The Toronto-based venture capital firm got its start in 2002 in renewable energy, biotechnology and climate tech. In 2012 it launched its strategy to support sustainable food brands. It has reached a final close of C$106 million ($74.6 million) for its fourth Sustainable Food Fund, with much of the backing coming from government programs and agencies. Canada’s Social Finance Fund, a federal fund-of-funds program launched in 2023, committed through two of its wholesalers, Boann Social Impact and Realize Capital Partners.
Other investors: Farm Credit Canada, a federal agriculture and food lender; Export Development Canada, the national export-credit agency; the Business Development Bank of Canada, the federal small business lender; and Québec’s Fonds de solidarité FTQ, which is capitalized by Quebec’s workers. Private investors and family offices also committed.
InvestEco’s three prior funds raised a combined C$138.2 million. The fourth fund has so far invested in organic chip maker Humble Snacks, hummus brand Little Sesame, chocolate company Mid-Day Squares, and algae-oil startup Algae Cooking Club.
