Montréal, 7 March 2024
Cycle Momentum, an accelerator and innovation platform, announced today the first co-investment of its Origo program. Origo is a pre-seed and seed investment matching program for climate technology in Quebec.
Totaling $150,000, Cycle Momentum has its first co-investments in Opalia, a company that has completed one of the accelerator’s support programs. Opalia is a Montreal-based startup developing a technology to make real milk without cows using bovine mammary cells.
Cycle Momentum is co-investing with BoxOne Ventures one of the members of his Circle of Partner Funds. This Cycle Momentum initiative helps strengthen investor participation in the climate tech ecosystem and stimulate investment in innovative technology companies and entrepreneurship within the sector.
“Cycle Momentum is excited to announce its inaugural co-investment through the Origo program in Opalia, alumni of our acceleration programs. This marks the first of many steps as we will continue to accompany Opalia’s development, shaping the future of climate technologies together.” – Jennifer McDonald, Senior Vice President of Investments, Cycle Momentum.
“We are thrilled to have the financial and strategic support of Cycle Momentum. The Origo program is the perfect partner to support Opalia in validating our technology before scaling it up for commercialization. Cycle Momentum has also positioned itself to introduce us to its broad network of financial and industrial partners to help finance our growth and deploy our technology.” – Jennifer Côté, CEO and Co-Founder, Opalia
“People love dairy, be it cheese, ice cream, or a simple glass of milk, but it is rare to see a company like Opalia tackle such a deeply rooted industry. BoxOne is thrilled to back Jennifer Côte, Lucas House, and their team in bringing real, animal-free milk to the table. Our investment approach has always centred on visionary ideas with massive potential. This is a sentiment we are proud to share with Origo as they kick-off their co-investment program in promising early-stage startups across Quebec.” – Felicity Meyer, Investment Manager, BoxOne Ventures
About Cycle Momentum
Cycle Momentum is an accelerator and innovation platform that brings together an international collective of entrepreneurs, leading companies, investors and innovators.
Our mission is to find innovative solutions to the major ecological challenges facing humanity. Member of the Cycle Capital Platform, Cycle Momentum provides entrepreneurs with training workshops, networking sessions and mentoring, and works with leading companies to stimulate technology acquisition and integration.
To increase the impact of its programs, Cycle Momentum has brought together several local and international investment funds as part of its Circle of Partner Funds, whose members are involved with participating startups. In addition, in October 2023, the institution is launching the Origo program, a pre-seed and seed investment matching program for climate tech in Quebec
Cycle Momentum can count on the financial support of the Gouvernement du Quebec, Cycle Capital, Canada Economic Development for Quebec Regions, Investissement Québec, Export Development Canada, Fasken, PricewaterhouseCoopers, and the TELUS Pollinator Fund for Good.
About Opalia
Opalia is a Montreal-based company that is developing technology to make real milk without cows using mammary cells. Since their milk has the same components as traditional milk (protein, fat, lactose), it can be used to make dairy products (cheese, ice cream, chocolate, etc.) that are very efficient. Moreover, since they remove the animal from the process, they significantly reduce methane emissions, land use, and water use for more sustainable, ethical, and nutritious dairy. With a small team of just four people, Opalia has reached several impressive milestones and raised several million dollars in public and private funding.
About BoxOne Ventures
BoxOne Ventures is an operator-founded, Montreal-based, early-stage investment firm, committed to investing in transformative ideas that have the potential to create positive change and shape a better future for all.
Find out more about the Origo program
Thanks to Environnement Québec for supporting the Origo program as part of the plan pour une économie verte 2030.
