Bpifrance, Banque des Territoires, and ICADE have announced the launch of Urban Ventures, a new venture capital fund managed by Bpifrance dedicated to startups transforming the built environment, from low-carbon construction to new usage models, from building-integrated energy to financial innovations for affordable housing. With an initial endowment of €45 million, the fund aims to reach €80 million in the long term. Urban Ventures invests in seed and Series A rounds in France and across Europe.
Paul-François Fournier, Executive Director in charge of Innovation at Bpifrance, said, “With the Urban Ventures fund, we are putting this venture capital expertise to work on a major challenge: decarbonising the Building and Construction sector. By targeting equity investments in high-potential startups, we are helping to foster the emergence of tomorrow’s champions in a sector that accounts for nearly a quarter of national greenhouse gas emissions.”
François Wohrer, Investment Director of Banque des Territoires, said, “Banque des Territoires is proud to be involved in this project, which addresses a dual objective: to increase the Caisse des Dépôts Group’s investment and to create a ‘Corporate Venture’ dynamic among its entities around its real estate assets. By financing around fifteen PropTech companies across various themes, the Urban Ventures fund aims to support the Group’s long-term strategy in this sector.”
Alexis de Nervaux, Group Chief Information Officer, Digital Transformation & Innovation at Icade, said, “Icade’s commitment to Urban Ventures is a continuation of its innovation strategy. Urban Odyssey, our startup studio, has demonstrated our ability to develop concrete solutions to transform the sector. Urban Ventures is the second tier of this program: it gives the best of these and the startups we identify in the market, the resources to truly accelerate.”
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