Canadian investment firm Pangaea Ventures has launched its fourth venture capital fund and has secured roughly half its $80 million target.
In a recent statement, the Vancouver-based clean-tech investor said Pangaea Ventures Fund IV has secured roughly half its C$105 million ($80 million) target.
Back in May 2012, the firm announced the first close for its third fund, having attracted the initial $50m towards the $100m target, however it did not disclose when the final close was achieved and if it met its target.
LPs in Fund III were dominated by Japanese corporations like Asahi Glass, Asahi Kasei Innovation Partners, JSR Corporation, Mitsubishi Chemical Holdings Corporation, Murata Manufacturing and Nitto Denko Corporation. The other investors included nv Bekaert sa, 9th Street Investments, and SABIC Ventures.
Pangaea was founded in 2001 by General Partner Chris Erickson, formerly a partner at Osler, Hoskin & Harcourt LLP. It invests in startups with technologies addressing four key sectors including energy, electronics, health and sustainability. It prefers to hold significant minority stakes in companies and maintain those stakes over all stages of financing.
According to the company’s website, the investment has offices in Vancouver and New Jersey give it a broad geographic reach across North America. Also, its global Strategic Limited Partner relationships in Asia, Europe, and the Middle East provides portfolio companies to access global markets, supply chains, and manufacturing opportunities.
Its websites shows a portfolio of a dozen companies including advanced-composites specialist Airborne, carbon dioxide utilisation platform CarbonCure, ESS, a long-duration battery system, radiation imaging company Redlen, and Vestaron, a biological insecticide developer.