Montreal-based seed-stage cleantech VC Ecofuel Fund recently announced its second closing, bringing its total investor commitments to $40.6 million. The fund amassed an additional $10.6 million to support cleantech companies from Quebec and Eastern Canada.
Ecofuel initially closed $30 million in funding December 2017, led by the same LPs.
Major investors include Desjardins Capital, Investissement Québec, BDC Capital, Fonds de solidarité FTQ, Fondaction, and the Consortium de recherche et innovations en bioprocédés industriels au Québec (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,” said Richard Cloutier, managing partner of the Ecofuel Fund. “It is a clear demonstration of our investors’ confidence in our model and the collaborative synergies developed with the Ecofuel Accelerator.”
Related: DesJardins wants to invest $500 million over five years in Quebec-based SMEs
Launched in July 2017, the Ecofuel Fund invests seed-stage capital in innovative cleantech companies from Quebec and Eastern Canada. Ecofuel initially closed $30 million in funding December 2017, led by the same LPs. To date, the fund has completed investments in 12 companies including seven pre-seed investments as part of the Ecofuel Accelerator.
Ecofuel is a venture capital fund and accelerator dedicated to Canadian cleantech startups. Ecofuel, powered by Cycle Capital, works with entrepreneurs to help build globally competitive brands that are environmentally conscious.
The Ecofuel Fund invests money in seed-stage startups that develop and commercialize clean technologies while the Ecofuel Accelerator offers entrepreneurs a specialized and personalized program of workshops, networking sessions and access to experienced mentors.
In November 2017, its accelerator branch, which launched in 2014, received $5.5 million for support from the Quebec government.