European venture capital firm Revent has successfully closed its €100 million ($109 million) Fund II, dedicated to investing in startups focused on "planetary and societal health". This milestone underscores the growing importance of environmental and social responsibility in the tech industry, despite shifting global geopolitics.

Founded in Berlin in 2021 by Otto Birnbaum and Lauren Lentz, Revent's investment thesis centers around the idea that ambitious entrepreneurs want to build companies that drive societal progress, which can ultimately lead to highly valuable businesses. This high-minded approach has resonated with a significant array of limited partners (LPs), including German retail giant Otto Group, Goldbeck, Wepa, Oetker, Beiersdorf, and Hymer, as well as several European tech founders.

The European Investment Fund has also increased its commitment to Revent's second fund, demonstrating the confidence in the firm's mission and strategy. According to Lentz, the fund is seeking startups in areas such as energy transition, industrial decarbonization, healthcare, climate, economic empowerment, and reskilling, among others.

Since its launch, Revent has invested in 26 companies, with many focused on climate tech, health tech, and empowerment. Lentz reported that several of these portfolio companies have been picked up by tier-one general funds, validating the fund's performance-focused approach. By positioning itself as a long-term value creation fund, Revent has differentiated itself from impact or climate-focused funds, which Lentz believes has become increasingly relevant in the current macro environment.

Lentz attributed the fund's success to its LPs' long-term orientation, which allows them to invest in essential transitions despite short-term market fluctuations. She also noted that European investors are not deterred by the current US market sentiment, instead, they are committed to driving value through investments in planetary and societal health.

The Revent team, now split across Berlin, London, Paris, and San Francisco, is well-positioned to capitalize on the growing interest in re-industrialization, European sovereignty, and defense. Lentz predicted that this trend will lead to the emergence of new specialist funds, as Europe seeks to define its values and invest in tech and innovation.

This development is significant not only for Revent but also for the broader European tech ecosystem. As the region continues to navigate the complexities of geopolitics and environmental concerns, investments in planetary and societal health startups will play a crucial role in shaping a more sustainable and responsible future.