Investor Profile: Climentum Capital — Thesis, Cheque Size & How to Apply

Thesis

Climentum Capital is a Copenhagen-based venture firm backing European hardtech companies capable of cutting carbon emissions at megaton scale. Founded in Copenhagen in 2022, with offices in Berlin and Stockholm, it invests only where climate impact is large and measurable. Its pitch is catalytic capital: money that helps a hardware company pass a key technical or commercial inflection point and then scale fast.

Climentum is structured as an Article 9 fund under EU sustainable-finance rules, with a defined sustainable investment objective. Unusually, it uses a dual carry structure: the team's incentives are tied to both financial returns and verified emissions reductions, so impact is part of the fund's economics, not just its marketing.

Sectors and stages

The firm targets late Seed and Series A rounds in six areas: next-generation renewables, food and agriculture, industry and manufacturing, buildings and architecture, transportation and mobility, and waste and materials. Recent work concentrates on energy, industry, transport and agriculture across Denmark, Sweden, Germany, Austria and Switzerland.

It looks for hardware and deeptech companies, typically at technology readiness level six or above, where the technology is proven enough to be demonstrated in a relevant environment,

Fund size and cheque size

Its second fund, Climentum Capital Fund II, reached a €60 million first close in July 2026, anchored by a €40 million commitment from the European Investment Fund, alongside Denmark's EIFO and the Danish Society of Engineers, IDA. The fund targets €100 million in total, so the first close is a milestone towards a final close, not the final figure. Reported cheque sizes range from €1 million to €5 million, typically around €2.5 million to €3.5 million for roughly 10% of a company.

Notable portfolio

Its portfolio includes Qvantum, a Swedish heat-pump systems company, Jolt, a Barcelona-based maker of industrial electrodes that cut the cost of green hydrogen production, and One.five, a German developer of paper-based packaging to replace plastic. Others include Continuum (recycled construction materials), Fermify (vegan cheese proteins), Karnfull Next (next-generation nuclear, later acquired by Studsvik) and Aegir Insights.

Partners and team

Climentum was founded by four general partners: Morten Halborg, Dörte Hirschberg, Stefan Maard and Malin Carlström. Halborg spent 15 years at Skandia Asset Management as chief operating officer, chief investment officer and chief executive; Carlström previously invested at Industrifonden, Verdane, SEB and ABB; Hirschberg led an incubation programme at Rocket Internet that scaled more than 50 startups; and Maard led Novozymes' climate-impact innovation portfolio.

Programs, credits and perks

Climentum does not run an accelerator or a published credits programme. Its support is investor-style and hands-on: dedicated carbon-accounting and impact advisory for portfolio companies from the start, help with follow-on fundraising, and access to industrial customers and co-investors including BASF Venture Capital, a backer of its first fund. Its main perk is a lead investor that understands hardware timelines.

How to apply for funding

Founders can approach Climentum through its website at climentum.com, which receives pitch decks and investment materials from founders, and learning how to get funding from Climentum Capital starts with a deck that quantifies emissions reduction in tonnes, not adjectives. The firm wants a credible path to megaton-scale abatement, a technology at readiness level six or above, and a business-to-business model in energy, industry, transport or agriculture.