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ScaleUP Ventures Changes Mandate to Become Clean-Technology Financier

November 17, 2020


ScaleUP Ventures ("ScaleUP"), a venture capital firm backed by the Government of Ontario, has changed its mandate to become a clean-technology financier.

ScaleUP was created in 2016 as an experiment to help foster Canadian innovation. The platform provides Ontario start-ups with a combination of capital, mentorship and market access. Since its inception, the fund has raised $106 million to support enterprise software start-ups.

Last month, ScaleUP’s founder Nadir Mohamed, announced a new direction for the platform. ScaleUP will become Climate Innovation Capital ("CIC") and will focus on supporting “climate technology” companies devoted to decarbonizing the economy. CIC plans to raise US$500-million in investments and is poised to become Canada’s largest private-capital fund focused on clean technology. The pivot comes at an opportune time, as shifts in market trends and climate change awareness are creating new rationales for investments in the clean energy sector.

CIC will provide later-stage venture capital for developing companies with products in market and private capital for more established businesses. The fund has raised US$20 million thus far, and is hoping to reach US$150 million by mid-2021.

Author: Shannon Skillings


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