate tech founder and create a startup that is directly addressing climate change.”

Hitting the headlines 

At EU-Startups, our aim is to put a spotlight on exciting startups and innovative and inspiring entrepreneurs and thought leaders from across Europe’s startup ecosystem. We think it’s important to shine a light on those making an impact, and firmly believe that highlighting innovation, sharing ideas and promoting bold ideas that aim to make a change in the world is one way to contribute to a more positive society. 

Inspiring ideas: 
Other news catching our attention: 

We like to keep a very close eye on GreenTech news as the month unfolds. The updates we reported on this month: 

October Milestones

  • London-based Afvio is a planet-friendly, omnichannel consumer products company that builds an eco-sustainable house of brands founded in November 2022.
  • Paris-based CarbonCompete is a greentech startup that wants to bring innovative and crucial changes in the product supply chain in favor of sustainable development, enabling industries to boost competition and return on investment while reducing carbon emissions, it was founded in September 2022.
  • UK-based HumanForest launched a ‘tidy parking’ campaign for all dockless eBike companies in London. The aim is to raise parking standards across the shared mobility sector and reinforce good behaviour. The coampny also  decided to reconnect its environmentally conscious community with Earth & Wheat, to promote the need to reduce food waste and the positive impact it can have on the planet. For this and moe, the startup is now B Corp certified, after just one year of operation.
  • Moove partnered with Paua, the UK’s largest electric vehicle (EV) roaming network for business drivers, to support the transition to electric vehicles in London for Uber drivers.
  • gridX and MAINGAU Energie teamed up to launch a pilot project that combines smart dynamic load management with local solar production to show how smart energy management makes charging cheaper and more eco-friendly.
  • Refurbed, Ireland’s leading refurbished electronics marketplace, has launched a new partnership with 48. The two companies will work together to provide new and existing 48 customers with the option of buying a cheaper, sustainable refurbished smartphone through the 48 dedicated app and website.
  • ENVIRIA and GALILEO form a joint venture to propel Germany’s solar power expansion – GALILEO ENVIRIA Solar GmbH. The pan-European renewable energy developer and the German solar startup are partnering to develop utility-scale ground-mounted solar plants across Germany.
  • WeWard has reported that 10 million users have been mobilised this year to help reforest the planet. Users joined forces with the Eden Reforestation project and multiple other partners to plant 233,084 trees worldwide.
  • World Fund, Europe’s leading dedicated climate tech VC, announced that the UK Environment Agency Pension Fund (EAPF) is investing in its first fund, joining more than 200 investors including PwC and Ecosia in supporting the next generation of climate tech companies.
  • Atlantic Labs and FoodLabs, the leading European Early Stage Tech and FoodTech investor, announced the launch of “Founders for Climate”, the first European ClimateTech Entrepreneur In Residence (EIR) program.
  • Juicy Marbles unveiled a new addition to the fastest-growing plant-based category – whole cuts – with the world’s largest piece of plant muscle: The Whole-Cut Loin.
  • Biotic raised a €2 million seed round to commodify biodegradable plastic materials
  • Stora Enso, the renewable materials company, announced a partnership with Voodin Blades to develop sustainable wind turbine blades, using LVL (laminated veneer lumber). 
  • Swiss-Ghanaian startup Koa received recognition for its social-responsibility, picking up B-Corp accreditation just 5 years after the establishment of its innovative cocoa fruit venture.
  • Berlin-based Green Generation Fund presented tangible and impactful foodtech solutions to mitigate climate change at COP27, bringing innovation straight to decision-makers
  • Crowdcube announced it has earned B Corp certification reinforcing the equity crowdfunding platform’s commitment to building a business making a positive impact in the world. The fintech received a score of 87.2 out of 200 (compared to the average score of 50.9).
  • British agri-tech Vitæ exceeded its crowdfunding target in its mission to lead the way for sustainable urban agriculture.
  • German startup Mosa Meat, a market leader in the cultivated meat sector that grows beef directly from animal cells, announced an agreement with Singapore-based cultivated meat manufacturer Esco Aster, to help to bring Mosa Meat’s cultivated beef to market. 

