L’Oréal Backs Canadian-French Fund Focused on Circular Economy
by Jeffrey Jones (Globe and Mail) Montreal-based cleantech investor Cycle Capital and its French partner have raised US$108-million to back companies and funds focused on the circular economy in an initiative that was spearheaded by the cosmetics giant L’Oréal SA.
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Cycle currently invests in cleantech companies developing technology to cut greenhouse-gas emissions, such as Montreal’s Enerkem, the biofuel and renewable-fuel producer that recently completed a $255-million financing round. Cycle has $600-million under management.
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Other initial investors in the fund include France’s Axens, the fuel-conversion technology company, and family investors including Haltra and Claridge.
CIF will target companies that are in the later stages of requiring venture capital as their products and services come to market.
“We will do 12 to 15 direct investments in companies. The average size of investment will be US$10-million, considering, of course, the initial investments plus the following investments, which are quite common in venture-type deals,” said Stéphane Villecroze, Demeter’s managing partner.
On Thursday, the partners announced investments in two funds: New York-based Closed Loop Venture Fund II and European Circular Bioeconomy Fund. READ MORE
