# Underground Ventures

> Underground Ventures is a VC fund in Copenhagen backing Energy, Mining and Solar. See 6 investments, check sizes, portfolio. Updated Aug 2026.

- Type: VC Fund
- Location: Copenhagen, Denmark
- Total investments: 6
- Last investment: Jul 2026
- Lead investor: 50%
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/company/undergroundventures/
- X (Twitter): https://twitter.com/undergv
- Website: https://ugv.co/

Underground Ventures is an investment company that provides venture capital for geothermal energy technology companies.

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Energy | 4 | 67% |
| Mining | 2 | 33% |
| Solar | 1 | 17% |
| Power Grid | 1 | 17% |
| Oil and Gas | 1 | 17% |

10 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Seed | 2 | 33% |
| Series A | 1 | 17% |
| Funding Round | 1 | 17% |
| Venture - Series Unknown | 1 | 17% |

### Country

| Country | Investments | Share |
| --- | --- | --- |
| United States | 2 | 33% |
| Switzerland | 1 | 17% |
| Slovakia (Slovak Republic) | 1 | 17% |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Hephae Energy Technology | Hephae Energy Technology is an energy company that offers integrated drilling system to enable the generation of geothermal energy. | $17.8M | Series A | Jul 09, 2026 |  |
| Critical Energy | Critical Energy is an energy based firm that generate electricity with the help of heat through modular and geothermal power plant. | $19M | Seed | Jun 17, 2026 |  |
| GA Drilling | GA Drilling is a high-tech company developing and commercializing a groundbreaking technology platform PLASMABIT. Our technology enables massive time and cost savings compared to relevant existing drilling technologies and opens up vast new possibilities in oil & gas, geothermal energy, mining and tunneling. | $44.1M | Venture - Series Unknown | Mar 03, 2026 |  |
| Borobotics | We are developing a new type of bore-robot specifically geared towards geothermal drilling in tight spaces such as urban areas and city centers. Our bore-robot requires 90% less space, 97% fewer CO2 emissions and 94% less noise than existing geothermal drills. | $1.4M | Seed | Jan 15, 2025 |  |
| Hephae Energy Technology | Hephae Energy Technology is an energy company that offers integrated drilling system to enable the generation of geothermal energy. | $6.3M |  | Oct 03, 2024 |  |
| GA Drilling | GA Drilling is a high-tech company developing and commercializing a groundbreaking technology platform PLASMABIT. Our technology enables massive time and cost savings compared to relevant existing drilling technologies and opens up vast new possibilities in oil & gas, geothermal energy, mining and tunneling. | $15M | Venture - Series Unknown | Apr 18, 2024 |  |

6 of 6 investments shown.

## Co-investors
- [Nabors](https://shizune.co/investors/profile/nabors-drilling) — VC Fund, 4 deals together
- [Exascale Fund](https://shizune.co/investors/profile/exascale-fund) — VC Fund, 2 deals together
- [Future Ventures](https://shizune.co/investors/profile/future-ventures) — VC Fund, 2 deals together
- [Grantham Foundation](https://shizune.co/investors/profile/grantham-foundation) — VC Fund, 2 deals together
- [Susquehanna Sustainable Investments](https://shizune.co/investors/profile/susquehanna-sustainable-investments) — VC Fund, 2 deals together
- [Alfa8](https://shizune.co/investors/profile/alfa8) — VC Fund, 1 deal together

## Similar investors

### Similar stage
- [Antler](https://shizune.co/investors/profile/antler-be9c) — VC Fund
- [Alumni Ventures](https://shizune.co/investors/profile/alumni-ventures-group) — VC Fund
- [Right Side Capital Management](https://shizune.co/investors/profile/right-side-capital-management) — VC Fund

## FAQ

### What does Underground Ventures invest in?

Underground Ventures invests primarily in Energy, Mining and Solar startups, most often at Seed and Series A stage. Most of the 6 investments tracked by Shizune back companies in United States. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### When did Underground Ventures last invest?

The most recent investment recorded for Underground Ventures closed in Jul 2026. Shizune tracks 6 investments in total for this profile, including round sizes, stages and portfolio companies, all sourced from confirmed public funding rounds and refreshed monthly.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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