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The Venture Codex

SET Ventures

Keizersgracht 756, Amsterdam, North Holland, 1017 EZ, Netherlands

Overview

Since 2007 Amsterdam-based SET Ventures has invested in digital technology for a carbon-free energy system by backing pioneering founders with capital, community, and insights. SET Ventures invests in companies with sustainable solutions and a strong digital DNA leading the systemic change of how energy is generated, distributed, stored, and consumed in sectors such as distributed infrastructure, energy retail, buildings, mobility, and industry as well as enabling technologies.

Total investments
36
Lead investments
14
Investments · 12mo
6
Active investors
7

Sector focus

  • CleanTech
  • Energy
  • Finance
  • Financial Services
  • Venture Capital
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Investment portfolio

  • Fuchs & Eule

    Participated · Equity · Jul 2026

    Founded in 2021, Fuchs & Eule combines engineering and energy expertise with AI analysis to guide property owners through energy-efficiency retrofits. The company builds digital twins and delivers detailed building analyses that translate into specific, economically viable renovation measures and grant application support. It has completed 10,000 building analyses covering more than five million square metres and reports average annual CO2 savings of 21.6 tonnes per building. The business employs about 70 people and serves property owners, family offices and asset managers across office, finance, insurance, retail and healthcare sectors. Recently it shifted its focus from homeowners to professional landlords and institutional owners. The company plans to use the new funding to scale its AI, screening tools and personalised renovation advice.

  • GALVANY

    Led · Seed · Jun 2026

    GALVANY develops a connected energy platform centred on its proprietary GALVANY Cube hardware and GALVANY Fusion energy management software, integrating heat pumps and battery storage. The Cube is produced in partnership with Panasonic in Pilsen and the platform combines acquisition, installation and ongoing system management into a single solution. The company targets existing multi-family residential buildings and operates a network-based model to improve efficiency across the value chain. GALVANY has installed more than 2,500 heat pump systems and reported €20.1 million in revenue in 2025 while posting positive EBIT. Near-term plans include rolling out its platform more broadly across Germany and launching a consumer app for users to monitor and manage their energy systems digitally.

  • Decade Energy

    Led · Equity · Apr 2026

    Decade Energy develops integrated, zero-CapEx energy infrastructure for logistics depots, combining new grid connections, battery energy storage systems (BESS), EV charging, solar PV and software to optimise energy use. The company finances and operates distributed site-level assets to overcome grid constraints and long connection lead times that hinder truck electrification. It pursues a distributed portfolio approach across many depots to increase long-term asset value and enable predictable rental income while allowing BESS participation in energy markets. Decade Energy has completed over 1,500 depot electrification feasibility studies, advanced more than 100 projects (over 500MW under development), and holds a pipeline of 50 projects slated to begin construction in 2026. With the recent €22M financing, the company plans both a France-focused BESS deployment program and continued development of its energy optimisation software, truck charging and PV products, and international expansion.

  • Clearly AI

    Participated · Seed · Feb 2026

    Seattle-based Clearly AI builds software that replaces manual spreadsheets, tickets and engineer interviews with an automated workflow that gathers technical context, evaluates risk and flags items needing human review. The platform is aimed at security, privacy and compliance teams that must sign off on new products, features, vendors and AI deployments. Less than two years after launch, the tool is already used by 17 enterprise customers, including Rivian, Ericsson, Okta, Webflow, Affirm and HID Global; Rivian, for instance, screens every new vehicle feature through Clearly AI for privacy and AI risk. The company was founded by married co-founders Emily Choi-Greene and Joe Choi-Greene, alumni of Amazon’s Alexa, device security and Kuiper initiatives, and it graduated from Y Combinator in 2024. Clearly AI was selected as one of ten finalists for the 2026 RSA Conference Innovation Sandbox Contest, highlighting industry recognition of its approach. The startup employs 12 people and recently secured $8.4 million in seed funding to further develop its product and scale its customer base.

  • Metergrid

    Participated · Series A · Feb 2026

    Metergrid specializes in enabling tenant electricity projects, helping landlords and property operators supply solar power directly to tenants. The company’s core product set focuses on software that manages the generation, distribution, and billing of on-site renewable energy, with plans to deepen this software capability in its next growth phase. Fueled by rising demand for renewable, locally produced power in multi-tenant buildings, Metergrid aims to streamline regulatory compliance and financial settlement for its customers. The startup is headquartered in Stuttgart and positions itself at the intersection of cleantech and energy management. To accelerate product development and market expansion, the company secured fresh capital through a €10 million Series A financing. While detailed revenue or user figures were not disclosed, management signaled that the funds will be directed primarily toward scaling software engineering and supporting overall growth. Existing and new investors view the round as a catalyst for Metergrid’s transition into a more software-driven, scalable business model.

Team