About Ecofuel Fund
Ecofuel Fund is a venture capital firm founded in 2017. It is primarily based out of Montreal, Canada. As of Dec 2025, Ecofuel Fund has invested in 21 companies. It primarily invests in Seed round in Canada based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to High Tech and Environment Tech. Most recently it participated in the $***** Series A round of Rithmik Overall, Ecofuel Fund portfolio has seen 1 acquisition, namely Aeponyx. A lot of funds co-invest with Ecofuel Fund, with names like Chrysalix Venture Capital sharing a substantial percentage of its portfolio. Ecofuel Fund has team of 4 people including 2 partners.Key Metrics
Team Members
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Seed & Series B
Portfolio Acquisitions
Portfolio Soonicorns
Ecofuel Fund's List of Top Investments
Ecofuel Fund has a portfolio of 21 companies. Their most notable investments are in Axya and Brilliant Matters.Their portfolio spans across and Canada. They have invested in Enterprise Applications, High Tech, Environment Tech and 18 other sectors, across stages such as Seed, Series B stages. Here is the list of top investments by Ecofuel Fund:
1. GSTS
Developer of maritime intelligence platform for risk management and operations. The platform offers solutions for security, commercial, and environmental risk mitigation, along with supply chain enhancements. It provides tools for ports, shipping companies, and terminal operators, focusing on real-time data exchange and advanced digital planning. The platform incorporates artificial intelligence and big data analytics to improve efficiency and sustainability.
Key facts about GSTS
- Founded Year: 2005
- Location: Dartmouth (Canada)
- Stage: Series A
- Total Funding till date: $14.3M
- Employee Count: 58 as on Jul 31, 2026
- Investors: Export Development Canada, Sustainable Development Technology Canada and 5 Others
- Latest Funding Round: Series A, Aug 28, 2024, $*****
- Highlight: Editors' Pick
2. Rithmik
Rithmik offers AI-based predictive maintenance solution for mobile mining equipment. The company offers Rithmik Asset Health Analyser (AHA). The system runs a virtual model of a healthy asset and when the equipment deviates slightly from its ideal, the algorithm detects those deviations and provides insights.
Key facts about Rithmik
- Founded Year: 2015
- Location: Fernie (Canada)
- Stage: Series A
- Total Funding till date: $3.2M
- Employee Count: 17 as on Jul 31, 2026
- Investors: Golden Triangle Angel Network, Sustainable Development Technology Canada and 9 Others
- Latest Funding Round: Series A, Dec 01, 2025, $*****
- Highlight: Editors' Pick
3. BluWave-ai
Developer of artificial intelligence software for optimizing energy grid operations. The company provides solutions for smart grid optimization, data center energy management, and electric vehicle fleet orchestration. Its products support grid operators, utilities, and enterprises in managing energy storage and renewable energy resources. The company's technology also caters to off-grid microgrids and electric vehicle infrastructure.
Key facts about BluWave-ai
- Founded Year: 2017
- Location: Ottawa (Canada)
- Stage: Series A
- Total Funding till date: $17.8M
- Employee Count: 38 as on Jul 31, 2026
- Investors: FedDev Ontario, Sustainable Development Technology Canada and 7 Others
- Latest Funding Round: Series A, Dec 15, 2022, $*****
- Highlight: Editors' Pick
4. Potloc
Provider of software solutions for community businesses and citizens It provides a platform for citizens as brands or retailers to start a ship in their neighbourhood. The platform aggregates support for retailers or brands from members. It helps real estate companies to do market research for project development in tandem with brands or retailers.
Key facts about Potloc
- Founded Year: 2014
- Location: Montreal (Canada)
- Stage: Series B
- Total Funding till date: $75.6M
- Employee Count: 149 as on Jun 30, 2026
- Investors: First Ascent Ventures, Brightspark Ventures and 10 Others
- Latest Funding Round: Series B, Jun 21, 2022, $*****
- Highlight: Editors' Pick
5. Aeponyx
Manufacturer of silicon-based photonic transceivers. The technology combines planar MEMS and silicon photonics. It develops transceivers using silicon nitride. It has applications in the telecom industry and electronic test equipment.
