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Climentum Capital is a venture capital firm founded in 2021-2022, headquartered in Copenhagen, Denmark, with additional offices in Berlin, Germany, and Stockholm, Sweden. The firm focuses on supporting early-stage climate hard tech companies that are pivotal in transforming high-emission industries to combat the climate crisis. Climentum Capital has successfully raised a total of €157 million for its first fund, which was initially targeted at €150 million. The firm has a diverse LP base, including notable investors such as BASF Venture Capital and Vaekstfonden.
Since its inception, Climentum Capital has established itself as a key player in the climate tech investment space, particularly in Europe, where it targets the Nordics and the DACH region. The firm has a total of 13 portfolio companies, reflecting its commitment to driving innovation in sectors that significantly impact carbon emissions. Climentum Capital is gearing up for its second fund, which is expected to launch in 2026 with a target of €100 million.
Climentum Capital invests primarily in climate hard tech solutions that address industrial decarbonization and sustainable re-industrialization. The firm targets high-emission sectors, including energy, manufacturing, transportation, and materials, with a strong emphasis on B2B hard tech companies. Investment stages include Seed and Series A, with initial check sizes ranging from €1 million to €5 million. Climentum Capital aims for a target ownership stake of 10% in its portfolio companies.
In addition to initial investments, the firm reserves 50% of its capital for follow-on investments, allowing it to support portfolio companies as they scale. Climentum Capital's investment thesis emphasizes the integration of decarbonization efforts with industrial development and financial performance, ensuring that the companies it backs are not only environmentally sustainable but also economically viable.
Climentum Capital's portfolio consists of 13 companies that are at the forefront of climate hard tech innovation. Notable portfolio companies include:
This diverse portfolio reflects Climentum Capital's commitment to addressing industrial emissions through innovative hardware and deep-tech solutions.
Morten Halborg - General Partner and Co-founder. Morten has a background in venture capital and has led multiple investments in the climate tech sector. He is based in Copenhagen.
Dörte Hirschberg - General Partner and Co-founder. Dörte brings extensive experience in industrial scaling and has been instrumental in shaping the firm's investment strategy.
Stefan Mård - General Partner and Co-founder. Stefan has a strong track record in supporting early-stage technology companies.
Jennifer Dungs - General Partner. Jennifer focuses on industrial scaling and joined the firm later, contributing her expertise in operational support.
Nathalie Öhlander - Principal. Nathalie is based in Stockholm and plays a key role in sourcing and evaluating investment opportunities.
Claudius Bleicher - Junior Analyst. Claudius supports the investment team with research and analysis.
Jonas Neyer - Junior Analyst. Jonas assists in evaluating potential investments and portfolio management.
To pitch Climentum Capital, founders should visit their application page at climentum.com. It is recommended to include a comprehensive pitch deck that covers the business model, market analysis, and team qualifications. Climentum Capital prefers warm introductions but will consider direct applications through their website.
Response times may vary, but founders can generally expect feedback within a few weeks of submission. Climentum Capital is particularly interested in innovative solutions that align with their focus on climate hard tech and industrial decarbonization.
In March 2025, Climentum Capital made headlines by leading a $4.34 million Seed round for ecoLocked, a startup focused on innovative climate solutions. Additionally, the firm participated in an equity round for Scale Energy, collaborating with other investors such as Vireo Ventures and Antler.
Climentum Capital has also made follow-on investments in Novatron, a Stockholm-based startup specializing in fusion reactors, further solidifying its commitment to supporting companies that address industrial emissions. The firm continues to expand its portfolio, having added two new investments in the last 12 months.
What are Climentum Capital's investment criteria?
Climentum Capital focuses on early-stage B2B hard tech companies in high-emission sectors, particularly in Europe. They invest at the Seed and Series A stages, with check sizes ranging from €1 million to €5 million.
How can I apply or pitch to Climentum Capital?
Founders can submit their investment applications through Climentum Capital's website at climentum.com. It is advisable to include a detailed pitch deck outlining the business model, market opportunity, and team background.
What makes Climentum Capital different from other investors?
Climentum Capital specializes in climate hard tech, focusing on industrial decarbonization and sustainable re-industrialization. Their tailored capital structures for first-of-a-kind deployments set them apart in the venture capital landscape.
What is Climentum Capital's geographic scope?
The firm primarily invests in Europe, with a specific focus on the Nordics and the DACH region (Germany, Austria, Switzerland).
What is Climentum Capital's follow-on investment strategy?
Climentum Capital reserves 50% of its capital for follow-on investments, allowing them to support portfolio companies as they grow and scale.
What is the size of Climentum Capital's fund?
The firm has raised €157 million for its first fund and is preparing to launch a second fund with a target of €100 million.
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