Pangaea Ventures, a Vancouver-founded venture capital firm specializing in hard tech investments, today announced the close of its Pangaea Ventures Impact Fund. The fund — Pangaea’s fifth — has secured CAD $115 million in commitments, representing its largest fund to date.

Pangaea Ventures launched in 2000 in Vancouver, with a goal of supporting startups that have the potential to reshape industries and mitigate humanity’s impact on the environment. The firm — which operates globally from its bases in Vancouver, Phoenix, and new office in Tokyo — aims to generate meaningful returns for investors while making a difference in critical areas of sustainability.

"For 24 years, Pangaea Ventures has stayed true to its hard tech ethos, investing in innovations that are shaping the future," says Chris Erickson, general partner at Pangaea Ventures. "The breakthroughs in advanced materials, chemistry, and biology that we support not only deliver returns but also drive real, meaningful change. We’ve always believed that solving the world’s toughest problems requires unwavering dedication to hard tech, and that’s exactly what we are committed to."

The Pangaea Ventures Impact Fund has already invested in five ventures. These initial investments include the Vancouver-based pH7 Technologies, which works on improving the metal extraction process to make it more sustainable. Pangaea co-led its $16 million Series A round in May last year.

The fund has also put money into four U.S.-based companies developing greener technologies: Biodel AG, Ardent Process Technologies, Versogen, and Kanvas Biosciences. Pangaea Ventures says these businesses represent a diverse array of solutions to address pressing global challenges.

“Pangaea's experience in hard tech has enabled us to see around corners and think strategically about how we approach markets and business building questions,” Erica Nemser, CEO of Ardent Process Technologies, said in a press release. “They get the challenges and nuances of what we do — in a world where we are trying to climb high mountains, it’s great to have true partners on the journey.”