At a Glance
AENU is a Berlin impact fund investing in early-stage climate technology and social impact companies based in Europe, founded in 2022 by brothers Fabian and Ferry Heilemann out of their earlier vehicle, Pirate Impact Capital. Fabian serves as chief executive and Ferry as founder and partner; both invested at Earlybird and built operating companies, most prominently the freight forwarder Forto, formerly FreightHub. The firm states its purpose as driving systemic transformation in venture capital toward impact, accessibility and stakeholder alignment, and it invests across pre-seed, seed, Series A and later rounds. AENU launched with a EUR 100 million evergreen fund built to hold companies from seed to IPO, an unusual structure in European venture, then moved away from the evergreen format and closed a final fund at EUR 170 million in 2024, above its EUR 140 million target. Cheques run from EUR 500,000 to EUR 5 million, concentrated at seed. Early backers included German family offices, Bertelsmann Investments, Tier's Lawrence Leuschner and Skype's Niklas Zennstrom. The portfolio spans more than 40 companies, 84 percent of them European, across the energy transition, carbon removal, buildings, food and agriculture and education: Monta and Voltfang in charging and storage, Entrix and Trawa in power markets, Alcemy in low-carbon cement, ZeroAvia in hydrogen aviation, Heirloom Carbon and Charm Industrial in carbon removal, Agreena in soil carbon, and Edurino in early learning. Nine of the first portfolio companies had demonstrated up-rounds by the firm's own count. What separates AENU from generalist European seed funds is that impact measurement sits with a dedicated principal rather than with the deal team.
AENU was founded by brothers Fabian and Ferry Heilemann, who invested together at Earlybird before launching the firm. Fabian serves as chief executive and is the firm's public voice on moving venture capital from profits to purpose. Ferry is founder and partner. Both carry operating records from European startups, most prominently the freight forwarder Forto, formerly FreightHub. Siobhan Brewster sits as partner. Melina Sanchez Montanes serves as principal and vice president of impact, the role that owns measurement and reporting against the fund's climate and social mandate rather than leaving it to the investment team. Beatrix von Schroeder, Robert Stoecker and Till Thietje round out the impact investing bench. The team works from Berlin and covers the energy transition, carbon removal, food and agriculture, buildings and education across Europe and, selectively, the United States.
AENU began in 2022 when brothers Fabian and Ferry Heilemann rebuilt their earlier vehicle, Pirate Impact Capital, into a dedicated climate and impact fund and announced a first close on a EUR 100 million evergreen structure designed to hold companies from seed through IPO. That capital came largely from German family offices and from individual backers including Tier's Lawrence Leuschner and Skype's Niklas Zennstrom, with Bertelsmann Investments taking a position in the European sustainability fund. The firm initially targeted more than EUR 500 million under management by 2026. It then stepped away from the evergreen format and closed a conventional fund at EUR 170 million in 2024, above a EUR 140 million target. Cheque sizes run from EUR 500,000 to EUR 5 million, concentrated at seed with follow-on capacity into later rounds. The portfolio has grown past 40 companies, 84 percent of them in Europe and the remainder in the United States, with nine of the earliest positions recording up-rounds.
AENU primarily invests at the Pre-Seed, Seed, Series A, Series B+ stages. This means they focus on companies that are at the earliest idea or prototype phase.
AENU is headquartered in Berlin, Germany. Many of their portfolio companies are also based in this region, though they invest across geographies.
AENU focuses on investments in Climate, Deeptech. Their portfolio reflects deep expertise and networks within these sectors.
AENU's typical investment check size ranges from $. to $.. Actual amounts may vary based on the stage, sector, and specific opportunity.
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