Renewal2 Investment Fund has completed its first closing with over CAD16m.
Renewal2 Investment Fund has completed its first closing with over CAD16m.
Renewal2 is one of a handful of funds in North America that focuses on companies which have positive environmental, social and financial returns.
The fund builds on 15 years’ experience of high-impact social investing at Renewal Partners where early capital was deployed in local companies, such as Happy Planet and Spud, and North American firms such as Stonyfield Farms and Seventh Generation.
Paul Richardson, president of Renewal2, says: ‘We are delighted to be able to announce this close as it enables us to start to fund and nurture the growth of a next generation of companies in our sectors, which include organic and natural foods, green consumer products, green building, social media, and social finance. The decisions we make about what we eat, how we build and clean our houses, and where we source our products, all have large consequences for the planet. The Renewal2 sectors are underserved by the North American venture community which presents a great opportunity as they are expected to grow much faster than the rest of the economy.’
The fund’s goal is a portfolio of 15 to 20 deals split between the US and Canada. Many of these opportunities are expected to be based in British Columbia, an incubator location for successful ecopreneurial ventures.
Renewal2 expects to start funding companies during the summer and will continue to raise capital for the second and final close at the end of the year.
