ArcTern Ventures

ArcTern Ventures is a Toronto-based climate technology venture capital firm founded approximately in 2012 by Murray McCaig and Tom Rand, focused on early and growth-stage investments in companies developing solutions to climate change across energy, transportation, materials, and the built environment. The firm invests primarily at Series A and Series B stages with initial check sizes from $3 million to $15 million, maintaining a concentrated portfolio strategy that enables deeper engagement with each company compared to high-volume seed investors. ArcTern has offices in Toronto and San Francisco, reflecting its view that Canadian and US clean technology markets are deeply interconnected, and the firm frequently co-invests with leading American climate VCs. The investment thesis prioritizes companies capable of achieving meaningful, measurable greenhouse gas reductions at industrial or commercial scale, with particular strength demonstrated in battery storage, electric mobility, and distributed energy infrastructure. Notable portfolio outcomes include Electriphi, a fleet electrification software and charging infrastructure platform acquired by Ford Motor Company in 2021, and Enbala, a distributed energy resource management platform acquired by Generac Holdings in 2020. Li-Cycle, a lithium-ion battery recycling company backed by ArcTern, went public via a SPAC transaction in 2021 on the New York Stock Exchange under the ticker LICY, though the company subsequently encountered operational and market challenges. Beyond its original investments in Electriphi, Enbala, Li-Cycle, and Greenfield Acquisition, the firm's portfolio spans clean energy, sustainable materials, carbon removal, and climate infrastructure companies across North America.