Funding rounds

The biggest rounds:

  • London-based Statera Energy picked €133 million to generate, transmit, and distribute electric energy. 
  • Sigtuna-based Volta Trucks picked €60 million to offer electric trucks for sustainable cities.
  • Manchester-based Modern Milkman secured €57 million for its return-and-reuse grocery delivery service on a mission to reduce waste.
  • Bruchsal-based Volocopter checked €175 million for its urban air mobility services, which develops eco-friendly air taxis to transport people.
  • Paris-based FAIRMAT secured €34 million to recycle Carbon Fiber Composite to produce a strong, light and ecological material with advanced technical grade.

By country: 

  •  London-based Carbon Re landed €4.8 million to decarbonize energy-intensive manufacturing.
  • London-based Faradai secured €2.4 million to help enterprises all around the world to navigate their net zero journey.
  • London-based Statera Energy picked €133 million to generate, transmit, and distribute electric energy. 
  • Manchester-based Modern Milkman secured €57 million for its return-and-reuse grocery delivery service on a mission to reduce waste.
  • London-based PF nexus raised €721k for its Renewable energy & infrastructure deal origination platform. 
  • Integrals Power landed €1 million to develop next-generation battery cathode materials to offer higher performance Li-ion batteries.
  • London-based BeZero Carbon secured about €48.4 million to bring greater transparency to the Voluntary Carbon Market – a growing space in the drive towards Net Zero. 
  • London-based TOffeeAM raised €5.7 million to harness it to make super-green machines of the future. 
  • Edinburgh-based Roslin Technology secured €13 million to improve protein production through disruptive technologies, specializing in animal iPS cells for cultivated meat.
  • London-based Treecard has just raised over €22 million for its approach to encouraging more sustainable and climate-friendly lifestyles. Green fintech allows people to plant trees with every purchase made with its wooden debit card. 
  • Paris-based Sami landed €3.5 million for its all-in-one climate platform enabling companies to measure and reduce their carbon footprint
  • Aix-en-Provence-based Abelio raised €1 million to develop a solar-powered crop surveillance drone.
  • Médis-based VoltAero raised €32 million for its unique aircraft with parallel electric-hybrid propulsion.
  • Lyon-based Y-Brush secured €6 million for its smart auto-cleaning electric toothbrush. 
  • Malakoff-based Waat raised €30 million for its installation, maintenance and supervision services of infrastructures related to charging stations for electric vehicles.
  • La-Rochelle-based Valbiotis raised €9.7 million to develop plant-based food supplements to combat metabolic and cardiovascular diseases
  • Paris-based FAIRMAT secured €34 million to recycle Carbon Fiber Composite to produce a strong, light and ecological material with advanced technical grade.
  • Toulouse-based I-ROX picked €12 million to evolve and might significantly cut down on the time, energy, and carbon emissions currently produced by mineral prospecting.
  • Paris-based Sami scored €4 million for its all-in-one climate platform enabling companies to measure and reduce their carbon footprint.
  • Paris-based OnlyOne raised €35 million for its green neobank. 
  • Grenoble-based ROSI raised €7.4 million to develop innovative raw material recycling and revalorization technologies for the PV industry.
  • Paris-based Biomemory has secured €5 million for its solution to data storage to develop DNA-based data storage that aims to cut down on carbon emissions and costs. 
  • Paris-based Yeasty has just raised €1.4 million for its circular approach to alt-protein which uses leftover brewer’s yeast. 
  • Berlin-based JUCR landed €25 million to revolutionize the way people charge their electric vehicles. 
  • Hamburg-based Rabot Charge raised €2 million to offer intelligent charging management solutions for customers to charge their electric cars at home.
  • Ulm-based Scantinel Photonics raised €10 million to develop next generation LiDAR technology for autonomous vehicles.
  • Berlin-based Faircado secured €500k for its second-hand shopping assistant working as a browser extension that makes consumers save time, money and CO2. 
  • Stuttgart-based Azowo has just raised €10 million in its mission to power the transition towards sustainable mobility.
  • The Freiberg-based Constellr secured €10 million to safeguard the world’s food supply chain by harnessing the power of space-based water monitoring.  
  • Munich-based OroraTech is a Space-based thermal-infrared data intelligence firm that just raised €15 million for its approach to tackling the climate crisis. 
  • Munich-based Orora Tech raised €15 million for its Thermal intelligence service for a sustainable Earth. 
  • Bruchsal-based Volocopter checked €175 million for its urban air mobility services, which develops eco-friendly air taxis to transport people.
  • Linz-based triply raised €1 million to develop a mobility assessment platform to analyze, improve, and monitor commuter mobility.
  • The-Hague-based Circularise raised €11 million for its linking supply chains from source to product.
  • Finnish startup Cactos raises €2.5 million to tackle the energy crisis with second-life Tesla batteries.
  • Finnish startup Synergi has just raised €800 k to give people simpler tools to make their electricity consumption smarter and more flexible and now plans to launch to a growing market need.
  • Milan-based Sinergy Flow raised €1.8 million to enable the energy transition by developing redox flow batteries for energy storage.
  • Turin-based SUNSPEKER landed €115 k to create a fully recyclable graphic cover able to camouflage any solar panel.
  • Milan-based Volvero scored €50 k for its vehicle sharing app which connects owners with drivers relying on the most innovative technologies.
  • Oslo-based Enode raised €15 million to accelerate the world’s transition towards renewable energy.
  • Krakow-based Airly landed €5.5 million to specialize in providing hyper-local data about air pollution.
  • Stockholm-based Ecohelix raised €3 million to produce a biopolymer that can replace oil based products on the marketplace.
  • Gothenburg-based PulPac secured €31 million for its technology for low cost and high performance fiber-based packaging and single-use products.
  • Sigtuna-based Volta Trucks picked €60 million to offer electric trucks for sustainable cities.
  • Aubonne-based Perovskia secured €5 k to print custom solar cells based on patent-protected technology.
  • Zurich-based Cradle raised €5.5 million to develop a design platform that harnesses the power of synthetic biology, capable of making environmentally friendly alternatives to 60% of everything humans consume.
The Netherlands
  • Noordwijk-based Carble secured €300 k to reward deforestation-free farming
  • Eindhoven-based SparkNano raised €5.5 million to provide spatial ALD technology that enables customers to design and mass produce the next generation energy- and display devices.
  • Amsterdam-based Sympower raised €3 million to unlock revenue streams by maximizing the value of flexibility across energy markets and industries. 
  • Grou-based SeaQurrent scored €4.8 million to develop technology to generate electricity from tidal and ocean currents that is affordable and accessible.
  • Zwolle-based Energiefonds Overijssel picked €50 million for its government-backed fund focused on accelerating the energy transition in the Dutch province of Overijssel.


