Danish VC Climentum Capital Hits $66M First Close for Fund II

Jan de Vries · 2026-07-03

Copenhagen-based Climentum Capital just hit the first close of its second fund at $66 million. That matches the entire size of their first fund. The firm is betting big on European climate HardTech companies that can boost the continent's industrial resilience, sustainability, and competitiveness. ### Who's backing the fund? The European Investment Fund (EIF) put up $44 million. Denmark's Export and Investment Fund (EIFO) added $16.5 million. And the Danish Society of Engineers (IDA) chipped in $5.5 million. That's a solid mix of institutional and strategic investors. "The fundraising environment for early-stage climate HardTech hasn't been easy lately," says Morten Halborg, General Partner at Climentum Capital. "Investors are pickier, timelines stretch longer, and the proof bar is higher. That's why our investor syndicate matters — it reflects informed conviction, not momentum investing." ### A look at the broader landscape Climentum's first close comes as 2026 funding activity heats up across European climate HardTech, industrial decarbonization, and energy-transition sectors. We've seen at least $268 million in disclosed startup funding this year in comparable areas. For example: - RIFT raised $125 million for industrial heat in the Netherlands. - Entrix secured $47 million for battery optimization in Germany. - D-CRBN closed a $19 million Series A for industrial CO2 conversion in Belgium. - Exergy3 landed $12.5 million for clean industrial heat in the UK. Danish relevance is clear too. Copenhagen-based Kvasir Technologies raised $11 million to scale climate-neutral marine biofuel. Climentum Capital previously backed Nature Robots and one.five, placing this new fund within a wider European pattern of capital flowing into industrial efficiency, energy security, circularity, and emissions reduction. ### Why this matters "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 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." Founded in 2022, Climentum backs HardTech companies that can shrink the carbon footprint of sectors responsible for a big chunk of Europe's greenhouse gas emissions. Their first fund already delivered a realized exit — Studsvik acquired KNXT less than three years after Climentum's initial investment. The firm says that deal proved their thesis in action, with a strategic industrial player buying capabilities needed to stay competitive. ### What's next for Fund II Climentum Capital Fund II is targeting up to $110 million. It will invest mainly in Seed and Series A companies developing hardware and DeepTech solutions in energy, industry, transport, and agriculture. The fund focuses on businesses working on energy security, industrial efficiency, supply chain sovereignty, and industrial decarbonization — especially across Denmark, Sweden, Germany, Austria, and Switzerland. The new fund is structured as an Article 9 fund and uses a dual carry model that ties the firm's economics to both financial returns and verified CO2 savings. It aims to support companies whose technologies can cut CO2 emissions by about 1.5 million tons a year — 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 Sorensen. "Through our investment in Climentum Capital Fund II, we're helping to scale critical, yet significantly underfunded, climate technologies."