Almi Invest GreenTech Research
Investment Thesis
Almi Invest GreenTech is the national climate-tech arm of Almi Invest. The fund backs Swedish, privately held SMEs whose products create measurable climate or environmental benefit, and it explicitly centers solutions that reduce emissions, protect natural resources, restore ecosystems, or otherwise improve ecological sustainability. The website is unusually specific about what it wants: scalable innovation, proprietary technology, strong teams, and clear market potential. That combination makes the fund look less like a thematic brand investor and more like a disciplined early-stage industrial impact investor.
The firm’s thesis is broad inside a defined climate umbrella. On the official GreenTech page, the fund organizes its work around energy transition, circular economy and material technology, transport and mobility, industry/buildings/manufacturing, and agriculture/food/biosphere. Recent investments show that this is not marketing copy. Digiclean maps to industrial process optimization, NFA to physical AI for forestry machines, Hexagem to advanced materials and micro-LED semiconductors, and DREV to circular battery-industry infrastructure. The common thread is measurable resource efficiency and a path to scale.
Stage Focus
Almi Invest GreenTech most often invests from Seed to Series A. The official site says the fund typically makes an initial investment of SEK 5–15 million and participates in rounds that often total SEK 10–50 million. The fund also has follow-on capacity, with total investment capacity up to SEK 50 million per company.
This is an important nuance. The initial check size is early-stage, but the fund expects enough technical and commercial maturity to justify scalable deployment. The company eligibility language also makes clear that the fund is aimed at Swedish privately owned SMEs that have not had commercial revenues for more than seven years. In practice, this means the fund leans toward venture-backable companies that are still early, but not speculative science projects with no route to commercialization.
Check Size
The best source-backed estimate for the initial check size is SEK 5–15 million, which converts to roughly USD 500k–1.5M. That is the range used in the payload. The broader per-company capacity can go much higher because Almi can follow on, but the first check is the clearest comparable figure for founder-facing matching.
Lead Tendency
Almi Invest GreenTech cannot invest alone because it is required to invest with independent co-investors. That makes it structurally collaborative. At the same time, the recent deal flow shows the fund sometimes leads and sometimes co-leads rounds: Digiclean was led by Almi Invest GreenTech and Unconventional Ventures, NFA was led by Navigare Ventures and Almi Invest GreenTech, and Hexagem included the fund in a broader consortium. The most defensible characterization is that the fund does both.
Decision Process
The decision process is a partnership model rather than a solo-GP style. The official page says the fund uses a comprehensive due-diligence process covering the business model, technology, market, team, and environmental impact. That suggests a structured internal investment discussion, likely involving multiple people across the fund rather than a single decision-maker.
The fund’s review criteria are explicit: measurable climate or environmental benefit, strong team and leadership, innovative and scalable technology, proprietary technology, and clear market potential. Green impact is not enough by itself; the company still has to look like a real venture-scale business.
Founder Preferences
The fund clearly prefers founders who can demonstrate both technical credibility and execution ability. It values proprietary technology, scalable commercialization, and strong boards. It also likes companies that can show impact in quantifiable terms, especially avoided emissions, reduced land or water use, or other measurable ecological benefits.
A strong fit is a Swedish team with deep domain expertise, a product that can scale nationally or internationally, and a business model that can support follow-on capital. The recent portfolio suggests comfort with hardware-enabled software, industrial AI, materials science, mobility, and climate-focused infrastructure.
Geographic Focus
Geographically, the fund is Sweden-first and nationwide. The page lists Gothenburg, Lund, and Stockholm as its locations, and the portfolio and recent activity reinforce a national strategy. The fund is not limited to one region, but its thesis is clearly anchored in Swedish companies that can grow beyond Sweden.
Team
- Jörgen Bodin, Fund Manager. He was named fund manager in August 2024 after serving as an investment manager since 2019.
- Jonas Bergqvist, Investment Manager. He is quoted in the fund launch and several portfolio announcements.
- Jonathan Lannö, Investment Manager. He appears in the Hexagem and Digiclean releases.
- Erik Madeyski Bengtson, Investment Manager. He appears in the Yangi and NFA releases.
- Boris Gyllhamn, Investment Manager. He is listed on the GreenTech team page.
- Linda Murray Wennberg, Investment Manager. She is listed on the GreenTech team page.
- Manfred von Richthofen, Investment Manager. He is listed on the GreenTech team page.
- Pinar Dagistan, Investment Analyst. She is listed on the GreenTech team page.
Recent Activity
The fund has been very active in 2025 and 2026. On 2026-06-30 it led Digiclean’s SEK 28 million seed round alongside Unconventional Ventures and other investors. On 2026-06-29 it led NFA’s SEK 48 million round for physical AI in forestry machines. On 2026-05-07 it invested in Hexagem’s roughly SEK 35 million round for micro-LED and photonic materials. On 2025-11-05 it backed DREV’s SEK 31 million seed round in battery-industry contamination control. On 2025-11-26 it published the Green Impact Framework, a public method for assessing environmental impact in early-stage companies. On 2024-08-26 Jörgen Bodin was appointed fund manager.
Portfolio Highlights
The public portfolio on the GreenTech page is broad and well aligned with the fund’s impact thesis.
- CorPower Ocean: wave energy technology for predictable renewable power.
- Epishine: printed indoor solar cells for light energy harvesting.
- Swedish Algae Factory: algae-derived advanced materials and silica products.
- Spowdi: solar-powered drip irrigation for smallholder farmers.
- Modvion: engineered-wood wind turbine towers.
- EnginZyme: enzyme-based biomanufacturing.
- Bintel: digitized waste and circular-flows infrastructure.
- GreenIron: hydrogen-based metal reduction and recycling.
- Zparq: compact electric marine propulsion.
- NitroCapt: green nitrogen fertilizer production.
- Saveggy: edible plant-based protection that extends produce shelf life and reduces plastic.
The portfolio shows a consistent bias toward practical climate infrastructure rather than pure software-only plays. There is also a clear willingness to invest in deep tech where the technical moat and environmental benefit are both strong.
Summary View
This is a state-backed, thesis-driven, early-stage climate investor with a strong preference for measurable impact, strong technical teams, and scalable industrial outcomes. It behaves like a collaborative lead investor, works across Sweden, and is particularly well matched to founders building climate hardware, industrial AI, materials, mobility, food-system, and circular-economy solutions.