Fortum commits EUR 150 million to Valo Ventures, a new global venture capital fund headed up by former Google Capital co-founder
FORTUM CORPORATION PRESS RELEASE 3 DECEMBER 2018
Fortum has committed to invest EUR 150 million to Valo Ventures over a period of 10 years. Valo Ventures is a new global venture capital fund launched by former Google Capital co-founder, Scott Tierney. Headquartered in Palo Alto, California, it is an independent fund investing in digital and cloud-scale technology startups in North America and Europe.
Valo Ventures invests in early and growth stage technology companies with products or services that demonstrate transformative economic value as well as long-term social or environmental benefits. Valo investments are guided by thematic research around key global megatrends that are central also to Fortum’s strategy, including: empowered consumers, urbanization, climate change as well as bio and circular economy.
Valo Ventures is aligned with Fortum's vision for a cleaner world. Building options for significant new innovative businesses is one of Fortum's strategic priorities. Fortum drives decarbonisation through electrification and seeks significant growth in new innovative businesses. Becoming a digital leader is a critical enabler for achieving these goals. To accelerate innovation and new growth, Fortum has successfully partnered with external startups and research institutions, and invested in internal ventures. Investing in Valo Ventures’ fund is another significant step in Fortum's goal of ensuring renewal though high performing internal and external venturing.
Where digital intersects with megatrends
“Valo Ventures focuses on businesses beyond our core with high potential for growth. We want to enable the growth of startups that are building the digital future, especially in the field of artificial intelligence and data. We aim for a cleaner world and can't do it alone,” says Pekka Lundmark, President and CEO of Fortum.
Scott Tierney and his partners, Julia Brady and Mona ElNaggar, have an extensive background in venture capital, technology and business building. “We are privileged to launch Valo Ventures with such a progressive and forward looking company as Fortum. We see tremendous opportunity in working together to support like-minded entrepreneurs and global industry leaders to improve the quality of life for future generations. We’re optimistic about the pace of emerging digital technologies, such as applied AI, and believe they can be applied to solving well-defined challenges in the physical world,“ notes Scott Tierney, Managing Partner of Valo Ventures.
Press breakfast at Slush event
Fortum is hosting a press breakfast at startup event Slush in Helsinki on 4 December at 8.45 am EET. The briefing will be held at the joint booth of Valo Ventures and Fortum (Booth location 6A.2). Accredited media representatives at Slush are welcome.
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Valo is a global venture capital firm championing innovative digital technology companies that create economic value as well as long-term social and environmental benefits. Based in Palo Alto, we are a passionate, experienced team committed to a highly disciplined, proven investment process. www.valoventures.org
Fortum is a leading clean-energy company that provides its customers with electricity, heating and cooling as well as smart solutions to improve resource efficiency. We want to engage our customers and society to join the change for a cleaner world. We employ some 9,000 professionals in the Nordic and Baltic countries, Russia, Poland and India. In 2017, our sales were EUR 4.5 billion and 61% of our electricity generation was CO2 free. Fortum's share is listed on Nasdaq Helsinki. www.fortum.com