Demeter 3 Amorçage reaches €43m first close

The fund will allow Demeter to diversify its investment strategy towards more early-stage deals. Its two current vehicles, Demeter and Demeter 2, closed on €105m and €203m respectively – they mainly target growth capital investments, with only a quarter of the capital earmarked for early-stage deals.

Investors
Demeter 3 received commitments from state-backed investors CDC Entreprises (which provided €15m) and the European Investment Fund. It also attracted capital from two corporates active in the cleantech space, Suez Environnement-Blue Orange and Air Liquide. French state-backed agency IFP Energie Nouvelle, an existing Demeter backer, also contributed to the first close.

Investments
Demeter 3 will back early-stage European businesses, mainly located in France, Germany and Spain. It will target companies with a strong cleantech angle, including water treatment, renewable energy and green chemicals businesses.

People
Demeter's cleantech team is headed by Grégoire Aladjidi.

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