Estonian Plural Platform co-leads €7M round for Proxima Fusion

Estonian VC firm Plural Platform has co-led a €7 million pre-seed funding round for Proxima Fusion, a German startup designing fusion power plants. UVC Partners is another co-investor, joined by High-Tech Gründerfonds and the Wilbe Group, Silicon Canals reports.

• Proxima Fusion is a fusion energy company based in Munich, Germany. It aims to build power plants based on the stellarator concept, which is a type of fusion device that harnesses the power of the stars using strong magnetic fields. The solution may offer the possibility to revolutionize the world of clean and sustainable power generation.

“Stellarators offer the most robust and clearest path to fusion energy. The Proxima team has the energy and the speed that we need. They are ecosystem players, with a thrilling sense of ambition building on top of the Wendelstein 7-X stellarator – a masterpiece of German leadership,”

Ian Hogarth from Plural comments.

• Plural Platform is one of the lead investors in the startup. It is an Estonian investment platform “set up for the unemployables”. The firm invest serious time and early stage venture capital in a new wave of world leading tech from Europe.
• UVC Partners is another lead investor. It is a German VC firm investing up to €10 million in European B2B startups. High-Tech Gründerfonds and the Wilbe Group also joined in the round.
• Thanks to the fresh funds, Proxima Fusion is able to further develop their fusion power plants designs. Over the next few years, the company plans to deploy a new high-performance stellarator and build world’s first plant by the 2030s.