NETHERLANDS - Fortis Venturing has set up a new venture capital fund for sustainable so-called ‘technostarters' in the Netherlands.

Suitably named ‘Start Green', the fund plans to invest €8m in 10 Dutch starter companies engaged in sustainable technology.

This not only to "maximise returns but also to benefit the community and promote sustainable development," according to the firm.

Teaming up with Triodos Innovation Fund and DOEN Participaties - who all have equal stakes in the fund - the corporate venturing unit of the international insurer wants "to contribute to the economic and environmental development of the Netherlands by making venture capital available to sustainable ‘technostarter'".

The three partners bring together different segments of the financial sector, incorporating venture capitalism for sustainable businesses, fund structuring, private equity and assisting with start-ups.

Over the next four years the initiative will approach 10 companies, the investment is planned until 2018, focusing on sustainable energy, water management and bio-agriculture.

Start Green's managers are Coenraad de Vries, portfolio manager at Fortis Intertrust, and Laura Rooseboom, member of the executive board at DOEN.

They think that "the economic growth in the targeted market segments is inevitable in the years ahead," due to high oil prices, lack of fresh water and the heavy burden placed on the environment by industrial materials.

Elsewhere, Fortis Intertrust has announced that it has sold financial and fiduciary services arm Monterey Management BV, to RijnHove Beheer. Financial terms were not disclosed.