A verified list of 13 active cleantech investors backing Toronto and Canadian climate startups in 2026. Covers dedicated cleantech VCs, government-backed clean energy funds, and generalist Toronto funds with a climate thesis — with recent deals, check sizes, stage focus, and LinkedIn profiles for each.
Cleantech contributes over $70 billion to Canada's GDP annually, and climate investment has crossed $200 billion globally since 2020.
Energy has overtaken transport as the leading vertical in climate tech investment for the first time in 2025.
Canada's critical minerals sector, clean compute, and energy storage all saw strong 2025 activity. Expect continued deal flow in all three verticals through the remainder of 2026.
BDC's Climate Tech Fund II commits $400M CAD — bringing their total clean and climate tech commitment to over $1.1B.
MaRS launched its First-of-a-Kind Lab in May 2026 — a nine-month program for cleantech ventures. It's designed for founders building their first commercial-scale deployment, not their next seed deck.
Toronto cleantech investors: overview
| Stage | Check | Focus | Contact | |
|---|---|---|---|---|
| BDC Climate Tech Fund | Seed to Growth | $5M-$40M | Energy, mobility, built environment | bdc.ca/climate-tech |
| Cycle Capital | Series A, Series B | $5M-$20M | Clean energy, circular economy, materials | cyclecapital.com |
| Emerald Technology Ventures | Seed, Series A, Series B | $3M-$20M | Industrial climate tech, water, energy | emerald.vc |
| Greensoil PropTech Ventures | Seed, Series A | $2M-$15M | Cleantech, proptech, built environment | gspv.vc |
| Pangaea Ventures | Seed, Series A | $1M-$8M | Advanced materials, chemistry, biology | pangaeaventures.com |
| Golden Ventures | Seed | $500K-$3M | Climate, AI, blockchain, quantum | golden.ventures |
| BDC ICE Venture Fund | Seed, Series A, B | $2M-$15M | Industrial clean energy technology | bdc.ca/ice-fund |
| MaRS IAF | Pre-seed, Seed | Up to $1.5M | Cleantech, healthtech, Ontario mandate | marsiaf.com |
| Inovia Capital | Seed to Growth | $500K-$20M+ | Cleantech, AI, SaaS, fintech | inovia.vc |
| Congruent Ventures | Seed, Series A | $1M-$10M | Sustainability, energy transition | congruentvc.com |
| Export Development Canada | Seed to Growth | $500K-$15M | Canadian cleantech exporters | edc.ca |
| OMERS Ventures | Series A, B | $5M-$25M | Cleantech platforms, enterprise SaaS | omersventures.com |
| Panache Ventures | Pre-seed, Seed | $250K-$2M | Climate, cleantech, AI, SaaS | panache.vc |
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Start free 14-day trialWhat is a cleantech investor?
A cleantech investor backs companies reducing greenhouse gas emissions, optimizing resource use, or enabling the energy transition. They fund companies solving real problems in energy, water, materials, and industrial processes.
BDC's Climate Tech Fund and ICE Venture Fund write $5M-$40M checks with a mandate to back capital-intensive clean technologies. Dedicated cleantech VCs like Cycle Capital and Emerald Technology bring sector-specific expertise most generalist funds don't have.
Most cleantech investors in 2026 are tired of sustainability claims without unit economics. If your CAC and payback period don't work at scale, the climate thesis won't save your raise.
The non-dilutive government layer matters here — SR&ED credits, CMF grants, and EDC financing all change your capital efficiency story. Founders who map this stack before pitching look significantly more prepared to every investor they meet.
For the first time in 2025, energy has overtaken transport as the leading vertical in climate tech investment. Clean compute is a major 2026 opportunity.
13 Toronto cleantech investors in 2026
1. BDC Capital Climate Tech Fund
Canada's largest dedicated climate VC. They launched a $400M Climate Tech Fund II, bringing BDC's total clean and climate tech commitment to over $1.1B CAD.
