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92 Capital, formerly known as 92 Ventures, is a Copenhagen-based venture capital fund dedicated exclusively to the nuclear energy sector. Founded by Mads Steenberg, the firm focuses on investing in innovative technologies that contribute to the development of nuclear power. The fund has a target size of €450 million and aims to support advancements across the entire nuclear value chain, including reactor designs, next-generation fuels, and digitalization.
Currently, 92 Capital is in the process of fundraising for its nuclear-specific initiatives, with a goal to build a portfolio of 10 to 30 companies over the next decade. The firm primarily targets investments in Europe but maintains a global perspective on opportunities within the nuclear energy sector. The fund's leadership includes experienced investors and industry professionals, with Joachim Ante as a notable anchor investor who has committed approximately €50 million of personal capital.
92 Capital invests exclusively in the nuclear energy sector, targeting companies that are innovating within the nuclear value chain. The firm is interested in opportunities across various stages of development, including pre-seed, seed, and growth equity rounds. Check sizes typically range around €17.5 million, as evidenced by their conditional investment in Blykalla from the EIC Accelerator Fund.
The fund's investment strategy emphasizes the importance of regulatory support, public acceptance, and technological advances in driving innovation in nuclear power. 92 Capital seeks to capitalize on these trends by supporting companies that are developing advanced reactor technologies, next-gen fuels, and solutions that enhance the efficiency and safety of nuclear energy production.
92 Capital's portfolio currently includes two notable companies in the nuclear energy sector:
Mads Steenberg: Founder of 92 Capital, Mads has extensive experience in venture capital and a strong background in the energy sector.
Joachim Ante: Anchor investor and co-founder, Joachim is the former CTO of Unity Technologies and has committed approximately €50 million of personal capital to the fund. His expertise lies in technology and investment strategy.
To pitch to 92 Capital, founders should submit their proposals through the official website at 92capital.dk. The pitch deck should include a comprehensive overview of the technology, market analysis, and financial projections. Founders are encouraged to provide details on their team and any existing traction.
Response times may vary, but founders can expect to hear back within a few weeks. Warm introductions are preferred, especially from industry contacts or existing investors.
In April 2026, 92 Capital announced a conditional investment of €17.5 million in Blykalla, highlighting its commitment to advancing nuclear technology. The firm is actively fundraising to support its nuclear-specific initiatives and aims for a first close in the near term.
92 Capital has also been involved in leading a €22 million round for Steady Energy, which focuses on small modular reactors (SMRs) and has completed a subsequent €32 million round.
What are 92 Capital's investment criteria?
92 Capital focuses exclusively on the nuclear energy sector, investing in companies that are innovating within the nuclear value chain. The firm targets various stages of development, from pre-seed to growth equity, and typically invests around €17.5 million per deal.
How can founders apply or pitch to 92 Capital?
Founders can pitch their ideas through the official website at 92capital.dk. It is advisable to include a detailed business plan and information about the technology being developed.
What makes 92 Capital different from other venture funds?
92 Capital is unique in its exclusive focus on the nuclear energy sector, which allows it to provide specialized support and insights to its portfolio companies. The fund's leadership includes industry experts who understand the regulatory and technological challenges in the nuclear space.
What is the geographic scope of 92 Capital's investments?
While 92 Capital primarily targets investments in Europe, it maintains a global perspective on opportunities within the nuclear energy sector, allowing for a diverse range of investments.
What kind of post-investment involvement does 92 Capital have?
92 Capital offers strategic support to its portfolio companies, providing access to industry expertise, connections within the nuclear sector, and guidance on navigating regulatory landscapes. This involvement helps companies to scale effectively and address challenges in the nuclear energy market.
What are the expected returns for investors in 92 Capital?
The fund targets returns of 2-5x on invested capital over its investment horizon, which typically spans a decade.
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