Cycle Capital Management

Cycle Capital Management is a Montreal-based venture capital firm founded in 2009 that specializes in clean technology, ag-tech, and renewable energy investments across North America and China. It targets companies in development and commercialization stages and backs technology-enabled solutions spanning energy storage, energy efficiency, smart grids, green chemistry, sustainable mobility and smart city applications, as well as IoT for resource management and water technologies. The firm typically makes leading or minority investments in relatively small, growth-oriented companies with revenues up to CAD 1 million, with ticket sizes ranging from CAD 0.1 million to CAD 8 million. Investments are usually held for five to seven years, and Cycle Capital provides advisory support to portfolio companies. The firm operates primarily in Canada—with a focus on Québec—and maintains offices in Montreal, Toronto, and Qingdao to connect North American and Chinese opportunities.

Kevin Cano

Principal and Investment Director

Louis Carbonneau

Venture Partner

Ariane Cloutier

CFO

Pascal Drouin

Partner

Benoit Forcier

Senior Partner

Past deals in Ontario

VueReal

Series C in 2025
VueReal Inc. specializes in developing technologies for micro-LED displays, enabling mass integration of micro-devices into large-area substrates for various applications such as smartphone/laptop displays, automotive/aerospace industries, and consumer electronics. Founded in 2016, the company is headquartered in Waterloo, Canada.

VueReal

Series B in 2022
VueReal Inc. specializes in developing technologies for micro-LED displays, enabling mass integration of micro-devices into large-area substrates for various applications such as smartphone/laptop displays, automotive/aerospace industries, and consumer electronics. Founded in 2016, the company is headquartered in Waterloo, Canada.

Encycle

Venture Round in 2021
Encycle Corporation specializes in wireless electrical demand management solutions for commercial and industrial facilities. Based in Toronto with offices in California and the UK, the company offers automated demand response controllers that manage peak electrical demand across various building equipment types. Their products are installed directly or via distributors in California and New York, serving clients such as retail stores, office buildings, distribution centers, and food processing plants. Encycle's strategic partnership with Ayla Networks enhances its product offerings. Founded in 2005, the company changed its name from REGEN Energy Inc. to Encycle Corporation in 2015.

GreenMantra Technologies

Venture Round in 2018
GreenMantra Technologies Ltd. is a Canadian company based in Brantford that specializes in the manufacturing and marketing of synthetic waxes, polymer additives, and other chemicals derived from recycled plastics. Founded in 2010, the company utilizes a proprietary thermo-catalytic system that employs catalytic depolymerization technology to convert waste plastics, including challenging materials like grocery bags and films, into high-value waxes and specialty chemicals. These products find diverse applications across various industries, including coatings, plastic processing, adhesives, roofing, and paving. By focusing on the up-cycling of hard-to-recycle plastics, GreenMantra aims to contribute to sustainable manufacturing practices and promote the use of recyclable materials in industrial processes.

GreenMantra Technologies

Series C in 2016
GreenMantra Technologies Ltd. is a Canadian company based in Brantford that specializes in the manufacturing and marketing of synthetic waxes, polymer additives, and other chemicals derived from recycled plastics. Founded in 2010, the company utilizes a proprietary thermo-catalytic system that employs catalytic depolymerization technology to convert waste plastics, including challenging materials like grocery bags and films, into high-value waxes and specialty chemicals. These products find diverse applications across various industries, including coatings, plastic processing, adhesives, roofing, and paving. By focusing on the up-cycling of hard-to-recycle plastics, GreenMantra aims to contribute to sustainable manufacturing practices and promote the use of recyclable materials in industrial processes.

GaN Systems

Series C in 2015
GaN Systems develops and manufactures gallium nitride power switching transistors for various applications. Its products include 650 V E-HEMT and 100 V E-HEMT transistors, serving consumer brand and enterprise equipment manufacturers globally.

GreenMantra Technologies

Venture Round in 2014
GreenMantra Technologies Ltd. is a Canadian company based in Brantford that specializes in the manufacturing and marketing of synthetic waxes, polymer additives, and other chemicals derived from recycled plastics. Founded in 2010, the company utilizes a proprietary thermo-catalytic system that employs catalytic depolymerization technology to convert waste plastics, including challenging materials like grocery bags and films, into high-value waxes and specialty chemicals. These products find diverse applications across various industries, including coatings, plastic processing, adhesives, roofing, and paving. By focusing on the up-cycling of hard-to-recycle plastics, GreenMantra aims to contribute to sustainable manufacturing practices and promote the use of recyclable materials in industrial processes.

Harvest Power

Series B in 2011
Harvest Power provides waste-to-resource solutions that convert organic materials into renewable energy and value-added soil, mulch, and organic fertilizer products. Through its energy gardens and related facilities, it recycles energy and nutrients to produce locally consumed products, including fertilizers, soil amendments, natural gas, and engineered fuels. The company operates facilities across North America, including British Columbia, Ontario, California, and the Mid-Atlantic, Midwest, and Northeastern United States, transforming discarded organics into sustainable materials for communities.

Energate

Series B in 2010
Energate Inc. is a company that specializes in developing interactive energy management solutions tailored for utilities and residential customers. Founded in 2004 and headquartered in Ottawa, Canada, with additional sales offices in Texas and California, Energate offers a range of products, including software, mobile applications, smart thermostats, load control switches, and consumer energy displays. The company’s solutions leverage smart grid technology to address supply and demand challenges in energy consumption. Its Consumer Connected Demand Response platform allows utilities to manage residential energy demand effectively, while various offerings, such as Direct Load Control and home energy management solutions, provide utilities and consumers with tools to optimize energy use. Energate serves a diverse clientele, including utility companies and HVAC providers, enhancing their capacity to manage energy resources efficiently. As of August 2017, Energate operates as a subsidiary of Tantalus Systems Corp.
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