Ucaneo - seed

Terms

Announced

10 Sept 2024

Instrument

Equity

Amount

US$7.50mReported as EUR 6.75m including grants, converted at 1.1107 USD/EUR (September 2024 average)

Source

einpresswire.com

Parties

Project developer

Ucaneo Biotech GmbH

Recipient type

Technology company

Country

Germany

Capital providers

Capital providers and the amount counted for each

Party	Role	Amount	Basis
Smart Energy Innovationsfonds (SEIF) by Energie 360	Investor	US$0.75m	Estimated: an even share, 1 of 10
IBB Ventures	Investor	US$0.75m	Estimated: an even share, 1 of 10
Plug and Play Sustainability Fund	Investor	US$0.75m	Estimated: an even share, 1 of 10
Grantham Environmental Trust	Investor	US$0.75m	Estimated: an even share, 1 of 10
Carbon Removal Partners	Investor	US$0.75m	Estimated: an even share, 1 of 10
Nucleus Capital	Investor	US$0.75m	Estimated: an even share, 1 of 10
Apprecia Capital	Investor	US$0.75m	Estimated: an even share, 1 of 10
Flixfounders	Investor	US$0.75m	Estimated: an even share, 1 of 10
Pjotr van Schothorst	Investor	US$0.75m	Estimated: an even share, 1 of 10
Aramco Ventures	Investor	US$0.75m	Estimated: an even share, 1 of 10

Carbon

Pathway

DAC

What happened

SEIF and IBB Ventures spearheaded the round together. The company states the figure as including grants and does not break out the split. Aramco Ventures joined this same round on 11 March 2025 at an undisclosed amount, so there is no separate 2025 deal.

Kumo note

A national oil company venture arm and a state development bank in one seed round is an unusual pairing, and the round mixes grant money with equity, so the headline figure is not all risk capital.

Next step