2150 Raises €210 Million to Back Sustainable Infrastructure

2150 raises €210 million in a final close for its second fund, cementing the London-based venture capital firm’s position among Europe’s most active investors in technologies designed to transform how cities are built, powered and operated. The fundraise brings total assets under management to €500 million, a milestone reached just four years after the firm’s founding.

The fund attracted backing from institutional investors across three continents, including Novo Holdings, the investment arm of the Novo Nordisk Foundation with €142 billion in assets; Denmark’s sovereign investment fund EIFO; Chr. Augustinus Fabrikker; and the US-based Church Pension Group. Family offices including Viessmann Generations Group and Security Trading Oy also participated, alongside fund-of-funds Carbon Equity and Dublin-based Islandbridge Capital.

Christian Jolck, co-founder and partner at 2150, said the close validates both the firm’s investment thesis and its execution over the past four years. The portfolio now spans 27 companies with combined annual revenues exceeding $1 billion and a workforce of more than 4,500 employees globally. The firm calculates that its portfolio companies have mitigated over one megatonne of carbon dioxide equivalent emissions annually.

European climate technology investment is undergoing a structural shift, and 2150 raises capital at a pivotal moment. What began as a niche category dominated by software plays has evolved into a sector attracting serious institutional capital for hardware-intensive, infrastructure-adjacent businesses. The fund’s investor base reflects this maturation, drawing pension funds, sovereign wealth vehicles and large family offices rather than the high-net-worth individuals who typically anchor early-stage climate vehicles.

The firm operates with a thesis centered on what it calls the “urban stack,” encompassing every element of the built environment from construction materials and energy systems to mobility networks and industrial processes. Cities generate approximately 80 percent of global gross domestic product while producing more than 70 percent of greenhouse gas emissions, according to data from the International Energy Agency and the World Bank. That concentration creates what 2150’s founders view as the largest addressable market for climate technology deployment.

The fundraise comes against a backdrop of intensifying competition among European climate investors. Berlin-based Future Energy Ventures closed a €205 million fund in late 2025. Barcelona-headquartered Suma Capital raised €210 million for industrial decarbonization. That 2150 raises a fund of comparable size signals a maturing ecosystem where institutional allocations are increasing.

The firm was founded in 2019 by Christian Hernandez, Jacob Bro, Mikkel Bülow-Lehnsby and Christian Jolck. Hernandez previously served as head of international business development at Meta and head of new markets at Google. Bülow-Lehnsby co-founded NREP, a Northern European real estate investment platform where he served as chief executive for more than 13 years.

The firm operates within Urban Partners, a platform of aligned investment strategies focused on urban problem-solving. That structure explains how 2150 raises capital while gaining access to forums typically closed to standalone venture firms, including a partnership with C40, the network of mayors from major global cities working on climate initiatives.

Fund II has already deployed capital into several companies. AtmosZero, which manufactures electrified industrial heat pumps that replace gas boilers in steam production, received investment from the vehicle. Mission Zero Technologies, a direct air capture company developing systems to remove carbon dioxide from ambient air, also secured backing. Metycle, a business-to-business marketplace enabling circular trade of scrap and recycled metals, joined the portfolio alongside GetMobil, a refurbished electronics platform. Three additional investments remain unannounced.

The first fund built positions in companies that have since achieved significant scale. 1Komma5°, a pan-European platform offering integrated rooftop solar, battery storage, electric vehicle charging and heat pump installation, has grown into a category leader managing what the firm describes as Europe’s largest collection of decentralized renewable energy assets. The company received €150 million in pre-IPO financing in early 2025, with participation from CalSTRS, G2VP and 2150. Vammo, which operates an e-motorbike leasing and battery-swapping network in Brazil, is electrifying urban delivery fleets across major cities. Blue Frontier has developed cooling technology that reduces energy consumption by up to 90 percent compared to conventional systems.

The firm focuses on Series A and Series B rounds, and when 2150 raises for a deal it typically writes initial checks between €3 million and €15 million with substantial reserves allocated for follow-on investment. The target is approximately 20 companies per fund, concentrating capital rather than spreading it across dozens of positions. That approach reflects a conviction that climate technology businesses often require patient capital and sustained support to navigate the longer development cycles typical of hardware and infrastructure plays.

The broader market context favors investors who can demonstrate measurable outcomes. McKinsey has estimated that the total cost of the global transition to net-zero emissions will reach $275 trillion between 2021 and 2050. The opportunity set extends across later-stage private equity, infrastructure funds and new financial instruments around carbon markets.

The distinction between climate technology and traditional industrial investment is blurring, and 2150 raises its profile by straddling both categories. The firm’s portfolio includes companies working on lower-carbon cement, biodiversity monitoring, critical minerals extraction and circular economy infrastructure. These businesses sit at the intersection of environmental impact and industrial transformation, targeting sectors responsible for significant emissions but historically slow to adopt new technologies.

The firm maintains offices in London, Copenhagen and Berlin, with a team of 17 professionals. Jacob Bro, Christian Jolck, Rahul Parekh and Christian Hernandez lead investment decisions. The geographic footprint reflects the firm’s transatlantic mandate, with portfolio companies operating across Europe and North America.

For institutional investors, the appeal lies in 2150’s focus on revenue-generating businesses rather than pre-commercial research projects. The aggregate revenue figure across the portfolio suggests the firm has identified companies achieving commercial traction rather than backing technologies that may take decades to reach market.

European policymakers continue to advance climate-related regulations and incentives, creating a favorable environment in which 2150 raises its second fund. The European Union’s Green Deal, coupled with national programs across member states, has created a supportive backdrop for companies developing solutions aligned with decarbonization targets. The Inflation Reduction Act in the United States has added a further catalyst, drawing European climate companies to consider transatlantic expansion.

The close of Fund II marks the end of fundraising activity for the current vehicle. The firm will now focus on deploying the remaining capital while managing existing portfolio companies toward their next stages of growth. For the climate technology sector more broadly, the successful raise represents continued evidence that institutional investors are willing to commit meaningful capital to the space, even as broader venture markets remain cautious.