ACTIVE IMPACT INVESTMENTS
The future of production and consumption
RETURNS
& IMPACT
Survival Rate
Mitigated
Diverted
Decile
DPI
Decile
DPI
Decile
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.
Investment
Serviced
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.
Investment
Scaling
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.
Investment
Contracted
Run Rate