Venture capital firm Renewal Funds has closed its latest fund, Renewal4, at $145 million making it one of the largest early stage impact funds in North America.
Vancouver’s Renewal Funds is a sustainability focused firm that invests across North America in environmental technology and sustainable consumer products. Today’s funding announcement brings the firm’s total assets under management to approximately $240 million.
Renewal4 will continue the firm’s focus on early-growth stage investments in its core sectors, including three investments made to date in Opus One Solutions, Prana and Swiftly.
Renewal4 comprises over 140 investors including many repeat investors from its earlier funds and a number of institutional investors including BDC Capital and The Co-operators.
The Fund received over $40 million in commitments from investors based in the U.S. and Europe and a $20 million allocation from the Canadian Federal Government’s Venture Capital Catalyst Initiative’s Clean Technology stream.
Renewal Fund’s previous fund, Renewal3, invested in Vancouver’s Terramera which recently raised $45 million to advance its Actigate Targeted Performance technology.