According to The Globe and Mail, Campfire Capital, a new venture capital fund backed by Canadian retail executives, has announced the close of a $30.9 million funding round from investors at BDC Capital and the former RBC Global Asset Management CEO John Montalbano.
Vancouver-based Campfire, which is backed by retailers such as DAVIDsTea founder David Segal, is different from traditional tech-focused VC firms as it invests specifically in companies looking to disrupt traditional retail and consumer brands. Campfire will use the fund, which was led by three former Lululemon executives – former CEO Christine Day, former CFO John Currie, and former director of business development Brooke Harley – to invest in disruptive companies as well as tap into its investors and advisors to offer mentorship and advice to the companies.
“Fundraising as a first-time fund can certainly be challenging, and we’re fortunate to have reached this milestone,” said Manica Gautam, a partner of Campfire and former Onex investment executive. “From inception, we committed to building…a partnership and investor base comprised of top retail industry professionals who have authentic networks and deep expertise.”
Campfire has previously invested in retailers such as the Montreal online menswear company Frank & Oak, San Francisco-based consumer juice press maker Juicero, and medical apparel maker Figs of L.A. It targets American and Canadian that are building innovative products and control all aspects of their brand from product design to distribution.