SET Ventures Research
Investment Thesis
SET Ventures describes itself as Europe's leading energytech venture firm, investing since 2007. Its thesis is that the energy transition is moving from hardwired, centralised technology to digital systems, and that a new class of companies is needed to raise efficiency and open new markets. The firm backs what it calls Europe's digital energy pioneers: companies that make the energy system hyperlocal (producing, optimising and storing energy where it is used), automated (responding to price signals across millions of volatile assets) and resilient (cybersecurity, physical vulnerability, data privacy).
Focus Sectors
SET organises its work into six sectors:
- Distributed energy systems: consumer-facing and hyperlocal generation, storage and efficiency
- Digital utilities: energy retail, energy-as-a-service, communities, prosumers, P2P trading, energy data
- AI and enabling technologies: AI, IoT, blockchain, cybersecurity, distributed computing, data management
- Built environment: smart meters, heating control, heat networks, building management, urban infrastructure
- Industrial energy management: efficiency, Industry 4.0, predictive maintenance, electrification, energy procurement
- Mobility and transport: EV charging, vehicle electrification, smart logistics, micromobility
Stage Focus
SET invests at early growth, typically Seed through Series A, and positions itself as taking startups from early growth to European scale. Fund IV is described as investing in 20 to 25 European companies at Series A level. Recent announcements include a seed round (Galvany), Series A rounds (metergrid, Spoor) and a larger EUR 22M round for Decade Energy.
Check Size
Third-party directories list tickets of roughly EUR 3M to EUR 10M, with one listing saying up to EUR 6M per portfolio company initially. The firm's own site does not publish a check size, so this is lower confidence.
Lead Tendency
SET both leads and co-invests. It led metergrid's EUR 10M Series A (January 2026) and Spoor's EUR 8M Series A (December 2025). Galvany's seed was co-backed with AENU. It describes a long-term partner posture with board involvement.
Recent Activity
Fund IV closed at EUR 200M in September 2024 (launched September 2023 with EUR 127M committed). Fund III was EUR 100M (2020). Recent activity from the firm's news page:
- September 2026: exit of Green Eagle Solutions to Copilot Capital
- July 2026: Fuchs & Eule raised EUR 10M; Leonie Baneke (ex-CEO Eneco eMobility) joined as Associate Partner
- June 2026: Galvany EUR 10M seed with AENU
- April 2026: Decade Energy EUR 22M
- January 2026: metergrid EUR 10M Series A led by SET; Optics11 EUR 25M EIB venture debt
- December 2025: led Spoor's EUR 8M Series A
- June 2025: Enrise EUR 8M round; Tibo Energy EUR 6M seed
- May 2025: Optics11 EUR 17M round
- January 2025: Sensorfact exit to ABB
The fund looks to be actively deploying from Fund IV.
Portfolio Highlights
Current companies include Instagrid, Optics11, Decade Energy, Galvany, Tibo Energy, metergrid, Spoor, Frequenz, Etpa, Easelink, Esforin, Hydrogrid, FlexiDAO, Fuchs & Eule, Enrise, Vilisto, E-Mobilio and Trunkrs. The firm reports more than 10 exits, among them sonnen, Sensorfact, Green Eagle Solutions, General Fusion, Luxexcel, Energyworx, GreenFlux, Microshade, EnOcean, Limejump, Sefaira and Elmodis.
Team
- Anton Arts, Managing Partner (since 2018; previously New Venture Partners, Gilde IT Fund)
- Rene Savelsberg, Partner and co-founder (2007; ex-Philips corporate venturing)
- Wouter Jonk, Partner and co-founder (2007; ex-Philips M&A and corporate venturing; oversees finance and legal)
- Julia Padberg, Partner (joined 2016; ex-Kempen & Co corporate finance)
- Till Stenzel, Partner (DACH focus; ex-DTCP, E.ON, Hazel Capital)
- Leonie Baneke, Associate Partner (ex-CEO Eneco eMobility, ex-head of Eneco Ventures)
- Sarah Chapman, Venture Partner (UK; two-time climate founder)
- Austin Wood, Investment Manager (ex-Chief of Staff at Wallbox)
- Jonathan Lersch, Moritz Mueller, Wassim Nejjar: analysts; Desiree Pettersson: Impact Operations Associate; Leonie Mekel: CFO
Decision Process
A partnership of several partners. Specific decision timeline is not published.
Founder Preferences
European founders building software and hardware-enabled businesses on the energy system. The team stresses operating experience (Wallbox, Eneco, climate founders) to help companies scale. Warm introductions are not stated to be required: the site invites pitch decks through a form.
Geographic Focus
Europe, with offices in Amsterdam (HQ), Hamburg, London and Madrid. Portfolio is concentrated in Germany, the Netherlands, France, Spain, Austria, Norway and the UK.
Research Gaps
The captioned portfolio read timed out twice, so company names come from the portfolio page's company links, read with the plain page reader. No domains or stage data were taken from the page; stage is recorded only where a press announcement names it. Check size comes from third-party directories.