- Recent deals: Climate Tech Fund II $400M launch (2025); Fund I portfolio includes Svante, Anaergia, Hydrostor, Peak Power, CubicFarms; average investment $10M CAD; some deals reaching $40M CAD
- LinkedIn: BDC Capital LinkedIn
- Sector focus: Energy, mobility, built environment, industry, carbon management, food and agriculture
- Stage focus: Seed to Growth
- Location: Toronto, Ontario (national offices)
- Website: bdc.ca/climate-tech-fund
2. Cycle Capital
Montreal and Toronto-based cleantech impact investor with $600M under management. They backed 4 new investments in 2025 including battery tech, MicroLED, and wastewater heat recovery.
- Recent deals: Sonocharge Energy (battery tech, 2025); VueReal $40.5M Series C co-investment (MicroLED, 2025); Blumind $20M CAD Series A (analog AI tech, 2025); RegenEAU (wastewater heat recovery, 2025); AON 3D (2026)
- LinkedIn: Cycle Capital LinkedIn
- Sector focus: Clean energy, GHG reduction, circular economy, advanced materials, clean mobility
- Stage focus: Series A, Series B (growth stage focus)
- Location: Montreal and Toronto, ON (also Qingdao, New York, Seattle)
- Website: cyclecapital.com
3. Emerald Technology Ventures
Emerald Technology Ventures is a Zurich and Toronto-based global cleantech VC with €1B+ AUM. Four of their portfolio companies appeared on TIME's World's Top GreenTech Companies of 2025 list.
A second Global Water Fund is in preparation for 2026 — signaling continued commitment to water tech alongside industrial climate solutions.
- Recent deals: FREDsense Series A (water monitoring, September 2025); four portfolio companies on TIME GreenTech 2025 list (April 2025); second Global Water Fund in preparation (2026); 25+ years of cleantech investing
- LinkedIn: Emerald Technology Ventures LinkedIn
- Sector focus: Industrial climate tech, energy, water, advanced materials, industrial IT, mobility, packaging
- Stage focus: Seed, Series A, Series B
- Location: Toronto, ON (also Zurich and Singapore)
- Website: emerald.vc
4. Greensoil PropTech Ventures
Toronto-based proptech and cleantech fund with ~$140M USD AUM. They led a financing round for Virtual Peaker in February 2025 and co-invested in CABN's cleantech prefab homes in July 2025.
- Recent deals: Virtual Peaker additional financing lead (Feb 2025); CABN cleantech prefab strategic round co-investor (Jul 2025); two sustainable PropTech funds with $140M AUM; active built environment decarbonization thesis
- LinkedIn: Greensoil PropTech Ventures LinkedIn
- Sector focus: Cleantech, proptech, built environment decarbonization, energy efficiency software
- Stage focus: Seed, Series A
- Location: Toronto, Ontario
- Website: gspv.vc
Set up an Ellty data room with your climate tech features documentation and pilot data before reaching out to Greensoil or Emerald. Both funds move to technical diligence requests within 48 hours of a good first conversation.
Being organized from the first link sets you apart from founders who scramble to pull materials together after the meeting.
5. Pangaea Ventures
Vancouver-based hard tech VC and a world leader in advanced materials and clean chemistry. They judge the Foresight 50 — Canada's most investible cleantech companies list — annually.
- Recent deals: Active advanced materials and clean chemistry deployment through 2025-2026; Foresight 50 judge for 2026 cohort; portfolio spans bioplastics, advanced filtration, and clean manufacturing across North America
- LinkedIn: Pangaea Ventures LinkedIn
- Sector focus: Advanced materials, clean chemistry, biology for sustainability, hard tech
- Stage focus: Seed, Series A
- Location: Vancouver, BC (invests nationally including Toronto cleantech)
- Website: pangaeaventures.com
6. Golden Ventures
Toronto's most active seed fund with $100M Fund V closed in 2024. They write $500K-$3M first checks with climate as an explicit thesis alongside AI, blockchain, and quantum.
