Renewal Funds
Email: [email protected]
Website: http://www.renewalfunds.com/
Phone: 604-424-9933
Office Headquarters Address:
500-163 West Hastings St, Vancouver, BC, V6B 1H5
Background
Year Founded: 2008
Mission & Mandate:
Renewal Funds invests in early growth stage companies accelerating the transition to an environmentally responsible economy. We invest in innovation that will advance the sustainability of food, water, and climate — contributing to a safer and cleaner planet for future generations.
Description:
Renewal Funds is a mission venture capital firm investing in early growth stage companies in Canada and the United States. We add value for entrepreneurs through capital, networks, and expertise. We deliver above-market returns for our partners while catalyzing positive social and environmental change.
Since 2008 Renewal Funds, with $240m from our combined funds, has created strategic partnerships with values-aligned investors, entrepreneurs, and businesses. Our work is dedicated to a better, more resilient future.
Fund Characteristics
Renewal4
AUM: $240 million
Vintage year: 2008
Closing year: 2019
Fund term: 10 years
Asset class: Private equity
Investor eligibility: Institutional, Accredited, Retail
Minimum investment: $500,000
Geographic scope: Pan-Canadian, United States of America
Committed capital: $24 million
Average investment size: $4 million
Investee type: For-profit organisations, LLC
Investment stage: Early
Impact Highlights
In 2020, we engaged an independent third-party impact reporting firm to conduct a comprehensive analysis of the five Renewal4 companies in the portfolio at Dec 31, 2019. They calculated that +12.9M tonnes of CO2 were offset or avoided, +5.6M kiloliters of water were saved, +240M MJ of energy were saved and 71 jobs were created by these five companies in 2019.
Nota Bene
Awards & Notable Achievements:
– Founding & Managing Partner, Paul Richardson: 2013 Canada’s Clean50 Co-Founding Partner
– Founding & Managing Partner, Joel Solomon: 2012 TEDxVancouver Speaker, a Founding Member of Social Venture Network, Business for Social Responsibility, and Tides Canada Foundation
– Renewal Funds has been named B Corp Best for the World for 6 consecutive years
Future Projects:
Our investment team is actively investing the Renewal4 portfolio with a focus on environmental technology and sustainable consumer products.
Other:
In July 2020, in response to the challenging times for youth as a result of COVID-19, our Managing Partner conceived the Youth Impact Challenge. Over 180 diverse teams aged 25 and younger submitted their proposals to tackle environmental and social issues. $45,000 and hours of mentorship from leaders in the business and non-profit sector were awarded to the top teams. http://www.youthimpactchallenge.ca/
Success Story
Hodo Foods
Oakland, California | December 2019
Financing: Private equity
Hodo Foods makes locally sourced, certified organic, plant-based meals inspired by international flavors. Their ready-to-eat creations use US-grown, non-GMO soybeans.
By sourcing soybeans from American farms using traditional farming methods, carbon-intense overseas shipping and use of synthetic pesticides is avoided. Hodo’s approach diverges from the norm; most soy product manufacturers use imported beans from South America and Asia, where clearcutting and deforestation are associated with soybean production. Hodo’s tofu is packaged in vacuum-sealed packets versus water-submerged containers, decreasing shipping weight. The company diverts and upcycles 100% of their soy pulp by-product to companies that convert it to okara flour and cattle feed.
