Danish Climate VC Climentum Capital Hits $65M First Close for Fund II

Jan de Vries · 2026-07-03

Copenhagen-based Climentum Capital has reached the first close of its second fund at $65 million (€60 million), matching the full size of its first fund. The firm continues backing European climate HardTech companies aiming to strengthen the continent's industrial resilience, sustainability, and competitiveness. ### Key Investors and Their Commitments The European Investment Fund (EIF) has committed $43.5 million (€40 million) to the fund. Denmark's Export and Investment Fund (EIFO) has invested $16.3 million (€15 million), and the Danish Society of Engineers (IDA) has committed $5.4 million (€5 million). This strong backing shows institutional confidence in Climentum's strategy. ### Why This Fund Close Matters Now "The fundraising environment for early-stage climate HardTech has not been easy in recent years," says Morten Halborg, General Partner at Climentum Capital. "Investors are more selective, timelines are longer, and the proof bar is higher. That is why the composition of the Fund II launch matters: our investor syndicate reflects informed conviction, not momentum investing." ### Broader European Climate Tech Landscape Climentum's first close comes amid continued 2026 funding activity across European climate HardTech, industrial decarbonisation, and energy-transition sectors. EU-Startups has reported at least $265 million (€244.1 million) in disclosed startup funding across comparable areas this year. Notable deals include: - RIFT's $124 million (€113.8 million) financing for industrial heat in the Netherlands - Entrix's $46.8 million (€43 million) raise for battery optimisation in Germany - D-CRBN's $19 million (€17.5 million) Series A for industrial CO₂ conversion in Belgium - Exergy3's $12.4 million (€11.4 million) Seed round for clean industrial heat in the UK Danish relevance is also visible through Copenhagen-based Kvasir Technologies, which raised $10.9 million (€10 million) to scale climate-neutral marine biofuel. Climentum Capital has previously backed Nature Robots and one.five, placing the new fund within a wider European pattern of capital moving into technologies linked to industrial efficiency, energy security, circularity, and emissions reduction. ### Addressing the Financing Gap "Europe has excellent research and business ideas," adds EIF Deputy Chief Executive Merete Clausen. "To build on these, it needs investors willing to back companies developing the industrial technologies that will shape the next generation of clean growth. Climentum Capital Fund II addresses an important financing gap by supporting entrepreneurs building climate solutions for the real economy." ### Climentum's Track Record and Strategy Founded in 2022, Climentum Capital backs HardTech companies that can help reduce the carbon footprint of sectors responsible for a significant share of Europe's greenhouse gas emissions. Its first fund launched at $65 million (€60 million) and has already delivered a realised exit, with Studsvik acquiring KNXT less than three years after Climentum's initial investment. The firm said the deal demonstrated its thesis in action, with a strategic industrial player acquiring capabilities needed to remain competitive. Climentum Capital Fund II is targeting up to $109 million (€100 million) and will invest primarily in Seed and Series A companies developing hardware and DeepTech solutions across energy, industry, transport, and agriculture. The fund will focus on businesses working on energy security, industrial efficiency, supply chain sovereignty, and industrial decarbonisation, particularly across Denmark, Sweden, Germany, Austria, and Switzerland. ### Impact-Linked Investment Model The new fund is structured as an Article 9 fund and uses a dual carry model that links the firm's economics to both financial returns and verified CO₂ savings. Climentum Capital Fund II aims to support companies whose technologies are capable of reducing CO₂ emissions by around 1.5 million tonnes a year. That's equivalent to emissions from 350,000 gasoline-powered cars driven for one year. "EIFO's mission is to accelerate the green transition while strengthening Europe's strategic independence," says EIFO Chief Investment Officer Erik Balck Sørensen. "Through our investment in Climentum Capital Fund II, we are helping to scale critical, yet significantly underfunded, climate technologies."