CommerzVentures closes €300m third fund

Germany's Commerzbank has committed €300 million to the third CommerzVentures fund, which will invest in startups in fintech, insurtech and climate fintech.

The latest fund, which sees Commerzbank return as the sole limited partner, will focus on early and growth-stage companies, mainly in Europe, Israel and the US.

However, Fund III will see CommerzVentures look to establish a foothold in new geographies, notably Africa. To support this, it plans to increase its headcount by 50%.

The first two funds, worth a combined €250 million, have invested in 28 companies, including some that have gone on to become major players, including Mamubu, eToro and Marqeta.

With a focus on climate fintech, CommerzVentures is committing to arrange and fund high-quality carbon offsets for portfolio companies in the first year of partnership. In exchange, portfolio companies are expected to deliver ambitious carbon mitigation and reduction plans by the end of that period.