Copenhagen-based venture capital firm Climentum Capital, which stands for Climate momentum, launches a €150M generation fund for projects that will invest in Europe’s sustainable future. It is hoped that emissions caused by millions of tons of carbon dioxide can be prevented thanks to this fund, which targets strategically important destinations in Europe such as Copenhagen, Stockholm and Berlin.
Triggered by many reasons like changes in consumer habits, rapid progression to the level of scarcity of resources which led to the need for a radical change, shifting corporate spending and strategies, and of course increasing pressure on energy and commodities markets, this fund will be used to support 25 Europe-based startups at late-Seed to Series A with tickets ranging from 1 to 5M EUR and working on nextgen renewables, food & agriculture, industry & manufacturing, buildings & architecture, transportation & mobility, and waste & materials.
The fund is backed by renowned corporate investors, banks, industrial conglomerates such as BASF Venture Capital, Arbejdernes Landsbank, Vaekstfonden prominent family offices and successful tech entrepreneurs – all sharing the ambition to combat climate change through investing in disruptive technologies.
This fund occupies a meaningful and important position for many reasons. One of them is that it is run by a diverse team. Climentum Capital is founded by five General Partners, – two of whom are women- including Dörte Hirschberg, Yoann Berno, Stefan Maard, Morten Halborg and Stockholm GP who will be announced later. The founding team has a combined working experience in the venture capital and startup arena of over 70 years, conducting over 50 investments – as well as deep corporate experience in asset management, innovation, acceleration/incubation, and sustainability. The team sees itself as encompassing a combined skill set that is unique to the venture market in Europe.
Climentum Capital will be among the first article 9 funds in Europe, with a dedicated focus on CO2 emission reductions from day one. With a fully dedicated Impact Partner (Stefan Maard), Climentum is dedicating full-time resources to carbon accounting and impact advisory for portfolio companies right from the start.
“Now is the time to invest in Climate Tech. We need to see results within the next decades and see momentum from all sides: governments and corporations are pushing for real change, the best talent is moving into the space and technology has developed massively” says Dörte Hirschberg.
“We are absolute technophiles”, says Yoann Berno. “We will be looking for needle-moving technologies and solutions that often stretch a bit from your ordinary ‘safe-zone’ investment opportunities we might see the generalist funds go for. Deep tech is not something we shy away from – quite the contrary.”
“There is a concrete value-add to both founders and investors”, says Impact Partner, Stefan Maard. “Investors gain access to a cutting-edge Article 9 fund that delivers climate impacts and the associated data to help them achieve and report on their own climate and ESG targets. This is something that has resonated well with especially institutional and more forward-looking investors.
Looking toward the founders, they are keen to work with truly mission-aligned investors that are also willing and able to help them mature on their own sustainability journeys – including documenting climate change impacts and leveraging that to access non-dilutive capital such as carbon credits, grants and ESG related project financing.”
“Mobilising institutional capital to invest in attractive, early-stage, and highly scalable European green innovation is mission-critical if we are to curb climate change in time.” statesMorten Halborg.
“The impact space needs investment vehicles that are fully competitive in the market. It’s the only way to bring sufficient leverage to the fight against global warming.” says Stefan Maard.
“I dream of a world where humanity has overcome its growing pains as a species and healed its troubled relationship with nature. And it’s going to require lots of money.” comments Yoann Berno.