HomeKnow-HowGoing Green: European GreenTech Overview | January 2023 | Powered by Net...

Going Green: European GreenTech Overview | January 2023 | 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.

As we enter 2023, GreenTech is one of the hottest topics in the wider startup community. It’s a core priority for investors, governments and accelerators – giving innovators in this space, room to grow, support to scale and cash to make it all happen. In fact, at this year’s World Economic Forum, President Ursula von der Leyen reiterated support for green technologies, particularly those bringing the world to net zero. Support, from the highest echelons of governance, finance and business is clearly geared towards innovation and startups are helping push forward the green transition.

Ursula von der Leyen: “The road to net zero means developing and using a whole range of new clean technologies across our economy: in transport, buildings, manufacturing, energy. The next decades will see the greatest industrial transformation of our times – maybe of any times. And those who develop and manufacture the technology that will be the foundation of tomorrow’s economy will have the greatest competitive edge. The scale of the opportunity is clear for all to see.”

According to Net Zero’s State of Climate Tech report, the US raised $43.9 billion in 2022 compared to $35.6 billion raised in Europe representing a 33% year-over-year increase in Europe, compared to only 7% in the U.S – meaning that in Europe this vertical is growing 26% faster.

January started strong for GreenTech innovation, raising about $1.8 billion (€1.6 billion) this month in 111 verticals, according to Net Zero’s data.

The European cities where most capital was raised were:

  • United Kingdom ($602 million)
  • Germany ($362 million)
  • France ($180 million)
  • Austria ($112 million)

The climate change challenge areas where most capital was raised in January were:

  • Transport ($815 million)
  • Energy ($647 million )
  • Circular economy ($438 million)

Let’s take a deeper look

Coming into a new year is a good chance to reflect, reevaluate and begin fresh starts. When it comes to our economy, society and environment it’s time to do this as well.

As pointed out at the 2023 WEF and in numerous speeches by government leaders beginning the new year, investing in and supporting a green transition is a top priority for the year ahead. Startups are already helping lead the way and this year looks exciting for new developments and breakthroughs to be found.

Future-Energy-VenturesJust in time for the new year, Future Energy Ventures opened up a new fund. The aim is to help create a decarbonized future by backing digital, scalable and sustainable business models that seek to transform the traditional energy value chain towards net zero.

According to Moritz Jungmann (Partner), the energy transition is likely to remain top of the global policy agenda, “buoyed by energy security concerns as much as climate change.” Moritz also predicts that energy efficiency solutions, energy storage, supply chain tracking and optimization, battery management and recycling, transparency/traceability of carbon credits and edtech to alleviate the accelerating demand for skilled technicians and craftsmen for energy transition solutions will be particularly hot topics.

Moritz also commented: “Regions are ramping up competition to attract, retain and boost their domestic climate industries. 2022 was the first year where worldwide investment in the energy transition was equivalent to that in fossil fuels and the investment rate is accelerating.” 

GreenTech Updates

New Funds and Accelerators

  • Village Capital closed its Greentech Europe 2022 programme, which supported 14 female-led startups creating sustainable economic, environmental and social solutions across Europe. Each startup is set to receive $150k of funding as well as expert support to grow.

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 interviews
  • We caught up with Evoléna de Wilde d’Estmael, the Founder of Faircado, to learn more about its AI-powered second-hand shopping assistant.
  • We chatted with Jens Thumm, the Founder and CEO of Predium to learn about how the Munich-based startup is building an ESG software platform for real estate.
Other news catching our attention
  • London-based Entocycle has raised €4.6 million for its tech solutions advancing the future of insect proteins for a more sustainable world.
  • GreenTech startup tado° secured €43 million in new funding. The Munich-based team is helping consumers become more energy efficient with its smart thermostats and energy services and is reaching households across the continent.
  • Onto secured about €113 million (£100 million) in a credit funding line. The UK-based startup is reimagining car ownership, encouraging a shift towards electric vehicles and a flexible subscription-based solution.
  • Stockholm-based Wayout is on a mission to offset the need for bottled water, paving the way out for single-use plastics. The startup raised €6 million to scale up its safe drinking water distribution system.
  • Sustainable chocolate brand, Love Cocoa, unwrapped €4.8 million to develop the next generation of chocolate innovation driven by ethical values. The London-based company was founded by the great-great-great grandson of the iconic Mr Cadbury and is now ready to expand.
  • German-Brazilian startup InPlanet has identified a scalable way to tackle the climate crisis: Enhanced Rock Weathering. The GreenTech company closed €1.2 million in fresh investment to scale its solution in the tropics, aiming to create a carbon-zero future.
  • Lisbon-based Goparity announced a €2 million investment round as impact investing continues to pick up international traction. The fintech company plans to take its impact-driven mission to international reach with fresh cash, spreading its positive impact on people and the planet to new markets.
  • Arkeon, a startup creating sustainable proteins through carbon capture, raised a €2.75 million investment from ICL Planet Startup Hub. The Austrian startup is taking a pioneering approach to sustainable food production.
  • In an extension to its September funding round, Swedish startup SunRoof  raised an additional €13.5 million to supercharge its international expansion. The startup is pioneering tech innovation in the solar market through its innovative solar roof system.
  • Aerones, a startup aiming to improve the prospects of wind power through better turbine maintenance and inspection, secured €27.7 million ($30 million) in growth capital. The Riga-based team is now ready to drive forward its expansion strategy as demand rises.
  • ClimateTech startup CHOOOSE has a vision where climate action is an integral part of everyday life and business. The Oslo-based team raised about €13.8 million ($15 million) to expand as climate-centric technologies grasp the attention of investors – including Aston Kutcher’s firm.
  • We took a look at the European startups making better batteries for a more sustainable energy transition.
  • High-tech hydrogen startup Hystar bagged over €24 million as it plans to level up commercial operations. The GreenTech startup has developed a way to scale hydrogen production in a way that is 100% green and clean – a game changer for the energy space.
  • Berlin-based Enpal, one of the fastest-growing companies in Europe’s energy sector at the moment, revealed it is set to pick up an additional €215 million in growth financing. The startup is certainly making an impact, helping create a more sustainable energy future for Europe and positively impacting the planet as a result.
  • We took a look at innovative social impact startups to watch in 2023 and beyond – including some tackling the environmental crisis and need to move to a greener world.

