Copenhagen-based Climentum Capital has reached the first close of its second fund at €60 million, matching the full size of its debut vehicle. The firm continues to back European climate HardTech companies aiming to strengthen the continent’s industrial resilience, sustainability, and competitiveness.
The European Investment Fund (EIF) committed €40 million to the fund. In an unusual move, Denmark’s largest trade union, IDA—representing over 180,000 engineers and scientists—also participated as a limited partner, marking a rare instance of a trade union investing in venture funds.
Fund II mirrors the target size of Climentum’s first fund, suggesting the firm is maintaining its strategy rather than scaling aggressively. The climate HardTech space in Europe remains fragmented, with competitors including World Fund and Pale Blue Dot, but Climentum differentiates by focusing on deep tech for industrial decarbonization.
The EIF’s significant commitment signals continued institutional appetite for climate-focused venture capital, while the trade union’s involvement may indicate growing interest from nontraditional LPs in aligning pension capital with sustainability goals. This could pave the way for more labor organizations to enter the asset class.
Climentum has not disclosed a target for the full fund close beyond the €60 million first close. The firm invests across hardware-heavy climate solutions, from materials science to industrial biotech.