London-based venture capital firm AP Ventures has announced the final close of its third fund, AP Ventures Fund III LP. The firm has raised €269.62 million ($300 million) in total commitments to invest in early-stage industrial and energy technology companies.
The fund attracted investment from a mix of existing and new institutional investors, including sovereign wealth funds, corporations, pension funds and family offices. Since its first close in 2024, Fund III has invested in 13 companies developing technologies for industrial and energy systems.
“This final close reflects the confidence our existing and new investors place in AP Ventures’ ability to identify and support exceptional technology companies. Strong support from returning investors, alongside new institutional partners, allows us to keep backing the technologies industry needs to operate more productively and securely, from the materials it depends on to the processes and data that run it,” said Andrew Hinkly, Founder and Managing Partner at AP Ventures.
AP Ventures started as part of Anglo American Platinum’s Platinum Group Metals (PGM) Investment Programme. In 2018, it became an independent venture capital firm focused on investing in technologies that use platinum group metals. Its early major investors included Anglo American Platinum and South Africa’s Public Investment Corporation (PIC), which each committed $100 million to the firm.
Anglo American Platinum is part of the Anglo American Group and is a leading producer of platinum group metals worldwide. These metals are used in various industrial applications. The Public Investment Corporation is a South African public asset management firm wholly owned by the government, with the country’s Minister of Finance representing the government as its sole shareholder.
Led by Hinkly and Kevin Eggers, AP Ventures invests in early-stage technology companies around the world. The firm focuses on innovations that can transform industrial and energy systems, including advanced materials, industrial processes and energy technologies.
AP Ventures says its latest fundraising comes at a time when demand for advanced infrastructure is growing across the energy and industrial sectors. Rising electricity demand and increasing pressure on supply chains for critical minerals and materials are creating new challenges for businesses.
The firm also highlights the growing use of artificial intelligence, data and automation in industrial operations. These changes are creating opportunities for technologies that can improve productivity, make industrial processes more efficient and strengthen the supply of essential materials.
“We focus on backing technically differentiated companies that solve real operational problems across the industries and value chains in which we invest. Whether improving energy efficiency, resource productivity, safety, environmental performance or supply-chain resilience, this combination of technical rigour and commercial pull is what continues to define AP Ventures’ approach,” said Eggers, founder and Partner at AP Ventures.
AP Ventures is headquartered in London, with offices in Johannesburg and San Francisco. The firm mainly invests in startups at the Seed and Series A stages. It works closely with founders to help them achieve important technical and business goals and connect with investors and industry partners around the world.
The firm also connects its investors and portfolio companies with a network of experts from its team, investors and wider industrial community. This helps startups access industry knowledge, build partnerships and support their growth.
