Greater access to venture capital is essential for Québec’s food and agriculture start‑ups in the COVID-19 era
Montréal, June 1, 2020 – As the consequences of the COVID-19 pandemic continue to be felt on the supply chain for consumer products, we are reminded of the importance of having local, healthy and sustainable options on grocery shelves. To help support Québec’s food and agriculture sector, the Fonds de solidarité FTQ (the “Fonds”) is investing $7.35 million in the InvestEco Sustainable Food Fund III that has reached $100 million in capital commitments.
Founded in 2002, InvestEco has increasingly focused on sustainable food and agriculture. Today, the sector is the firm’s principle focus, as it has invested in many leading brands across North America. Roxanne Turcotte, Venture Partner, ensures a strong presence for InvestEco in Québec.
“The COVID-19 pandemic and its economic consequences show us how important it is to have a strong agrifood sector. With an investment portfolio that includes producers like Lufa Farms and agtech firm Hortau, we at the Fonds are well aware of the venture capital needed to support the sector’s start-ups. As InvestEco is focused on this key sector of our economy, investing in its Sustainable Food Fund III was an easy call to make,” commented Patrice Jolivet, Vice-President for Investments - Agri-Food & Health, at the Fonds.
“Led by managing partners Andrew Heintzman and Alex Chamberlain, InvestEco has a impressive track record in North America as a specialized fund. They have shown that sustainability and growth can go hand-in-hand. We are thrilled to add InvestEco to our portfolio of specialized funds,” added Didier Leconte, Vice-President, Investments - Life Sciences and Funds of Funds, at the Fonds.
“We are delighted to receive the support of Fonds de solidarité FTQ,” said Andrew Heintzman, Managing Partner of InvestEco. “With this new Fund we are excited to be able to continue our work of backing talented entrepreneurs who are promoting healthier food systems and a more sustainable world.”
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ is a capital development fund that channels the savings of Quebecers into investments. With $16.7 billion in net assets as at November 30, 2019, the Fonds has helped create and protect more than 215,000 jobs. The Fonds has over 3,100 partner companies and upwards of 700,000 shareholders-savers.
- 30 -