Venture capital firm Climentum Capital announced today the launch of a new €150 million venture to in invest in and scale European early-stage climate tech companies tackling CO2 emissions.
According to Climentum, the fund’s investment thesis is rooted in several related macro trends, including changing consumers habits towards cleaner, more circular, and regenerative products, rising pressure on governments to accelerate the pace of climate-friendly reforms, growing corporate spending on sustainability and carbon neutrality, shifting corporate strategies, and increasing pressure on energy and commodities markets.
Dörte Hirschberg, General Partner, Climentum Capital, said:
“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.”
The company is planning to invest in 25 startups across Europe from late-Seed stage to Series A, with investments ranging from €1 million to €5 million. Key CO2 reduction categories identified for investment include next-gen renewables, food & agriculture, industry & manufacturing, buildings & architecture, transportation & mobility, and waste & materials.
Climentum stated that the new fund will have a “dual carry model”, which is based on both financial and climate impact targets, and it will be among the first article 9 funds in Europe, with a dedicated focus on CO2 emission reductions from the start.
Yoann Berno, General Partner, Climentum Capital, said:
“We are absolute technophiles. 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.”
The first closing on the fund has been secured, with final close expected for the end of 2022. Early backers include BASF Venture Capital, Arbejdernes Landsbank, Vaekstfonden, as well as family offices and tech entrepreneurs.
Stefan Maard, General Partner, Climentum Capital, said:
“There is a concrete value-add to both founders and investors. 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 Environmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. More targets. This is something that has resonated well with especially institutional and more forward-looking investors.”
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