Climentum Capital

What Climentum Capital does

Climentum Capital is a Copenhagen-headquartered venture capital firm specializing in early-stage European climate hard tech. Founded in 2020/2021 by Morten Halborg, Stefan Mård, and Dörte Hirschberg, the firm manages Fund I, which launched in 2022 with €60M in LP commitments, and is preparing to launch Fund II in 2026. The firm operates as an Article 9 fund under the EU Sustainable Finance Disclosure Regulation, employing a dual carry model that ties financial returns to a fixed portfolio-level emissions reduction target of 1 MtCO2e. Climentum invests at Seed and Series A stages with €1-5M initial tickets, 10% target ownership, and up to €10M follow-on capacity, reserving roughly 50% of capital for follow-on rounds. It has executed 17 investments across 7 European countries through its Nordic-DACH Bridge thesis, with offices in Copenhagen, Berlin, Stockholm, Stuttgart, Oslo, and Helsinki.

The firm's revenue model is standard institutional VC: management fees on committed capital plus carried interest on realized portfolio exits. The portfolio spans industrial heat pumps (Enerin, Qvantum), agricultural AI (Nature Robots), industrial battery storage (Scale Energy), rail logistics (Rail-Flow), heating cable management (EQON), nuclear fusion (Novatron), electrolysis (JOLT), and composite recycling (Rodinia). The first realized exit was KNXT's acquisition by Studsvik AB in 2026. The senior team of seven to ten professionals combines institutional investing backgrounds (Skandia), industrial deep tech experience (Porsche, BMW, Ford), and consulting/scaling expertise (McKinsey, Rocket Internet), enabling thesis-driven sourcing and active portfolio support across financial, operational, and commercial scaling.

Climentum's go-to-market is relationship-based and thesis-driven rather than broadly marketed. Deal sourcing relies on the team's Nordic and DACH networks, co-investor relationships with firms such as Vireo Ventures, Antler, Bayern Kapital, Trill Impact, Azolla Ventures, and Johnson Controls, and thought-leadership content via its website and newsletter. Customer-facing activity is directed both at portfolio founders (deal flow and support) and at LPs (capital raising). The 2025 loss of General Partner Malin Carlström was partially offset by the additions of Jennifer Dungs as GP and Nathalie Öhlander as Principal.

Name

Climentum Capital

Legal name

Climentum Capital Management ApS

Website

https://climentum.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

1–10 employees

Short description

Climentum Capital is a Copenhagen-based venture capital firm investing Seed and Series A capital (€1-5M initial, up to €10M follow-on) into European climate hard tech companies across the Nordics and DACH, operating as an Article 9 SFDR fund with a dual carry model tying returns to verified emissions reductions.

Ownership category

akta.pro rank

Product category

Venture Capital / Climate Tech Investing

NAICS

Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282)

akta.pro primary industry

Climate Finance Funds & Green Investment Facilities (BPADACAH)

akta.pro secondary industry

Climate Finance Strategy (CapEx planning, green finance, incentives & grants) (EUABAKAG)

Keywords

• Venture capital
• Climate tech investing
• Early stage funding
• Industrial decarbonization
• Article 9 fund

Headquarters

HQ city

Copenhagen

HQ country

Denmark

HQ region

Europe

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Fund Management: Climentum Capital generates returns through management fees on committed capital and carried interest (carry) on fund profits. The dual carry model ties financial carry to verified climate impact targets.
2. Portfolio Returns: Realization of returns through exits of portfolio companies, including strategic acquisitions and potential IPOs. First exit was KNXT acquired by Studsvik AB in 2026.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Climentum Capital is a European venture capital firm that invests Seed and Series A capital (€1-5M initial tickets, up to €10M follow-on) into early-stage climate hard tech companies across the Nordics and DACH region. Operating as an Article 9 fund under EU SFDR with a dual carry model that ties financial returns to verified climate impact (target of 1 MtCO2e portfolio-level emissions reduction), the firm backs un-hyped hard tech solutions decarbonizing Europe's highest-emitting industrial sectors.

