Ecofuel Fund one of Canada’s largest seed-stage cleantech venture capital funds announced its second closing for total investor commitments of $40.6 million. The fund’s LPs now include Desjardins Capital as well as existing investors Investissement Québec, BDC, Fonds de solidarité FTQ, Fondaction and the CRIBIQ.
“We’re happy to welcome Desjardins Capital as a new investor and receive increased commitment from the Government of Quebec, one of our initial investors. It is a clear demonstration of our investors’ confidence in our model and the collaborative synergies developed with the Ecofuel Accelerator. My co-Managing Partner Johanne and I are also grateful for their support to innovative seed stage companies,” said Richard Cloutier, Managing Partner of the Ecofuel Fund.
As part of the first closing of capital for the fund founder and Managing Partner of Cycle Capital, Co-Founder of the Ecofuel Fund Andrée-Lise Méthot shared that “the creation of the Ecofuel Fund fills the gap in the cleantech funding chain. Cycle Capital, as an impact investor, is very happy to welcome a new investment player in the cleantech market and on behalf of its limited partners, offers its full collaboration to the Ecofuel Fund team”.
Launched in July 2017, the Ecofuel Fund invests seed stage capital in innovative cleantech companies from Quebec and Eastern Canada. To this day, the Fund has completed investments in 12 companies including 7 pre-seed investments as part of the Ecofuel Accelerator.