Telus is launching a new $100 million social impact fund to invest in startups with ideas to drive social change.
Investments will focus on for-profit companies and founders committed to driving social innovation and economic growth.
The fund, which is called the ‘Telus Pollinator Fund for Good,’ will invest in entrepreneurs who find ways to improve healthcare by making services accessible through digital solutions.
It will also invest in startups finding ways to further social and economic inclusion, along with companies building solutions to better protect the planet and reduce our environmental footprint. Lastly, Telus will also invest in companies providing technological solutions to enhance the agriculture industry.
“This $100 million investment will bring innovative and socially responsible products and services to market to address some of the most pressing social challenges facing our planet,” said Telus CEO Darren Entwistle in a press release.
Telus has already announced the first three companies that will be receiving funding. The first company receiving funding is called Windmill Microlending, which offers microloans to help skilled immigrants continue their careers in Canada.
The carrier is also investing in Rhiza Capital, an impact investment fund that invests in B.C.-based companies that drive both social and economic impact within the regions they serve.
Lastly, Telus is also investing in U.S.-based Tidal Vision, which has developed a process for upcycling crustacean shells to develop a non-toxic, zero waste biopolymer that could be used in many industries, including textiles, agriculture, and wastewater treatment.
This latest launch comes as Telus announced a new unit designed to support the agriculture industry with connected technology. The new unit aims to help build AI and machine learning-based tools for the industry.