Fonds Ecofuel I tops at $40.6M

Fonds Ecofuel I has raised $10.6 million in additional capital commitments to bring the fund size to $40.6 million.

The final close includes investments from Desjardins Capital, a number of high-net-worth investors, and Investissement Québec, which committed additional capital.

The fund held an initial close in July 2017 with commitments from BDC Capital, Fonds de solidarité FTQ, Fondaction and the CRIBIQ.

Led by GPs and Managing Partners, Richard Cloutier and Johanne Sévigny, Ecofuel 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.

News Release

Ecofuel Fund successfully completes second closing expanding to $40.6M

Montreal, January 25th, 2019 – Ecofuel Fund – one of Canada’s largest seed stage cleantech venture capital funds – is pleased to announce its second closing for total investor commitments of $40.6 million. The Fund collected additional $10.6M in equity to support cleantech seed stage companies from Quebec and Eastern Canada. As part of this closing, the Fund welcomes Desjardins Capital and a number of high net worth investors and receives increased commitment from Investissement Québec, acting as mandatory of the Government of Québec. The other initial investors in the Fund are BDC Capital, the investment arm of the Business Development Bank of Canada (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.

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.

About Ecofuel

Ecofuel is a venture capital fund and a specialized and personalized accelerator dedicated to the cleantech startups. Ecofuel, powered by Cycle Capital, works with entrepreneurs to help build globally competitive companies. Ecofuel Fund invests smart 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.

Information:
Catherine Bérubé
Vice President, Sustainability, Investors Relations and Public Affairs cberube@ecofuelaccelerate.com
+1 514 629-1022
Web site: ecofuelaccelerate.com
Twitter: @ecofuelstartups
LinkedIn: Ecofuel

Ted Liu

Ted Liu, M.Sc. (Mining, Queen's), MBA (Finance, Toronto), is the Editor of Private Capital Journal, CanadaMetals.ca, TechWire.ca, and the former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, having most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA).

Ted is the architect of CVCA infobase, and is the architect of CPE Media's Financings.ca, Canada's most sophisticated and advanced all private capital and public market financing database.