The Business Development Bank of Canada (BDC) has launched a new $150m fund aimed at investing in Canadian firms advancing technologies towards climate goals.
The BDC offers financing, advisory services and capital to small and medium-sized businesses in Canada.
The Bank said that the new fund comes as Canadian sustainability-focused startups tend to be underfunded relative to their international peers, with only 5% of Canadian VC investment targeting environmental sustainability in 2021, compared to the global average of 14%.
According to ESG Today, the new fund will make equity investments, from seed to Series A and B, in sustainability-oriented businesses with SaaS, hardware-enabled software, and software-led business models.
In addition, tech targeted by the fund will align with four UN Sustainable Development Goals (SDGs). These include sustainable communities and cities, responsible production and consumption, climate action and clean and affordable energy.
BDC Capital’s managing partner of its industrial innovation venture funding Joseph Regan said, “Sustainability technologies will be at the forefront of innovation all around the world. Over the coming decades, we will witness an acceleration of adoption across sectors and industries.
“It is a privilege to be working to ensure Canadian innovators have the capital they need to develop and commercialize world-class technologies that have the potential to tackle the most urgent challenges of our time.”
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
