Press Release - Endgame Capital launches with €8M first close to back the next wave of near-market climate tech scale-ups
- Jinna Li
- Oct 31
- 4 min read
Endgame Capital, a new Belgian venture capital fund dedicated to climate technologies, today announces the first close of its debut fund, raising over €8 million toward its initial €10 million target in just four months.
The raise comes despite a challenging global fundraising environment for both venture capital and climate tech - underscoring strong investor appetite for commercially-ready decarbonisation solutions.
“Commercial First, Impact by Design”: A bold thesis proven early
The fund’s thesis is clear: only solutions that are cheaper, better, and faster than incumbents will scale - and climate wins when economics win.
Endgame Capital focuses on near-market technologies that can scale within two years and deliver more than 50 million tons of CO₂ impact annually. The fund targets validated technologies with defensible IP, strong unit economics, and low capital intensity - climate solutions that win on economics, not subsidies or green premiums.
The Fund has already made three investments:
Ensol - renewable energy hardware and software making €0 energy bills a reality
Everbloom - turning protein waste into textile materials that are functional, sustainable, and cost-competitive with petroleum-based fibres
Third investment - To be announced
The team is particularly proud to be joined by Tier 1 co-investors including leading funds such as SOSV, Breakthrough Energy Ventures (Bill Gates), Hoxton Ventures, and Third Sphere.
“Venture is a trust business. We’ve been deliberate about how we invest and who we partner with,” said John Mairlot (Co-Founder, Endgame Capital). “We are pragmatic investors. Yes, people care about the planet. No, they don’t want to pay more. That’s why we invest in technologies that are better, faster, cheaper than what exists today - that just happen to be greener.”
Forward-looking vision
This first close is just the beginning. Endgame Capital’s ambition is to invest in 100 startups over the next decade through multiple funds. The aim is to decarbonise at scale by transforming entire industries while capturing the financial upside of the transition.
“The biggest opportunity for business in the next decade is turning the climate crisis into the biggest wealth creation event of our lifetimes. Our work is where profit meets purpose.” - Jinna Li (Co-founder, Endgame Capital) “We enable trailblazers who are building towards a decarbonized world with commercial focus.”
Why it matters to Belgium
Belgium has steadily grown its presence in climate tech, but still lags far behind neighbours like France, Germany and the Netherlands in terms of startup funding. Endgame Capital’s launch marks a new milestone:
Anchored in Brussels at the heart of the EU and close to policymaking, the fund positions Belgium as a connector between European startups and international capital.
It stands out as the only Belgian fund fully dedicated to commercial-ready, seed-stage climate technologies.
With Belgian family offices, corporates, and entrepreneurs among its early backers, the fund signals that domestic capital is ready to lean into the climate transition. For Belgian industrials and high-net-worth investors, the story is not just about impact - it’s about owning a stake in the technologies that will define tomorrow’s industries.
“Through my angel investing activity, I’ve met many climate-focused entrepreneurs and even explored the climate thesis myself for Hexa. When I met Jinna and John, I was impressed by their deep understanding of the space and their conviction that it’s possible to combine real climate impact with large-scale ambition. Their early track record was equally compelling. I also appreciate their truly global mindset.” - Thibaud Elziere (Co-founder Hexa, Endgame Capital Investor)
“Emerging Managers are a subset of fund managers that I particularly like. They are very fast, agile & focussed on a niche market and can do follower investments only small flexible funds can do. So when I crossed John & Jinna’s path, I saw smart, mission driven investors, working on a great market with a dedicated mission. I was in. Drive, dedication and focus is part of the recipe to be very good investors - Endgame is in that league.” - Quentin Nickmans (Co-founder Hexa, Endgame Capital Investor)
About Endgame Capital
Endgame Capital’s Managing Partners, John Mairlot and Jinna Li, have been active in climate tech for years, as both venture investors and startup founders. In 2023 they launched the Endgame Capital Syndicate, investing over €2 million across seven startups and building an investor base of 100 members. Alongside this, they forged strong ties with leading climate tech funds in Europe and North America. They have validated their thesis with several companies achieving significant valuation growth since investment.
Endgame Capital is a seed-stage venture fund investing in climate technologies that are commercial-ready and capable of delivering massive decarbonisation impact. With a focus on asset-light, scalable decarbonization solutions, Endgame Capital helps founders bridge the gap from validated technology to market scale.
Founded in Brussels in 2025, Endgame Capital is supported by Belgian and international family offices and entrepreneurs committed to building the companies that will decarbonise the global economy.
Press Contact:
John Mairlot (FR / ENG) john.mairlot@endgamecapital.vc
Jinna Li (ENG) jinna.li@endgamecapital.vc