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


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