Concordia University has helped venture capital firm Cycle Capital reach the final close of its latest cleantech-focused fund.
Canada-based venture capital firm Cycle Capital has closed its fourth fund at $145m with backing from Concordia University.
Mining group Rio Tinto, water and waste services provider Suez, renewable power producer Innergex, state-owned energy utility Hydro-Québec and insurance provider La Capitale have also backed the fund.
Export Development Canada, Teralys Capital, Investissement Québec, Fonds de solidarité FTQ, Fondaction, Business Development Bank of Canada, Vancity Financial Cooperative, McConnell Foundation and Trottier Family Foundation were also among the limited partners.
Cycle Capital invests in clean technology developers in sectors such as energy storage and efficiency, green chemistry, clean transportation, the internet-of-things, big data and artificial intelligence, agricultural and smart city technology.
Following the close of Cycle Capital IV Fund, the firm now manages over $500m of assets. It has already tapped the fund to complete four investments so far, in portfolio companies including Bus.com, Vutiliti and Rhombus.
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