Ottawa-area venture capital firm Venture Coaches is preparing to launch a $100 million cleantech fund committed to investment in Canadian companies. According to the firm, the new fund will focus on companies engaged in the research, design, development and manufacture of “energy efficient materials; components; sub-systems, systems and solutions for energy management; and innovative technologies improving fundamental processes with respect to energy and waste stream reductions.”
Money for the fund is in the process of being raised and a spokesman for Venture Coaches said the company is confident it will meet its $100 million goal.
Venture Coaches has been around since 2001, with its first fund focusing on information technology and telecommunications companies. Its new fund, appropriately called the Canadian Cleantech Fund, will be welcome in a country that tends to take a conservative approach to early-stage investing, particularly in the Canadian cleantech sector, where U.S. venture capitalists are beginning to realize there are quality deals to be had.
UPDATE: Here’s an article with some more details.