AP Ventures' $300M Fund: The Backstory You Haven't Heard

Jan de Vries · 2026-10-28

AP Ventures, a London-based VC firm, just closed its third fund at $300 million. That's a big number, but what does it mean for the industrial and energy tech startups trying to reshape how we power the world? Let's break it down. ### The Fundraise: Who's Betting Big? The firm raised €269.62 million (about $300 million) from a mix of sovereign wealth funds, corporates, pension funds, and family offices. Some were existing investors, some new. Since the first close in 2024, Fund III has already backed 13 companies. Andrew Hinkly, Founder and Managing Partner, said the close "reflects the confidence our existing and new investors place in AP Ventures' ability to identify and support exceptional technology companies." He added that strong support from returning investors and new institutional partners lets them "keep backing the technologies industry needs to operate more productively and securely." ### From Mining to Mainstream: AP Ventures' Origin Story AP Ventures didn't start as a typical VC. It began as part of Anglo American Platinum's PGM (Platinum Group Metal) Investment Programme. In 2018, it spun out as an independent fund to invest in PGM applications. Anglo American Platinum and South Africa's Public Investment Corporation (PIC) each committed $100 million as cornerstone investors. That heritage gives AP Ventures a unique lens: they understand materials and industrial processes from the ground up. ### Why Now? The Perfect Storm Demand for high-performing infrastructure is accelerating. Rising power demand, tightening supply chains for critical minerals, and the growing role of AI and automation in industrial operations are reshaping energy and industry. AP Ventures sees this as a massive opportunity for technologies that boost productivity and strengthen supply security. ### What They're Betting On Fund III focuses on early-stage companies in: - Low-carbon molecules (including hydrogen) across production, storage, transport, and end use - Carbon capture and utilization - Circularity and advanced recycling These technologies target hard-to-abate sectors like chemicals, steel, aviation, and heavy mobility. ### Portfolio Snapshot: The 13 Companies Here's a taste of what Fund III has already backed: - **Teragen Energy** (Southborough, MA): Metal-supported solid oxide fuel cells for clean on-site power at data centers. - **Aether Fuels** (Chicago, IL): Converts waste gases and biomass into drop-in liquid fuels for aviation and shipping. - **CREW Carbon** (US): Mineral-based process that replaces wastewater treatment chemicals and generates carbon removal credits. - **Rosy Soil** (US): Patented peat-free potting soils from biochar that sequester carbon. - **Reclinker** (Cardiff, UK): Uses Electric Arc Furnace process to convert used cement into new material. ### The Takeaway AP Ventures' fundraise signals that industrial and energy tech is heating up. With $300 million and a portfolio of 13 promising startups, they're positioning themselves at the center of the transition. For founders in this space, it's a strong vote of confidence. For the rest of us, it's a sign that the technologies shaping our future are getting the backing they need. Keep an eye on these 13 companies—they might just change how we power everything.