AP Ventures Closes Third Fund at €269 Million
The venture capital firm secures new funding to support industrial and energy startups.
Updated on Oct. 28, 2026 in Startups
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AP Ventures has officially closed its third fund with €269.62 million in capital commitments. The firm plans to utilize these funds to support growth in the energy and industrial infrastructure sectors.
Why it matters
The investment comes as demand for advanced industrial and energy systems grows due to supply chain constraints and increasing global power requirements. The new capital aims to bridge the gap in development for infrastructure projects.
Fund III has already backed 13 portfolio companies since its initial close in 2024. Cornerstone commitments of $100 million each were provided by Anglo American Platinum and the Public Investment Corporation.
The players
AP Ventures
An independent venture capital firm that invests in early-stage companies and maintains offices in London, Johannesburg, and San Francisco.
Anglo American Platinum
A major mining company that served as a cornerstone investor in the new fund with a $100 million commitment.
Public Investment Corporation
A South African state-owned asset management firm that contributed $100 million as a cornerstone investor to the fund.
The details
The firm, which operates out of London, Johannesburg, and San Francisco, focuses its investments on Seed and Series A stages. It leverages a broad network of financial and industrial partners to support the operational growth of its portfolio companies.
Timeline
AP Ventures launched as an independent fund in 2018.
Fund III held its initial close in 2024.
The firm announced the final close of Fund III on October 28, 2026.
Market Landscape
This capital raise mirrors a broader industry trend toward funding infrastructure development to meet the demands of global industrial automation and energy systems. The infusion positions AP Ventures to compete for key startups as demand for energy-tech solutions outpaces traditional supply chains.
For entrepreneurs and startups in the industrial and energy space, this funding increases the availability of early-stage venture capital. Clients and partners of the firm can expect continued focus on infrastructure development rather than short-term consumer tech trends.
The takeaway
The successful closing of this fund highlights the sustained investor appetite for long-term energy and industrial infrastructure projects. Investors looking to enter this space should monitor how the firm allocates capital across its 13 current portfolio companies.
Further reading
Learn more about the latest industry funding at Startups.
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