Product overview

Climentum Capital is a European venture capital firm operating as an Article 9 fund under SFDR, investing in early-stage climate hard tech companies across the Nordics and DACH regions. The firm manages Fund I (€60M, launched 2022) with Fund II launching in 2026. Investment strategy focuses on Seed and Series A stages with €1-5M initial tickets and up to €10M follow-on capacity per company. The portfolio includes companies across energy security, industrial efficiency, and supply chain stability sectors, including Qvantum (heat pumps), Enerin (industrial heat pumps), Nature Robots (autonomous farming software), Rail-Flow (rail logistics platform), Scale Energy (battery storage), Novatron (nuclear fusion), Jolt (electrolysis electrodes), and Rodinia (composite waste recycling). The firm's dual carry model ties financial returns to verified climate impact targets.

Differentiator

Problem solved

Functional benefit

Products and services

• Climentum Fund I Early-stage venture capital fund with €60M in commitments investing in Seed and Series A climate hard tech companies across Nordics and DACH. Provides €1-5M initial tickets with up to €10M follow-on capacity per portfolio company.
• Climentum Fund II Successor venture capital fund planned for 2026 launch, intended to scale Climentum's climate impact and deepen industrial focus across European climate hard tech investments.
• Hard Tech Seed and Series A Investments Direct equity investments of €1-5M initial ticket sizes with 10% target ownership stake and 50% reserved for follow-on, supporting un-hyped climate hard tech founders across financial, operational, and commercial scaling.

Quantifiable outcome

• Fund I launched in 2022 with €60M in commitments
• +3 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Scale indicators10 records

Recent moves11 records

Expansion highlights5 records

Broad incumbents

• Breakthrough Energy Ventures: Bill Gates-backed, multi-billion-dollar climate tech venture fund investing globally across the same hard-tech decarbonization themes (heat, electricity, transportation, manufacturing) that Climentum targets in Europe. Same asset class, much larger scale, broader geographic mandate.
• Lowercarbon Capital: US-based climate tech VC fund deploying across the full climate stack from carbon removal to industrial decarbonization. Comparable asset class and climate-only mandate but US-centric and significantly larger fund vintages.
• Speedinvest: Vienna-based European early-stage VC with a dedicated Climate Tech & Industrial Tech fund. Larger multi-sector fund manager but overlapping DACH-based climate hard-tech mandate at comparable entry stages to Climentum.

Direct peers

• Planet A Ventures: Berlin-based early-stage European VC fund exclusively focused on climate tech startups. Closest direct peer to Climentum given similar European focus, seed/Series A entry stage, and climate-only mandate, with comparable fund size (€160M Fund I).
• Pale Blue Dot: Sweden-based climate VC fund investing in early-stage European startups tackling climate change, sharing Climentum's Nordic origin, seed/Series A entry stage, and focus on impactful climate solutions.
• 2150: Copenhagen-based early-stage VC investing in European startups that reshape how the world builds, moves, feeds and powers itself. Same Copenhagen base, similar hard-tech / decarbonization thesis, and overlapping Nordic sourcing network as Climentum.
• Clean Energy Ventures: US-based seed-stage climate tech fund investing in early-stage companies decarbonizing energy, mobility, and industry. Same climate-only, seed/Series A focus on deep decarbonization hard tech as Climentum, though focused on North America.
• Azolla Ventures: Climate-focused early-stage VC that co-led EQON's $6M seed round alongside Climentum. Comparable climate-only thesis, seed/Series A entry, and hard-tech focus with overlapping portfolio.
• Trill Impact: Nordic-based impact-focused VC that led Rail-Flow's €12.5M Series A alongside Climentum. Comparable early-stage impact mandate, Nordic presence, and direct co-investment relationship with Climentum on portfolio deals.
• The Footprint Firm: Climate-focused VC that co-led Enerin's €15M Series A alongside Climentum. Direct co-investment overlap on Climentum's portfolio, with similar early-stage climate hard-tech focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/climentum-capital
• Xx.com/climentum

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments24 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Climentum Capital