Climentum Capital Launches Fund II

Climentum Capital, investing in climate hard tech companies shaping a sustainable, resilient, and competitive Europe, led by General Partners Doerte Hirschberg, Dr. Jennifer Jacobs Dungs, Morten Halborg, and Stefan Maard, has announced the close of the first €60 million of Fund II, matching the full size of Fund I. The new fund will continue backing hard tech for a new Europe, investing in climate hard tech companies shaping a sustainable, resilient, and competitive industrial base. 

A Thesis Backed by Results.

The launch of Fund II follows the successful execution of the firm's investment thesis, highlighted by Studsvik's acquisition of KNXT less than three years after the initial investment.

As geopolitical tensions, energy security concerns, and supply chain disruptions reshape global priorities, the fund continues to invest in technologies that strengthen industrial resilience and sustainability. Structured as an Article 9 fund with a dual-carry model, it aligns financial returns with measurable CO₂ reductions.

Backed by Long-Term Investors.

Fund II is supported by a strong group of institutional and strategic investors, including returning backer EIFO, alongside the European Investment Fund (EIF), the Danish Society of Engineers (IDA), and a syndicate of corporate investors, pension funds, and family offices.

According to General Partner Morten Halborg, the backing reflects long-term conviction rather than market momentum, underscoring investor confidence despite a challenging fundraising environment for early-stage climate hard tech.

A Team Present Where It Matters.

Fund II is backed by a geographically distributed team with deep presence across the Nordics and Germany, strengthening sourcing, diligence, and portfolio support beyond capital deployment.

In October 2025, Jennifer Dungs joined as General Partner, bringing a PhD in chemistry, more than 25 years of experience across Porsche, BMW, and InnoEnergy, and over 40 completed investments. Her addition further expands a team with scientific, operational, financial, and entrepreneurial expertise.

What Fund II Will Do.

Fund II continues the same strategy: leading Seed and Series A investments in European B2B hard tech that strengthens industrial resilience, energy security, supply chain stability, and industrial efficiency, grounded in strong business fundamentals.

The fund is designed to deploy into a refined pipeline built on years of thesis validation, incorporating lessons from both completed investments and opportunities passed.

As Europe rebuilds its industrial base, Fund II focuses on ensuring the capital system keeps pace with the urgency of that transformation.