2150 closes second fund at EUR €210m for urban tech

London & Copenhagen - Venture capital firm 2150 has successfully closed its second fund at €210 million, bringing its total assets under management (AUM) to €500 million.

The firm confirmed it will maintain its investment focus on technology companies specifically linked to the "urban stack" - cities and their associated industries. Operating out of offices in London and Copenhagen, 2150 has expanded its headcount to 17 team members across both locations.

Investor mix

2150 has secured investment from a diverse range of financial institutions and family offices, with a limited partner base extending across Europe, Asia, and North America. Notable investors named in the fund include Viessmann Generations Group, Chr. Augustinus Fabrikker, Novo Holdings, and the Danish sovereign fund EIFO.

Additional backing was provided by Security Trading Oy, Islandbridge Capital, Fund of Funds Carbon Equity, and the US-based Church Pension Group. This final close occurs four years after 2150 commenced its investment activities; the firm reports that it has backed 27 companies since the launch of its inaugural fund in 2021.

Track record

2150 said its 27 portfolio companies have combined annual revenues in excess of USD $1 billion. It said the companies employ more than 4,500 people globally. It also said the group reports climate impacts "measured at megatonne scale".

The firm framed its investment strategy around cities. 2150 said it works from the view that cities generate 80% of the world's prosperity. It also said new technologies are converging and changing how urbanisation develops.

2150 said its portfolio spans a range of sectors. It listed energy, cooling, lower-carbon cement, biodiversity monitoring, industrial heat, critical minerals, urban mobility and the circular economy.

Christian Jolck described the firm's fundraising and portfolio progress.

"Four years after unveiling 2150 we have raised €500m, invested into 27 companies and mitigated over a megatonne of CO2e per year. Our exceptional founders are building companies of scale with an aggregate revenue of over $1 billion and over 4,500 employees. For Fund II, we have continued to partner with leading institutional investors across Europe, North America, and Asia, and who have invested in this category for multiple cycles. This combination gives us strong conviction in 2150's ability to deliver attractive long-term returns and a long-standing investment platform," said Christian Jolck, Co-founder and Partner, 2150.

Fund I holdings

2150 also pointed to companies backed by its first fund. It said the Fund I portfolio includes pan-European home energy platform 1Komma5o, e-mobility leasing and battery-swapping network Vammo and cooling technology company Blue Frontier.

The firm stated that its investment strategy is underpinned by a detailed analysis of sustainability challenges within urban and industrial environments. This research directly informs the core themes 2150 targets and the specific profiles of the companies it seeks to support.

To date, Fund II has already completed seven investments; while the firm has named four of these deals, it noted that three further transactions remain unannounced.

Fund II deals

2150 has confirmed that Fund II has already capitalised several innovative ventures, including AtmosZero, a manufacturer of electrified industrial heat pumps, and GetMobil, a marketplace for refurbished electronics.

The firm has also backed Metycle, a platform dedicated to metals recycling and trading, alongside the direct air capture specialist Mission Zero Technologies. Furthermore, 2150 revealed that it has completed three additional investments which remain unannounced at this stage.

The firm said the fund remains focused on backing technology companies tied to cities and the industries that power them. It said it expects Fund II to continue deploying capital across its stated sectors, including energy systems, industrial processes and urban mobility.