Spotlight: Insights from Charlotte Baumhauers

Charlotte-BaumhauerCharlotte Baumhauer, Investment Manager at SquareOne, is taking a focus on climate tech solutions. We chatted with her to talk about the future of GreenTech in Europe.

How are GreenTech and GreenTech startups having an impact on European society?

GreenTech startups have a very direct and measurable impact on many dimensions of European society: on the one hand side, these startups could for example reduce co2 emissions, reduce waste, and improve biodiversity (for both end consumers and businesses). 

But the impact is much larger than that: GreenTech will enable a new wave of job opportunities and employment for future generations, will impact politics and governments and will have an important economic impact in terms of GDP.

What is important to realize is that this impact has significantly increased in the last 2 years, as investors and entrepreneurs have finally realized that GreenTech does not only have a positive ecological impact but also a strong economic value proposition. GreenTech teams with bolder approaches regarding the business models, the vision and the addressable markets have emerged in the last years.

What do you look for in a GreenTech startup?

Complimentary teams: the climate challenge is a cross-functional and inter-disciplinary topic (including economics, finance, politics/regulatory and technology). Founder teams should combine skills, relevant expertise, or network from these domains.

I also look for companies and business models with a clear definition and translation of the value proposition into both an ecological and economical ROI. The value-add of the technology and product needs to be clearly translatable into emission goals, waste, and resource use, but also revenue or cost optimization for example.

What trends do you see/predict for 2023?

We will see many companies in the energy space, whether it’s about data transparency, energy infrastructure & asset management, or energy procurement. On the one hand, energy prices have increased in Europe, forcing companies to reduce consumption and costs. Countries and companies need to become more independent of single sources and strategies. Additionally, there is a rising demand of energy through electrification and the increased supply volatility through renewables. Hence, there is a huge energy transition happening, which requires new software and hardware to optimize the decisions within this transformation.

Any startups you are particularly excited about?

Our portfolio company Carbon One, who just announced a new funding round with Maersk. Carbon One is developing a novel, proprietary catalysis process to produce green methanol. This new process enables non-fossil feedstock as the main input material. Green methanol is not only an exciting alternative for fuels (like in the shipping industry for example) but also has the potential to save gigatons of Co2 in the chemical industry.

Another very exciting company is Ecoplanet, who is helping corporates and SMEs to achieve transparency regarding their energy consumption, costs and infrastructure in order to help them on their path to energy resilience, reduced consumption and decarbonization. 

What is Europe’s potential to lead GreenTech innovation on a global level? What support is needed?

Europe is currently at the forefront of GreenTech innovation, which has not always been the case for technological disruptions within the startup world. In Europe, there is a lot of awareness among the population, established green political parties are part of several governments and strict legal frameworks have enforced companies to take climate action in the last years.

Compared to other countries, there is no discussion anymore in Europe around the existence or severity of climate change. We are finally but surely moving to actions and implementation.

However, more radicality with regard to financial and regulatory aid from political institutions is necessary, as there is no time to lose when it comes to our climate and environment.

