ImpactAlpha, July 8 — The spike in climate financing has yet to reach early-stage startups. “Early-stage companies can’t mature without funding,” Active Impact’s Mike Winterfield told ImpactAlpha.
The Vancouver-based B Corp is aiming to bridge the financing gap with its second fund, which will invest in 14 companies, primarily in the U.S. and Canada. Average check size: $1 million for seed and Series A rounds, with follow-on funding in future rounds.
The fund’s first investment is in Encycle, which has developed AI-based software to manage commercial and industrial HVAC systems.
Active Impact’s first fund of $10 million made 15 investments. Investors in the second fund include Canada’s Fondaction, Vancity, the University of Victoria, First West Credit Union, Hamilton Communities Foundation and clients of Genus Capital Management.