- Recent deals: swXtch.io seed (April 2026); Fund V $100M closed 2024 with climate thesis; 220+ total investments; active cleantech and climate deployment through 2025-2026
- LinkedIn: Golden Ventures LinkedIn
- Sector focus: Climate, cleantech, AI, blockchain, quantum, B2B SaaS
- Stage focus: Seed
- Location: Toronto, Ontario
- Website: golden.ventures
Build your cleantech data room today
Organize your climate model, pilot data, and cap table in Ellty before investors ask for diligence docs.
Start free 14-day trial7. BDC Industrial Clean and Energy Technology (ICE) Fund
BDC's dedicated fund for capital-intensive industrial clean energy companies. It operates at the frontier of innovation for companies changing how the world works.
- Recent deals: Active industrial clean energy deployment through 2025-2026; part of BDC's $1.1B+ clean and climate tech commitment; focuses on Canadian companies commercializing energy-transition technology
- LinkedIn: BDC Capital LinkedIn
- Sector focus: Industrial clean energy technology, energy efficiency, clean manufacturing, grid technology
- Stage focus: Seed, Series A, Series B
- Location: Toronto, Ontario (national offices)
- Website: bdc.ca/ice-fund
8. MaRS Investment Accelerator Fund
Ontario's most active seed-stage fund — reached its 200th investment in January 2026. They run the First-of-a-Kind Lab for cleantech ventures building first commercial-scale deployments.
- Recent deals: FOAK Lab launch (May 2026, nine-month program for cleantech commercialization); TimeSmartAI (Apr 2026); 200th investment milestone (Jan 2026); $100M+ deployed since 2008
- LinkedIn: MaRS IAF LinkedIn
- Sector focus: Cleantech, healthtech, enterprise SaaS — Ontario-based mandate
- Stage focus: Pre-seed, Seed
- Location: MaRS Discovery District, 101 College St, Toronto, ON
- Website: marsiaf.com
Use Ellty to share your clean energy deck with trackable links during MaRS events. MaRS Climate Impact runs November 17-18, 2026 at MaRS Centre — where cleantech innovators meet global investors.
Knowing who opened your materials tells you exactly who to follow up with after the event.
9. Inovia Capital
Canada's largest multi-stage fund with $2.5B USD AUM. They include cleantech and climate in their active investment thesis alongside SaaS, AI, and fintech.
- Recent deals: Mila Venture Scientist Fund $100M launch (Jan 2026); Cohere $500M Series D co-lead (Aug 2025); Spellbook $50M Series B (Oct 2025); Flare $30M growth (Nov 2025)
- LinkedIn: Inovia Capital LinkedIn
- Sector focus: Cleantech, SaaS, AI, fintech, robotics, healthcare
- Stage focus: Seed to Growth
- Location: Toronto, Ontario (also Montreal, Calgary, San Francisco, London)
- Website: inovia.vc
10. Congruent Ventures
Oakland-based sustainability VC that's often the first institutional investor for cleantech founders. They're known for hands-on sector expertise and backing founders earlier than most climate funds.
- Recent deals: Active seed and Series A sustainability and energy transition deployment through 2025-2026; frequently the first institutional check for cleantech startups; stays involved actively as companies scale
- LinkedIn: Congruent Ventures LinkedIn
- Sector focus: Sustainability, energy transition, climate tech — at seed and Series A
- Stage focus: Seed, Series A
- Location: Oakland, CA (invests in Canadian cleantech founders)
- Website: congruentvc.com
If your cleantech startup is considering acquisitions as part of your growth strategy, set up an Ellty data room first. Upload your financials and IP documentation before any M&A conversation — cleantech acquirers move fast when they find a fit.
11. Export Development Canada (EDC)
Canada's crown corporation for export-facing businesses — 15 cleantech investments in the 12 months to January 2026. They host an annual Cleantech Export Summit in Toronto.
