Dutch venture capital firm FORWARD.one has unveiled its third and most ambitious fund yet — a €200 million vehicle designed to accelerate Europe’s industrial tech transformation. The new fund, with a hard cap of €250 million, will target between 25 and 30 early-stage startups shaping the continent’s next wave of advanced technologies.
The fund’s focus spans across Europe’s innovation strongholds — including Benelux, DACH, and the Nordics — areas known for deep engineering talent and manufacturing excellence. With this latest move, FORWARD.one aims to double down on its mission of backing companies building the future of industrial systems, robotics, semiconductors, and climate technology.
A vote of confidence in Europe’s industrial innovation
According to the firm, most of the capital for Fund III has already been secured from a mix of returning limited partners and new institutional investors. That early momentum, Managing Partner Riemer Smink explains, highlights the growing trust in FORWARD.one’s track record and its clear investment thesis around industrial technology
This confidence isn’t unfounded. Since its inception in 2017, FORWARD.one has delivered strong returns and demonstrated an eye for commercially viable deep-tech opportunities. Its debut fund recorded a 41% net IRR and 2x DPI, an impressive feat for a venture firm specializing in complex hardware and industrial startups — a space often considered capital-intensive and slow to scale.
Building on a proven playbook
The firm’s second fund, raised in 2021 at €145 million, cemented its position as one of Europe’s most consistent backers of next-generation hardware startups. Its portfolio includes names in semiconductors, robotics, climate technology, and advanced manufacturing systems — sectors critical to Europe’s technological sovereignty.
Beau-Anne Chilla, Partner at FORWARD.one, says Fund III will build upon the same disciplined yet ambitious strategy that has guided their success so far.
Past successes like Sensorfact, acquired by ABB, and Mayht, acquired by Sonos, have strengthened the firm’s reputation for identifying scalable industrial technologies capable of integrating into global markets.
“Our strategy is proven — invest early, scale fast, and deliver exits,” Chilla noted. “With Fund III, we’ll keep backing founders who dare to build transformative technologies and help them commercialize innovations that can scale globally.”
Positioned among Europe’s top venture players
In just eight years, FORWARD.one has earned its place among the top 5% of European venture capital firms, according to recent performance metrics. The team’s deep technical expertise, coupled with hands-on portfolio support, has made it a preferred partner for founders building hardware-driven businesses.
Partner Arjan Göbel believes Europe’s industrial ecosystem provides a unique competitive edge.
“Europe’s strength in industrial technology is unmatched,” Göbel said. “With companies like ASML, ABB, and STMicroelectronics, we have a foundation that’s almost impossible to replicate elsewhere. That gives us enormous confidence in backing the next generation of industrial champions right here.”
Driving Europe’s next industrial renaissance
With Fund III, FORWARD.one is set to play a pivotal role in Europe’s ongoing industrial tech renaissance — one defined by smarter factories, cleaner energy systems, and advanced robotics.
The firm plans to invest between €1 million and €3 million per company in initial rounds while reserving substantial capital for follow-on support as startups grow and scale. Its hands-on approach includes guiding portfolio companies through product validation, go-to-market expansion, and global scaling.
As industrial technology becomes central to Europe’s competitiveness, FORWARD.one’s approach resonates with a broader strategic need — ensuring the continent’s manufacturing and hardware innovation keep pace with global rivals like the U.S. and China.
“Industrial innovation is Europe’s natural strength,” Smink added. “We’re proud to back the founders who will define the next generation of this story — from robotics and semiconductors to sustainable hardware and climate solutions.”
With its latest fund, FORWARD.one is not just deploying capital. It’s helping shape the backbone of Europe’s future — one breakthrough at a time.
