London-based venture capital firm AP Ventures has successfully closed its third fund, securing $300 million in commitments. The capital was provided by a global consortium of institutional investors, including sovereign wealth funds, pension funds, corporate partners, and family offices.
The firm, which maintains offices in Johannesburg and San Francisco, has already backed 13 companies since the initial close of the fund in 2024. AP Ventures originated as a corporate venture unit of Anglo American Platinum in 2013 before becoming an independent entity in 2018 with initial funding of $200 million.
While the firm’s second fund, launched in 2021, focused heavily on the hydrogen economy, the new fund shifts its strategy. Fund III targets industrial productivity, supply chain security, and resilient energy systems, including carbon capture, circularity, and advanced recycling for sectors like steel and chemicals.
The firm has recently participated in several investment rounds, including a $6 million pre-seed round for Teragen Energy. Other notable investments include Aether Fuels, Rosy Soil, Reclinker, and Rubi. The fund aims to support companies as they transition from pilot projects to full-scale production.