- Recent deals: 15 investments in past 12 months (Jan 2026); annual Cleantech Export Summit in Toronto (theme: "Powering the world with Canadian cleantech"); active cleantech and energy export financing through 2025-2026
- LinkedIn: Export Development Canada LinkedIn
- Sector focus: All Canadian export-facing businesses — cleantech, energy, digital media, advanced manufacturing
- Stage focus: Seed to Growth
- Location: Ottawa, ON (operates nationally)
- Website: edc.ca
12. OMERS Ventures
Pension-backed Toronto VC with $750M Fund IV. They back cleantech platforms and climate software companies from Toronto with $5M-$25M tickets at Series A and B.
- Recent deals: Turnstile $29M co-investor (Feb 2026); Arize AI $70M Series C co-investor (Feb 2025); 98 portfolio companies; active cleantech platform and enterprise software deployment 2025-2026
- LinkedIn: OMERS Ventures LinkedIn
- Sector focus: Cleantech platforms, enterprise SaaS, fintech, digital media
- Stage focus: Series A, Series B
- Location: Toronto, Ontario (also London, Palo Alto)
- Website: omersventures.com
13. Panache Ventures
Canada's leading pre-seed fund, writing $250K-$2M first checks with climate as an explicit thesis area. They made 5 new investments in the first five months of 2026 across climate, AI, and fintech.
- Recent deals: Parable $16.5M seed co-investment (Nov 2025); Cybrid $10M Series A (Oct 2025); multiple climate and cleantech pre-seed rounds through 2025-2026
- LinkedIn: Panache Ventures LinkedIn
- Sector focus: Climate, cleantech, AI, fintech, B2B SaaS
- Stage focus: Pre-seed, Seed
- Location: Montreal/Toronto (national fund)
- Website: panache.vc
How cleantech investors evaluate your raise
Most cleantech investors in 2026 check your unit economics before your climate impact narrative. The pitch that worked in 2021 doesn't close rounds anymore.
Know your CAC, payback period, gross margin, and capital intensity per unit of GHG reduced. If those numbers don't work at scale, the climate thesis won't save you.
The non-dilutive stack matters to every cleantech investor. SR&ED tax credits, CMF grants for digital climate applications, and EDC export financing all change your effective burn rate.
Map your complete non-dilutive stack — SR&ED, CMF, EDC — before your first investor meeting. A company with strong SR&ED eligibility looks meaningfully different from one without it, and Cycle Capital and Emerald both factor this in.
Set up an Ellty data room with your climate model, unit economics, pilot data, and government incentive schedule before any BDC or Emerald first call. Both funds request technical documentation within 48 hours of a good meeting.
What cleantech investors need before they commit
BDC Climate Tech Fund writes $10M average checks to companies with proven technology and a clear commercialization path. You don't need revenue, but you do need pilot data and a credible path to first commercial deployment.
Cycle Capital focuses on growth-stage companies commercializing clean technology. If you're still at the R&D phase, BDC ICE Fund and MaRS IAF are more realistic first conversations.
Greensoil and Emerald both want to see the built environment or industrial application clearly defined. Know exactly which sector you're reducing emissions in and what your competitive moat is.
"We help companies be more sustainable" isn't a thesis — know exactly which emissions problem you're solving. If your gross margin turns negative at commercial scale, no amount of GHG data will close a Series A.
How to find Toronto cleantech investors
The Foresight 50 is the best signal for active cleantech investors. Thirty or more leading investors judge the cohort annually, including Dania Moazzam from RBCx and Jay Patel from Toyota Ventures.
MaRS Climate Impact runs November 17-18, 2026 at the MaRS Centre in downtown Toronto. This is the primary event where Toronto cleantech investors meet founders — not a side event, a main stage conference.
EDC's Cleantech Export Summit in Toronto brings together cleantech innovators, investors, and ecosystem partners. The 2026 theme is "Powering the world with Canadian cleantech."
Foresight Canada's programs out of Vancouver feed directly into a national cleantech investor network. Their Foresight Accelerator has produced companies that went on to raise from BDC, Cycle Capital, and Emerald.
