Newsletter - June 2025
Welcome to the 18th edition of the AFI Ventures’ newsletter.
As a reminder, AFI Ventures (fund managed by Ventech) is an impact VC fund that invests in pre-seed/seed startups with a strong environmental and social ambition, producing a systemic change. We invest once a month in France & Europe tickets ranging from €250K to €500K.
Each month in this newsletter, you'll find :
🔍 A focus or key resources on an impact-related theme
📰Our Top 15 must-read articles on the impact ecosystem🌱 Even more news from the AFI: public fundraisings, portfolio updates, and—new —where we’ve been spotted (at events) & where you can catch us next, plus a job board featuring open roles at our amazing startups.
More insights, more opportunities, more ways to connect. Let’s dive in! 💚
🔍 Focus on...our last investment Enrise Enrise 🇫🇷 - This month, we’re proud to shine a light on the outstanding team at Enrise, a company we’ve recently backed.
In recent years, we’ve seen a new generation of entrepreneurs emerge—ones who focus less on deep tech and more on innovative business models. That’s exactly the case with Paul Astrup (ex-BCG, 5+ years), Armand d'Ambrières (ex-RaiseLab), and Clément Marcilhacy (ex-Artefact/Theodo), supported by Pascal Marguet (founder of Apex Energies, sold to Macquarie for €150M).
According to Hamwi & Lizarralde (2018), a new framework in the renewable energy sector has emerged, characterized by several key features:
Decentralized, small-scale assets: Enrise exemplifies this with its scalable, multi-site approach through intermediate project development (in MWc), offering a “land and expand” strategy. For instance, they’ve already secured 80+ sites with Dekra Group.
Service-oriented models: Enrise acts as an asset manager via SPVs, eliminating upfront CAPEX for end clients and taking on technical and financial risk. Clients simply pay rent directly to the SPV.
Strong end-user relationships: Enrise secures long-term revenue and strong customer relationships through fixed rent pricing and clear ROI. Their self-consumption model generates a higher ROI (€180/MWh vs €108/MWh for full resale), with a tiered subscription offer priced at €130/MWh.
Intermediary positioning: Enrise plays a unique role in the value chain, connecting infrastructure funds, banks, and end clients.
Pay-per-use models: While not currently employed, this revenue stream could be added, as their rent-based model already ensures recurring income.
Beyond their innovative model and impressive team, several other factors convinced us:
Massive underserved market: A €4B+ addressable market for sub-500kWc solar projects, boosted by strong regulatory support (e.g., APER Law mandating solar panels on rooftops >1,500m²).
Tech-enabled efficiency: Enrise's proprietary platform automates development processes, boosting productivity by 20–30% compared to traditional players who struggle with multi-site complexity.
Proven traction: A 16 MWc pipeline (3 MWc secured, 5 MWc in progress), €0.6M in confirmed revenue for 2024, and first projects delivered in under 6 months.
We’re thrilled to be part of this journey, investing €8M alongside top-tier partners including SET Ventures, Asterion Ventures, Ring Capital, Climate Club, and Bpifrance.
📰 Top 15 must-read articles - What Caught Our Eye This Month Climate Change
Global data center capacity needs to triple from 70 to 220 gigawatts by 2030—75% driven by AI's massive compute requirements, forcing a shift from traditional tier-one markets to power-rich regions like Wisconsin and Wyoming, said McKinsey.
The blue economy has attracted $2.2 billion in investments since 2017—but business models remain complex with European funds still too small (€100M on average) to meet the needs of ocean-focused startups, said Les Echos.
AI's efficiency gains are being offset by rebound effects—compute demand for training models grows 4.6x annually while chip efficiency only doubles every 2.3 years, potentially pushing energy consumption into "backfire territory" despite promises of optimization, said Planet A Ventures.
Agricultural soils now contain 23 times more microplastics than oceans—with up to 10,000 unregulated chemical additives contaminating food crops and human bodies, creating an "unchecked plastic crisis" faster than regulatory responses, said Murdoch University.
Biochar emerges as a scalable carbon removal solution—Exomad Green transforms Bolivian forest waste into soil-enhancing charcoal that permanently stores CO₂ while boosting crop yields, targeting over 1 million tons of annual removals by 2027, said Exomad Green.
AI's environmental impact remains deliberately hidden—tech giants orchestrate an "organized opacity" while data center energy consumption could match France's entire output by 2030, said Les Échos.
Sustainable production and consumption
Alcohol-free beer's 9% growth amid declining beer sales offers a blueprint for sustainable food—brands like Athletic Brewing and Lucky Saint succeeded by positioning as premium lifestyle choices rather than compromises, said UNSTUCK.
UK government announces £7.9 billion flood defence programme over ten years—the largest in history will protect hundreds of thousands of homes while delivering £8 economic return for every £1 invested, said UK Government.
Finland launches the world's largest sand battery using 2,000 tons of discarded soapstone—storing 1,000 MWh of renewable heat for weeks at €25/kWh, five times cheaper than lithium-ion, said TechCrunch.
University of Michigan researchers developed a method to convert captured CO2 into cement precursors using trace lead catalysts—turning atmospheric waste into valuable metal oxalates for sustainable construction materials, said Advanced Energy Materials.
Wildtype becomes the first FDA-approved cultivated seafood company in the US—its lab-grown salmon debuts at Portland restaurant Kann, marking a watershed moment for cellular agriculture, said Green Queen.
