Montreal Venture Studio Expands Into Climate Innovation With Oversubscribed Fund
Diagram Ventures, the Montreal-based venture studio known for its startup incubation model, is making a strategic pivot into climate technology with its newly launched Diagram Climate Tech Fund. The \(80 million CAD (\)58 million USD) fund surpassed its initial $60 million CAD target, signaling strong investor confidence in climate-focused ventures.
A Structured Approach to Climate Tech Innovation
Diagram’s venture studio model stands out by:
- Deep industry immersion: Spending months analyzing sectors to identify critical pain points
- Validation-first approach: Only incorporating startups after rigorous opportunity assessment
- Founder-ready platforms: Providing capital, customer networks, and product wireframes at inception
“We bring on founding teams only once the opportunity is thoroughly validated,” explained Amélie Foz-Couture, Diagram Partner and Climate Tech Fund co-head. “This gives our startups a significant head start.”
Why Climate Tech Now?
Diagram’s move aligns with growing LP interest in sustainable investments:
- 2022 record: Climate VCs raised $18.7 billion across 64 funds (PitchBook)
- 2024 momentum: \(3.4 billion raised in H1 alone, nearing 2023's \)3.9 billion total
“The timing was perfect,” noted Paul Manias, Climate Fund co-head. “Our team’s climate passion met increasing investor appetite for impactful solutions.”
Investment Strategy: Software-First Climate Solutions
Diagram is focusing on capital-efficient digital solutions across:
- EV infrastructure
- Biodiversity tracking
- Agri-tech innovations
- Energy management
“While deep tech hardware matters,” Manias explained, “software solutions deliver immediate, scalable impact for businesses tackling climate challenges daily.”
Portfolio Highlights: Early Climate Startups
The studio has already launched two ventures:
- Relion (2023): EV charging operations platform
- $3M seed round led by Diagram
- Lyteflo: EV sales enablement tool specializing in battery analytics
Diagram’s Track Record
Since its 2016 founding as part of global asset manager Sagard, Diagram has:
- Built 25 companies in fintech and web3
- Achieved 4 successful exits
- Grown to $400M+ in assets under management
With this climate-focused expansion, Diagram is positioning itself at the forefront of sustainable innovation, combining its proven studio model with one of tech’s most urgent investment opportunities.
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