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January 22, 2024
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Breaking News: ArcTern Secures $335M Funding for Climate Tech Ventures

ArcTern Ventures, a climate tech venture firm based in Toronto, has raised $335 million for its third fund. The fund aims to support renewable energy, clean transportation, and other industries focused on addressing climate change. TD Bank and other institutions, including the Church Pension and Credit Suisse, have backed the fund. According to consultants PwC, investment in climate tech fell 40% in the past year, though this decline was smaller than the overall venture capital industry decrease of 50%. ArcTern Managing Partner Murray McCaig anticipates that large institutions with significant cash reserves will increasingly invest in climate tech as public opinion on the need for climate action grows. The fund will focus on early-stage companies with the potential for rapid growth and quick impact in reducing greenhouse gas emissions. ArcTern primarily invests in software and other capital-light industries to avoid high-risk projects reliant on major capital investments. The firm will focus on areas such as the mobility sector and the global expansion of electric vehicles, as well as the circular economy, sustainable food and agriculture, and industrial decarbonization. The geographic focus will be on the United States and Europe.

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