Venture capital investor Course Corrected announced today that it has raised €80 million (USD$89 million) at the final close of its second fund, focused on investing in early-stage European technology companies across the energy and resource transition.

Founded in 2021 by Christine Ahlstrand, Kerstin Cooley and Katja Bergman, Stockholm-based Course Corrected invests in early-stage technology companies developing solutions to enable industries to become more energy, resource and cost efficient. Fund II builds on the firm’s first fund, which focused entirely on climate tech.

According to the firm, Fund II will invest in 20 – 30 companies across key themes including energy systems, industrial optimization and automation, electrification and resource-smart solutions, focusing on scalable businesses whose products advance the energy and resource transition.

Kerstin Cooley, founding partner at Course Corrected, said:

“We invest to generate strong financial returns. Impact is how we get there: by backing juggernauts that solve real problems, scale commercially, and transform industries for the better.”

Fund II invests only in European companies. Course Corrected noted that the fund’s close amidst a need for Europe to channel more of its savings into European businesses, noting that only a small fraction of pension and insurance assets are allocated to venture capital, and that more than half of EU venture funds’ investments are directed to startups outside of the EU.

Christine Ahlstrand, founding partner at Course Corrected, said:

“Europe has the research, the technology, the founders and the markets. But who will own the next generation of industry if we do not finance the companies building it?”

To date, Fund II has made seven investments, including Tavion, Renasens, eComID and Skye.

Investors in the fund include the European Investment Fund (EIF), which committed €35 million, Swedish state-owned venture capital investor Saminvest, pension investors SEB Life & Pension and SEB-Stiftelsen, a Swedish foundation and private investors.

Pontus Bergekrans, CIO at SEB Life & Pension AB, said:

“We believe Europe has the talent and innovation needed to lead the energy transition. Course Corrected combines a strong team, a focused strategy and access to companies addressing some of the region’s most important challenges.”

Photo credit: Jimmy Hansen