Cycle Capital
Cycle Capital is a Montreal-based cleantech venture capital firm founded in 2009. Cycle Capital backs companies that cut greenhouse gas emissions across North America, Europe and Asia, and in 2024 it co-launched Cycle H2O, the first Canadian fund dedicated to water technology. As of 2026 it has backed 4 water companies.
Compiled by Antoine Walter, (don't) Waste Water, from official filings and direct intelligence in Leviathan.
The take
Cycle Capital is, first, a climate generalist. Andrée-Lise Méthot, a geological engineer who spent years in Quebec's mining and resource sector, founded the firm in 2009 and built it into one of Canada's largest cleantech investment platforms, with more than half a billion dollars across a family of funds and offices in Montreal and Toronto. Clean energy, sustainable mobility, green chemistry and the circular economy all sit inside the mandate; water is one strand woven through it, not the whole rope.
What makes Cycle Capital worth a water investor's attention is that it did not leave water as a side bet. In June 2024 it co-launched Cycle H2O, the first Canadian fund built only for water technology, run jointly with the water-treatment company H2O Innovation and led by senior partner Simon Olivier. Anchored by the Government of Quebec through Investissement Quebec, Cycle H2O writes seed and early-stage cheques into Quebec and Eastern Canadian startups working on water treatment, reuse, recovery and the digital tools that run industrial water.
Cycle Capital's water portfolio leans toward hardware and measurement rather than software platforms. It has backed Fibracast, which makes immersed ultrafiltration membranes for water treatment; BioAlert Solutions, whose on-site qPCR system continuously tests water for biological contamination; Ecofilter Tek, developing regenerable ion-exchange resins; and RegenEAU, which recovers heat from greywater. Four water companies across four deals, Cycle Capital leading two of them, all at the seed and early stage where Cycle H2O and the Cycle Momentum accelerator do their work.
For a newcomer the honest read is this: Cycle Capital is a climate fund with a genuine, funded water practice, not a pure-play water specialist. If you are a Canadian watertech founder at seed or early stage, Cycle H2O is one of the few dedicated cheques on the continent; if you want a global water-only investor, this is a climate platform that takes water seriously rather than a fund built around it. The team is still growing into that ambition, adding two senior partners in January 2026.
On the show
Water Commitment Score
Compiled from official filings, third-party records, and direct intelligence from investors and founders, in Leviathan · recomputed monthly · as of Jun 2026.
How they invest
Portfolio · 4 water companies
Invests alongside
Highlighted = profiled on (don't) Waste Water.
Frequently asked
- What does Cycle Capital invest in?
- Cycle Capital is a cleantech venture capital firm that backs companies reducing greenhouse gas emissions across clean energy, sustainable mobility, green chemistry and the circular economy. Water sits inside that mandate, reached through its dedicated Cycle H2O fund and early-stage bets in water treatment, monitoring and reuse across North America, Europe and Asia.
- What is the Cycle H2O Fund?
- Cycle H2O is the first Canadian venture fund dedicated to water technology, co-launched by Cycle Capital and H2O Innovation in 2024 with the Government of Quebec as anchor investor. Led by senior partner Simon Olivier, it writes seed and early-stage cheques into water treatment, reuse and digital-water startups in Quebec and Eastern Canada.
- Who runs Cycle Capital?
- Cycle Capital was founded in 2009 by Andrée-Lise Méthot, a geological engineer who serves as Managing Partner and built the firm into one of Canada's largest cleantech platforms. Its investment team includes senior partners Simon Olivier, who leads the Cycle H2O water fund, and Amit Srivastava, plus managing partner Claude Vachet.
- Where is Cycle Capital based?
- Cycle Capital is headquartered in Montreal, Quebec, with a second Canadian office in Toronto and a presence in the United States, Europe and Asia. The firm invests across North America, Europe and Asia, while its dedicated Cycle H2O water fund focuses on startups in Quebec and Eastern Canada.
- Is Cycle Capital the same as Cycle Momentum?
- No. Cycle Capital is the Montreal cleantech venture capital firm founded in 2009. Cycle Momentum is the accelerator and innovation engine that Cycle Capital created to support early-stage climate startups. They share a brand and a founder, but one is the investor and the other is the accelerator program.