European VC Firms Close Early-Stage Funds for Ocean and Industrial Tech

The capital came from a range of backers, including angel investors, family offices, foundations, institutions, and companies already operating in the maritime sector. Named investors reported by Ventureburn include the City of Turku in Finland, Meriaura Invest, Aboa Advest, LähiTapiola, Kelonia, Rausanne, Adamo Capital's Founders Family Office, Henrik Paasikivi, Magnus Kihlgren, and ARGOng Investment AG.

Separately, RunwayVC, a Norwegian early-stage venture firm, reached a €40 million first close for its Fund II. The fund targets early-stage companies in industrial AI and software, robotics, automation, and autonomous systems. Aker, which was the sole limited partner in Fund I, continues as a cornerstone investor in Fund II. New limited partners include Halliburton, Aker BP, and Aker Solutions, along with KLP, described by EU-Startups as Norway's largest pension company, and the state-owned Investinor. Norwegian industrial families and a group of technology and finance investors are also participating.

RunwayVC noted that several of its limited partners are industrial operators and potential buyers of the technologies the fund supports. The firm invests from pre-seed to Series A, and according to EU-Startups it has backed 24 companies through Fund I since 2022. Tor Bækkelund, founder and managing partner at RunwayVC, said the industry is in the middle of a technology shift that will create the next generation of global technology companies.

The London-based startup, founded by Ukrainian entrepreneurs, plans to develop its platform and expand work with semiconductor companies.