ACTIVE IMPACT INVESTMENTS

The future of production and consumption

FUND I
2018 Vintage
$10 million
15 companies
6 exits, 1 write-off
Seed stage

        
        
      
FUND II
2021 Vintage
$60 million
17 companies
3 exits, 2 write-offs
Seed stage

        
        
      
FUND III
2024 Vintage
$110 million
25 companies
0 exits, 0 write-offs
Seed stage

        
        
      
FUND IV
2028 Vintage (Target)
Planned
—
—
—

        
        
      

    RETURNS & IMPACT
  
41/45
Company
Survival Rate
9
Exits*
2,845,736
Tonnes of CO2e
Mitigated
108,822
Tonnes Waste
Diverted

    *Our average exit is at a 40% higher value than we were holding the investment on our books in the quarter prior to the exit.
    
      Impact figures as of December 31, 2025
    

FUND I (2018)
Top
Quartile
DPI
FUND II (2021)
Top
Decile
DPI
FUND III (2024)
Top
Quartile
Net IRR

CHEAPER, FASTER, BETTER

We invest in capital-derisked, market-ready climate companies that deliver superior economics.

We support solutions that are cheaper, faster, and more efficient than incumbent technologies, generating measurable customer ROI from day one.

VALUE BEYOND SPECULATION

Emerging category leaders in each of our funds

All figures are CAD unless otherwise stated.

Vancouver, BC | Vertically integrated heat pump solution offering hardware, software and services to optimize both buyer experience and performance.

Deal Access

Met founder, Stephen Lake, through Creative Destruction Lab as a fellow mentor. Built a relationship over time, exploring multiple avenues for collaboration between him and the fund. Got to provide early feedback when he was ideating his next venture following his successful exit of North to Google. Was the only new first round investor (not a former North investor).

Strong Relationship

Helped convince Eric from Helio Home to accept the acquisition offer from Jetson vs competing bid, recruited their VP sales and marketing Angie, made over 50 investor introductions for the Series A, which resulted in Activate being a part of the syndicate and the round being heavily oversubscribed. Within one year of our initial investment we doubled our ownership to >8% on favorable terms.

Path to Category Leader

Grown organically and through acquisition from British Columbia to Colorado, Massachusetts and New York from $0 to over $140M revenue run rate in under two years. They are expanding to 15 cities in 2026. Closed a competitive $50 million USD Series A at a $250 million post-money valuation, with $100 million in additional investor interest boxed out.

2024

Fund III Initial
Investment

Ownership

Number of Regions
Serviced

$140M

Latest Revenue
Run Rate

San Luis Obispo, CA | Fully managed, end-to-end rooftop solar solutions for multi-tenant commercial buildings.

Deal Access

Referred from a VC relationship at Blackhorn Ventures, the Seed lead, after we referred a successful deal to them. The final allocation was highly competitive but the founder, John Witchell, chose us because we had positive founder references, followed through on a commitment to him during DD and developed a deep understanding of his business quickly.

Strong Relationship

Our team introduced the Series A lead, Arctern Ventures, as well as multiple potential project finance partners and potential Series B lead investors. We also brought in several LPs as coinvestors. In subsequent rounds we increased our ownership stake when allocation was competitive, based on the strength of the relationship with the CEO.

Path to Category Leader

Manages 20 million ft2 of commercial tenant space across the US and has grown 200%+ YoY in each of the past two years with no change in headcount. They have scaled a project finance partnership with Cleargen for $250M USD ($150M+ already executed) and have secured term sheets for an additional $100M construction debt facility that allows the business to secure a larger portion of the long-term energy revenues across 5 states and increase their EV through larger portions of recurring revenues. They are EBITDA positive with a clear path to 1000% growth over the next 4 years.

2022

Fund II Initial
Investment

Ownership Increase

$490M

Project Finance
Scaling

$19M

2025 TTM
Recognized Revenue

Toronto, ON | Fully managed, accessible electric vehicle charging solutions for multi-residential buildings and offices.

Deal Access

Build a relationship with VentureLAB that shared a list of companies that fit our mandate, and we identified Carter Li as a high potential and differentiated founder. We invested at pre-seed as the only institutional VC.

Strong Relationship

Early in the post-investment support relationship, Mike recruited Ben Newell as Head of Sales and convinced Carter to test a sales experiment to scale faster that worked. We also introduced the investors that led the seed, Series A and Series B. The seed was from our LP base, the Series A was Aligned Climate Capital at 6.3X and the Series B was Blue Earth Capital at 10X our initial investment.

Path to Category Leader

Grew from our pre-seed investment to over 20,000 contracted charging stations as of December 2025. SWTCH is quickly emerging as the premier multi-family charging platform in North America with contracts across 25 states and 5 provinces. They are beginning the process of bringing other charging networks under their brand to further achieve economies of scale.

2020

Fund I Initial
Investment

21,000

Charging Stations
Contracted

20x

Increase in Valuation

$34M

2025 Revenue
Run Rate

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ACTIVE IMPACT INVESTMENTS

RETURNS & IMPACT

CHEAPER, FASTER, BETTER

VALUE BEYOND SPECULATION

Deal Access

Strong Relationship

Path to Category Leader

Deal Access

Strong Relationship

Path to Category Leader

Deal Access

Strong Relationship

Path to Category Leader

Book a Meeting

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portfolio

WORK WITH US

ACTIVE IMPACT INVESTMENTS

RETURNS & IMPACT

CHEAPER, FASTER, BETTER

VALUE BEYOND SPECULATION

Deal Access

Strong Relationship

Path to Category Leader

Deal Access

Strong Relationship

Path to Category Leader

Deal Access

Strong Relationship

Path to Category Leader

Book a Meeting

KEEP THE CONVERSATION GOING: LinkedIn → Newsletter →

LinkedIn →Newsletter →

KEEP IN TOUCH

our thesis

portfolio

WORK WITH US

LinkedIn →
Newsletter →