Ottawa commits $50 mln to ArcTern, Cycle Capital, Renewal Funds
The federal government’s Venture Capital Catalyst Initiative (VCCI) has committed $50 million to ArcTern Ventures, Cycle Capital Management and Renewal Funds, all Canadian venture capital firms active in the clean technology sector. Montréal-based Cycle and Vancouver-based Renewal will receive $20 million apiece, the Globe and Mail reported, while Toronto-based ArcTern will get $10 million. ArcTern initially closed its second fund last year, raising $60 million, while Cycle initially closed its fourth fund in February, raising $109 million. VCCI, a $400 million program to shore up venture capital supply in Canada, in 2018 secured an additional $50 million from Ottawa earmarked for clean technology.
5 June 2019•3 mins read
