Cleantech investor Ecofuel Fund holds $40.6 mln second close

Ecofuel Fund, a seed fund affiliated with Canadian clean technology venture capital firm Cycle Capital Management, has secured $40.6 million in a second close. The fund raised an additional $10.6 million in commitments. Investors in the initial and second closes included BDC Capital, CRIBIQ, Desjardins Capital, Fonds de solidarité FTQ, Fondaction and Investissement Québec. Ecofuel Fund, overseen by Managing Partners Richard Cloutier and Johanne Sévigny, will maintain its strategy of investing in clean technology startups located in Québec and Eastern Canada. Since 2017, it has backed 12 companies, including seven pre-seed deals as part of Ecofuel Accelerator.