- Diagram has announced the final close of its ClimateTech Fund at $80 million, exceeding its initial target of $60 million despite a challenging fundraising environment. - The Fund includes notable limited partners such as Sagard, the government of Quebec through Investissement Quebec, Export Development Canada, and various private investors. - Its purpose is to build and invest in companies that create capital-efficient digital solutions to accelerate the global transition to sustainability. - Diagram's venture creation model is utilized to identify market opportunities and reduce early-stage risks through strategic partnerships. - The Fund has launched two ventures: ReliON, a software company for EV charging infrastructure, and Lyteflo, which focuses on electric vehicle sales enablement. - ReliON secured a $3 million seed round in June 2024, while Lyteflo is completing its seed round by the end of 2024. - François Lafortune, Diagram's CEO, expressed gratitude to investors for supporting climate innovation. - Amélie Foz-Couture and Paul Manias lead the Fund, focusing on sustainable innovation and the potential impact of their ventures. - Diagram has over $400 million in assets under management and specializes in launching ventures across various sectors, including ClimateTech. - The organization has collaborated with founders to launch over 25 ventures since 2016, combining capital access with hands-on operational support.

Diagram ClimateTech Fund Announces Final Close at $80M, Reaching Hard Cap

News provided by Diagram

Oct 10, 2024, 08:00 ET

Exceeds $60M Fund Target to Advance Climate Solutions

MONTREAL, Oct. 10, 2024 /CNW/ - Diagram, a leading venture builder and investor backed by Sagard, a global multi-strategy alternative asset manager, has announced the final close of its ClimateTech Fund (the Fund). The Fund exceeded its target of $60M, hitting its hard cap of $80M, despite a particularly challenging fundraising environment. Notable LPs include Sagard, le gouvernement du Québec, through its mandated agent Investissement Quebec, Export Development Canada (EDC), Fondaction, BDC Capital, Teralys Capital, Mavrik Corp., Desjardins Capital via Capital régional et coopératif Desjardins, and BoxOne Ventures, along with many private investors.

The Fund seeks to build and invest in companies developing capital-efficient digital solutions that accelerate the global transition to a more sustainable future. It leverages Diagram's unique venture creation model to identify market opportunities, assemble high-caliber founding teams, and mitigate early-stage risks through strategic partnerships. The Fund also invests in promising early-stage companies sourced through Diagram and Sagard's extensive network, with a particular focus on Quebec-based businesses.

François Lafortune, Co-Founder & CEO of Diagram, said, "The Diagram team is committed to aiding ideas and entrepreneurs that enable the adoption of solutions and technology which are solving crucial environmental issues —this fund is our first step in doing so. We are grateful to our investors who share our aspiration for enabling greater climate innovation."

The Fund has established two new ventures thus far, with others in late-stage ideation. The Fund created its first company, ReliON, in late 2023 and led its $3.0M seed round in June 2024. ReliON is a software company offering comprehensive end-to-end operation & maintenance solutions for EV charging infrastructure. The Fund most recently launched Lyteflo, an electric vehicle sales enablement solution with a particular focus on battery health. Lyteflo is in the process of completing its seed round which is expected by the end of 2024.

"Diagram's trust and support has been crucial to ReliON's success," said ReliON CEO Benoit Lacroix. "We are utilizing the newly secured capital to further develop our O&M platform and scale operations to meet growing demand for reliable EV charging solutions."

"Our mission at Lyteflo is to accelerate EV adoption through our battery intelligence platform and comprehensive web toolkit. I spent several months developing the Lyteflo opportunity with Diagram, and they have been an excellent hands-on partner, reaching beyond capital and providing immense support to advance our mission," added Ryan Osten, CEO of Lyteflo.

The Fund is jointly led by Amélie Foz-Couture and Paul Manias, who both share a strong commitment to sustainable innovation. Amélie, a long-standing Partner at Diagram, has been leading the firm's venture creation activities for the past five years. Paul, a seasoned ClimateTech expert and Diagram's newest Partner, previously co-founded a venture capital fund focused on later-stage decarbonization investments and served for eleven years as Managing Director at OMERS in the infrastructure and private equity groups. Paul is also currently a special advisor to The Co-Operators Group in the area of climate-resilient infrastructure.

"Climate change is the biggest challenge of our generation and we need ambitious ideas and founders to tackle it," said Amélie. "We are excited about the impact that our first two ventures, ReliON and Lyteflo, can have on accelerating the transition to EVs, and we look forward to the impact we can have across other sectors as we continue to deploy."

"Innovation is a key to combating climate change. Our mission, and our passion, is to support groundbreaking technologies and businesses that not only address today's current environmental challenges but also pave the way for a more sustainable world," added Paul.

About Diagram
Diagram is a Venture Builder and Investor with over $400M in assets under management, specializing in launching and scaling ventures in Web3/AI, Fintech, and ClimateTech. Since 2016, Diagram has collaborated with exceptional founders to launch more than 25 ventures, combining access to capital, hands-on support, and a deep ecosystem of partners to catalyze the growth of world-changing companies.

For more information, visit www.diagram.ca.

SOURCE Diagram

Media contact: Adam Daifallah - adam.daifallah@teneo.com