Health & Social Changes
Nantes launches "Station S," a €1.5 billion health innovation hub spanning 30,000 sqm near its university hospital—designed to house 1,000 health sector actors from startups to research labs in France's push to create a European-scale health district, said Les Echos.
Île-de-France launches France's first dedicated femtech fund with €5 million initial funding, targeting €40 million total—addressing the critical funding gap where female health startups capture less than 5% of digital health VC resources despite a market expected to reach $29 billion by 2032, said Les Echos.
A capsule sponge test could replace invasive endoscopies for half of Barrett's oesophagus patients—the swallowable device accurately identifies low-risk cases while being administered by nurses at GP practices, said University of Cambridge.
Healthcare SaaS adoption accelerates digital transformation—cloud-based solutions enable faster innovation, predictable costs, and AI-embedded platforms for clinical decision support while maintaining HIPAA compliance, said HealthTech Magazine.
🍃 AFI Ventures HighlightsRecent News from our Portfolio
Prolong has partnered with The North Face to power its after-sales services across Europe, providing a centralized omnichannel system that transforms care and repair into sources of customer loyalty and revenue. Learn more
Sirona Technologies has launched its first generation of commercial Direct Air Capture machines, scaling capture capacity by 20x to 300 tons of CO2 per year while reducing reactor costs by 4x, marking the transition from R&D to delivering certified carbon removal credits globally. Learn more
Optimiz Construction has evolved to a turnkey service model where clients simply send their plans and the company handles the complete process including simulation, optimized layout planning, and quantification, driving increased client retention and referrals through immediate value delivery. Learn more
Inarix has partnered with Grain Discovery and Sevita International to bring AI-powered grain analysis to Canada, enabling farmers and processors to access real-time quality data directly from their smartphones for smarter supply chain decisions. Learn more
Ed.ai is being tested within Stanford University's Math Department as it begins its US expansion, with the AI-powered platform set to serve over 40,000 students in France starting in the 2025 school year by automating test grading and generating personalized learning paths. Learn more
ClimeFi has structured the first-ever durable carbon dioxide removal ITMO transfer under Article 6 of the Paris Agreement, coordinating a government-backed pilot between Norway's Inherit and a Swiss buyer coalition including Swiss International Air Lines, Swiss Post, Swiss Re, UBS, and Zürcher Kantonalbank. Learn more
Verley co-founder and CTO Hélène Briand has won the VivaTech 2025 Female Founder Challenge, selected from over 600 women-led startups globally for her work developing sustainable functional fermentation dairy proteins. Learn more
ERS has acquired Equitable Earth, a forest conservation standard developed with Indigenous leaders and REDD+ practitioners, to create a next-generation REDD+ methodology addressing the urgent 80% increase in tropical primary forest loss. Learn more
Kor has launched an innovative health risk calculator, enabling companies to analyze demographic data and identify the most probable pathologies in their workforce for targeted, personalized prevention strategies. Learn more
Alpagga has equipped Le Comptoir du Ritz on rue de Sèvres with custom technical solutions, delivering operational excellence for this new Ritz Paris point of sale by translating business requirements into concrete, reliable systems that meet palace standards. Learn more
Estuaire has partnered with Elyse Energy and Bordeaux Airport to develop a smart Sustainable Aviation Fuel allocation strategy that maximizes climate benefits by reducing both CO2 emissions and non-CO2 effects like contrail formation through data-driven deployment. Learn more
Events
We were at:
VivaTech & side events on June 11th and 12th – Constantin, Sarah and Romain were repping AFI, meeting brilliant minds, and scouting the next big things in tech 🌟
“How to unlock energy transition” Conference by Zenon on June 26th - Constantin and Charles participated in this event, exploring ways of speeding up the transition to low-carbon energies.
Speed dating HEC Alumni Investor on June 25th - Constantin connected with promising founders during this dynamic networking event.
Cathay Innovation AI Cocktail on June 24th - Constantin attended an evening of insightful discussions and networking with leaders in AI and innovation.
I-PhD Jury on June 17th - Sarah served as a jury member, evaluating innovative pitches from emerging founders aiming to bring innovation from the lab to the market.
Talent Wanted: Our Startups Are Building the Future
Business Development Representative (BDR) - Alternance - Kor.care (Paris)
Customer Success Manager - Full time - Kor.care (Paris)
Chief of staff Intern - Kor.care (Paris)
Full Stack Developer, Senior Product Manager, Right Hand Data & Automation Intern, CEO Right Hand Intern - Prolong (Paris)
Senior Backend Developer - Ed.ai (Paris or Lyon)
Senior Software Engineer, Machine Learning Engineer - Tilt Energy (Paris)
DevOps - Morfo (Remote or hybrid, Brazil or France)
Sales & Business Developer, R&D Engineer/PhD in Li-ion Batteries, Battery Modelling in Simscape Intern - Entroview (Paris or Lyon)
Chief of Staff Intern, SDR Intern, PM Intern, Front-end developer Intern, Devops / infra Intern - Highcast (Paris)
Quantitative Developer Intern - Bohr Energie (Toulouse)
Business Developer, SDR, Lead dev, Marketing Intern, Operation Manager Intern, PM Junior Work-study - Alpagga (Paris)
🤝 Our TeamCharles Fourault - charles@afi.ventures
Constantin de Chaudenay - constantin@afi.ventures
Sarah Laznowski - sarah@afi.ventures
Romain Garrigue - romain@afi.ventures
Don't hesitate to reach out if you're an impact entrepreneur or just interested in any of these topics. 🍃