Impact-focused venture firm Spring Impact Capital has announced the final close of its inaugural $14 million CAD fund, aimed at backing early-stage Canadian startups developing scalable climate and health technology solutions.
Launched in 2023 by the leadership team behind Spring Activator, the Vancouver-based impact investing accelerator, the fund builds on Spring’s extensive startup ecosystem to fill the early-stage financing gap in Canada’s impact sector.
Backing Canada’s Climate and HealthTech Founders
Spring Impact Capital has already invested $2 million across eight Canadian startups, including:
- BioAlert Solutions (Sherbrooke) — water quality monitoring
- RetinaLogik (Calgary) — portable eye-care diagnostics
- Ginger Desk (Vancouver) — health and wellness practice management software
- Skyward Wildfire (Vancouver) — lightning and wildfire prevention technology
The firm plans to invest in up to 25 startups at the pre-seed and seed stages, with initial cheques ranging from $250,000 to $400,000, and the ability to lead rounds and make follow-on investments.
“As we progressed, we fine-tuned our budget and realized we could achieve everything we wanted with this fund size,” said Olivia Hornby, Co-Founder and Managing Partner at Spring Impact Capital.
“We’ve built strong relationships with entrepreneurs and investors across Canada and now have a robust list of prospective LPs for future funds.”
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A Growing Network of Mission-Driven Investors
The fund attracted over 40 institutional and individual limited partners (LPs), including:
Spring Activator, Boann (via the Social Finance Fund), Realize Capital Partners, The United Church of Canada Foundation, First West Credit Union, Rally Assets, The University of Victoria, and The Peter Gilgan Foundation, alongside undisclosed family offices and angel investors.
Though Spring Impact Capital’s $14M final close came in below its initial $20M target, the team considers it a strong outcome amid a challenging fundraising environment.
“Even as venture markets tightened, we saw sustained interest from investors who believe in the power of scalable, mission-driven innovation,” said Keith Ippel, Co-Founder and Managing Partner.
“This fund allows us to continue supporting founders tackling some of the most urgent challenges in climate and health.”
Strategic Focus and Investment Discipline
Hornby noted that while recent uncertainty in clean energy and the fallout from Sustainable Development Technology Canada (SDTC) have made some investors more cautious, Spring Impact Capital remains optimistic about the long-term opportunity.
“We’ve always been careful about backing companies overly dependent on government subsidies,” Hornby explained. “We’re focused on climate and health technologies that solve real problems — sustainably and profitably.”
About Spring Impact Capital
Spring Impact Capital is a Vancouver-based impact venture capital firm investing in early-stage Canadian startups focused on climate innovation and health technology. Founded by the team behind Spring Activator, the firm partners with mission-driven founders building scalable, financially sustainable solutions that create measurable environmental and social impact.