Know which Toronto healthtech investors overlap with cleantech too — the mandates intersect often. Biotech-adjacent climate companies in food, agriculture, and water regularly qualify for both investor types.
How to pitch a cleantech investor
Specific steps for climate tech founders raising from dedicated cleantech VCs and Toronto-based generalist funds in 2026.
- 1.Lead with unit economics, then the climate impact narrativeOpen your pitch with CAC, gross margin, and payback period before the GHG impact slide. Cleantech investors have heard the climate urgency story — they need your numbers to work at scale.
- 2.Map your full non-dilutive stack before the first meetingKnow your SR&ED credits, CMF eligibility, and EDC financing options before any investor call. Every serious cleantech investor will factor this into their underwriting of your effective burn.
- 3.Match your stage to the right fund tierMaRS IAF and Panache write pre-revenue first checks. BDC Climate Tech and Cycle Capital need commercialization traction. Don't skip tiers — you waste your best intro at the wrong stage.
- 4.Send trackable deck links before your investor callUpload your climate model and deck to Ellty and send a unique link per investor. You'll see which sections they reviewed before the call and can lead with what they cared about most.
- 5.Set up your data room before any Foresight or MaRS eventHave your pilot data, unit economics, IP summary, and financial model in an Ellty data room before attending MaRS Climate Impact or the Foresight 50 cohort review.
How Ellty helps you land a cleantech investor
Now that you know the investors, here's how to prepare. Cleantech due diligence is heavier than software — investors need pilot data, environmental assessments, IP documentation, and financial models. An Ellty data room keeps all of it organized and trackable from the first link.
- 1.Build your climate tech data room before outreachCreate an Ellty data room and upload your pitch deck, climate model, pilot results, and financial projections. Replace scattered files with one controlled, professional data room link investors can access instantly.
- 2.Set granular permissions for each cleantech investorGenerate a separate trackable link for each fund — BDC, Cycle Capital, Emerald. Require email verification before viewing and enable screenshot protection on your IP documentation and financial model.
- 3.Get instant alerts when investors review your climate dataReceive a real-time notification when an investor opens your materials. If a BDC partner spends time on your pilot results but skips your team slide, lead with commercialization traction on the follow-up call.
What cleantech founders ask before raising in 2026
- Not necessarily. BDC Climate Tech writes checks to companies with a clear commercialization path and pilot data, even without commercial revenue. They back capital-intensive technologies at an earlier stage than most growth VCs. Have your pilot results, unit economics model, and first commercial deployment timeline ready before you approach them.
- SR&ED credits directly reduce your effective burn rate and extend runway per dollar raised. Every serious cleantech investor — BDC, Cycle Capital, Emerald — will factor your SR&ED eligibility into their valuation and dilution calculation. Know your estimated SR&ED claim before your first investor conversation, not after.
- Target both in parallel. The strongest Canadian cleantech raise in 2026 is a Canadian lead with a US co-investor. BDC and Cycle Capital understand Canadian government incentives and SR&ED structures. US co-investors like Congruent Ventures open enterprise customer introductions in markets you can't access through Toronto alone.
- Cleantech VCs like BDC Climate Tech, Cycle Capital, and Emerald run institutional funds with LP mandates and specific sector diligence processes. They write $5M-$40M checks with formal due diligence on technology, IP, and commercial viability. Angels write personal checks faster but don't lead rounds or set terms at Series A.
- Before your first investor meeting, not after. BDC and Emerald request pilot data, financial models, and IP documentation within 48 hours of a good first call. Have an Ellty data room organized with all of this before any intro meeting — being ready shortens your close timeline by 2-3 weeks minimum.
- Yes. If a Cycle Capital or Emerald partner spends time on your unit economics slide but skips your climate impact model, that tells you where their diligence will focus. Use Ellty trackable links to monitor engagement before every follow-up and lead with the sections that got the most time from each investor.
