Climentum Capital announced the first €60 million close of Fund II. The first close matches the full size of the firm’s Fund I.
The firm said its investment strategy has become more relevant as Europe faces geopolitical instability, supply chain uncertainty, and changing U.S. policy dynamics. Climentum Capital said these pressures have turned the priorities behind its strategy into both strategic and financial necessities.
Fund II will continue investing as an Article 9 fund with a dual carry model. The model is tied to both financial returns and verifiable CO₂ savings.
The fund is anchored by EIFO, which is returning from Fund I. New backers include the European Investment Fund, which represents Climentum Capital’s largest commitment to date, and the Danish Society of Engineers.
The investor base also includes a syndicate of Northern European corporate investors, pension trusts, and family offices. Many of these investors are active in the industrial sectors where Climentum Capital invests.
Climentum Capital said its thesis has also been validated through portfolio results. Less than three years after the firm’s initial investment, Studsvik acquired Kärnfull Next, creating a realized exit for the fund.
The firm’s team has also expanded. Jennifer Dungs joined Climentum Capital as a general partner in October 2025, bringing a PhD in chemistry and more than 25 years of experience across Porsche Digital, BMW Group, and InnoEnergy.
Climentum Capital’s strategy remains focused on leading Seed and Series A rounds in European B2B hard tech companies. The firm targets companies strengthening energy security, supply chain stability, and industrial efficiency.
The first close gives Climentum Capital additional capital to keep backing hard tech companies aligned with Europe’s industrial resilience and energy transition priorities. The firm said it will continue investing in technologies designed to support a stronger and more secure European industrial base.
