Climentum closes the first €60 million of Fund II

Climentum Capital, a leading European climate-tech venture capital firm, today announced the first close of its second fund (Fund II) at €60 million. Matching the total size of its inaugural fund, Fund II will continue Climentum's dedicated strategy of backing early-stage, business-to-business (B2B) hard tech companies that are shaping a sustainable, resilient, and competitive European industrial base.

The announcement comes on the heels of a proven track record for the firm's core investment thesis, highlighted by the recent cross-border acquisition of portfolio company KNXT by Swedish nuclear tech leader Studsvik less than three years after Climentum's initial investment.

Despite a challenging global fundraising environment for early-stage climate hard tech, Climentum’s second fund has secured high-caliber institutional backing. The European Investment Fund (EIF) joins as the largest commitment to date, alongside anchoring support from Denmark's state investment fund (EIFO), which also anchored Fund I. The Danish Society of Engineers (IDA) joins the fund alongside a robust syndicate of Northern European corporate investors, pension trusts, and family offices deeply rooted in the industrial sectors Climentum targets.

"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."

Climentum Capital operates as an Article 9 fund featuring a distinctive dual-carry model, explicitly tying the firm’s financial performance to both traditional venture returns and verifiable CO₂ reduction targets.

The firm notes that macroeconomic and geopolitical pressures, including energy market volatility in the Middle East, the ongoing war in Ukraine, supply chain disruptions, and an unpredictable US policy environment, have rapidly transformed climate hard tech and industrial efficiency from long-term sustainability goals into immediate strategic and national security necessities for Europe.