According to EU-Startups, the Footprint Fund I has closed at €76 million to support 30 early-stage climate and DeepTech companies across Northern Europe. The fund is backed by a consortium of major Nordic entities including North-East Family Office, EIFO, Realdania, and Novo Holdings. It has already invested in 20 of its target startups. This closing occurs amidst significant 2025-2026 fundraising activity for similar funds across Europe, with disclosed capital for climate and DeepTech-adjacent vehicles reaching approximately €788 million. Specific examples include London’s 2150 closing a €210 million fund and Munich’s Ananda Impact Ventures securing a €73 million first close.
Footprint’s Strategy
So, what’s the play here? The Footprint Fund I isn’t trying to be the biggest fish in the pond. At €76 million, it’s positioning itself as a specialist, mid-sized fund for the earliest stages of the green transition. Its backers—a who’s who of Danish and Nordic foundations and family offices—aren’t your typical flash-in-the-pan VCs. They’re built for the long haul, which aligns perfectly with the kind of deep, hard tech these climate and DeepTech startups are building. You can’t decarbonize industry or build new energy systems in a single funding cycle. The fund’s model seems to be about disciplined, expert-led bets on foundational technologies, providing not just capital but “long-term partnership,” as managing partner Jakob Mathias Wichmann put it. That’s crucial when you’re dealing with complex hardware and science that takes years to commercialize.
The Broader European Wave
Here’s the thing: Footprint’s close isn’t an isolated event. It’s a data point in a massive continental shift. Look at the numbers they cite—nearly €800 million moving into these thematic funds in a short period. You’ve got massive €200+ million funds like 2150 focusing on urban systems, and smaller, targeted vehicles like the €20 million Vanagon Ventures for pre-Seed DeepTech. This creates a capital stack. The big funds can write later, larger checks, but they need a pipeline of mature companies to invest in. That’s where Footprint and its peers come in. They’re the scouts and cultivators for the early, risky, R&D-heavy phase. Basically, Europe is building a full-spectrum financing ecosystem for its climate tech ambitions, and Northern Europe is firmly planting its flag with funds like this one.
Why This Matters Now
But why the surge? Timing is everything. There’s a perfect storm of regulatory push (think EU Green Deal), technological readiness, and, frankly, investor demand for tangible impact alongside returns. The beneficiaries are clear: the 30 startups that will get funded. These aren’t app companies. We’re talking about startups working on industrial decarbonization, new energy systems, and advanced materials. This is the unsexy, critical infrastructure of a net-zero future. And let’s be honest, building this stuff requires serious engineering and industrial know-how. It’s a world away from consumer software. For companies developing physical products and complex systems, having investors who understand the long road from lab to factory floor is everything. It’s a signal that European capital is finally getting serious about funding the hard tech behind the green transition.
