Yaletown holds $65m first closing on cleantech fundVancouver-based early stage venture capital firm Yaletown Venture Partners, has held a first closing on its Yaletown Ventures II fund on $65m. The fund has a target of $100m.
The new fund will continue Yaletown's focus on cleantech and IT investment opportunities in Western Canada, and also select cleantech investments in the US Pacific Northwest and the rest of Canada.
Investors comprise institutional and private investors in Canada and the US, including pension funds, funds of funds, financial institutions and professionally managed family offices, according to the firm.
Steve Hnatiuk, general partner, Yaletown, said, ‘Yaletown believes that early stage venture capital investing is fundamentally a local business. Cleantech and IT investment opportunities in Western Canada and the Pacific Northwest continue to grow and we are expanding our partnership's resources to take advantage of the very best opportunities.’
The fund follows on from Yaletown’s debut fund, which closed in 2003, on $42m.
Recent investments include cleantech companies such as NxtGen Emission Controls, 6N Silicon, Microstaq and Redlen Technologies, and IT companies including Zeugma Systems, GenoLogics and Mixpo.
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