Climentum Capital raises €60 million first close for climate tech Fund II
Danish VC Climentum Capital raised €60 million at the first close of its €100 million Fund II for early-stage European climate hard tech.
Photo by Google DeepMind on Pexels
The Climentum climate tech fund reached a first close of €60 million (about US$68 million) on July 6, 2026, the Copenhagen-based venture firm announced, opening its second fund for early-stage climate companies in Europe. Climentum Capital is targeting a total fund size of €100 million (about US$114 million) for Fund II, as reported by ESG Today.
The first close is anchored by public and institutional money. The European Investment Fund (EIF), part of the European Investment Bank Group, committed €40 million. Denmark’s export and investment fund, EIFO, added €15 million, and the Danish Society of Engineers (IDA) put in €5 million. Of the €60 million raised so far, €55 million comes from public or semi-public backers.
What the Climentum climate tech fund will back
Fund II is an Article 9 fund under EU sustainable-finance rules, and it targets Seed and Series A companies. Climentum said the fund focuses on three aims: strengthening energy security, improving industrial efficiency, and accelerating industrial decarbonisation. Its remit covers hardware and deep-tech across energy, industry, transport and agriculture, with a geographic focus on the Nordics and the DACH countries, namely Denmark, Sweden, Germany, Austria and Switzerland.
The firm expects to make around 20 investments from the fund. It set a portfolio-level goal of backing companies whose products can cut carbon dioxide emissions by roughly 1.5 million tonnes a year, which it compared to taking about 350,000 petrol cars off the road for a year.
The composition of the raise stands out as much as the size. IDA, Denmark’s largest union for engineers and scientists with about 180,000 members, made its first venture fund commitment through this close, an unusual move for a trade union.
The €60 million raised leaves €40 million to reach the €100 million target.
| Fund II detail | Figure |
|---|---|
| First close | €60 million |
| Target fund size | €100 million |
| EIF commitment | €40 million |
| EIFO commitment | €15 million |
| IDA commitment | €5 million |
| Public or semi-public share | €55 million |
| Planned investments | About 20 |
| Emissions-reduction goal, portfolio | About 1.5 million tonnes CO2 per year |
Source: ESG Today, European Investment Fund and Tech Funding News (July 2026).
A hard market for climate hardware
Climentum framed the raise against a tight funding climate for early-stage climate hardware. General Partner Morten Halborg said the “fundraising environment for early-stage climate hard tech has not been easy,” adding that “investors are more selective, timelines are longer and the proof bar is higher.” The pattern echoes wider signals covered in reporting on how the climate tech funds landscape swelled even as the pace of startup investment slowed, and on shifting confidence across the financial sector on sustainability.
EIF Deputy Chief Executive Merete Clausen tied the commitment to Europe’s industrial base, stating that the region “needs investors willing to back companies developing the industrial technologies that will shape the next generation of clean growth.” The fund’s focus on industrial decarbonisation sits alongside broader European policy debates, including the cost questions raised by the European Green Deal.
About Climentum Capital
Climentum Capital is a climate-focused venture firm founded in Copenhagen in 2022. It invests at the early stage in companies developing technologies that reduce the carbon footprint of high-emitting sectors of the European economy, and it structures its funds under the EU’s Article 9 sustainability classification. With Fund II, the firm plans initial cheques in the range of a few million euros, reserves capital for follow-on rounds, and concentrates on hardware and deep-tech founders across the Nordics and DACH regions. The €60 million first close, weighted toward public and institutional backers led by the European Investment Fund, gives Climentum its starting capital to build that Fund II portfolio while it works toward the €100 million target.
Sources: ESG Today; European Investment Fund; Tech Funding News
Featured image: photo by Google DeepMind on Pexels (free Pexels license).
Become a Sponsor
Our website is the heart of the mission of WINSS – it’s where we share updates, publish research, highlight community impact, and connect with supporters around the world. To keep this essential platform running, updated, and accessible, we rely on the generosity of you, who believe in our work.
We offer the option to sponsor monthly, or just once choosing the amount of your choice. If you run a company, please contact us via info@winssolutions.org.
I specialize in sustainability education, curriculum co-creation, and early-stage project strategy. At WINSS, I craft articles on sustainability, transformative AI, and related topics. When I’m not writing, you’ll find me chasing the perfect sushi roll, exploring cities around the globe, or unwinding with my dog Puffy — the world’s most loyal sidekick.
