This morning, Portag3 made public the launch of Portag3 Ventures, a fund focused exclusively on FinTech companies. The hybrid fund is a result of a corporate partnership between Power Financial, IGM Financial, and Great-West Lifeco.
Adam Felesky, co-founder and former CEO of Horizons ETFs, will act as president and run day-to-day operations of the fund. Paul Desmarais III, a VP of Power Corporation of Canada and Power Financial Corporation, will serve as Executive Chairman of Portag3 and will work closely with Felesky.
“Our goal with Portag3 is to find the next generation of Canadian financial technology entrepreneurs and help them build global companies,” said Felesky. “We are looking for creative ideas that have great potential. Our vision is to be long-term partners in the businesses we invest in. We will support each of them with our time, mentorship and expertise.”
Portag3’s portfolio currently includes Wealthsimple, Borrowell, Clearbanc, Koho, and LEAGUE. The fund has also invested in Information Venture Partners. The fund will make investments in early-stage FinTech companies, though it isn’t disclosing information like the exact amount in the fund and how much its typical initial investments will be.
“I am excited to be working with Adam Felesky, a proven Canadian business builder, to help create the next great FinTech companies,” said Desmarais III. “Through this new vehicle, we will continue the Power family of companies’ tradition of building sustainable businesses. We believe strongly that entrepreneurship is part of Canada’s social fabric and we want to give our entrepreneurs the proper tools to succeed here at home and confidence to expand globally.”
Photo credit Phil Froklage