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BFD Expert Voices - Climate Deals

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Canadian venture studio Diagram raised C$80M for its first climate-focused fund, it announced Thursday morning.

Why it matters: Diagram brings deep experience launching early-stage startups.

How it works: Diagram for the past eight years has both launched its own startups — an approach generally referred to as a venture studio model — and funded external early-stage companies as a conventional venture investor.

The firm is backed by alternative asset manager Sagard. 

Driving the news: Diagram on Thursday morning closed its debut climate fund, concluding a 10-month raise, a spokesperson tells Axios. 

Zoom in: The Montreal-based firm expects to incubate or invest in about a dozen software-focused startups, writing checks of C$2 million to C$5 million for pre-seed through Series A investments. 

It's so far made two seed investments: one in EV charging software developer Relion, the other in EV sales software company Lyteflo, which expects to close its raise by the end of the year.

What's next: The fund will target Canadian companies, with a particular focus on Quebec-based startups, the spokesperson says.

Diagram raises C$80M for first climate fund

It'll both incubate and invest in green startups.

an illustration of a maple leaf surrounded by shapes and cutouts of canadian dollar notes 

Climate tech

Canadian venture studio Diagram raised C$80M for its first climate-focused fund, it <a class="gtmContentClick" data-vars-link-text="announced" data-vars-click-url="https://www.newswire.ca/news-releases/diagram-climatetech-fund-announces-final-close-at-80m-reaching-hard-cap-847675870.html" data-vars-content-id="2c927542-3de5-4e11-b735-90db454abfce" data-vars-headline="Diagram raises C$80M for first climate fund" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.newswire.ca/news-releases/diagram-climatetech-fund-announces-final-close-at-80m-reaching-hard-cap-847675870.html" target="_blank">announced</a> Thursday morning.Why it matters: Diagram brings deep experience launching early-stage startups.

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Diagram raises C$80M for first climate fund

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