Market situation

Global venture investments in climate technology increased from 2024 to 2025. Within our core geographies, investment activity declined moderately in Europe, while North America—driven by the United States—saw an increase of approximately 25 percent year-on-year. While invested capital increased, the number of transactions declined somewhat, indicating fewer but larger investments and a maturing company base. 

In the United States, investment volumes were primarily driven by solutions related to electrification of industry, transport and data centers. Venture funds also increased their focus on new solutions within clean firm power, grid infrastructure and energy storage. Other areas attracting increased venture capital included climate adaptation and property technology, the latter partly driven by the rapid expansion of data centers. 

Fundraising for climate-focused funds remained selective and challenging in 2025, resulting in continued investment discipline among many fund managers. At the same time, our assessment is that there remains substantial dry powder available for new climate investments. 

We are facing a climate and nature crisis that requires rapid and decisive action. Most of the world’s largest economies have committed to achieving net-zero emissions by 2050, with the ambition of limiting global warming to 1.5 degrees. Delivering on these commitments will require a profound transformation across all sectors of the economy. At present, we are not on track to succeed. 

According to the Intergovernmental Panel on Climate Change (IPCC), annual climate investments must increase sixfold from current levels to meet the 1.5-degree target. Risk capital invested in early-stage companies plays a critical role in scaling technologies that contribute to reducing greenhouse gas emissions. 

In 2025, we committed capital to one new fund manager, G2 Venture Partners Fund III, based in the United States. We also made follow-on commitments to several existing managers in our portfolio, including Momentum Fund III, SWEN Blue Ocean Fund II and Pale Blue Dot Satellite Fund I. During the year, we completed three new co-investments: Qurrent together with Arkwright X, LCA.no alongside Dovetail and Momentum, and Waabi together with G2VP. In addition, we made several follow-on investments in existing portfolio companies, including Nofence’s Series B round. Further details on our investments are presented below. 

In 2024, we also published a new edition of our annual impact report, available here. 

Portfolio

Funds and co-investments

2150

2150 invests in technology companies seeking to improve how cities are designed, built and operated. As of the third quarter of 2025, the fund’s portfolio comprised 19 companies. 2150 is recognised as a leading impact investor, and its’ most recent impact report is available here. 

Antler 

Antler is a venture investment firm backing talented and visionary founders worldwide. Antler operates in 30 cities across six continents and manages a portfolio of approximately 1,800 companies. In addition to our investment in Antler’s holding company in 2019, we invested in Antler Nordic Fund II in 2023. Antler has many impact companies in their portfolio and you can read more about these in Antler’s Sustainability Report. 

ArcTern Ventures

ArcTern Ventures Fund III is a Canadian venture fund with offices in Toronto, San Francisco and Oslo, investing broadly across the climate sector. As of the third quarter of 2025, the portfolio comprised 11 companies, and the fund has completed one successful exit. 

Arkwright X

Arkwright X Investment Family (AXIF) is a member-based investment structure that enables Ferd to co-invest alongside Arkwright X. Through AXIF, we have invested in Ignite, a software-based procurement platform that uses AI to provide insights into the CO₂ footprint of purchasing decisions. Together with Arkwright X, we have also invested in Kvist Solutions, which develops software to support efficient environmental certification in the real estate and construction sectors. In 2024, we invested in Propely, a data-driven software platform enabling real estate owners to operate and develop their portfolios more efficiently and sustainably. In 2025, we invested in Qurrent, which develops software to improve the profitability of solar and battery parks by optimising power market trading. 

Collaborative Fund

Collaborative Fund, headquartered in New York, invests in founders working to move the world forward. The fund has invested in impact companies for more than a decade and applies a clear guiding question to every investment: If this company becomes a major success, will it make the world better or more sustainable? As of the third quarter of 2025, the portfolio comprised of 16 companies. 

Dovetail

We have partnered with Dovetail since 2022 and completed four co-investments together. Dovetail invests in companies with digital technology at the core of their business models. Through this partnership, we have invested in 360 Logistics, a provider of comprehensive and sustainable 3PL solutions. In 2023, we invested in Ditio and Metizoft. Ditio offers a software solution improving efficiency, HSE and profitability on large construction sites. Metizoft is a global market leader within software based IHM, mapping hazardous materials in the shipping industry. In 2025, we invested in LCA.no, which offers life cycle analysis (LCA) mapping and automated software for generating Environmental Product Declarations (EPDs). 

