# Natural Resources Canada: portfolio, investments and team

> Natural Resources Canada is a government based in Canada. 60 investments on record, 22 in the last 12 months, latest Sept 2026.

Source: https://millionrounds.com/fund/natural-resources (Millionrounds; every figure on the page links to its filing or article)

Canada · [Investor](https://millionrounds.com/investors)

# Natural Resources Canada

Last cheque observed Sep 2026; 60 cheques on record.

Deploying now Government

Seed Series A Series B Biodiversity Agricultural-tech Environmental Impact

Deploying now

**59%** of best year **22** **cheques in 12 months**, 60 on record

Since the last cheque **55** days **00** hrs **00** min **00** sec

Median round **$1.6M** Rounds led **0 of 60** Sole investor **33 rounds** Mostly in **Canada, 95%**

Pitch Natural Resources Canada

## Natural Resources Canada highlights

- 01 22 cheques in the last 12 months
- 02 Mostly Grant and Venture: 95% of its rounds
- 03 Sole investor in 33 rounds, median $1.6M

## What they do

- **Type:** Government (from a list, unverified)
- **Cheque size:** Not stated
- **Stages:** Seed Series A Series B
- **Sectors:** Biodiversity Agricultural-tech Environmental Impact
- **Based in:** Ottawa, Canada
- **Cold pitches:** Not stated

