What stage does Climentum Capital invest at?

Climentum Capital invests at the Seed, Series A stages.

What is Climentum Capital's typical check size?

Climentum Capital typically writes checks of $1.1M – $5.4M.

Where is Climentum Capital located?

Climentum Capital is headquartered in Copenhagen, DK.

Does Climentum Capital lead rounds?

Climentum Capital typically participates in rounds rather than leading them.

Climentum Capital

Venture capital

Copenhagen · Seed–Series A · 13 people tracked

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✨ Fox Verdict

Investment thesis

Climentum Capital backs early-stage, industrial hard tech that supports Europe's resilience, competitiveness, and independence while decarbonizing its highest-emitting sectors. The firm focuses on B2B hardware and deep-tech solutions with genuine decarbonization potential, targeting under-hyped companies that can build the industrial backbone of a resilient Europe. It invests across Europe with a core focus on the Nordics as a climate innovation hub and the DACH region as Europe's industrial heartland. As an Article 9 fund operating a dual carry model, it ties returns to verified climate impact and strict performance criteria, and brings experience scaling hard tech financially, operationally, and commercially.

Invests inAdvanced Manufacturing Circular Economy Cleantech Climate Tech Deep Tech Energy Hardware Impact & Social Good New MaterialsCopenhagenEurope

Source: firm website, verified Aug 3, 2026.

Stage

Seed–Series A

Check

$1.1M – $5.4M

Copenhagen, DK

Leads rounds

Follows

Instruments

Equity

Founded

2020

Tracked investments

Team · 13 people

from the firm's website & public directories

Dörte Hirschberg· General Partner· Berlin, Germany

Co-founder leading investments and investor relations in the DACH region, with experience scaling startups and building corporate partnerships.

d•••@climentum.comreveal

Jennifer Dungs· General Partner· Stuttgart, Germany

Leads hard tech investments, drawing on 25 years of experience in mobility, energy, and industrial deep tech.

Stefan Mård· General Partner· Copenhagen, Denmark

Co-founder and Climentum's impact and sustainability lead, guiding problem-solving and company assessments against the fund's impact mandate.

s•••@climentum.comreveal

Morten Halborg· Managing Partner· Copenhagen, Denmarkin

Co-founder leading fund formation, finance and operational activities, with experience in investment management, sustainability, and board governance.

m•••@climentum.comreveal

Doerte Hirschberg· General Partner· Berlin, Germanyin

Doerte Hirschberg is a General Partner at Climentum Capital, focused on climate technology and impact startups. She has previous experience at McKinsey and Rocket Internet, where she held business development and people-focused roles scaling multiple companies. Hirschberg also works as an investor, founder, and advisor to climate technology companies.

Maru Winnacker· Partner· Germanyin 𝕏

Maru Winnacker is Managing Partner at Urania Ventures, where she invests in scientific breakthrough technology founders. She has an entrepreneurial background and competes in middle-distance triathlon races.

Stefan Maard· General Partner· Copenhagen, Denmarkin 𝕏

Nathalie Öhlander· Principal· Stockholm, Sweden

Oversees financial strategy, forecasting and deal making, bringing experience in private equity and sustainable food systems.

Claudius Bleicher· Junior Analyst· Copenhagen, Denmark

Supports sourcing and screening with a focus on reporting and portfolio monitoring.

Jonas Neyer· Junior Analyst· Copenhagen, Denmark

Handles communication and portfolio reporting, contributing to overall portfolio management.

Malin Carlstrom· General Partner· Stockholm, Swedenin

Malin Carlstrom is a General Partner at Climentum Capital, a venture capital firm focused on CO2-reducing technologies in Article 9-compliant companies. With experience across Swedish, Nordic, and global venture capital markets, Carlstrom has invested across multiple segments and funding phases from seed through Series B, with a particular focus on industrial-scale opportunities combining software-augmented hardware with scalable business models.

m•••@climentum.comreveal

Marc Leduc· Advisor· Germanyin

Marc Leduc is a Senior Investment Manager at BASF Venture Capital GmbH with a Ph.D. in Chemistry and over 20 years of industrial experience, including more than 8 years in corporate venture capital. He focuses on identifying and evaluating investment opportunities in chemistry and related technologies, with core competencies in R&D, product development, and technology incubation.

Praneeta Pakalapati· Francein 𝕏

Pakalapati has experience in venture capital and climate technology, including operational work with startups on fundraising and go-to-market strategy. She has conducted due diligence on companies across climate tech, education technology, and deep tech sectors, and maintains an analytical background through education and early career experience.

Investments · 2 tracked

founders shown can be your intro path

Accelerate offshore wind deployment with software, data and intelligence

Qvantum

Innovative urban heat pump solutions and next-generation thermal mini grid solutions.

Frequently asked questions

What stage does Climentum Capital invest at?: Climentum Capital invests at the Seed, Series A stages.
What is Climentum Capital's typical check size?: Climentum Capital typically writes checks of $1.1M – $5.4M.
What sectors does Climentum Capital focus on?: Climentum Capital focuses on Advanced Manufacturing, Circular Economy, Cleantech, Climate Tech, Deep Tech, Energy, Hardware, Impact & Social Good, New Materials.
Where is Climentum Capital located?: Climentum Capital is headquartered in Copenhagen, DK.
Does Climentum Capital lead rounds?: Climentum Capital typically participates in rounds rather than leading them.

Media · Podcasts & interviews

featuring the team

Why invest in Oslo? Morten Halborg, Climentum Capital

Oslo Business Region · Morten Halborg

Excerpt from Leaders In Cleantech #146 Malin Carlstrom – Climentum Capital 2

Leaders in Cleantech podcast · Malin Carlstrom

Co-investors · 5

Inovia Capital

Inovia Capital is a full-stack venture capital firm based in Canada with a presence in Europe, partnering with founders to build enduring global technology companies.

$250K – $8M

Construct Capital

Construct Capital is an early-stage venture capital firm backing founders that apply technology to modernize foundational industries such as manufacturing, logistics, defense, and energy.

$2M – $6M

Root Ventures Manager, Llc

Root Ventures is a seed-stage venture capital firm that backs deep tech companies founded by engineers.

$1M – $3M

Third Sphere

Third Sphere is an early-stage investor that deploys capital to upgrade systems across sectors such as infrastructure and supply chains, focusing on climate resilience beyond carbon reduction.

$250K – $1M

Auxxo

Auxxo backs and connects the strongest pre-seed and seed female-(co-)founded startups across Europe.

Firms observed investing alongside Climentum Capital, from public investor directories. Shared companies are the overlap with Climentum Capital's recorded portfolio.

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