BIC, VCs to co-invest in bioeconomy, cleantech startups

Startup accelerator Bioindustrial Innovation Canada (BIC) has agreed to partner with five venture capital firms to capitalize emerging companies in Canada’s bioeconomy and clean technology sectors. ArcTern Ventures, Cycle Capital ManagementFraser Mackenzie Merchant Capital and Greensky Capital of Canada and France’s Sofinnova Partners will work with BIC to explore opportunities to co-invest in BIC portfolio companies. Sarnia, Ontario-based BIC supports early-stage companies focused on converting renewable resources into value-added bioenergy, biofuel, biochemicals and biomaterials.


BIC Signs Memoranda of Understanding with Venture Capital Firms

November 21, 2017
SARNIA, Ontario – A key element to the success of Bioindustrial Innovation Canada (BIC) is its ability to lever its investment funding by forming strong working alliances with other venture capital funding organizations. These partnerships ensure that investee companies have sufficient capital to achieve their goals.

BIC is pleased to announce the signing of Memorandum of Understanding (MOU) with each of five key venture capital firms investing in the Canadian bioeconomy and cleantech space. It is the intention of these companies to work with BIC to seek out potential co-investment opportunities. Should an opportunity arise, these parties agree to exchange information as required to assess the potential of an investment. However, each party remains free to make its own investment decision.

The five organizations that have executed these agreements with BIC are:

ArcTern Ventures, Toronto, ON
Cycle Capital Management, Montreal, QC, Toronto, ON, Qingdao, China, New York and Seattle, United States
Fraser Mackenzie Merchant Capital, Toronto, ON
GreenSky Capital, Toronto, ON
Sofinnova Partners, Paris, France

Sandy Marshall, Executive Director of BIC said, “We are extremely pleased to have such significant organizations in the bioeconomy and cleantech investment space indicate their willingness to partner with BIC to seek investment opportunities. This enhances BIC’s ability to support early stage companies with clean, green and sustainable technologies for the benefit of Ontario and Canada.”

For more information please contact:

Wayne Maddever,
Advisor and Portfolio Manager, Bioindustrial Innovation Canada
Tel: 226-778-0020 ext. 248

About Bioindustrial Innovation Canada –

Bioindustrial Innovation Canada (BIC) is a nationally focused not-for-profit organization based in Sarnia, Ontario. The Centre for Commercialization of Sustainable Chemistry Innovation (COMM SCI) acts as a hub for the commercialization of sustainable chemistry and bio-based innovation, providing businesses and technical support to participating small- and medium-sized enterprises (SMEs) in southern Ontario. COMM SCI was established with support from the Federal Economic Development Agency for Southern Ontario’s (FedDev Ontario) Investing in Regional Diversification initiative and additional support from the Government of Ontario’s Ministry of Research, Innovation and Science. Bioindustrial Innovation Canada creates jobs and economic value sustainably for Canada. We provide critical strategic investment, advice and services to business developers of clean, green and sustainable technologies. Our expertise in commercialization builds a stronger Canada. For more information, visit

About ArcTern Ventures (ATV) –

ArcTern Ventures is a privately-backed venture fund focused on disruptive cleantech innovation. We invest in companies with deep IP, global markets, a strong value proposition (independent of regulatory or policy support) and world-class management teams. For more information, visit – mission

Cycle Capital Management –

Cycle Capital Management (CCM) is an impact investor and the most active cleantech venture capital firm in Canada. CCM invests in companies developing and commercializing clean technologies and striving to reduce greenhouse gas emissions, optimizing resource use, and improving process efficiency throughout a product’s life cycle.With assets under management of $260M, CCM invests in North America. Headquarted in Montreal with offices in Toronto, Qingdao in China and a presence in New York and Seattle, CCM regroups seasoned investment professionals, strategic advisors and industrial partners with in-depth knowledge of the sector. Cycle Capital Management has a special relationship with its strategic partners, notably Brookfield Renewable Energy, Rio Tinto, Cascades, Group M3, Lonza, Gaz Métro, Systemex Énergies, Aluminerie Alouette, and Hydro-Québec. For more information, visit

Fraser Mackenzie Merchant Capital –

FMMC is focused on helping medium sized businesses grow. Each of our partners has over 20 years’ experience in finance and operations related to medium sized Canadian business. We make direct investments of $2-$10 million in cashflowing businesses across most industry sectors through our own funds. FMMC Buyout Fund focuses on privately owned businesses with enterprise values of $5 to $50 million and our FMMC Private Yield Fund focuses on making subordinated loans to both private and publicly traded companies with EBITDA ranging from $1.5 to about $15 million. For more information, visit

GreenSky Capital –

GreenSky Capital Inc. is an award winning Toronto-based investment firm that provides investment and corporate financial advisory services to small and medium sized technology firms. GreenSky looks for long-term partnerships with high growth potential companies and dedicated entrepreneurs. GreenSky principals utilize a unique combination of operational experience in technology, law and finance to assist companies in achieving their goals. GreenSky Capital makes investments in early-stage Canadian technology companies through its affiliated venture capital funds, GreenSky Accelerator Fund I, LP and GreenSky Accelerator Fund II, LP. For more information, visit

Sofinnova Partners –

Sofinnova Partners is an independent venture capital firm based in Paris, France. For more than 40 years, the firm has backed nearly 500 companies at different stages of their development – pure creations, spin-offs, as well as turnaround situations – and worked alongside key entrepreneurs in the Life Sciences industry around the globe. With over €1.6 billion of funds under management, Sofinnova Partners has created market leaders with its experienced team and hands-on approach in building portfolio companies through to exit. For more information, visit

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