Ecofuel Fund successfully completes second closing expanding to $40.6M

MONTREAL, Jan. 25, 2019 /CNW Telbec/ - Ecofuel Fund - one of Canada's largest seed stage cleantech venture capital funds - is pleased to announce its second closing for total investor commitments of $40.6 million. The Fund collected additional $10.6M in equity to support cleantech seed stage companies from Quebec and Eastern Canada. As part of this closing, the Fund welcomes Desjardins Capital and a number of high net worth investors and receives increased commitment from Investissement Québec, acting as mandatory of the Government of Québec. The other initial investors in the Fund are BDC Capital, the investment arm of the Business Development Bank of Canada (BDC), Fonds de solidarité FTQ, Fondaction and the CRIBIQ.

"We're happy to welcome Desjardins Capital as a new investor and receive increased commitment from the Government of Quebec, one of our initial investors. It is a clear demonstration of our investors' confidence in our model and the collaborative synergies developed with the Ecofuel Accelerator. My co-Managing Partner Johanne and I are also grateful for their support to innovative seed stage companies," said Richard Cloutier, Managing Partner of the Ecofuel Fund.

Launched in July 2017, the Ecofuel Fund invests seed stage capital in innovative cleantech companies from Quebec and Eastern Canada. To this day, the Fund has completed investments in 12 companies including 7 pre-seed investments as part of the Ecofuel Accelerator.

About Ecofuel

Ecofuel is a venture capital fund and a specialized and personalized accelerator dedicated to the cleantech startups. Ecofuel, powered by Cycle Capital, works with entrepreneurs to help build globally competitive companies. Ecofuel Fund invests smart money in seed stage startups that develop and commercialize clean technologies while the Ecofuel Accelerator offers entrepreneurs a specialized and personalized program of workshops, networking sessions and access to experienced mentors.

Web site: ecofuelaccelerate.com
Twitter: @ecofuelstartups
LinkedIn: Ecofuel

SOURCE Ecofuel