That was a BIG one!
2021 was the biggest year ever for this humble fund that started in the basement of the Winterfield house. It hardly seems real that in one year we doubled our team to nine people and upgraded our office, invested in eight new portfolio companies (which is five more than we made in 2020), had our first exit and distribution AND launched/closed Fund II surpassing our goal … all while Fund I achieved nearly 6X revenue growth.
It’s now reasonable to say that the sustainable transition is inevitable. Climate tech is the fastest growing vertical in venture capital with $0.14 of every venture dollar going to climate and over ~$100B in new climate dedicated funds raised in 2021. Climate risk disclosures are finally being mandated by governments — and insurance, pensions and banks committed to net zero through the Glasgow Financial Alliance for Net Zero at COP26. But, the urgency remains. This year we didn’t forecast climate change — we lived it. We learned a whole new vocabulary here in British Columbia casually speaking new phrases like ‘heat dome’, ‘waterspout tornado’ and ‘atmospheric river’.
Looking into 2022, we’re determined to keep up our pace to meet the challenge. Here’s a simplified rundown of this banger of a year:
January
Fund II launched with $30M already committed
Fund I invests in Aquacycl and Manifest Climate
February
Fund II first close at $41M with several returning investors and many exciting new partners like Fulmer Capital and First West Credit Union
Fund I invests in Carbon America and Audette
March
Sale of Inkblot to Greenshield Canada
Kim retained for brand update
April
Fund II makes its first investment in Encycle
ChopValue follow-on investment
Elyse joins as VP Operations
May
University of Victoria, Toronto Atmospheric Fund, Hamilton Community Foundation and clients of Genus Capital Management commit to Fund II
Clir follow-on investment
June
Fund II second close with Fondaction and Vancity for an oversubscribed $54M
July
Aquacycl Series A
August
Carbon America follow-on investment
September
EDC brings Fund II to $60M hard cap
Fund II invests in RailVision
October
Fund II invests in EnPowered
Qhalisa joins as Senior Analyst
November
Audette follow-on investment
December
Fund II invests in Clean Crop
Cayley joins as Talent Network and HR Manager
Solstice follow-on investment