HedgeCo.Net — AP Ventures, a London-based venture capital firm focused on early-stage industrial and energy technology, has held the final close of AP Ventures Fund III at $300 million, the firm said on October 28.
Commitments came from existing and new institutional investors, including sovereign wealth funds, corporates, pension funds and family offices. Since its initial close in 2024, Fund III has backed 13 portfolio companies.
The fund invests at seed and Series A in low-carbon molecules, including hydrogen across production, storage, transport and end use; carbon capture and utilization; and circularity and advanced recycling, with applications in hard-to-abate sectors such as chemicals, steel, aviation and heavy mobility. Portfolio companies named by the firm include Teragen Energy, which develops solid oxide fuel cells for on-site power at data centers, Aether Fuels, Reclinker and Rubi Laboratories.
Founder and managing partner Andrew Hinkly said support from returning investors alongside new institutional partners will allow the firm to keep backing technologies industry needs to operate more productively and securely. The firm, which has offices in London, Johannesburg and San Francisco, has invested in industrial, materials and energy companies since 2013.
The close stands out in a difficult market for climate and industrial technology venture funds, where fundraising has slowed since the 2021 to 2022 peak. AP Ventures’ pitch has shifted toward resilience and supply security, tying the strategy to rising power demand from AI and data centers and to tighter supply chains for critical materials, framing that has resonated with corporate and sovereign LPs.