ArcTern Ventures held a second close for its second investment vehicle at C$200 million, which the firm said is the largest clean technology venture fund in Canada.
The target size for ArcTern Ventures Fund II, or ArcTern Fund II, was increased from C$150 million amid rising institutional investor and family office interest in planet-positive investments.
The fund was backed by new investors TD Bank Group, Suncor Energy Inc., BDC Capital Inc., an unnamed Canadian pension fund, The Ivey Foundation and other family offices. OMERS and Equinor are among the anchor investors in the fund.
The Toronto-based venture capital firm invests in breakthrough clean technology businesses addressing climate change and sustainability.