The full breakdown

January Milestones

  • Eco-friendly employee mobility benefit platform Sodexo partnered with ummadum. Now, companies in Germany and Austria can easily issue digital mobility vouchers as an incentive for an environmentally friendly way to work. In addition, Sodexo supports companies with ummadum in the implementation of the EU taxonomy requirements in the coming year.
  • Vgarden, a FoodTech startup developing plant-based alternatives, launched its very own vegan tinned tuna. The 100% plant-derived product has the same appearance, texture, and flavour as the canned kitchen staple. The tuna analog is crafted to satisfy the appetites of the growing pool of sustainability-driven consumers by bringing to the table its creative response to the issue of the overfished and rapidly declining ocean populations of wild tuna.
  • Project Eaden unveiled its innovative fibre technology to produce ultra-realistic plant-based meat. It exactly recreates the texture and appearance of animal meat and is also scalable, enabling the production of large quantities at low cost.
  • Watershed, a leading enterprise climate platform, announced a first-of-its-kind partnership with Frontier, the advance market commitment to accelerate the development of permanent carbon removal technologies. The partnership will broaden access to climate-critical permanent carbon removal technologies by enabling buy-in for Watershed customers at a wider range of commitment sizes.

Funding rounds

The biggest rounds

  • Berlin-based Enpal bagged €215 million to provide solar power systems for homeowners.
  • London-based One Moto has raised €140 million for its impact-driven electric vehicle ecosystem that specializes in commercial delivery and everyday commuters.
  • London-based Raylo raised over €124 million to fuel a circular, subscription-based approach to tech products. The fintech startup has also earned itself B-Corp certification for its more sustainable approach to tech ownership.
  • Warwick-based Onto checked €113 million for its electric vehicle subscription startup that provides an all-inclusive, hassle-free solution for driving an electric car.
  • Vienna-based Gropyus raised €100 million for its goal of creating sustainable living for everyone. 

Other rounds

  • Brussels-based Greenomy scored €6 million to provide software for sustainability reporting to businesses and financial institutions.
  • Brussels-based Greenomy picked €6 million for their software for sustainability reporting to businesses and financial institutions.
  • Bratislava-based FUERGY bagged €16 million for its Energy-as-a-Service, Energy Storage Management, Energy Optimization services.
  • Warwick-based Onto checked €113 million for its electric vehicle subscription startup that provides an all-inclusive, hassle-free solution for driving an electric car.
  • Vienna-based Gropyus raised €100 million for its goal of creating sustainable living for everyone. 
  • Paris-based Verso Energy scored €50 million for its renewable energy services.
  • Valbonne-based MYCOPHYTO secured €4.1 million for its alternatives to the use of chemical pesticides in agriculture and landscaping.
  • Grenoble-based Survoltage landed €700 k to help people consume less energy. 
  • Berlin-based Enpal bagged €215 million to provide solar power systems for homeowners.
  • Berlin-based HPS secured €22 million to design and manufacture integrated solar energy storage and usage systems for single and two-family homes.
  • Oslo-based CHOOOSE raised €13.8 million to expand as climate-centric technologies.   
  • Madrid-based Tribaldata loaded €800 k to offer smart sustainable advertising solutions, in the intersection of consumer data and environmental impact
  • Flawil-based SoFlow landed €590 k for its e-mobility solutions with a unique line of electric ride-ons made according to Swiss quality standards.
  • Zug-based Open Forest Protocol loaded €3.8 million to develop an open source forestation projects platform to transparently measure, verify, and fund forestation projects.
  • Reading-based measurable.energy raised €5 million for its Machine Learning and hardware platform to eliminate wasted energy and GHG emissions in buildings.
  • London-based XeroE bagged €287 k to be an emission-free, final-mile delivery provider.
  • Brussels-based Greenomy raised €6 million for its software for sustainability reporting to businesses and financial institutions.
  • Vienna-based Arkeon picks up €2.75 million for its sustainable protein solution, creating sustainable proteins through carbon capture.
  • Tallinn-based Grünfin has raised €2 million for its sustainable investing platform that aims to provide a platform for people who are interested in making investments that have a positive impact on the environment and society.
  • Riga-based Aerones secures €27.7 million to propel forward efficiency in the wind turbine maintenance market.
  • Suresnes-based Betterway raises €4 million to accelerate sustainable mobility in companies.
  • Dresden-based Sunmaxx PTV raised €3.25 million to take care of the “complete decarbonization of the electricity and heat supply of buildings”.  
  • Stockholm-based SunRoof has raised €13.5 million for its start-up that develops fully solar 2-in-1 roofs and façades as well as solutions to support smart energy management. 
  • London-based One Moto has raised €140 million for its impact-driven electric vehicle ecosystem that specializes in commercial delivery and everyday commuters.
  • Newport-based Upcycled Plant Power (UPP) Limited raised €600 k to continue its mission of harvesting clean, natural, healthy proteins and ingredients from wasted broccoli crops.
  • Soborg-based Copenhagen Atomics raised €20 million to help in reducing the existing nuclear waste by designing and building waste burner reactors.
  • London-based Redigo scored €300k for its sustainability platform that with use of Machine Learning allows companies to track, analyze and act on their carbon footprint. 
  • Milan-based Planet Farms landed €17.5 million for its sustainable farming practices like vertical farming, hydroponics, etc.


  • Cambridge-based developer of environmentally sealed parts Bulgin, founded in 2016, was acquired by the US-based supplier of electronics component Infinite Electronics. The acquisition was undisclosed.

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 organization, 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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