Danish asset manager Climentum capital has raised €60 million for the first close of its second climate-focused fund.
The Climentum Capital Fund II, an article 9 VC fund focused on climate tech startups, is targeting €100 million in capital.
The fund has a particular focus on hardware companies operating in the Nordic and German-speaking markets.
The major investor is the European Investment Fund (EIF) which has invested €40 million for the first close. The other two backers are Denmark’s Export and Investment Fund (EIFO) and the Danish Society of Engineers with investments of €15 million and €5 million respectively.
“The fundraising environment for early-stage climate hard tech has not been easy in recent years,” said 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.”
“EIFO’s mission is to accelerate the green transition while strengthening Europe’s strategic independence,” said 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 that are essential to reducing carbon emissions across European industry and achieving Europe’s climate ambitions.”
