New fund has completed is first close with backing from investors including BASF Venture Capital, and will invest in startups focused on “needle-moving technologies” to cut CO2 emissions
Climentum Capital, a new venture capital company with offices in Copenhagen, Berlin and Stockholm, has launched its first fund seeking to raise €150m to invest in cutting-edge climate technology.
The fund, which is focused on investing in late seed and series A startups in Europe that can cut down “megatons” of CO2 emissions, has reached first close of an undisclosed amount, and is targeting a final close by the end of 2022.
Investors to date include industrial conglomerates, corporate investors and banks, including BASF Venture Capital, and Denmark’s Arbejdernes Landsbank and Vaekstfonden, as well as family offices and tech entrepreneurs, according to Climentum.
This is the latest of a number of funds to be launched in recent months, eager to attract investment from a fast-growing pot of impact-related funding targeting climate change solutions.
Climentum claims its offering will be among the first Article 9 funds in Europe to have a dedicated focus on CO2 emissions reductions from day one. Yoann Berno, one of Climentum’s general partners says the fund will also be looking at investing in some higher-risk ventures that could reap major dividends in terms of emissions cuts if they can be scaled up.
“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,” Berno said on announcing the fund launch.
Climentum is seeking to invest in 25 start-ups across Europe with tickets in the €1m-€5m range. Sectors under consideration include next generation renewables, food and agriculture, industry and manufacturing, buildings and architecture, transport and mobility, and waste and materials
Berno is a former software engineer turned entrepreneur with a track record of climate tech investments. The other general partners at Climentum are Dörte Hirschberg, formerly of McKinsey and a leader at incubator Rocket Internet; Stefan Maard, formerly of biotech company Novozymes; Morten Halborg, a former Skandia executive; and a yet-to-be-announced Stockholm-based female partner.
Between them, they have experience in asset management, innovation, acceleration/incubation, and sustainability and have carried out over 50 investments.