$110M Problems … but Closing Ain't One

We are thrilled to announce the final close of our Fund III at $110 million! For 18 months, our team has had thousands of meetings with a pipeline of hundreds of potential partners globally. The fund was co-anchored by Northleaf, who joined as a new investor, and Fondaction, a returning major investor. Fund III is nearly double the size of Fund II and brings in much greater institutional backing with Boann, Co-operators Corporate Venture Capital Fund, Deloitte Ventures, InBC and others. We’re immensely grateful to the 53% of Fund III investors that are invested in prior funds, over half of which are investors in all three of our funds.

It is a difficult time to raise capital, but climate change doesn't care about market conditions or political cycles. Some VC's have delayed plans to raise new funds, and some that were previously deploying into climate have started to shy away. We are more bullish than ever on the opportunity climate tech holds—particularly in Canada.

Fund III will make 25 portfolio investments with the majority being based in Canada. Canada is emerging as one of the best places in the world to build a climate tech company. We have the essential ingredients for global leadership in climate innovation: world-class affordable talent, strong public support, effective policies like IRAP and SR&ED, and respected and stable leadership. Canada is also an increasingly attractive destination for elite talent through the Tech Talent Strategy work permit program and academic talent avoiding the US.

The seven companies Fund III has already invested in are off to the best collective start we’ve seen. Now that our fundraising efforts have wrapped, we are full throttle on finding the very best teams and ideas. We are searching for outstanding founders or operators that want to build a climate company. If you’ve been successful with another venture and you want to build something massive, we want to talk!