Ecosystem Integrity Fund

Ecosystem Integrity Fund (EIF), based in San Francisco, focuses on early-growth sustainability companies. We committed capital to EIF Fund IV in 2020 and followed up with a commitment to Fund V in 2023. As of the third quarter of 2025, Fund IV held 12 portfolio companies and had completed one successful exit, while Fund V had made 11 investments. We have co-invested with EIF Fund IV in Shoreline, a software platform for simulation and optimisation of wind energy projects. 

G2 Venture Partners

G2 Venture Partners, headquartered in Palo Alto, invests in sustainable technology companies focused on improving the efficiency of traditional industries. G2VP primarily invests in Series B stage companies and is our first growth-stage manager. We committed capital to G2VP Fund III in 2025 and the fund has so far made one investment. We co-invested with G2VP in Waabi in 2025. Waabi is a Canada based company developing a physical AI platform used within autonomous trucking and robotaxis. 

Momentum

Momentum Partners is a Bergen-based venture fund investing in sustainable and innovative early-stage companies, with a focus on green transition, decarbonisation, biodiversity and resource constraints. We committed capital to Momentum Fund II in 2020 and to Fund III in 2025. As of the third quarter of 2025, Fund II held 10 portfolio companies and Fund III held two investments. We have co-invested with Momentum Fund II in Nofence, which provides virtual fencing solutions for livestock. 

Pale Blue Dot 

Pale Blue Dot is a seed-stage fund based in Malmö, investing in leading climate startups across Europe and the United States. We invested in Pale Blue Dot Fund I in 2023. By the end of 2025, the fund had invested in 37 companies. We have also committed capital to Pale Blue Dot Fund II and, in 2025, to Pale Blue Dot Satellite Fund I. 

Startuplab

Startuplab is an incubator and seed investor providing workspace, capital, networks and industry expertise to Norwegian startups. With operations in Oslo and Bergen, Startuplab supports hundreds of companies, many of which have developed into leading Norwegian technology businesses. Ferd has invested in Startuplab Founders Fund II, III, IV and V. 

SWEN Blue Ocean

SWEN Capital Partners is a leading European asset manager focused on sustainable investments. We committed capital to SWEN Blue Ocean Fund I in 2021 and to Fund II in 2025. The funds invest in innovative companies that protect and restore ocean ecosystems. As of the third quarter of 2025, Fund I had invested in 19 portfolio companies and completed one successful exit in the Norwegian company Optoscale, while Fund II had made three investments. 

Voyager Ventures

Voyager Ventures, with offices in New York, San Francisco and London, invests in next-generation technology companies across mobility, energy, materials, sustainable cities, analytics and carbon management. We invested in Voyager Fund II in 2024, which has since invested in three companies. 

Other company investments

Antler

Antler continued its expansion and significantly increased assets under management in 2025. During the year, Antler contributed to the establishment of approximately 400 new companies across 30 cities and six continents and has positioned itself as one of the most active seed-stage investors globally, particularly within AI. At year-end 2025, Antler’s portfolio comprised approximately 1,800 companies. 

Brim Explorer

Brim Explorer offers quiet, sustainable and innovative experiences in Northern Norway and Oslo, operating a fleet of five vessels equipped with hybrid-electric, low-noise propulsion systems and low emissions. Brim’s vessels are purpose-built to prioritise the guest experience while minimising environmental impact. The company had five vessels in operation in 2025. 

Disruptive Technologies

Disruptive Technologies (DT) is a Norwegian technology company that has developed one of the world’s smallest wireless sensors, featuring record-long battery life and a proprietary IoT interface. The sensors are robust, flexible and cost-efficient, and contribute, among other things, to smarter and more energy-efficient buildings, as well as to improving efficiency in cold-chain logistics and reducing food waste. 

Wind Catching Systems

Wind Catching Systems (WCS) is developing a disruptive floating offshore wind concept with the potential to deliver energy at a lower levelised cost of energy (LCOE) and with a significantly smaller offshore footprint than conventional technologies. Ferd Capital’s portfolio company Aibel has been a key industrial partner to WCS for several years. In addition to Ferd, North Energy ASA, General Motors (GM) Ventures and Havfonn are invested in WCS. 

Outlook

Looking ahead, our ambition is to gradually increase our exposure to high-quality fund managers and companies, focusing on the most scalable climate technologies in Europe and North America. Our objective is to build a concentrated portfolio of leading climate-focused fund managers. As the market matures, we believe this will enable us to identify the strongest managers through continuous improvement of our investment processes. 

We have a solid pipeline of funds under assessment for 2026 and expect to maintain the investment momentum established in 2025. Through our managers, we gain valuable insights from leading climate investors—and, over time, exposure to companies delivering both strong impact and attractive long-term returns.