The Quebec Cleantech Investment Challenge, powered by HSBC, came to an exciting conclusion on June 15 at the Pitch Night Finale, with Circulus AgTech Solution Inc. winning the grand prize of $100,000 to further develop their solution.
The Challenge, delivered by SI Canada, Foresight Canada, Cycle Momentum, and Spring Activator kicked off in fall 2022, with a goal to increase the flow of capital investment into Quebec-based cleantech ventures, while simultaneously preparing up-and-coming investors to invest in these innovative climate solutions.
"Spring is incredibly proud of this first edition of the Impact Investor Challenge in Quebec. The Quebec Cleantech Investment Challenge gathered an incredible group of purpose driven founders as well as very committed investors. Accredited and non-accredited investors who participated in the program went through a very intense and exciting journey together: building relationships, working hard together on their due diligence group work and really putting their money to the best possible use. It has been a pleasure bringing this program to Quebec for Spring and doing it with Cycle Momentum, Foresight and Social Innovation was a privilege. Thank you HSBC for gathering us together on this program. A huge impact for a more sustainable planet."
Supporting a total of 15 cleantech ventures from initial funding needs through to investor readiness, and developing over 20 early-stage climate solution investors from Quebec and across Canada, the Challenge succeeded in addressing cleantech’s access to capital problem while shining a light on some very promising climate innovations. The Top Five finalists of the Challenge included:
“This program was a great example of collaboration between organizations doing important work across the Canadian cleantech ecosystem. When we collaborate in this way, leaning into our respective strengths and existing programs, we can accomplish even more by working together. However, this program was really about supporting super promising early-stage cleantech companies and launching new impact investors, and we’re proud that it accomplished both. We hope to keep collaborating and building the innovation and entrepreneurship ecosystem Canada needs in order to lead in the race to net zero.”
At the Pitch Night Finale — hosted by Borden Ladner Gervais — Circulus Agtech Solution Inc. claimed the top prize with their sustainable fertilizer solution.
"A big congratulations to the challenge winners Circulus AgTech Solution Inc. and a special thank you to all the cleantech ventures involved. I’m excited to see how the technologies developed here will play a role in supporting a net zero economy. The journey has just begun, keep pioneering, innovating, and working towards the sustainable future we all strive for.”
Circulus Agtech Solution Inc
David Leroux , Founder & CEO
Circulus Agtech is addressing the challenge of inefficient and unsustainable farming practices by providing a sustainable fertilizer solution that helps farmers optimize crop yields while reducing costs and environmental impact. Current conventional fertilizer solutions rely on natural gas, generate large amounts of greenhouse gas and cause soil degradation. On the other hand, agricultural waste like manure and green waste contains large amounts of nutrients, but due to their management methods, most are discarded or lost in greenhouse gasses before they can be absorbed by the plants.
The Circulus Agtech technology extracts nutrients from agricultural waste, creating precise mineral fertilizers and biostimulants. The Circulus System optimizes the biology needed for efficient nitrogen capture and recycling, replacing the need for unsustainable synthetic fertilizers on farms.Our technology can increase efficiency, decrease waste, and benefit farmers, consumers, and the environment.
Circulus aims to become a pillar of the circular economy between various industrial and agricultural sectors. This alternative to current waste management methods and conventional fertilizers helps reduce greenhouse gas emissions in different segments of the food supply chain while increasing farmers resiliency, disrupting the fertilizer industry with a circular economy.
“There is absolutely no doubt that Canada has an abundance of bright minds, ready to solve the toughest climate challenges. But it is also clear that Canadian cleantech startups struggle to secure the critical capital they need to develop their solutions. That’s why it was such a pleasure to take part in this challenge, bridging the gap between innovators and investors by helping the most promising Quebec-based cleantech ventures meet Canada’s up-and-coming investors. Congratulations to our amazing winner, Circulus AgTech Solution Inc., and to all who took part in this Challenge — I can’t wait to see what you accomplish next as you help propel Canada to net zero.”
While only one venture was able to take home the $100,000 investment prize, the solutions put forward by the 15 inspiring climate innovators that took part in this Challenge proved Canada has no shortage of cleantech talent. Through Challenges like this one that develop both innovators and investors, we can continue to ensure Canada’s most powerful climate solutions come to fruition.
“Cycle Momentum is proud to have contributed to the success of this 1st edition of the Quebec Cleantech Investment Challenge. From 60 venture applications received and reviewed, to the selection of Circulus Agtech by the investor team as the winner of the investment prize, this program is a great demonstration of the Quebec cleantech ecosystem vitality, of its talented and diversified entrepreneurs, and of the impact investors can have on an entrepreneurs’ journey. It was a pleasure to collaborate with great partners such as SI Canada, Foresight and Spring Activator on this 1st edition. Thank you also to HSBC for supporting Quebec cleantech entrepreneurs through this great initiative.”
About the Impact Investor Challenges
The Impact Investor Challenge is a program that Spring Activator runs to grow the impact investor community, guide early-stage and impact-curious investors into impact investing, empower and fund impact entrepreneurs while helping to change the world through purpose-driven innovation. Since the launch of the Challenge in 2019, Spring has trained 160+ impact investors. This has resulted in over $780,000 awarded in direct investments, and the catalyzation of additional impact investments made, surmounting $15M.
What's next?
After an outstanding turnout for the Quebec Cleantech Investment Challenge, Spring Activator in partnership with Imaginal Ventures and Foresight Canada will continue making an impact this fall with the Atlantic Cleantech Canada Scale-Up and Investment Challenge, a program that will accelerate early stage cleantech start-ups and stimulate impact investing in the Atlantic Canada cleantech industry.
The Investment Readiness Challenge will run from October to December 2023. Aspiring or experienced cleantech investors can apply to the program here, or reach out to the Spring team for more information.