## The record

Every round we can evidence, newest first **60 appearances**

- **2026** 12 rounds
- **Sept** **[CERT Systems](https://millionrounds.com/company/cert-systems)** Grant · CA **$2.0M** With 1 other
- **Jun** **[Nunavut Nunkiksautiit Corporation](https://millionrounds.com/company/nunavut-nunkiksautiit-corporation)** Grant · CA **$9.4M** Sole investor
- **Jun** **[Sakku Investments](https://millionrounds.com/company/sakku-investments)** Grant · CA **$1.8M** Sole investor
- **Jun** **[Carbicrete](https://millionrounds.com/company/carbicrete)** Grant · CA **$705K** With 3 others
- **May** **[Glacies Technologies](https://millionrounds.com/company/glacies-technologies)** Grant · CA **$3.6M** With 1 other
- **May** **[Electra Battery Materials](https://millionrounds.com/company/electra-battery-materials)** Debt · CA **$20M** With 2 others
- **Apr** **[Plug'n Drive](https://millionrounds.com/company/plug-n-drive)** Grant · CA **$793K** Sole investor
- **Apr** **[Torngat Metals](https://millionrounds.com/company/torngat-metals)** Venture · CA **$32M** With 1 other
- **Apr** **[Carbon Alpha](https://millionrounds.com/company/carbon-alpha)** Grant · CA **$7.2M** Sole investor
- **Mar** **[Defense Metals](https://millionrounds.com/company/defense-metals)** Grant · CA **$1.4M** Sole investor
- **Feb** **[CHAR Technologies](https://millionrounds.com/company/char-technologies)** CA **$2.9M** Sole investor
- **Feb** **[Salient Energy](https://millionrounds.com/company/salient-energy)** Debt · CA **$616K** With 4 others
- **2025** 33 rounds
- **Dec** **[NXTSENS Microsystems](https://millionrounds.com/company/nxtsens-microsystems)** Grant · CA **$1.9M** With 1 other
- **Dec** **[Spero Analytics](https://millionrounds.com/company/spero-analytics)** Grant · CA **$211K** With 2 others
- **Dec** **[Kuva Systems](https://millionrounds.com/company/kuva-systems)** Grant · US **$692K** With 3 others
- **Dec** **[SensorUp](https://millionrounds.com/company/sensorup)** Grant · CA **$2.2M** With 2 others
- **Dec** **[Fireweed Metals](https://millionrounds.com/company/fireweed-metals)** Grant · CA **$157K** With 1 other
- **Nov** **[Rockburst Technologies](https://millionrounds.com/company/rockburst-technologies)** Venture · CA **Undisclosed** With 2 others
- **Nov** **[Hydra Energy](https://millionrounds.com/company/hydra-energy)** Grant · CA **$1.0M** With 2 others
- **Nov** **[Green Economy Canada](https://millionrounds.com/company/green-economy-canada)** Grant · CA **$7.0M** Sole investor
- **Nov** **[Gamotech](https://millionrounds.com/company/gamotech)** Grant · CA **$71K** With 3 others
- **Nov** **[Mont Royal Resources](https://millionrounds.com/company/mont-royal-resources)** Grant · AU **$1.9M** Sole investor
- **Oct** **[NanoXplore](https://millionrounds.com/company/nanoxplore)** CA **$18M** With 3 others
- **Oct** **[Torngat Metals](https://millionrounds.com/company/torngat-metals)** Venture · CA **$11M** With 1 other
- **Sept** **[Agora Energy Technologies](https://millionrounds.com/company/agora-energy-technologies)** Grant · CA **$1.7M** Sole investor
- **Sept** **[Northcliff Resources](https://millionrounds.com/company/northcliff-resources)** Debt · CA **$2.5M** With 1 other
- **Aug** **[Propulsion Quebec](https://millionrounds.com/company/propulsion-quebec)** Grant · CA **$2.2M** Sole investor
- **Aug** **[Calogy Solutions](https://millionrounds.com/company/calogy-solutions)** Grant · CA **$1.1M** With 3 others
- **Aug** **[TerraFixing](https://millionrounds.com/company/terrafixing)** Grant · CA **$1.8M** Sole investor
- **Aug** **[Polara Energy](https://millionrounds.com/company/polara-energy)** Grant · CA **$1.1M** Sole investor
- **Aug** **[Mogile Technologies](https://millionrounds.com/company/mogile-technologies)** Grant · CA **$676K** With 2 others
- **Jul** **[Occam's Technologies](https://millionrounds.com/company/occam-s-technologies)** Grant · CA **$2.0M** Sole investor
- **Jul** **[Betterfrost Technologies](https://millionrounds.com/company/betterfrost-technologies)** Grant · CA **$2.9M** With 1 other
- **Jul** **[AlumaPower](https://millionrounds.com/company/alumapower)** Grant · CA **$3.6M** With 1 other
- **Jul** **[inMotive](https://millionrounds.com/company/inmotive)** Grant · CA **$1.1M** With 1 other
- **Jul** **[Elemental Trucks](https://millionrounds.com/company/elemental-trucks)** Grant · CA **$1.1M** Sole investor
- **Jul** **[Alectra Utilities](https://millionrounds.com/company/alectra-utilities)** Grant · CA **$651K** Sole investor
- **Jul** **[Optiseis Solutions Ltd](https://millionrounds.com/company/optiseis-solutions-ltd)** Grant · CA **$538K** Sole investor
- **Jun** **[Arca Climate Technologies, Inc.](https://millionrounds.com/company/arca-climate-technologies-inc)** Grant · CA **$232K** With 1 other
- **Mar** **[Dinjii Zhuh Solutions](https://millionrounds.com/company/dinjii-zhuh-solutions)** Grant · CA **$350K** Sole investor

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

## What they claim to have backed

From their own portfolio page (on their website)

**0** of 10 we have independently watched raise

Atomic Energy of Canada Energy Regulator Canada and the world Canada-Newfoundland and Labrador Canada-Nova Scotia Offshore Canadian Nuclear Safety Commission Contact NRCan Français fr Northern Pipeline Agency (NPA) Travel and tourism

Weaker than a round we watched, stronger than a list somebody sold us. A firm is far less willing to put a company on its own site that it never funded.

## The cheque

Seed Series A Series B

Median round joined **$1.6M** the round, not its cheque Alone, median **$1.6M**

Led 0 of 60 rounds **0%**

- **Sole investor:** 33 rounds
- **Last cheque:** Sept 2026

Rounds by stage said on their site

- Grant *50*
- Venture *4*
- Debt *3*
- Seed said *-*
- Series A said *-*
- Series B said *-*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [Cycle Momentum](https://millionrounds.com/fund/cycle-momentum) 4
- [Government of Canada](https://millionrounds.com/fund/government-of-canada) 4
- [Y Combinator](https://millionrounds.com/fund/y-combinator) 4
- [Creative Destruction Lab](https://millionrounds.com/fund/creative-destruction-lab) 3
- [Export Development Canada](https://millionrounds.com/fund/export-development-canada) 3
- [Alberta Innovates](https://millionrounds.com/fund/alberta-innovates) 2

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## Who they invest alongside

The investors most often in the same rounds as Natural Resources Canada. A count of rooms they were both in, not a relationship either has claimed.

