Renewal2 will invest in businesses that provide North America’s finest sustainability solutions
Vancouver, BC (May 25, 2009) – Paul Richardson, President of Renewal2 Investment Fund, is pleased to announce the first close of the Fund at over $16 million. Renewal2 is one of a handful of funds in North America that focus on companies which have positive environmental, social and financial returns. The Fund builds on 15 years’ experience of high-impact social investing at Renewal Partners where early capital was deployed in leading local companies, such as Happy Planet and SPUD, and North American leaders such as Stonyfield Farms and Seventh Generation.
Says Richardson, “We are delighted to be able to announce this close as it enables us to start to fund and nurture the growth of a next generation of companies in our sectors, which include organic and natural foods, green consumer products, green building, social media, and social finance. The decisions we make about what we eat, how we build and clean our houses, and where we source our products, all have large consequences for the planet. The Renewal2 sectors are underserved by the North American venture community which presents a great opportunity as they are expected to grow much faster than the rest of the economy.”
“We are thrilled by the response,” says Joel Solomon, Chairman of Renewal2, “the fact that we have been able to successfully raise this fund in these trying economic times demonstrates the growing interest and commitment of investors who want to drive positive change with their capital.”
Renewal2 is leveraging its strong network across North America to find leading companies in its sectors. “Our goal is a portfolio of 15 to 20 deals split between the U.S. and Canada,” says Richardson. “Many of these opportunities are expected to be based in British Columbia, an incubator location for successful ecopreneurial ventures. We intend to co-invest with leading colleague funds – together we will accelerate a new model of venture capital financing.” Renewal2 expects to start funding companies during the summer and will continue to raise capital for the second and final close at the end of the year.
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