What Virescent Ventures does

Virescent Ventures is an Australian climate technology venture capital firm headquartered in Melbourne that manages capital on behalf of institutional investors and deploys it into early- and growth-stage climate tech companies. The firm was established in February 2022 as a spin-out from the Clean Energy Finance Corporation (CEFC), the Australian government's clean energy investment vehicle, and currently manages the Clean Energy Innovation Fund on behalf of CEFC alongside its own Virescent Ventures Fund II, which launched in August 2024. Across both vehicles the firm reports more than A$500m under management and has deployed over A$270m into 33-37 portfolio companies spanning clean energy transition (Hysata, HydGene, Gridcog, Downforce), mobility and smart cities (JET Charge, Kwetta, Amber), food and agriculture (All G Foods, AgriWebb, Loam Bio), and circular economy and industry (Samsara Eco, Renewable Metals, DryFlow Magnetics, Mako).

The firm invests from pre-seed through late-stage growth, across both deep technology and business model innovations, in software and hardware. Its core origination channel leverages the CEFC heritage and relationships into Australia's clean energy ecosystem, augmented by accelerator partnerships such as the UNSW Climate 10x program and referral networks. Cornerstone limited partners for Fund II include Westpac, CEFC and Queensland Investment Corporation (QIC), with a broader LP base of more than 60 investors. The senior team is led by Managing Partners Ben Gust and Kristin Vaughan, supported by a Partner, Investment Director, Investment Manager, Investment Associate, plus finance, operations and investment committee functions, and a non-executive Chair and Director.

Revenue is generated through the standard venture capital model: management fees charged on committed or invested capital under management across the two funds, supplemented by carried interest on realised portfolio exits. The firm operates as a Corporate Authorised Representative of Boutique Capital Pty Ltd (AFSL 508011), holding investment management activities through wholly-owned Fund II vehicles including Virescent Ventures II, LP and stapled holding companies.

Name

Virescent Ventures

Legal name

Virescent Ventures Pty Ltd

Website

https://virescent.vc

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

1–10 employees

Short description

Virescent Ventures is a Melbourne-based venture capital firm that manages climate technology funds on behalf of institutional investors, deploying capital from pre-seed to late-stage growth into Australian climate tech companies across clean energy, mobility, food and agriculture, and circular economy.

Ownership category

akta.pro rank

Product category

Venture Capital / Climate Tech Fund Management

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Climate / Clean Tech & Decarbonization Funds (FSANAJAA)

akta.pro secondary industries

Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD), Energy & Sustainability / Climate Growth Equity (FSANACAG), Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure) (FSAAALAG)

Keywords

• Climate venture capital
• Cleantech investment
• Fund management services
• Growth capital funding
• Decarbonisation investing

Headquarters

HQ city

Melbourne

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Fund Management: Virescent Ventures generates revenue through management fees charged on funds under management and carried interest (performance fees) from successful portfolio exits. They manage the Clean Energy Innovation Fund on behalf of CEFC and Virescent Ventures Fund II.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Virescent Ventures is a specialist climate tech venture capital firm that invests equity capital from pre-seed through late-stage growth into Australian startups tackling emissions reduction. The firm manages two funds — the Clean Energy Innovation Fund on behalf of the Clean Energy Finance Corporation (CEFC) and Virescent Ventures Fund II — deploying capital across clean energy, mobility, food and agriculture, and circular economy sectors. Revenue is generated through fund management fees and carried interest on successful portfolio exits.

Product overview

Virescent Ventures is a climate venture capital firm that provides investment management services, operating as a fund manager for climate technology companies. The firm manages two main funds: the Clean Energy Innovation Fund (managed on behalf of the Clean Energy Finance Corporation) and Virescent Ventures Fund II (launched in August 2024). The firm invests across climate tech sectors including clean energy transition, mobility and smart cities, food and agriculture, and circular economy and industry, deploying capital from pre-seed to late-stage growth across deep tech and business model innovations in software and hardware.

Differentiator

Problem solved

Functional benefit

Products and services

• Clean Energy Innovation Fund A venture capital fund managed by Virescent Ventures on behalf of the Clean Energy Finance Corporation (CEFC), providing equity capital to Australian climate tech startups across clean energy, mobility, food/agriculture, and circular economy sectors.
• Virescent Ventures Fund II The firm's second dedicated climate tech venture capital fund, launched in August 2024, targeting $200 million of deployment across clean energy transition, mobility, food and agriculture, and circular economy sectors. Fund II invests from pre-seed through late-stage growth capital.

Quantifiable outcome

• Deployed over $260 million into 33 Australian climate tech startups
• +2 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• UNSW Founders Climate 10x ProgramcoreStrategic or Co-development Partner · 14 February 2024Virescent Ventures partnered with UNSW and Trailblazer for Recycling & Clean Energy (TRaCE) to invest $1.6 million in Australian climate tech startups through the Climate 10x accelerator program, the largest investment in climate tech through an accelerator in Australian history.

Scale indicators7 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Main Sequence Ventures: Australia's leading deep tech VC fund, also backed by government entities (CSIRO). Directly comparable as an Australian early-to-growth deep tech VC investing across similar sectors including advanced materials, robotics, and clean energy.
• Climate Tech Partners: Australian climate tech VC that co-invested with Virescent Ventures in portfolio companies like Renewable Metals. Closest direct peer given shared Australian climate tech mandate and overlapping LP base.
• Investible: Australian early-stage VC firm that has co-invested with Virescent Ventures in deals including Xefco and NRN. Comparable as a generalist Australian VC with climate/climate-tech exposure across seed and Series A.
• Blackbird Ventures: Australia's largest venture capital fund investing across tech, including climate-relevant areas. Co-invested with Virescent in Kwetta. Comparable as a general Australian VC competing for similar founder talent at similar stages.
• EnergyLab: Australia's leading climate tech accelerator and startup support program. Comparable as a pipeline-builder for Australian climate tech founders that Virescent would later invest in at Series A and beyond.

Broad incumbents

• Breakthrough Energy Ventures: Bill Gates-led climate-focused VC fund that invests globally in climate tech at scale. Although geographically broader and with much larger AUM, it directly competes for the same climate tech deal flow that Australian VCs target.
• Lowercarbon Capital: US-based climate tech VC fund investing across decarbonization sectors. Comparable as a dedicated climate VC with global ambitions, though operating at different stage and geography from Virescent.
• Brookfield Sustainable Resources: Brookfield's sustainable resources platform operates across renewable energy, forestry, and agriculture. Comparable as a major institutional investor in clean energy and adjacent sectors, though operating at much larger scale and later stages than Virescent.

Others

• Clean Energy Finance Corporation (CEFC): Virescent Ventures' parent entity and largest LP. While not a direct peer, CEFC operates in adjacent climate investment space as Australia's national clean energy investor, with Virescent managing its venture Innovation Fund.

Regional players

• Equator VC: Africa-focused climate tech VC fund investing in early-stage climate solutions across sub-Saharan Africa. Comparable as a dedicated regional climate VC with similar stage focus, but geographically distinct from Virescent's Australian-only mandate.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/virescent-ventures

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments37 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Virescent Ventures