[**Cycle Momentum** VC firm **4** rounds together](https://millionrounds.com/fund/cycle-momentum)[**Government of Canada** Government **4** rounds together](https://millionrounds.com/fund/government-of-canada)[**Y Combinator** Accelerator **4** rounds together](https://millionrounds.com/fund/y-combinator)[**Creative Destruction Lab** Accelerator **3** rounds together](https://millionrounds.com/fund/creative-destruction-lab)[**Export Development Canada** Government **3** rounds together](https://millionrounds.com/fund/export-development-canada)[**Alberta Innovates** Investment firm **2** rounds together](https://millionrounds.com/fund/alberta-innovates)[**BDC Capital** VC firm **2** rounds together](https://millionrounds.com/fund/bdc-venture-capital)[**Canada Economic Development for Quebec Regions** Investment firm **2** rounds together](https://millionrounds.com/fund/canada-economic-development-for-quebec-regions)[**Innovate BC** Government **2** rounds together](https://millionrounds.com/fund/innovate-bc)[**Mining Innovation Commercialization Accelerator** Accelerator **2** rounds together](https://millionrounds.com/fund/mining-innovation-commercialization-accelerator)[**Ontario Centres of Excellence** VC firm **2** rounds together](https://millionrounds.com/fund/ontario-centres-of-excellence)[**Sustainable Development Technology Canada** VC firm **2** rounds together](https://millionrounds.com/fund/sustainable-development-technology-canada)

## Recently backed

The latest companies Natural Resources Canada put money into.

[**CERT Systems** $2.0M · Sept 2026](https://millionrounds.com/company/cert-systems)[**Nunavut Nunkiksautiit Corporation** $9.4M · Jun 2026](https://millionrounds.com/company/nunavut-nunkiksautiit-corporation)[**Sakku Investments** $1.8M · Jun 2026](https://millionrounds.com/company/sakku-investments)[**Carbicrete** $705K · Jun 2026](https://millionrounds.com/company/carbicrete)[**Glacies Technologies** $3.6M · May 2026](https://millionrounds.com/company/glacies-technologies)[**Electra Battery Materials** $20M · May 2026](https://millionrounds.com/company/electra-battery-materials)

## Quick answers about Natural Resources Canada

### What does Natural Resources Canada invest in?

Natural Resources Canada invests most often at Grant and Venture (95% of the rounds on record), in sectors such as Biodiversity, Agricultural-tech and Environmental Impact.

### How active is Natural Resources Canada?

60 investments on record, 22 of them in the last 12 months. The most recent was in Sept 2026.

### What has Natural Resources Canada invested in recently?

Its most recent investments on record: CERT Systems (Grant, Sept 2026), Nunavut Nunkiksautiit Corporation (Grant, Jun 2026) and Sakku Investments (Grant, Jun 2026).

### How big are Natural Resources Canada's cheques?

The median round it joins is $1.6M.

### Does Natural Resources Canada lead rounds?

Rarely, if at all: none of its 60 investments on record names it as the lead.

### Where does Natural Resources Canada invest?

Most of the companies it backs are in Canada (95%).

### Is Natural Resources Canada investing now?

Yes: it is actively investing, with 22 investments in the last 12 months.

### Who does Natural Resources Canada invest alongside?

Most often Cycle Momentum (4 rounds together), Government of Canada (4 rounds together) and Y Combinator (4 rounds together).

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Built from the rounds we watched, its filings and its own website, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections?slug=natural-resources) · [Is this your firm? Claim it](https://millionrounds.com/claim?org=natural-resources)