The winners include Vancouver-based Renewal Funds—which invests in companies with positive social and environmental impact—and cleantech firms Cycle Capital Management and ArcTern Ventures, headquartered in Montreal and Toronto, respectively. Cycle Capital and Renewal Funds will receive $20 million, while ArcTern will receive $10 million. (The Logic)
Talking point: Small Business Minister Mary Ng told The Logic that the government sought funds with a proven track record of investing in cleantech companies, which is why funds like Cycle Capital—which is trying to raise between $150 million to $250 million in a new fund—received the money, even though it’s Canada’s largest cleantech fund. At least two of the funds, including Cycle Capital, said they didn’t particularly need the money, however. Tom Rand, ArcTern managing partner, told The Globe and Mail that the fund didn’t need the money, but called it a seal of approval. Andrée-Lise Méthot, Cycle Capital founder and managing partner, also said it would be possible to hit its target without federal money. “The environmental impact is what we’re looking for. For [Cycle Capital], it’s to help them expand their fund size, and when they expand this fund size, it’s giving them greater capability to invest particularly in Canadian companies,” Ng told The Logic.