Key facts about Aeponyx
- Founded Year: 2011
- Location: Montreal (Canada)
- Stage: Acquired
- Total Funding till date: $17.2M
- Employee Count: 28 as on Jul 31, 2026
- Investors: Pangaea Ventures, Sustainable Development Technology Canada and 6 Others
- Latest Funding Round: Series A, Mar 25, 2021, $*****
- Highlight: Acquired
Ecofuel Fund's Year-on-Year Investment Trends
Ecofuel Fund has invested in 21 companies over the last 9 years, with an average of 1 new investment annually in the last 5 years. In 2025, it made 1 investment. Its most recent first time investment was in Tengiva and most recent follow-on round was in Rithmik.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 0 | 0 |
2025 | 0 | 1 | 1 |
2024 | 0 | 1 | 1 |
2023 | 0 | 1 | 1 |
2022 | 1 | 1 | 2 |
2021 | 5 | 1 | 6 |
2020 | 2 | 1 | 3 |
2019 | 1 | 2 | 3 |
2018 | 2 | 0 | 2 |
2017 | 1 | 0 | 1 |
Ecofuel Fund's Investments by Stage
Ecofuel Fund has made 11 investments in Seed stage with an average round size of $2.39M and 1 investment in Series B stage.Stage of entry | No. of Investments |
|---|---|
Seed | 11 |
Series B | 1 |
Note: We have considered here, only first round of investments
Ecofuel Fund's Investments by Sector
Ecofuel Fund has a diverse portfolio, with companies operating in the Enterprise Applications, Environment Tech, High Tech, Sustainability Tech and Consumer. Notably, it has invested in 17 Enterprise (B2B) companies, 16 Tech companies, 9 Software companies and at least 6 companies focusing on Tech hardware.Sector | No. of Investments |
|---|---|
Enterprise Applications | 4 |
Environment Tech | 3 |
High Tech | 3 |
Sustainability Tech | 3 |
Consumer | 2 |
Others | 12 |
Note: We have considered here, only first round of investments
Ecofuel Fund's Investments by Geography
Ecofuel Fund has made most investments in Canada (12).Ecofuel Fund's recent investments
Ecofuel Fund has not made any investment in 2026 so far.Here are the most recent investments by Ecofuel Fund:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Dec 01, 2025 | Canada | Series A | 5514 | ||
Mar 21, 2024 | Canada | Series A | 5484 | [+5] | |
Oct 11, 2023 | Canada | Series A | 8814 | [+4] | |
Jun 21, 2022 | Canada | Series B | 3771 | [+5] | |
May 04, 2022 | Canada | Seed | 4767 | [+4] |
Acquired companies in Ecofuel Fund's Portfolio
1 company from Ecofuel Fund's portfolio has been acquired. The most recent acquisition was Aeponyx in Jun 2025 by PASQAL for $*****.Here are Ecofuel Fund's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jun 03, 2025 | Dec 18, 2017 | Seed | 4667 |
Team profile of Ecofuel Fund
Ecofuel Fund has a team of 4 members including 2 Partners located in Canada. Ecofuel Fund's team sits on the board of 4 companies.Co-investors of Ecofuel Fund
Over the past 9 years, 53 investors have co-invested in Ecofuel Fund's portfolio companies. This includes funds and angels.
- Invested before Ecofuel Fund: Sustainable Development Technology Canada, Europa and 5 others have invested in rounds before Ecofuel Fund. There are 2 companies where Sustainable Development Technology Canada has invested before Ecofuel Fund and 1 company where Europa has invested before Ecofuel Fund.
- Top Co-investors of Ecofuel Fund: 20 investors entered a company along with Ecofuel Fund. These include investors like Chrysalix Venture Capital (2 companies).
- Invested after Ecofuel Fund: A total of 26 investors have invested in Ecofuel Fund's portfolio after their investments. Top Investors include BDC (3 companies), Sustainable Development Technology Canada (3 companies) and Fonds de solidarite FTQ (2 companies).
Recent News related to Ecofuel Fund
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Rithmik Solutions Raises Series A FundingFinSMEs•Dec 01, 2025•Sprout Fund, Hitachi Construction Machinery, Ecofuel Fund, Rithmik and 5 others
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Rithmik Solutions Secures $2 Million in Funding to Revolutionize Mobile Mining Equipment ManagementFinancial Post•Mar 22, 2024•Rithmik, Cycle Momentum, DevCap, Golden Triangle Angel Network and 4 others
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HaiLa Technologies Raises $10.35 Million from Murata to Push the Boundaries of Power Efficiency in Wireless Techeverything RF•Oct 20, 2023•HaiLa, Murata, Stanford University, Ecofuel Fund and 2 others
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HaiLa Technologies Raises $10.35 Million USD from Murata Electronics and Supporting InvestorsFinancial Post•Oct 11, 2023•TandemLaunch, Chrysalix Venture Capital, Ecofuel Fund, Yomika and 4 others
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New Directors Join Bioenterprise Canada BoardBusiness Wire•Oct 05, 2023•Bioenterprise, Paterson GlobalFoods, Ecofuel Fund, SeedToScale
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Bioenterprise Canada announces the appointment of new directorsBusiness Wire•Oct 05, 2023•Bioenterprise, Bennett Jones, Connection Silicon Valley, Ecofuel Fund and 1 other
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Agritech startup ChrysaLabs secures $11m in Series A financingVCJ•May 11, 2023•ChrysaLabs, Leaps by Bayer, Telus, BDC and 4 others
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Potloc secures $35M equity and debt funding led by Investissement Québecprivatecapitaljournal.com•Jun 21, 2022•Potloc, Invest Quebec, First Ascent Ventures, Brightspark Ventures and 11 others
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Textile supply chain platform Tengiva picks up C$4.95m seedVCJ•May 04, 2022•Tengiva, Ecofuel Fund, N49P, Active Impact Investments and 2 others
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FTEX Closes $485,000 Pre-Seed RoundACCESSWIRE•Oct 07, 2021•FTEX, Front Row Ventures, Ecofuel Fund, Loyal and 2 others
