IDA, Denmark\u2019s largest trade union, has made its first venture capital investment by backing Climentum Capital\u2019s second climate hard-tech fund, alongside the European Investment Fund and Denmark\u2019s state fund, EIFO.<\/p>\n
Climentum Capital Fund II has secured \u20ac60 million at first close, moving toward its \u20ac100 million goal as climate tech fundraising in Europe slows.<\/p>\n
Most of the funding so far comes from public and semi-public sources, with EIF and EIFO providing \u20ac55 million out of the \u20ac60 million raised.<\/p>\n
It\u2019s rare for a trade union representing more than 180,000 engineers and scientists to invest in venture funds. IDA, Denmark\u2019s largest trade union, has joined EIF and Denmark\u2019s export and investment fund, EIFO, as anchor investors in Climentum<\/a> Capital Fund II, which has now reached a first close of \u20ac60 million.<\/p>\n The firm, founded in Copenhagen in 2022 by Morten Halborg<\/a>, D\u00f6rte Hirschberg<\/a>, Stefan Maard<\/a>, and Malin Carlstr\u00f6m<\/a>, invests in Seed and Series A hardware and deep-tech companies that tackle industrial emissions, with offices in Berlin and Stockholm. <\/p>\n Fund II focuses on early-stage companies in energy, industry, transport, and agriculture across Denmark, Sweden, Germany, Austria, and Switzerland.<\/p>\n Challenges in Attracting Private Capital<\/p>\n It is getting harder to attract generalist investors to climate hard tech. Higher interest rates, a slower exit market, and overall economic uncertainty have made many private investors prefer safer, short-term options. As a result, hardware companies that need more time and money are competing for a smaller pool of patient capital. <\/p>\n Climentum\u2019s general partner, Morten Halborg, says, \u201cThe fundraising environment for early-stage climate hard tech has not been easy. Investors are more selective, timelines are longer, and the proof bar is higher. That is why the composition of the Fund II launch matters: our investor syndicate reflects informed conviction, not momentum investing.\u201d<\/p>\n So far, almost all the support has come from public and semi-public institutions, not from general private investors. EIF has put in \u20ac40 million, EIFO \u20ac15 million, and IDA \u20ac5 million, making state-linked funding the main source for this first close. <\/p>\n EIF\u2019s deputy chief executive, Merete Clausen<\/a>, notes Europe \u201chas excellent research and business ideas\u201d but needs investors \u201cwilling to back companies developing the industrial technologies that will shape the next generation of clean growth.\u201d <\/p>\n