Canada-based CoPower has landed a $2m financing round to help scale its investment platform reach more people.
The round was led by Canadian pension fund Fondaction CSN, and also saw commitments from firms including Royal Bank of Canada, Innovation Support, Ferst Capital Partners and Laurie Thompson, among others.
Founded in 2013, the company is an online clean energy investing platform, allowing investors find energy efficiency and renewable energy generation projects to back. CoPower has raised over $12m in loans for clean energy projects including LED lighting retrofits and geothermal heating and cooling for homes.
The company gives users access to ‘Green Bonds’, with a three-year or five-year option offering up to 5 per cent annual interest.
With the capital injection, CoPower hopes to make its platform available to more Canadians and to solidify its position in the market.
CoPower co-founder and president Raphael Bouskila said, “Our vision is to provide simple financial products, like our Green Bond, that offer solid returns for all types of investors, and that at the same time help finance the clean energy economy. This corporate round of financing gives us additional resources to continue to serve our clients and to deliver on that vision.”
Total funding received by the company has reached around $2.8m, but CoPower has also received a $1m rolling credit facility from Vancity Capital Corporation earlier this year.
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