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ArcTern Ventures obtains C$60M in 1st close of 2nd cleantech fund

Early-stage venture capital firm ArcTern Ventures raised C$60 million in the first close of its second clean technologies fund.

OMERS Administration Corp. and Equinor Energy Ventures participated in the funding round as anchor investors.

ArcTern aims to pull in C$100 million for the fund, with a final hard cap of C$150 million.

OMERS is a privately owned pension fund in Canada, while Oslo-based Equinor is a venture capital firm targeting renewable energy companies.