Diagram announces a $60M fund targeting innovation in the cleantech space, open to many industries
by CM Staff
The fund seeks to build and invest in companies developing capital-efficient digital solutions that accelerate the global transition to a more sustainable future.
MONTREAL — Diagram, an investor backed by Sagard, a multi-strategy alternative asset manager, has announced the initial closing of its new ClimateTech Fund, securing nearly C$50M in commitments towards its C$60M target.
The Quebec government, through Investissement Québec, and Sagard have partnered to co-anchor the fund. Other major investors in the fund include Mavrik, the family office of Mark Pathy, Fondaction & Fonds québécois d’amorçage Teralys financed by CDPQ.
The fund seeks to build and invest in companies developing capital-efficient digital solutions that accelerate the global transition to a more sustainable future. It will leverage Diagram’s venture creation model to identify market opportunities, assemble founding teams, and mitigate early-stage risks through strategic partnerships. The fund will also invest in promising early stage companies sourced through Diagram and Sagard’s extensive network, with a particular focus on Quebec-based businesses.
“Diagram’s ClimateTech Fund will boost innovation to meet the challenges associated with tackling climate change. Supporting innovative businesses is essential in order to position Quebec at the forefront of these strategic sectors,” stated Pierre Fitzgibbon, Minister of Economy, Innovation and Energy, Minister Responsible for Regional Economic Development and Minister Responsible for the Metropolis and the Montréal Region.
François Lafortune, Co-Founder & CEO of Diagram, expressed his enthusiasm for the new strategy, stating: “The creation of the Diagram ClimateTech Fund to launch and invest in innovative ClimateTech companies represents a significant milestone in our commitment to a sustainable future.”
“Teralys, as Canada’s largest investor specializing in innovation, is proud to contribute to the creation of the Diagram ClimateTech Fund deploying a unique investment thesis in the Quebec ecosystem aimed at building new innovative companies dedicated to the energy transition” declared Beatrice Couture, Principal at Teralys Capital.
“Climate change is the biggest challenge of our generation,” stated Amélie. “Having spent the last five years at Diagram perfecting our approach to launching companies, we’ve consistently held the belief that mission-driven entrepreneurs are instrumental in solving our most significant challenges. I am very excited to apply our unique venture creation model to the ClimateTech industry in partnership with Paul Manias and to collaborate with extraordinary founders to address this generational imperative.”