  • Stockholm-based Alight, a solar Power Purchase Agreement provider in Europe, was acquired for €150 million by DIF, a global infrastructure investor and infrastructure fund manager based in The Netherlands. 
  • Berlin-based Belyntic, a biotech startup that offers purification solutions for chemically synthesized peptides and develops a unique peptide-based vaccine platform, was acquired by Mesa Laboratories,a US-based company that acquires, develops, manufactures and markets high-quality measurement instruments.
  • Paris-based Codabene, a software that creates digital solutions to assist distributors in better managing the expiration dates of their products, was acquired by the Copenhagen-based anti-waste application Too Good To Go.


Oded Fruchtman, CEO of BladeRanger: Key findings from COP27

What is your opinion on the main conclusions from COP27 and are these findings capable of helping to create a more sustainable future?

At COP27, the energy sector emphasised the need for immediate rapid reductions in global greenhouse admissions, and stressed the importance in accelerating transitions to clean energy. 

To that I would add that the reliance on international energy resources, namely Russia, has contributed to an energy crisis. If enough countries moved away from Russian oil and gas and began harvesting clean, renewable energy from the sun, they would gain energy independence while helping the wider world fight global warming. 

How should green businesses adapt to the policies and plans proposed at the conference, including the action plan to target sectors which account for more than 50 per cent of global greenhouse gas emissions?

Businesses and even individual buildings can and should be energy-independent, harvesting all the energy they need from the sun. Any excess energy should be contributed back to the grid for distribution elsewhere. The technology exists for this to be a reality; all that is needed is the will to make it so, from business and property owners and developers, as well as governments and nations. 

This report is brought to you with support from Net Zero Insights

Net Zero Insights develops an AI-powered software to access information about 44k+ climate tech startups in Europe and North America. For each organisation, the Net0 Platform provides details such as climate impact, patents, financials, traction, contacts, and much more. Investors, corporations, researchers and policy-makers use our platform to keep track of climate innovation and understand technology and financial trends

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Patricia Allen
Patricia Allen
is the Head of Content at EU-Startups. With a background in politics, Patricia has a real passion for how shared ideas across communities and cultures can bring new initiatives and innovations for the future. She spends her time bringing you the latest news and updates of startups across Europe, and curating our social media.

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