Advanced Materials

FORWARD.one Fund III is a €200 million industrial technology venture fund aiming to back Europe’s next generation of breakthrough hardware and deeptech companies. With a hard cap set at €250 million, the fund will deploy initial tickets in the range of €1–3 million, reserving additional capital for follow‑on financing. The fund intends to build a concentrated portfolio of 25–30 early‑stage companies, focusing on domains such as semiconductors, robotics, sensors, advanced automation, climate tech, and industrial innovation. Its geographic focus includes the Benelux, Germany/Austria/Switzerland (DACH), the Nordics, and other European innovation hubs. FORWARD.one brings a hands‑on, commercialization‑oriented investment style. Its value proposition is rooted in bridging the “deeptech gap” by combining technical domain expertise, rapid execution, and industry networks to help founders transform advanced research into scalable products for real markets. The fund also builds on FORWARD.one’s performance track record: Fund I (launched ~2018) delivered a net IRR of ~41 % and 2× DPI, with exits such as Sensorfact (acquired by ABB) and Mayht (acquired by Sonos). Fund II (launched ~2021, ~€145 million) is mid‑deployment, targeting similar sectors. With Fund III, the firm aims to scale its backing of Europe’s industrial tech champions and deliver strong returns for LPs.

MMC Innovation Fund is a corporate venture capital vehicle co-established in 2019 by Mitsubishi Materials Corporation (MMC) and JMTC Capital. One of Japan's leading diversified industrials companies, Mitsubishi Materials operates globally across copper products, electronic materials, superhard tools, and cement. The fund bridges MMC's century-long industrial expertise with the innovation economy, targeting materials-focused technology companies that can accelerate the firm's strategic transformation and sustainability agenda. The fund targets early- to growth-stage companies developing advanced materials solutions, next-generation manufacturing processes, and enabling clean technologies. Core investment themes include novel battery and energy storage materials, perovskite and thin-film solar technologies, industrial process innovation, and sustainable specialty chemicals. Portfolio companies benefit from MMC's capital alongside its scientific and engineering knowledge, global manufacturing infrastructure, and established customer relationships across electronics, automotive, and clean energy end markets. Since 2023, a strategic partnership with Pegasus Tech Ventures has broadened MMC Innovation Fund's global deal sourcing pipeline across North America, Europe, and Asia Pacific, extending the fund's reach beyond Japan's domestic startup ecosystem. MMC Innovation Fund has completed four investments since its 2019 launch. Its most notable publicly disclosed commitment is a Series B participation in Enecoat Technologies, a Japanese developer of next-generation perovskite solar cell materials targeting high-efficiency photovoltaics. The fund continues to evaluate co-investment opportunities alongside the Pegasus Tech Ventures global network and MMC's in-house research centers.