Renewal Funds is a mission venture capital fund investing in early growth stage companies to accelerate the transition to a sustainable economy.
We invest in innovation that will advance the sustainability of food, water, and climate — contributing to a safer and cleaner planet for future generations.
Our portfolio focuses on two core sectors, environmental innovation and sustainable consumer products. Our technology investment focus areas are energy, water, mobility, the built environment, food and agriculture, and the circular economy. Our consumer products portfolio is focused on investing in food and innovative consumer products and platforms that will lower the waste generation and carbon footprint of consumer consumption and improve the sustainability of our food, agricultural and ocean ecosystems.
Our dual sector strategy offers cross-sector synergies and diversification. With the benefit of our long track record and relationships in these sectors, we add value for entrepreneurs through capital, networks, and expertise. We deliver above market returns for our partners while catalyzing positive environmental and social change.
The Renewal Funds team has significant and diverse experience in early mission-led investing. Our active Founding Partners, Paul Richardson and Joel Solomon have been investing together for over 15 years and our investment team brings a significant breadth and depth of expertise in finance, legal, sustainability and impact.
Renewal Funds currently has approximately $240 million AUM across three funds: Renewal2 ($35 million, 2010), Renewal3 ($63 million, 2014) and Renewal4 ($145 million, 2019).
The Renewal2 and Renewal3 portfolios are fully allocated in 24 investments and have secured seven exits to date. The Renewal Funds team is actively pursuing successful new partnerships for the remaining Renewal2 portfolio companies and supporting the ongoing growth of the Renewal3 portfolio companies.
Our investment team is actively investing the Renewal4 portfolio with a focus on environmental technology and sustainable consumer products.
History of Renewal
Renewal Partners (the predecessor to Renewal Funds), a family office co-founded in 1994 by Carol Newell and Joel Solomon, and later joined by Paul Richardson, invested in over 40 mission-based businesses, including successful exits from pioneers in the space like Stonyfield Farm (organic yogurt) and Seventh Generation (plant based household and personal care products).
Building on their work at Renewal Partners, in 2008 Paul, Joel and Carol founded Renewal Funds to open up early stage impact investment opportunities to other mission aligned investors. Joined by early team members Nicole Bradbury and Mike Cormack, they launched the first fund – Renewal2 in 2010. Our team has since grown to now over 10 professionals working in our offices located in the historic Gastown area of Vancouver, B.C.
The original Renewal Funds team (left to right): Joel Solomon, Mike Cormack, Nicole Bradbury, Carol Newell, Paul Richardson
Our work is dedicated to a better, more resilient future. We invest in innovation that will advance the sustainability of food, water, and climate — contributing to a safer and cleaner planet for future generations.
Renewal Funds is proud to be a Founding Canadian B Corp, having achieved certification in 2010. We are a six time “Best for the World” honoree, for scoring in the top 10% of all B Corps. Renewal2 and Renewal3 were named “Best for the World Funds” in 2016, the first year the award was given. Renewal2 and Renewal3 are GIIRS Rated (Global Impact Investing Rating System), and Renewal2 was a Pioneer Fund having certified in 2014.
Since 2014, we have donated 1% of our annual management fees through 1% for the Planet to a variety of environmental organizations and causes.