Virescent Ventures Fund II Grant

About this grant

Virescent Ventures Fund II is a climate technology venture capital fund managed by Virescent Ventures, launched in August 2024. The fund invests in founders, technologies, and businesses that help achieve zero emissions and beyond, targeting the largest and hardest-to-abate sources of emissions across the physical economy. Virescent Ventures operates with over $500 million under management, covering investments from pre-seed through to late-stage growth capital, and supports both deep tech and business model innovations spanning software and hardware. The fund focuses on four core sectors: clean energy transition (including low-cost renewables, green hydrogen, and decentralised generation); mobility and smart cities (electrification, transportation modes, built environment, and embodied carbon); food and agriculture (sustainable farming, resilient soils, digitalisation, and new food categories); and circular economy and industry (waste redefinition, efficient production, and new industrial processes). Virescent Ventures was born out of the Clean Energy Innovation Fund, which is part of the Clean Energy Finance Corporation (CEFC), Australia's green bank. Fund II represents the next generation of this investment mandate, continuing to back ambitious founders with bold visions to reduce emissions. The fund targets companies that deliver both strong emissions impact and strong commercial returns, reflecting a belief that these goals are complementary rather than in conflict.

Eligibility

Virescent Ventures Fund II is a venture capital fund that invests in companies rather than awarding grants. Eligible recipients are founders and companies working on climate technology solutions that address significant sources of emissions. The fund invests across all stages from pre-seed to late-stage growth. Based on the portfolio and fund origins, the fund has a strong focus on Australian-headquartered or Australian-connected companies, though this is not explicitly stated as a hard restriction. The fund targets wholesale investors as defined under Section 761G or Section 761GA of the Corporations Act 2001 (Cth), and any investment information is provided only to individuals identified as wholesale investors.

How it's scored

Virescent Ventures evaluates potential investments on the basis of emissions impact and commercial ambition. The fund seeks companies addressing the largest and hardest-to-abate sources of emissions, and prioritises both deep tech and business model innovations. Investment decisions are made by the fund's investment committee, which includes external members. No specific scoring criteria, weightings, or formal panel composition details are disclosed on the page.

Key requirements

• ✓Climate tech focus addressing hard-to-abate emissions
• ✓Operations in clean energy, mobility, smart cities, food and agriculture, or circular economy and industry sectors
• ✓Founders and businesses at pre-seed through late-stage growth phases

Recent past awardees

Knowing who's won the last rounds tells you whether you're in the strike zone.

• Amber
• DryFlow Magnetics
• IND Technology
• Kwetta
• NRN
• Relectrify

Funder contact

The notice names a programme contact you can speak to before applying.

Frequently asked questions

Who can apply for Virescent Ventures Fund II?

Eligibility covers organisations in GLOBAL; startup, sme. See the eligibility criteria above for the full conditions.

Relevant sectors

About this sector

Renewable energy funding covers solar, wind, hydropower, geothermal and bioenergy, from early research to grid-scale deployment. Public money tends to back demonstration, grid connection and access to energy in emerging markets, while procurement notices buy installation, operation and maintenance. Calls often ask for proof of resource assessment, permitting progress and local partners.