A climate tech fund co-founded by University of Toronto alumnus Bryan Duarte has reached a $500,000 first close, with its initial investments including two ventures linked to U of T.
The Catalyst Fund, a pre-seed and seed-stage investment vehicle launched by BlackTech Capital, aims to support clean tech companies led by founders from traditionally underrepresented groups, including women, Black, Indigenous and racialized entrepreneurs.
Among its first investments are Serenity Power , a U of T spinout that is developing solid oxide fuel cell technology, and Kiwi Charge , an electric vehicle charging company.
Duarte, who co-founded BlackTech Capital in 2021 with Keyona Meeks, says the Catalyst Fund was established with the goal of backing early-stage companies in areas including clean energy, climate resilience and sustainable infrastructure.
"At BlackTech Capital, this isn't about philanthropy. For us, it is performance powered by purpose," says Duarte, who graduated from U of T with a bachelor of applied science in mechanical engineering in 1991. "With over $19 billion spent annually in total R&D performance in the entire Canadian higher education sector, the commercial potential coming out of our Canadian institutions is massive and we intend to be a part of unlocking that - especially in opportunities others may have overlooked."
The gap remains significant. According to the 2026 Black Startup Funding Report published by BKR Capital and Rep Matters, venture funding to Black-led startups in Canada fell to $10 million across 11 deals last year, or 0.15 per cent of total Canadian venture capital, against an estimated funding gap of $292 million.
Two companies in the Catalyst Fund portfolio highlight the breadth of innovation emerging from the U of T community.
Serenity Power, founded by a team of alumni from U of T's Faculty of Applied Science & Engineering including CEO Aleisha Cerny, is commercializing compact solid oxide fuel cell technology spun out of research conducted in the lab of Olivera Kesler, a professor in the department of mechanical and industrial engineering. The company's fuel cells are designed to provide distributed, lower-emission power while boosting efficiency and fuel flexibility for industrial and energy applications. Pilot units are being deployed this year in Canada and Italy, with commercial production anticipated in 2027.
Kiwi Charge, founded by Abdel Ali, is developing autonomous mobile charging systems for multi-unit residential buildings, automotive dealerships and commercial fleets, where access to charging can be a barrier to EV adoption. The company - which was part of the 2023 cohort of the Nobellum Innovator Program and the 2024 cohort of the Black Founders Network (BFN) Accelerate initiative - launched a $1.7-million autonomous charging project earlier this year, supported by the Government of Ontario, General Motors Canada and Pfaff Automotive. Ali, the company's CEO, has been an active member of U of T's entrepreneurship ecosystem, including through the Black Founders Network , an initiative that supports Black entrepreneurs as they build and scale high-growth ventures.
The Catalyst Fund is being raised through Equivesto Canada, with a minimum investment of $10,000, with BlackTech Capital committing to building a portfolio in which half of its investments are women-led companies.
As the fund works toward its $2-million target, its investments in companies such as Serenity Power and Kiwi Charge demonstrate how innovations emerging from the U of T community are attracting support as they move from research and entrepreneurship to commercialization.
