Venture capital firm Climentum has announced the first close of its second fund at €60 million ($6.85 million), matching the total size of its inaugural vehicle. Fund II will continue the firm’s strategy of backing European early-stage industrial technology companies focused on sustainability, carbon reduction, and supply chain resilience.
The Article 9 fund, which links its financial performance incentives to both monetary returns and verifiable carbon dioxide savings, launches following the firm’s recent exit of KNXT to Studsvik. The funding round was anchored by the European Investment Fund (EIF), Denmark’s state investment fund (EIFO), and the Danish Society of Engineers (IDA), alongside corporate investors and family offices.
Morten Halborg, General Partner at Climentum, noted that the fundraising environment for early-stage climate hardware technology has become increasingly selective, making the commitment from institutional partners a significant validation of their strategy. The investment team was recently expanded with the appointment of General Partner Jennifer Dungs, who joined the firm late last year to oversee industrial technology deployments.
Fund II will target lead investments in Seed and Series A rounds across Europe, focusing on B2B technologies that address energy security, industrial efficiency, and manufacturing supply chains.
