IDA, Denmark’s largest trade union, has made its first venture capital investment by backing Climentum Capital’s second climate hard-tech fund, alongside the European Investment Fund and Denmark’s state fund, EIFO.
Climentum Capital Fund II has secured €60 million at first close, moving toward its €100 million goal as climate tech fundraising in Europe slows.
Most of the funding so far comes from public and semi-public sources, with EIF and EIFO providing €55 million out of the €60 million raised.
It’s rare for a trade union representing more than 180,000 engineers and scientists to invest in venture funds. IDA, Denmark’s largest trade union, has joined EIF and Denmark’s export and investment fund, EIFO, as anchor investors in Climentum Capital Fund II, which has now reached a first close of €60 million.
The firm, founded in Copenhagen in 2022 by Morten Halborg, Dörte Hirschberg, Stefan Maard, and Malin Carlström, invests in Seed and Series A hardware and deep-tech companies that tackle industrial emissions, with offices in Berlin and Stockholm.
